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Household Debt and Social Interactions

Dimitris GeorgarakosMichael HaliassosGiacomo Pasini

出版	Centre for Economic Policy Research, 2012
URL	http://books.google.com.hk/books?id=cg5ElQEACAAJ&hl=&source=gbs_api

註釋

Debt-induced crises, including the subprime, are usually attributed exclusively to supply-side factors. We uncover an additional factor contributing to debt culture, namely social influences emanating from the perceived average income of peers. Using unique information from a representative household survey of the Dutch population that circumvents the need to define the social circle, we consider collateralized, consumer, and informal loans. We find robust social effects on borrowing - especially among those who consider themselves poorer than their peers - and on indebtedness, suggesting a link to financial distress. We check the robustness of our results using several approaches to rule out spurious associations and handle correlated effects.