L'effetto dei trasferimenti intergenerazionali nelle strategie di indebitamento delle famiglie italiane: un analisi su microdati
Imprese e Territorio, Rivista di Analisi Economica, 3/2007
8 Pages Posted: 6 Apr 2009
Date Written: March 1, 2007
In recent yearsthe italian stock of household debt is constantly increasing, both in absolute terms and relative to income. The values are increasing but they are still lower than other European countries and the US. The aggregated data hide substantial differences in the distribution of debt between households and within households members. Italy is different from other OECD countries, showing an higher propensity to transfer income from richest family members to the poorest, thus playing a social role and smoothing the consumption curve of households components over time. These forms of transfer may be one of the factors explaining the low debt stock of Italian youth. This paper shows that this form of solidarity decreases the likelihood of debt for individuals and couples. The access to credit markets is higher for families with young members who live with parents. In recent years Italian social behaviours are changing: there is a growing social legitimacy of household debt, once considered a sign of economic difficulties. We observe a weakening of the intergenerational ties, due to a greater mobility of youngest. A change in credit demand is coupled with a restructuring of the credit supply: new screening procedures make household credit more accessible and reduces rationing.
Keywords: credit demand, rationing, intergenerational wealth transfer
JEL Classification: D12, J13
Suggested Citation: Suggested Citation