Household Saving Behaviour and Credit Constraints in the Euro Area

Blanc, Julia Le; Porpiglia, Alessandro; Teppa, Federica; Zhu, Junyi; Ziegelmeyer, Michael

doi:10.2139/ssrn.2462103

Cited by 36 publications

(41 citation statements)

References 41 publications

(26 reference statements)

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“…Notwithstanding, the results might be in line with the precautionary savings model, particularly if the precautionary savings motive decreases in importance over the life-cycle as recently suggested by (Le Blanc et al, 2014). In addition, we find that households only significantly respond to innovations to house prices that are unexpected.…”

Section: Introductionsupporting

confidence: 88%

Saving Behavior and Housing Wealth Evidence from German Micro Data

Gröbel

Ihle

2018

Jahrbücher Für Nationalökonomie Und Statistik

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Housing property is the most important position in a household’s wealth portfolio. Even though there is strong evidence that house price cycles and saving patterns behave synchronously, the underlying causes remain controversial. The present paper examines if there is a wealth effect of house prices on savings using household-level panel data from the German Socio-Economic Panel for the period 1996-2012. We find that young homeowners decrease their savings in response to unanticipated house price shocks, whereas old households hardly respond to house price changes. Although effects are relatively low in magnitude, we interpret this as evidence of a housing wealth effect.

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Section: Introductionsupporting

confidence: 88%

Saving Behavior and Housing Wealth Evidence from German Micro Data

Gröbel

Ihle

2018

Jahrbücher Für Nationalökonomie Und Statistik

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“…Using the new Household Finance and Consumption Survey across European countries, Le Blanc et al (2014) find that in Continental Europe, 7 11.6% of households do not have any credit card or credit line, 8.2% have been turned down or discouraged from asking for a loan, and 46% are likely to be credit constrained due to low assets. For Germany, the KfW start-up survey finds that business start-ups, lowincome families, and small borrowers have difficulties in gaining access to loans.…”

Section: Financial Inclusionmentioning

confidence: 99%

Financial Inclusion, Regulation, and Education in Germany

Neuberger

2015

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in Asian Development Bank InstituteThe Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI's working papers reflect initial ideas on a topic and are posted online for discussion. ADBI encourages readers to post their comments on the main page for each working paper (given in the citation below). Some working papers may develop into other forms of publication. The author would like to thank Naoyuki Yoshino, Ganeshan Wignaraja, Peter Morgan, Udo Reifner, and Stefanie Lämmermann for helpful discussions, and Lisa Düngel for valuable research assistance.The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.Working papers are subject to formal revision and correction before they are finalized and considered published.Asian Development Bank Institute Kasumigaseki Building 8F 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo 100-6008, JapanTel:+81-3-3593-5500 Fax:+81-3-3593-5571 URL:www.adbi.org E-mail: info@adbi.org AbstractGermany's bank-based financial system provides a high level of financial inclusion, measured by bank outreach and use of financial services. However, the most vulnerable individuals and small enterprises in Germany tend to be excluded or credit constrained. The quality of financial inclusion is impaired by a low level of financial literacy, which is also concentrated among specific population subgroups. The high level of financial inclusion can be attributed to relationship lending by public savings banks, credit cooperatives, public promotional banks, and guarantee banks using the "housebank" model, and financial consumer protection and credit reporting regulations and institutions. Programs involving microfinance institutions have been stopped. Financial inclusion of consumers with the aim of responsible finance may be improved by implementing the right to a basic bank account with an overdraft facility and protection against attachment, establishing public credit bureaus, redirecting banking regulation toward the protection of borrowers in long-term credit relationships, and stren...

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“…Our approach is similar to Christelis et al (2013), Bover et al (2013) and Le Blanc et al (2014). Given the limited number of countries available this analysis, one should interpret results with caution.…”

mentioning

confidence: 98%

How Do Households Allocate Their Assets? Stylised Facts from the Eurosystem Household Finance and Consumption Survey

et al. 2014

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Kennickell (Federal Reserve Board) and Peter Tufano (University of Oxford) act as external consultants, and Sébastien Pérez Duarte (ECB) and Jiri Slacalek (ECB) as Secretaries. The HFCN collects household-level data on households' fi nances and consumption in the euro area through a harmonised survey. The HFCN aims at studying in depth the micro-level structural information on euro area households' assets and liabilities. The objectives of the network are: 1) understanding economic behaviour of individual households, developments in aggregate variables and the interactions between the two; 2) evaluating the impact of shocks, policies and institutional changes on household portfolios and other variables; 3) understanding the implications of heterogeneity for aggregate variables; 4) estimating choices of different households and their reaction to economic shocks; 5) building and calibrating realistic economic models incorporating heterogeneous agents; 6) gaining insights into issues such as monetary policy transmission and fi nancial stability. The refereeing process of this paper has been coordinated by a team composed of Gabriel Fagan (ECB), Pirmin Fessler (Oesterreichische Nationalbank),

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Household Saving Behaviour and Credit Constraints in the Euro Area

Cited by 36 publications

References 41 publications

Saving Behavior and Housing Wealth Evidence from German Micro Data

Saving Behavior and Housing Wealth Evidence from German Micro Data

Financial Inclusion, Regulation, and Education in Germany

How Do Households Allocate Their Assets? Stylised Facts from the Eurosystem Household Finance and Consumption Survey

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