Kukk, Merike - In: Studies in Economics and Finance 34 (2017) 2, pp. 194-212
Purpose The paper aims to investigate the impact of financial liabilities on households’ holdings of financial assets. The debt-to-income ratio of the household sector increased from 75 per cent in 2000 to 99 per cent in 2010 in the euro area on average, and the rapid accumulation of household...