Spanish Households Debt Portfolios: A Decomposition Analysis

34 Pages Posted: 26 Mar 2024

See all articles by Carlos Aller

Carlos Aller

University of Granada

Charles Grant

Brunel University London

Date Written: February 26, 2024


We document the changes in households’ liabilities over the recent past among Spanish households. To investigate household behaviour, we use the EFF, a survey of Spanish households available for 2005-2017. We separately look at housing debt, business debt, credit-card debt and ‘other’ debt. We decompose the change in debt into a part explained by changes in characteristics, and a part explained by coefficients. Since coefficients largely explain changes in debt, we believe changes in borrower and lender behaviour drives changes in debt-holding over time. We further distinguish between the effect of family variables and economic variables; and find three economic variables (income, wealth and labour market status) can explain changes in the incidence of debt among Spanish households.

Keywords: Household-Debt, Decomposition, Behaviour

JEL Classification: D14, G21, G51

Suggested Citation

Aller Arranz, Carlos and Grant, Charles, Spanish Households Debt Portfolios: A Decomposition Analysis (February 26, 2024). Available at SSRN: or

Carlos Aller Arranz (Contact Author)

University of Granada ( email )

C/Rector López Argueta S/N
Granada, Granada 18071

Charles Grant

Brunel University London ( email )

Kingston Lane
Uxbridge, Middlesex UB8 3PH
United Kingdom

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