Papers by Neil Dourmashkin
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Quarterly Economic Commentary, Sep 1, 1989
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[Full text of this paper is not available in the UHRA]Excess consumer indebtedness has long been ... more [Full text of this paper is not available in the UHRA]Excess consumer indebtedness has long been associated with low income and poverty. The aim of this article is to investigate the problem of consumer over-indebtedness in the EU member countries and relate an appropriate measure of over-indebtedness to some household characteristics such as income status, age and family structure, using EU-wide household survey data. Our empirical results reveal that debt problems are not a good indicator of poverty. The existence of debt does not directly imply over-indebtedness, and low-income households are not particularly prone to be overburdened with debt problems. In fact, in countries with liberalised credit markets, it is the high-income groups that are more likely to be over-indebted than the low-income groups once they take on consumer debt. A major difference between the over-indebted and the non-over-indebted households is that the former group consumes a markedly smaller proportion of their income, even though the income levels of the two groups are comparable. As a result, over-indebtedness can be a factor, even a major factor, in creating and sustaining poverty. Moreover, limited access to consumer credit, which is more prevalent among some Southern European economies, can also exacerbate the debt problem for all income groups and limit the ability of the low-income young households in particular to use the debt instrument effectively in making their consumption and saving decision. Key words- Debt, credit market, over-indebtedness, household characteristics. JEL classification - D12, D14, E21
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Quarterly Economic Commentary, Sep 1, 1989
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Quarterly Economic Commentary, Sep 1, 1989
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Quarterly Economic Commentary, Sep 1, 1989
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Quarterly Economic Commentary, Jun 1, 1989
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Quarterly Economic Commentary, Sep 1, 1989
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This study was produced by OCR Macro for DG Health & Consumer Protection and represents the views... more This study was produced by OCR Macro for DG Health & Consumer Protection and represents the views of the contractor or author. These views have not been adopted or in any way approved by the Commission and should not be relied upon as a statement of the Commission's or DG Health & Consumer Protection's views. The European Commission does not guarantee the accuracy of the data included in this study, nor does it accept responsibility for any use made thereof
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Quarterly Economic Commentary, 1989
Growth in the world economy remained strong at the end of last year producing an outturn of aroun... more Growth in the world economy remained strong at the end of last year producing an outturn of around 4% for 1988 as a whole. By the turn of the year there were indications that the down-turn expected in 1989 was already starting to occur in some countries. Yet indications that growth in the world economy may be turning down have not been sufficient to dampen inflationary pressure, nor expectations of a deterioration in inflation rates during 1989. Monetary and fiscal policy have been tightened in several key countries in response to inflationary expectations. This general tightening of policy is expected to contribute to a lowering of world economic growth during 1989 to around 3% and to a moderation of inflation in 1990, but will do little to accelerate the removal of the world's financial imbalances.
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[Full text of this paper is not available in the UHRA]Excess consumer indebtedness has long been ... more [Full text of this paper is not available in the UHRA]Excess consumer indebtedness has long been associated with low income and poverty. The aim of this article is to investigate the problem of consumer over-indebtedness in the EU member countries and relate an appropriate measure of over-indebtedness to some household characteristics such as income status, age and family structure, using EU-wide household survey data. Our empirical results reveal that debt problems are not a good indicator of poverty. The existence of debt does not directly imply over-indebtedness, and low-income households are not particularly prone to be overburdened with debt problems. In fact, in countries with liberalised credit markets, it is the high-income groups that are more likely to be over-indebted than the low-income groups once they take on consumer debt. A major difference between the over-indebted and the non-over-indebted households is that the former group consumes a markedly smaller proportion of their income, even though the income levels of the two groups are comparable. As a result, over-indebtedness can be a factor, even a major factor, in creating and sustaining poverty. Moreover, limited access to consumer credit, which is more prevalent among some Southern European economies, can also exacerbate the debt problem for all income groups and limit the ability of the low-income young households in particular to use the debt instrument effectively in making their consumption and saving decision. Key words- Debt, credit market, over-indebtedness, household characteristics. JEL classification - D12, D14, E21
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Quarterly Economic Commentary, 1989
The Scottish economy is standing up surprisingly well to last year's interest rate rises. Ret... more The Scottish economy is standing up surprisingly well to last year's interest rate rises. Retailing and wholesaling are showing signs of reduced optimism but sales remain strong if below expectations. Manufacturing and Construction remain buoyant. Investment is particularly strong. However, with demand in both the World and British economies falling during 1989, Scotland should be similarly affected. But there are indications that Scottish economic performance might hold up better to such a downturn than on previous occasions. Nevertheless, the outlook does very much depend on whether the current inflationary pressure in Britain can be reduced without the economy being tipped into recession. The probability of a stagflationary outcome appears somewhat greater than when we last reported.
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Growth in the world economy is slowing down compared with the rate achieved during 1988 but the s... more Growth in the world economy is slowing down compared with the rate achieved during 1988 but the slow-down may not be as great as expected. Inflationary pressures continue to be present, particularly in Japan and Germany, although the recent general tightening of policies should begin to show some effects by the end of the year. But the bias in favour of monetary policy is arguably contributing to the failure to remove the world economy's principal financial imbalances. Growth is now expected to be around 3.5% during 1989 compared with a rate above 4% in 1988 and the earlier expectation of 3% growth in 1989.
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Papers by Neil Dourmashkin