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  1. Sovereign debt standstills
    Autor*in: Hatchondo, Juan C.; Martinez, Leonardo; Sosa Padilla, César
    Erschienen: December 2020
    Verlag:  National Bureau of Economic Research, Cambridge, MA

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    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 28292
    Schlagworte: Schuldenkrise; Coronavirus; Öffentliche Schulden; Internationale Staatsschulden; Schuldenerlass; Kredittilgung; Wohlfahrtsanalyse
    Umfang: 26 Seiten, Illustrationen
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    Erscheint auch als Online-Ausgabe
  2. Loan delinquency projections for COVID-19
    Autor*in: Gordon, Grey; Jones, John Bailey
    Erschienen: 2020
    Verlag:  The Federal Reserve Bank of Richmond, Richmond

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    Schriftenreihe: Working paper series / The Federal Reserve Bank of Richmond ; WP 20, 02
    Schlagworte: Kredittilgung; Prognose; Coronavirus; USA
    Umfang: 1 Online-Ressource (circa 16 Seiten), Illustrationen
  3. The evolution of debtor-creditor relationships within a monetary union: trade imbalances, excess reserves and economic policy
    Autor*in: Gräbner-Radkowitsch, Claudius; Heimberger, Philipp; Kapeller, Jakob; Landesmann, Michael; Schütz, Bernhard
    Erschienen: [2021]
    Verlag:  Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Linz

    This paper analyses the emergence of internal debtor-creditor relationships within a monetary union. Developing a stock-flow consistent model consisting of three regions - North, South, and the Rest of the World (RoW), where North and South form a... mehr

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    This paper analyses the emergence of internal debtor-creditor relationships within a monetary union. Developing a stock-flow consistent model consisting of three regions - North, South, and the Rest of the World (RoW), where North and South form a monetary union - it shows how the simultaneous presence of investment booms, declining export performance and mercantilist policies within a monetary union can interact in order to create Minsky-type boom-bust cycles. Fiscal policy and an internal lender of last resort can help sustain economic life under existing structural imbalances, though without eliminating the root causes of boom-bust patterns.

     
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    hdl: 10419/230623
    Schriftenreihe: ICAE working paper series ; no. 122 (January 2021)
    Schlagworte: Gläubiger; Kredittilgung; Finanzpolitik; Währungsunion; Nord-Süd-Beziehungen; Welt
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  4. The evolution of debtor-creditor relationships within a monetary union: trade imbalances, excess reserves and economic policy
    Autor*in: Gräbner-Radkowitsch, Claudius; Heimberger, Philipp; Kapeller, Jakob; Landesmann, Michael; Schütz, Bernhard
    Erschienen: [2021]
    Verlag:  ifso, Institute for Socio-Economics, University of Duisburg-Essen, Duisburg, Germany

    This paper analyses the emergence of internal debtor-creditor relationships within a monetary union. Developing a stock- ow consistent model consisting of three regions - North, South, and the Rest of the World (RoW), where North and South form a... mehr

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    This paper analyses the emergence of internal debtor-creditor relationships within a monetary union. Developing a stock- ow consistent model consisting of three regions - North, South, and the Rest of the World (RoW), where North and South form a monetary union - it shows how the simultaneous presence of investment booms, declining export performance and mercantilist policies within a monetary union can interact in order to create Minsky-type boom-bust cycles. Fiscal policy and an internal lender of last resort can help sustain economic life under existing structural imbalances, though without eliminating the root causes of boom-bust patterns.

     
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    hdl: 10419/230621
    Schriftenreihe: ifso working paper ; no. 10 (2021)
    Schlagworte: Gläubiger; Kredittilgung; Finanzpolitik; Währungsunion
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  5. Non-legal measures for loan recovery in the banking sector of Bangladesh
    Autor*in: Siddique, Md. Mohiuddin; Islam, Mohammad Tazul; Ullah, Md. Shahid
    Erschienen: February 2015
    Verlag:  Bangladesh Institute of Bank Management, Mirpur, Dhaka

