Bricongne, Jean-Charles, Maria Mordonu, Aurora, (2015), “Interlinkages between Household and Corporate Debt in Advanced Economies”, Discussion Paper 017, European Commission publications, Οκτώβριος
This article contributes to the debate on deleveraging in the non-financial private sector. It proposes a framework to assess the interconnectedness of deleveraging in the household sector and in the nonfinancial corporations sector. In doing so, several factors are controlled for: inflation, interest rates, labour intensity and also the influence of the general government debt (neo-ricardian effects). Panel regressions are performed on a set of OECD countries, between 1981 and 2013, to cover several crisis episodes, including the latest one. Instrumental regressions are used, with different instruments.
Findings show robust results of mutual and positive influence between households and non-financial corporations’ debts developments.
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H. Stierle, Michael, Rocher, Stijn, (2015), “Household saving rates in the EU: Why do they differ so much?”, European Commission publications, Discussion Paper 005, September- Acharya, Viral, Cecchetti, Stephen, De Gregorio, José, Kalemli-Ozcan, Sebnem, R. Lane, Philip, Panizza, Ugo, (2015), “Emerging economy corporate debt: The threat to financial stability”, Voxeu, 5 Οκτωβρίου