Artigo em revista científica Q1
I feel wealthy: a major determinant of Portuguese households’ indebtedness?
Francisco Camões (Camões, F.); Sofia Vale (Vale, S.);
Título Revista
Empirical Economics
Ano (publicação definitiva)
2020
Língua
Inglês
País
Áustria
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Abstract/Resumo
This paper examines the response of household debt to households’ perception of house prices using data from the first wave of the Household Finance and Consumption Survey. Whereas the literature has hitherto emphasized the effects of housing wealth on consumption, this study concentrates on the effects on debt accumulation—distinguishing mortgage debt from non-mortgage debt and inspecting over-indebtedness. Different measures of housing wealth are considered, controlling for tenure years. The findings reveal that the effects of housing wealth differ by type of loans and with the measure of housing wealth. Over-indebtedness is driven by the same factors that determine mortgage debt, suggesting a strong association between having outstanding liabilities from the primary residence and the risk of entering into default. Further estimations by different income and wealth classes revealed dissimilar housing wealth effects, with non-mortgage debt tending to rise among lower-income households and over-indebtedness tending to be larger among the wealthier.
Agradecimentos/Acknowledgements
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Palavras-chave
Household finance,Housing wealth effects,Debt,Portugal
  • Economia e Gestão - Ciências Sociais
Registos de financiamentos
Referência de financiamento Entidade Financiadora
UID/GES/00315/2013 Fundação para a Ciência e a Tecnologia