Detail publikace

Household Balance Sheets and Economic Crisis

Autor: doc. PhDr. Ing. Ing. Petr Jakubík Ph.D. Ph.D.,
Typ: IES Working Papers
Rok: 2011
Číslo: 20
Publikováno v: IES Working Papers 20/2011
Místo vydání: Prague
Klíčová slova: credit cycle, households’ distress, insolvency, household default, aggregate consumption
JEL kódy: G28, G32, G33, G38
Citace: Jakubík, P. (2011). “Household Balance Sheets and Economic Crisis” IES Working Paper 20/2011. IES FSV. Charles University.
Granty: GAČR 403/10/1235 (2010-2014) Institucionální reakce na selhání finančních trhů GAUK 2009/47509 Decomposition of securities' market prices into risk parameters Výzkumný záměr IES (2005-2011) Integrace české ekonomiky do Evropské unie a její rozvoj
Abstrakt: This paper studies the economic impact of the current global economic downturn on the household sector. Household budgets can be negatively affected by declines in nominal wages and increases in unemployment. We empirically test this effect for the small open emerging economy. As a result of a lack of individual data on household finances, micro data are simulated. Our analysis clearly shows that there is a significant additional decline in consumption related to an increase in household default rates and unemployment. We find that potential household insolvencies have important implications for the financial system as well as for the macroeconomy.
Ke stažení: WP 2011_20_Jakubik


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