Author
AbstractThe ECRI Statistical Package 2013, Lending to Households in Europe has revealed that European households registered a second consecutive year of falling real values of loans: 2012 followed the historical first drop recorded in 2011. While debt reduction proceeds across the continent, deleveraging to disposable income and to GDP remains limited due to unequal and sluggish recovery. The year 2012 was therefore one of stagnation in household-credit markets. Aggregate housing loans in the EU registered negative real growth rates, illustrating long-term problems in the overall economy. Together with record-low interest rates on housing loans in some countries, this finding reflects lower consumer confidence and the increased strain on households� medium-term income. While this year�s degree of credit reduction in the EU overall has not been as significant as in previous years, Euro Area (EA) households registered a bigger drop in household credit than in 2011, underlying the prevailing economic problems of last year. At the same time, the EA periphery continued to reduce its household debt by record levels. The stagnation is also present in the normally rather resilient Central and Eastern European countries where the credit reduction extends beyond the former periphery to Poland and Slovenia. Households in Hungary, Eastern Balkan countries and in the Baltic states continued to reduce their debt exposure significantly throughout 2012. The Key Findings relate to the more detailed ECRI 2013 Statistical Package covering 38 countries: the 27 EU member states, three EU candidate countries (Croatia, Turkey and the Former Yugoslav Republic of Macedonia), the EFTA countries (Iceland, Liechtenstein, Norway and Switzerland) and four key global economies (the United States, Australia, Canada and Japan). The purpose of the package is to provide reliable statistical information that allows users to make meaningful comparisons in time and between these countries.
Suggested Citation
Download full text from publisher
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eps:ecriwp:8331. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
We have no bibliographic references for this item. You can help adding them by using this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Margarita Minkova (email available below). General contact details of provider: https://edirc.repec.org/data/cepssbe.html .
Please note that corrections may take a couple of weeks to filter through
the various RePEc services.