Household external finance and consumption

This paper uses mortgage data to construct a measure of terms on which households access to external finance, and relates it to consumption at both the aggregate and cohort levels. The Household External Finance (HEF) index is based on the spread paid by risky borrowers in the mortgage market. There is evidence that the terms of access to external finance matter more for the consumption of young cohorts in UK data. Results are robust to a wide variety of specifications.

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Year of publication:	2008
Authors:	Besley, Timothy ; Meads, Neil ; Surico, Paolo
Publisher:	London : Bank of England, External Monetary Policy Committee Unit
Subject:	Privater Haushalt \| Haushaltsökonomik \| Schulden \| Hypothek \| Risikopräferenz \| Konsumentenverhalten \| Großbritannien \| external finance \| terms of access \| household consumption \| birth cohorts \| pseudo panels

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Series:	External MPC Unit Discussion Paper ; 25
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	584365268 [GVK] hdl:10419/50649 [Handle]
Classification:	D10 - Household Behavior and Family Economics. General ; E21 - Consumption; Saving ; G21 - Banks; Other Depository Institutions; Mortgages
Source:	EconStor

Persistent link: https://www.econbiz.de/10010277875