'Too Much Debt Will Kill You': Although Not in Central Europe, Yet

Autor:	Rudolf Sivák, Ľubomíra Gertler, Katarína Belanová
Rok vydání:	2020
Předmět:	Eastern european Consumption (economics) Economics and Econometrics Debt media_common.quotation_subject Economics Monetary economics Economic stagnation Emerging markets Capital market Constraint (mathematics) Household debt media_common
Zdroj:	Ekonomický časopis. 68:981-1001
ISSN:	2729-7470 0013-3035
DOI:	10.31577/ekoncas.2020.10.01
Popis:	We take an evidence-based approach and confirm that a high level of household debt is detrimental to consumption, disposable income, and hence economic growth in the medium term Using a panel setting with both fixed and time effects, we isolate the effect of an excessive household debt level and show that an additional one percentage point could be associated with a 0 1% drag on GDP growth over the next three years Although we confirm this relationship on a panel of advanced economies, we show that emerging economies such as Central and Eastern European economies, possess structural characteristics (a shallow capital market, less finance and more social cohesion) that so far prevents such a demand constraint from materializing
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::8ba791617452944cd0e030273a5fe9c7 https://doi.org/10.31577/ekoncas.2020.10.01 Zobrazit plný text záznamu