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    Schriftenreihe: Research Monograph / Bangladesh Institute of Bank Management ; 13
    Schlagworte: Kredittilgung; Bank; Bangladesch
    Umfang: x, 36 Seiten, Illustrationen
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    Erscheint auch als Online-Ausgabe
  6. Developments in housing affordability
    Autor*in: Lindquist, Kjersti-Gro; Vatne, Bjørn Helge
    Erschienen: 11 April 2019
    Verlag:  Norges Bank, Oslo

    Housing affordability can have an impact on housing demand. We analyse housing affordability by measuring the distribution of selling prices in the housing market against the distribution of household capacity to debt-finance a home. The latter is... mehr

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    Housing affordability can have an impact on housing demand. We analyse housing affordability by measuring the distribution of selling prices in the housing market against the distribution of household capacity to debt-finance a home. The latter is calculated based on household debt-servicing income, banks' residential mortgage rates, principal payments and debt-servicing capacity requirements. When calculating debt-servicing income, ordinary consumption expenditure is withdrawn. Household wealth and equity are not included. For large groups of households, affordability has remained stable over time, in spite of higher house prices. Housing affordability varies with interest rate changes and with income growth and house price in ation. In Oslo, developments in affordability have been relatively weak in recent years compared with other cities and Norway as a whole.

     
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    ISBN: 9788283790931
    Schriftenreihe: Staff memo / Norges Bank ; no. 2019, 4
    Schlagworte: Wohneigentum; Immobilienpreis; Kredittilgung; Privater Konsum; Norwegen
    Umfang: 1 Online-Ressource (circa 16 Seiten), Illustrationen
  7. Utviklingen i husholdningenes kjøpekraft i boligmarkedet
    Autor*in: Lindquist, Kjersti-Gro; Vatne, Bjørn Helge
    Erschienen: 2019
    Verlag:  Norges Bank, Oslo

    Housing affordability can have an impact on housing demand. We analyse housing affordability by measuring the distribution of selling prices in the housing market against the distribution of household capacity to debt-finance a home. The latter is... mehr

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    Housing affordability can have an impact on housing demand. We analyse housing affordability by measuring the distribution of selling prices in the housing market against the distribution of household capacity to debt-finance a home. The latter is calculated based on household debt-servicing income, banks' residential mortgage rates, principal payments and debt-servicing capacity requirements. When calculating debt-servicing income, ordinary consumption expenditure is withdrawn. Household wealth and equity are not included. For large groups of households, affordability has remained stable over time, in spite of higher house prices. Housing affordability varies with interest rate changes and with income growth and house price in ation. In Oslo, developments in affordability have been relatively weak in recent years compared with other cities and Norway as a whole.

     
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    Sprache: Norwegisch
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    ISBN: 9788283790900
    Weitere Identifier:
    hdl: 11250/2595029
    hdl: 10419/210370
    Schriftenreihe: Staff memo / Norges Bank ; no. 2019, 4
    Schlagworte: Wohneigentum; Immobilienpreis; Kredittilgung; Privater Konsum; Norwegen
    Umfang: 1 Online-Ressource (circa 15 Seiten), Illustrationen
  8. Irish mortgage payment breaks
    extensions and expirations
    Autor*in: Kelly, Jane; Lyons, Paul; O'Brien, Eoghan; Rice, Jonathan
    Erschienen: [2021]
    Verlag:  Central Bank of Ireland, Dublin, Ireland

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    Schriftenreihe: Financial stability notes / Central Bank of Ireland ; vol. 2021, no. 7
    Schlagworte: Hypothek; Kredittilgung; Coronavirus; Irland
    Umfang: 1 Online-Ressource (circa 19 Seiten), Illustrationen
  9. The economics of debt relief during a pandemic
    lessons from the experience in Ireland
    Autor*in: Gaffney, Edward; McCann, Fergal; Stroebel, Johannes
    Erschienen: [2022]
    Verlag:  ESRB, European Systemic Risk Board, European System of Financial Supervision, Frankfurt am Main, Germany

    The coronavirus (COVID-19) macroeconomic shock was different from previous crises in terms of its speed, the severity of the resulting job losses, the fiscal support provided in response and the stability of house prices. In response to this sudden... mehr

