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Hintermaier, Thomas - 2011

We provide a model with endogenous portfolios of secured and unsecured household debt. Secured debt is collateralized by owner-occupied housing whereas unsecured debt can be discharged according to bankruptcy regulations. We show that the calibrated model matches important quantitative...

Persistent link: https://www.econbiz.de/10013126139

Aggregate Savings and External Imbalances in China

Yang, Dennis Tao - 2012

. In 2008, China's national savings rate soared to over 53 percent of its GDP, whereas its current account surplus exceeded … distortions. I document major trends in aggregate savings, investment, trade, and net foreign asset positions in China, and …

Persistent link: https://www.econbiz.de/10013098458

China's High Saving Puzzle

Ma, Guonan - 2013

This paper analyzes the causes of rising savings rates for the corporate, government, and household sectors, which have … jointly contributed to the upsurge in aggregate savings in China in the past two decades. Government policies to rebalance the …

Persistent link: https://www.econbiz.de/10013086223

Displacement and Debt : The Role of Debt in Returning to Work in the Period Following the Great Recession

Bednarzik, Robert - 2017

The onset of the housing and subsequent financial crisis in 2008 marked the steepest economic downturn in the United. States, since the Great Depression in the late 1920s and 1930s. This most recent financial crisis has been characterized by massive layoffs and displacement. Given the depth of...

Persistent link: https://www.econbiz.de/10012956016

Fiscal Policy, Sovereign Default, and Bailouts

Jüßen, Falko - 2013

This paper examines fiscal policy without commitment and the effects of conditional bailout loans. The government relies on distortionary taxation and decides between full debt repayment and costly default. It tends to overborrow due to myopia, which induces default to be a relevant policy...

Persistent link: https://www.econbiz.de/10013071428

Stimulus Through Insurance : The Marginal Propensity to Repay Debt

Koşar, Gizem; Melcangi, Davide; Pilossoph, Laura; … - 2023

Using detailed micro data, we document that households often use "stimulus" checks to pay down debt, especially those with low net wealth-to-income ratios. To rationalize these patterns, we introduce a borrowing price schedule into an otherwise standard incomplete markets model. Because interest...

Persistent link: https://www.econbiz.de/10014354205

Completing the Monetary Union of Europe as Mid-Term Solution of the Euro Crisis

Fischer, Justina A. V. - 2015

This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....

Persistent link: https://www.econbiz.de/10013016262

Buffer-Stock Saving and Households' Response to Income Shocks

Fella, Giulio - 2016

We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information contained in the joint dynamics of income,...

Persistent link: https://www.econbiz.de/10012980277

Income Uncertainty and Household Savings in China

Chamon, Marcos - 2010

a buffer-stock savings model and show that rising income uncertainty and pension reforms lead younger and older … household savings rate and the U-shaped age-profile of savings …

Persistent link: https://www.econbiz.de/10013135632

Savings and Prize-Linked Savings Accounts

Atalay, Kadir - 2012

Many households have insufficient savings to handle moderate and routine consumption shocks. Many of these financially …-Linked Savings (PLS) accounts, that combine principal-security with lottery-type jackpots, can increase savings among these at …-risk households. Results from an online experiment show that the introduction of PLS accounts increase total savings and reduce …

Persistent link: https://www.econbiz.de/10013099091