Showing papers by "Olympia Bover published in 2013"
01 Dec 2013
TL;DR: In this article, the authors present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics, including the probability of holding debt, the amount of debt held and the interest rate paid on the main mortgage.
Abstract: The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different outcomes: the probability of holding debt, the amount of debt held and, in the case of secured debt, the interest rate paid on the main mortgage. Second, we
examine the role of legal and economic institutions in accounting for these differences. We use data from the first wave of a new survey of household finances, the Household Finance and Consumption Survey, to achieve these aims. We find that the patterns of secured and unsecured debt outcomes vary markedly across countries. Among all the institutions considered, the length of asset repossession periods best accounts for the features of the distribution of secured debt. In countries with longer repossession periods, the fraction of people who borrow is smaller, the
youngest group of households borrow lower amounts (conditional on borrowing), and the mortgage interest rates paid by low-income households are higher. Regulatory loan-to-value ratios, the taxation of mortgages and the prevalence of interest-only or fixed-rate mortgages deliver less robust results.
34 citations
Posted Content•
TL;DR: In this article, the authors present an analisis actualizado of las diferencias entre los paises of la zona del euro in las distribuciones de varias medidas de deuda condicionadas a las caracteristicas of los hogares.
Abstract: Este trabajo tiene un doble objetivo. En primer lugar, se presenta un analisis actualizado de las diferencias entre los paises de la zona del euro en las distribuciones de varias medidas de deuda condicionadas a las caracteristicas de los hogares. Se consideran tres magnitudes diferentes: la probabilidad de mantener deuda, el importe de la deuda mantenida y, en el caso de la deuda garantizada, el tipo de interes de la hipoteca principal. En segundo lugar, se examina el papel que desempenan las instituciones juridicas y economicas en dichas diferencias. Para lograr los objetivos mencionados se utilizan datos de la primera ola de una nueva encuesta sobre la situacion financiera de las familias, la Encuesta sobre la Situacion Financiera y el Consumo de los Hogares (HFCS), y se constata que los patrones de los resultados de la deuda garantizada y sin garantizar varian notablemente de un pais a otro. Entre todas las instituciones consideradas, la duracion de los procesos de ejecucion hipotecaria es la variable que mejor explica las caracteristicas de la distribucion de la deuda garantizada. En los paises con periodos de embargo mas prolongados, la proporcion de prestatarios es menor, el grupo de familias mas jovenes se endeuda por importes mas reducidos (condicionado a endeudarse) y los hogares con rentas bajas pagan tipos de interes hipotecarios mas elevados. Las ratios prestamo-valor regulatorias, la tributacion de las hipotecas y la prevalencia de las hipotecas con amortizacion al vencimiento o a tipo de interes fijo dan lugar a resultados menos robustos.
7 citations
TL;DR: In this article, the authors present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics and examine the role of legal and economic institutions in accounting for these differences.
Abstract: The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different outcomes: the probability of holding debt, the amount of debt held and, in the case of secured debt, the interest rate paid on the main mortgage. Second, we examine the role of legal and economic institutions in accounting for these differences. We use data from the first wave of a new survey of household finances, the Household Finance and Consumption Survey, to achieve these aims. We find that the patterns of secured and unsecured debt outcomes vary markedly across countries. Among all the institutions considered, the length of asset repossession periods best accounts for the features of the distribution of secured debt. In countries with longer repossession periods, the fraction of people who borrow is smaller, the youngest group of households borrow lower amounts (conditional on borrowing), and the mortgage interest rates paid by low-income households are higher. Regulatory loan-to-value ratios, the taxation of mortgages and the prevalence of interest-only or fixed-rate mortgages deliver less robust results.
3 citations
01 Jan 2013
TL;DR: In this article, the authors document the cambios in the distribución of la renta de los hogares españoles in el periodo 2001-2007 utilizing dataos individuales of the Encuesta Financiera de las Familias (EFF).
Abstract: En este trabajo documentamos los cambios en la distribución de la renta de los hogares españoles en el periodo 2001-2007 utilizando datos individuales de la Encuesta Financiera de las Familias (EFF). Argumentamos que durante la VII y la VIII Legislaturas de España (2000-04 y 2004-08) se produjo un estancamiento de la renta de los hogares a pesar del crecimiento agregado de la economía. Durante este periodo también aumentó la desigualdad de la renta y disminuyó el tamaño de los hogares.
1 citations