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    The coronavirus (COVID-19) macroeconomic shock was different from previous crises in terms of its speed, the severity of the resulting job losses, the fiscal support provided in response and the stability of house prices. In response to this sudden shock and in line with European Banking Authority guidance, lenders in Ireland offered temporary COVID-19 payment breaks, or moratoria, to homeowners with mortgages. COVID-19 payment breaks had minimal eligibility criteria, did not require a regulatory risk reclassification of loans and had no impact on borrower credit records. All of this enabled a rapid response that minimised costs to both borrowers and lenders. As the initial payment breaks have expired, lenders have typically responded to a relatively small number of requests for further arrears support or restructuring by extending moratoria or other temporary arrangements. Based on the lessons learned from research into the economics of debt relief since the global financial crisis, we view this initial response as appropriate for the specific, temporary economic shock that the Irish economy faced in March 2020. As the pandemic progresses, the optimal future response of policymakers will depend on how both the labour and housing markets evolve. In circumstances such as those that prevailed in early 2021, when uncertainty and additional temporary liquidity shocks affected some sectors, additional extensions of payment moratoria or other short-term arrangements may be appropriate for some borrowers. However, should it appear that income shocks were becoming more permanent, perhaps because of structural shifts in demand, or if house prices were to decline, longer-term solutions might be required, similar to those implemented after the global financial crisis. In light of the successful pandemic response, we also consider the benefits of mortgage contracts that allow households to opt into payment moratoria or reduced payment levels in certain situations. To avoid incentive problems, this optionality would ideally either (i) have to be triggered by the declaration of a national emergency or (ii) perhaps more simply be time-limited or tied to periodic amortisation requirements. In all cases, a major advantage of such optionality would be the automatic nature of the option. This would mean that there was no need for urgent coordination among policymakers or lenders to avoid issues such as credit records or risk classifications being altered as a result of the widespread requirement for payment relief.

     
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    ISBN: 9789294722652
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    hdl: 10419/278139
    Schriftenreihe: Occasional paper series / European Systemic Risk Board ; no 20 (April 2022)
    Schlagworte: Hypothek; Kredittilgung; Schuldenerlass; Kreditpolitik; Coronavirus; Irland
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  10. Mortgage decisions of households
    consequences for consumption and savings
    Autor*in: Sejer Nielsen, Rikke
    Erschienen: 2022
    Verlag:  Copenhagen Business School, Frederiksberg, Danmark

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    Sprache: Englisch
    Medientyp: Dissertation
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    ISBN: 9788775680665
    Auflage/Ausgabe: 1st edition
    Schriftenreihe: PhD series / Copenhagen Business School ; 2022, 06
    Schlagworte: Hypothek; Kredittilgung; Haushaltsökonomik; Privater Konsum; Private Verschuldung; Sparen; Dänemark
    Umfang: 1 Online-Ressource (circa 232 Seiten), Illustrationen
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    Dissertation, Copenhagen Business School, 2021
  11. Microequity and Mutuality
    Experimental Evidence on Credit with Performance-Contingent Repayment
    Autor*in: Cordaro, Francesco; Fafchamps, Marcel; Mayer, Colin P.; Meki, Muhammad; Quinn, Simon; Roll, Kate
    Erschienen: September 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We conduct the first field experiment of a performance-contingent microfinance contract. A large food multinational wishes to help micro-distributors in its supply chain with the financing of a productive asset. Working with the firm in Kenya, we... mehr

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    We conduct the first field experiment of a performance-contingent microfinance contract. A large food multinational wishes to help micro-distributors in its supply chain with the financing of a productive asset. Working with the firm in Kenya, we compare asset financing under a traditional debt contract to three alternatives: (i) a novel equity-like financing contract, (ii) a hybrid debt-equity contract, and (iii) an index-insurance financing contract. Experimental results reveal large positive impacts from the contractual innovations. These findings demonstrate the economic appeal of microfinance contracts that leverage improved observability of performance to achieve a greater sharing of risk and reward

     
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    Schriftenreihe: NBER working paper series ; no. w30411
    Schlagworte: Multinationales Unternehmen; Vertriebsweg; Lieferkette; Mikrofinanzierung; Kredittilgung; Vertrag; Kredit; Experiment; Kenia; Intertemporal Firm Choice: Investment, Capacity, and Financing; Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets; Microeconomic Analyses of Economic Development
    Umfang: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  12. SACRE e suas inconsistências financeiras
    Autor*in: Faro, Clóvis de
    Erschienen: maio de 2022
    Verlag:  EPGE, Escola Brasileira de Economia e Finanças, Rio de Janeiro

