Personal Debt in Europe PDF Download

Author: Federico Ferretti
Publisher: Cambridge University Press
ISBN: 1108426735
Category : Business & Economics
Languages : en
Pages : 257

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Book Description
Analyses personal debt and the over-indebtedness of consumers in the European Union from the multi-disciplinary perspectives of economics, policy, and law.

Author: Professor Hans W Micklitz
Publisher: Ashgate Publishing, Ltd.
ISBN: 1472449037
Category : Law
Languages : en
Pages : 265

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Book Description
This study fills a vital gap in the current literature on the effects of the financial and economic crisis, and features detailed reports from six European countries which form the empirical background for five analyses of different aspects of the social inclusion-exclusion dichotomy through over-indebtedness in Europe since 2008. The account shows how the current design of the consumer credit and mortgage system in Europe has helped to produce individual over-indebtedness while disregarding the consequential danger of social exclusion.

Author: Samba Mbaye
Publisher: International Monetary Fund
ISBN: 1484353595
Category : Business & Economics
Languages : en
Pages : 52

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Book Description
This paper describes the compilation of the Global Debt Database (GDD), a cutting-edge dataset covering private and public debt for virtually the entire world (190 countries) dating back to the 1950s. The GDD is the result of a multiyear investigative process that started with the October 2016 Fiscal Monitor, which pioneered the expansion of private debt series to a global sample. It differs from existing datasets in three major ways. First, it takes a fundamentally new approach to compiling historical data. Where most debt datasets either provide long series with a narrow and changing definition of debt or comprehensive debt concepts over a short period, the GDD adopts a multidimensional approach by offering multiple debt series with different coverages, thus ensuring consistency across time. Second, it more than doubles the cross-sectional dimension of existing private debt datasets. Finally, the integrity of the data has been checked through bilateral consultations with officials and IMF country desks of all countries in the sample, setting a higher data quality standard.

Author: Hans-W. Micklitz
Publisher: Routledge
ISBN: 1317161262
Category : Law
Languages : en
Pages : 259

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Book Description
This book analyses the dichotomy between the goal of social inclusion and the effect of social exclusion through over-indebtedness since 2008 in Europe. Filling a vital gap in the current literature on the effects of the financial and economic crisis, this volume puts into context academic discussion with the real-life dimension of over-indebtedness. Reports from six European countries provide socio-economic and legal information on over-indebtedness as well as the regulatory and judicial responses to the problems entailed by over-indebtedness. They form the empirical background for five analyses of different aspects of the inclusion-exclusion dichotomy. It becomes clear that in the context of credit expansion, individual over-indebtedness has turned into a social issue, which the current design of the consumer credit and mortgage system in Europe has helped to produce while disregarding the consequential danger of social exclusion.

Author: Atif Mian
Publisher: University of Chicago Press
ISBN: 022627750X
Category : Business & Economics
Languages : en
Pages : 238

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Book Description
“A concise and powerful account of how the great recession happened and what should be done to avoid another one . . . well-argued and consistently informative.” —Wall Street Journal The Great American Recession of 2007-2009 resulted in the loss of eight million jobs and the loss of four million homes to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as less dramatic periods of economic malaise, were caused by a large run-up in household debt followed by a significantly large drop in household spending. Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. We can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place. Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing today’s economy: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?

Author: Mr.Shekhar Aiyar
Publisher: International Monetary Fund
ISBN: 1513511653
Category : Business & Economics
Languages : en
Pages : 79

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Book Description
Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.

Author: Damon Gibbons
Publisher:
ISBN: 9781907720970
Category : Social Science
Languages : en
Pages : 238

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Book Description
"Damon's book provides a timely insight into the power of personal debt to not just make life a daily struggle of the public but do long term damage to the future our country. He matches detailed analysis with a passionate call for action that many will find compelling" Stella Creasy MP ''This is a timely analysis of the growth in personal debt and a passionate plea for action. Few people understand the working of credit markets better than Damon and his proposals for effective regulation deserve serious attention." Paul Blomfield MP "Damon is one of those rare people who is able to combine a social policy researchers' attention to detail with a campaigners' zeal and passion to make change happen. The fact that he has managed to sustain this work for more than a decade, even when it has often meant swimming against the prevailing opinion of the times, is remarkable. Not only that, his analysis of the problems and solutions to Britain's personal debt crisis is always insightful, and almost always right!" Niall Cooper director Church Action on Poverty ''Damon Gibbons has campaigned over many years for fair lending at a reasonable price to low income households. From doorstep lending to payday loans he has challenged established ideas and called for a cap on costs - a policy now endorsed by the Government." Paul Lewis, journalist and broadcaster About the book We are living in a period of great unrest. What is commonly regarded as starting as a 'credit crunch' in 2007 became a full blown financial crisis the following year causing the 'deepest global downturn in recent history'. Across Europe, rising insolvencies and unemployment have led to falling tax revenues, and to yawning national budget deficits. The austerity measures taken to 'deal with' these deficits are exacerbating wealth inequalities and a series of social and political crises are emerging Underpinning all of these events is a personal debt crisis, and it remains utterly unresolved. The personal debt crisis is not a single moment in time but has been caused by the de-regulation of the financial sector over a period of thirty years; of deep change within the structure of our labour market; of failed housing policies; and of the erosion of the welfare state. The personal debt crisis is also a cultural crisis, where positive notions of self reliance and responsibility have been twisted by the credit industry to encourage people to meet short term 'wants' at the expense of long term 'needs'.

Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815453
Category : Business & Economics
Languages : en
Pages : 403

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Book Description
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Author: Heikki Hiilamo
Publisher: Edward Elgar Publishing
ISBN: 1785369873
Category : Business & Economics
Languages : en
Pages : 253

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Book Description
The trajectories of increasing household debt are studied in the contexts of the US and the UK, Germany, the Netherlands, Finland and Norway. Household Debt and Economic Crises examines remedies to prevent and alleviate the over-indebtedness epidemic, creating a conceptual framework with which to analyse the causes and consequences of debt. Hiilamo argues that social policies are needed to tackle the current borrowing crisis that endangers and prevents the full participation in society of individuals with excessive debts.

Author: Miriam Anderson
Publisher:
ISBN: 9789089521989
Category : Housing
Languages : en
Pages : 460

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Book Description
How has European Private Law responded to the property and mortgage markets crisis? And in what way is this reaction likely to model domestic systems? The financial and economic crisis that marked the beginning of the century has had a devastating effect on the property and mortgage markets in many Member States of the European Union. Despite this, the European legislator took its time to respond. This book analyzes the impact of the Mortgage Credit Directive (Directive 2014/17) in twelve different jurisdictions: Belgium, England, France, Germany, Greece, Ireland, Italy, Malta, The Netherlands, Poland, Portugal, and Spain. The reports show how in some instances only certain products (such as foreign currency loans) or practices (irresponsible lending, homeownership promoting policies, the use of unfair terms) were factors that triggered the property crash; in other cases; the system completely failed to address an exceptional situation; and, finally, how in some instances prudent lending explained why the market was virtually not hit at all. This book aims to find out whether the two goals of Directive 2014/17 (financial sector stability and enhanced consumer protection) can be achieved in light of its provisions and of the transposition carried out by the different Member States, and whether the changes it introduces have a significant impact in the jurisdictions considered here. Some systems are already showing signs of yet another property bubble. There is room for hope: perhaps we have learned from the past, perhaps the Directive is a step forward, but more importantly this book shows that we can learn from each other. [Subject: European Law, Private Law, Property Law]