The Joneses’ income and debt market participation: Empirical evidence from bank account data
| Autor: | Jan Salland, Michael Berlemann |
|---|---|
| Rok vydání: | 2016 |
| Předmět: |
Macroeconomics
Economics and Econometrics Overdraft 050208 finance Collateralized debt obligation media_common.quotation_subject 05 social sciences Monetary economics External debt Debt 0502 economics and business Economics Bond market Internal debt 050207 economics Debt levels and flows Finance Household debt media_common |
| Zdroj: | Economics Letters. 142:6-9 |
| ISSN: | 0165-1765 |
| DOI: | 10.1016/j.econlet.2016.02.030 |
| Popis: | In this paper we study whether the decision to raise debt is related to average income in the own residential area. Based on a unique dataset of bank account data we find that bank customers are more likely to hold collateralized and uncollateralized loans and to make use of the overdraft facility when the comparison income is higher, even after controlling for socio-demographic and financial characteristics. This indicates that conspicuous consumption is partly financed by debt. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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