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    Sprache: Portugiesisch
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    Weitere Identifier:
    hdl: 10438/31907
    Schriftenreihe: Ensaios econômicos ; no 827
    Schlagworte: Immobilienfinanzierung; Kredittilgung; Zins; Finanzmathematik; Brasilien
    Umfang: 1 Online-Ressource (circa 12 Seiten)
  13. O SACRE no regime de juros compostos
    Autor*in: Faro, Clóvis de; Lachtermacher, Gerson
    Erschienen: maio de 2022
    Verlag:  EPGE, Escola Brasileira de Economia e Finanças, Rio de Janeiro

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    Weitere Identifier:
    hdl: 10438/32121
    Schriftenreihe: Ensaios econômicos ; no 828
    Schlagworte: Immobilienfinanzierung; Kredittilgung; Zins; Finanzmathematik; Brasilien
    Umfang: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  14. Norske boligeiere har god gjeldsbetjeningsevne
    Autor*in: Lindquist, Kjersti-Gro; Solheim, Haakon; Vatne, Bjørn Helge
    Erschienen: [2022]
    Verlag:  Norges Bank, Oslo

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    Sprache: Norwegisch
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    ISBN: 9788283792454
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    hdl: 11250/3030892
    Schriftenreihe: Staff memo / Norges Bank ; nr. 2022, 8
    Schlagworte: Immobilienfinanzierung; Kredittilgung; Haushaltsstatistik; Norwegen
    Umfang: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  15. The Insurance Implications of Government Student Loan Repayment Schemes
    Autor*in: Gervais, Martin; Liu, Qian; Lochner, Lance
    Erschienen: December 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We use new administrative data that links detailed information on Canadian student loan recipients with their repayment and income histories from the Canada Student Loans Program (CSLP), income tax filings, and post-secondary schooling records to... mehr

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    We use new administrative data that links detailed information on Canadian student loan recipients with their repayment and income histories from the Canada Student Loans Program (CSLP), income tax filings, and post-secondary schooling records to measure the extent to which student borrowers adjust loan repayments to insure against income variation. Several mechanisms are available for students to adjust loan repayments in response to income fluctuations: formal, like CSLP's Repayment Assistance Plan; and informal, such as delinquency or default. Borrowers can also make larger payments than required should they experience unexpectedly high income. Indeed, loan payments are shown to increase in income, more so in early years and for individuals with higher initial debt. More formally, we estimate that on average, an unexpected $1,000 change in year-over-year income is associated with a $30 change in loan payment: from a $50 change the year after graduation, declining to a $20 change 5 years after graduation. Loan repayments are also used to absorb income variation that is more permanent in nature: for borrowers whose income is consistently below or above expected income at graduation, the magnitude of average repayment adjustment is similar to the average yearly response

     
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    Schriftenreihe: NBER working paper series ; no. w30790
    Schlagworte: Studienfinanzierung; Kredittilgung; Absolventen; Kanada; Consumption; Saving; Wealth; Household Saving, Borrowing, Debt, and Wealth; Government Expenditures and Education; Educational Finance; Financial Aid
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  16. Robo-advice for borrower repayment decisions
    Autor*in: Chak, Ida; Croxson, Karen; D'Acunto, Francesco; Reuter, Jonathan; Rossi, Alberto G.; Shaw, Jonathan
    Erschienen: August 2022
    Verlag:  Financial Conduct Authority, London

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    Schriftenreihe: Occasional paper / Financial Conduct Authority ; 61
    Schlagworte: Kredittilgung; Robo-Advice; Versuchsplanung; Experiment; Großbritannien
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  17. Consistência financeira no regime de juros simples
    Autor*in: Lachtermacher, Gerson; Faro, Clóvis de
    Erschienen: janeiro de 2023
    Verlag:  EPGE, Escola Brasileira de Economia e Finanças, Rio de Janeiro

