Household Debt and the Macroeconomy
Bank for International Settlements
Bank for International Settlements (BIS)
Reserve Bank of Australia
March 1, 2004
BIS Quarterly Review, March 2004
Lower interest rates and an easing of liquidity constraints have led to a substantial rise in household debt over the past two decades. The greater indebtedness has made the household sector more sensitive to changes in interest rates, income and asset prices. This enhanced sensitivity is higher where more households have variable instead of fixed rate mortgages.
Number of Pages in PDF File: 14
JEL Classification: E210, E520Accepted Paper Series
Date posted: May 3, 2012 ; Last revised: September 29, 2013
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