Household Debt and Spending

Philip Bunn · May Rostom

39 citations0/0 files storedRePEc: Research Papers in Economics

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Abstract

This article is the first study to use microdata to assess the role of debt levels in determining UK households’ spending patterns over the course of the recent recession. There is evidence that high levels of household debt have been associated with deeper downturns and more protracted recoveries in the United Kingdom. Cuts in spending associated with debt are estimated to have reduced the level of aggregate private consumption by around 2% after 2007, unwinding the faster growth in spending by highly indebted households, relative to other households, before the financial crisis.

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References

2013Household Balance Sheets, Consumption, and the Economic Slump*1934The Debt-Deflation Theory of Great Depressions 2014Money in the Modern Economy: An Introduction

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2016Household debt and spending in the United Kingdom 2021Demand, dysfunction and distribution: The UK growth model from neoliberalism to the knowledge economy 2020Housing wealth, household debt, and financial assets: Are there implications for consumption?

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