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    Weitere Identifier:
    hdl: 10438/33266
    Schriftenreihe: Ensaios econômicos ; no 834
    Schlagworte: Immobilienfinanzierung; Kredittilgung; Zins; Finanzmathematik; Brasilien
    Umfang: 1 Online-Ressource (circa 21 Seiten)
  18. Improving Household Debt Management with Robo-Advice
    Autor*in: Chak, Ida; Croxson, Karen; D'Acunto, Francesco; Reuter, Jonathan; Rossi, Alberto G.; Shaw, Jonathan M.
    Erschienen: November 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Poor debt-management skills lower financial security and wealth accumulation. Because optimal solutions to credit repayment problems depend on neither risk preferences nor beliefs, loan repayment is a prime application for robo-advising. Vulnerable... mehr

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Poor debt-management skills lower financial security and wealth accumulation. Because optimal solutions to credit repayment problems depend on neither risk preferences nor beliefs, loan repayment is a prime application for robo-advising. Vulnerable households, though, tend to distrust new technologies and override suggestions that do not align with ingrained heuristics, such as matching the minimum payment on a credit card balance. Lower adoption rates by these groups might increase rather than reduce wealth inequalities. To assess these trade-offs, we design and implement an RCT in which robo-advice for borrower repayment decisions is offered to a set of representative UK consumers. The availability of free robo-advice significantly improves average loan repayment choices. When their willingness to pay is elicited, many subjects report values larger than the monetary benefits of the tool, perhaps due to lower cognitive and psychological costs decision-makers face when making assisted choices. Non-adopters and overriders report lower trust in algorithms at the end of the experiment. We find no evidence of learning from robo-advice, which barely improves subsequent unassisted choices, even when paired with explicit tips. In fact, robo-advice usage crowds out learning-by-doing, which is highest for those who make all choices unassisted

     
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    Sprache: Englisch
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    Schriftenreihe: NBER working paper series ; no. w30616
    Schlagworte: Private Verschuldung; Schuldenmanagement; Kredittilgung; Robo-Advice; Randomisierte kontrollierte Studie; Großbritannien; Household Saving; Personal Finance; Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making; Household Saving, Borrowing, Debt, and Wealth; Financial Literacy
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  19. Give Me a Pass
    Flexible Credit for Entrepreneurs in Colombia
    Autor*in: Brune, Lasse; Giné, Xavier; Karlan, Dean
    Erschienen: November 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Microcredit promised business growth for small firms lacking access to banking loans. Yet while reaching millions, recent randomized evaluations suggest limited average business impacts. Critics often blame contract rigidity, specifically the fixed... mehr

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    Universitätsbibliothek Freiburg
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Microcredit promised business growth for small firms lacking access to banking loans. Yet while reaching millions, recent randomized evaluations suggest limited average business impacts. Critics often blame contract rigidity, specifically the fixed and frequent installments, for the lack of productive risk-taking. But such rigidity may instill borrower discipline. We partnered with a Colombian lender that offered first-time borrowers a flexible loan that permitted delaying up to three monthly repayments. We find null effects for revenue and profits but increases in loan defaults. The evidence thus aligns with established microlender practice of offering rigid contracts to first-time borrowers

     
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    Schriftenreihe: NBER working paper series ; no. w30634
    Schlagworte: Mikrofinanzierung; Kredittilgung; Kreditrisiko; Unternehmer; Kolumbien; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Planning Models; Planning Policy
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  20. Loan repayment behaviour of farmers
    analysing Indian households
    Autor*in: Chakraborty, Tanika; Gupta, Aarti
    Erschienen: February 2023
    Verlag:  Indian Institute of Management Calcutta, Calcutta

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    Schriftenreihe: Working paper series / Indian Institute of Management Calcutta ; no. 882
    Schlagworte: Landwirte; Kredittilgung; Privater Konsum; Private Verschuldung; Vergleich; Ländlicher Raum; Indien; Household Finance; Debt; Formal and Informal Loan
    Umfang: 1 Online-Ressource (circa 33 Seiten)
  21. Norwegian homeowners' debt-servicing capacity is adequate
    Autor*in: Lindquist, Kjersti-Gro; Solheim, Haakon; Vatne, Bjørn Helge
    Erschienen: [2022]
    Verlag:  Norges Bank, Oslo

    Debt-servicing capacity is a function of both available cash flow and the size of obligatory expenses. We use household level information to calculate normal expenses that cover food, other general consumption, electricity and fixed housing expences,... mehr

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    Debt-servicing capacity is a function of both available cash flow and the size of obligatory expenses. We use household level information to calculate normal expenses that cover food, other general consumption, electricity and fixed housing expences, as well as interest expenses. We link this to information on household income, debt, financial wealth and housing wealth. Just over 1 percent of home-owning households lacked income to cover normal expenses and interest in 2020. Half of these had the opportunity to cover the liquidity deficit by drawing on financial wealth or increasing their mortgages. We show how higher food and electricity prices, and also higher interest rates, affect the number of households with weak debt-servicing capacity and the share of debt held by this group. The share of households that might experience debt servicing problems will increase with a rapid and marked increase in interest rates. Given the debt-to-income ratio in 2020, it is only when the interest rate rises above 5 percent that the share facing problems rises markedly in groups other than those with the lowest income.

     
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    Sprache: Englisch
    Medientyp: Ebook
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    ISBN: 9788283792461
    Weitere Identifier:
    hdl: 11250/3036118
    Schriftenreihe: Staff memo / Norges Bank ; nr. 2022, 8
    Schlagworte: Immobilienfinanzierung; Kredittilgung; Haushaltsstatistik; Norwegen
    Umfang: 1 Online-Ressource (circa 25 Seiten)
  22. Europäischer Fonds zur wirtschaftlichen Erholung von der Corona-Krise
    zehn Fragen und Antworten zum deutsch-französischen Vorschlag = European fund for economic recovery from the Corona crisis : ten questions and answers on the Franco-German proposal
    Autor*in: Matthes, Jürgen
    Erschienen: 27.05.2020
    Verlag:  Institut der deutschen Wirtschaft, Köln

    Deutschland und Frankreich schlagen zu Recht einen umfangreichen Fonds zur wirtschaftlichen Erholung auf EU-Ebene für Solidarität und Wachstum vor. Dabei ist eine hohe Kreditaufnahme durch die EU von 500 Milliarden Euro vorgesehen. Diese Mittel... mehr

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    Deutschland und Frankreich schlagen zu Recht einen umfangreichen Fonds zur wirtschaftlichen Erholung auf EU-Ebene für Solidarität und Wachstum vor. Dabei ist eine hohe Kreditaufnahme durch die EU von 500 Milliarden Euro vorgesehen. Diese Mittel sollen ausschließlich als Trans-fers an besonders von der Corona-Krise betroffene Staaten vergeben werden. Aufgrund des Wi-derstands einiger EU-Länder (u. a. Frugal Four) erscheint eine Umsetzung in dieser Form aber noch nicht gesichert. Deutschland hat ein klares Interesse daran, die EU zu stabilisieren, politisch und auch wirtschaftlich mit Blick auf die Erhaltung und Wiederbelebung der europäischen Lie-ferketten. Durch die reine Transfervergabe führt der deutsch-französische Vorschlag freilich zu einer hohen Belastung künftiger EU-Haushalte. Selbst bei einer 20-jährigen Tilgungsphase nach dem Jahr 2025 würde eine gleichmäßige Tilgung (inkl. geringer Zinsen) bei einer Inflationsrate zwischen 1 und 1,8 Prozent pro Jahr anfangs zwischen 14 und 12 Prozent des bisherigen jährli-chen EU-Haushalts beanspruchen. Die Frage, wie diese Mittel später aufzubringen sind, wird auf problematische Weise in die Zukunft verschoben. Daher stellt sich die Frage, ob statt Transfers nicht auch zinsgünstige Kredite als EU-Hilfen dienen könnten. Dieser Forderung wird entgegengehalten, dass Kredite die Schuldentragfähigkeit gefährden würden. Diese These wird inzwischen kaum noch hinterfragt. Eine Schuldentragfä-higkeitsanalyse Italiens zeigt jedoch: Bei den schon lange und vermutlich noch längerfristig sehr niedrigen Zinsen hat ein höherer Schuldenstand kaum nennenswerte Auswirkungen auf die Schuldentragfähigkeit. Selbst wenn die italienischen Staatsschulden von 135 auf 170 Prozent des BIP steigen würden, müsste das italienische Staatsdefizit (Primärsaldo) nur um 0,14 Prozent-punkte des BIP (auf knapp 0,7 Prozent des BIP) verbessert werden, um die Staatsschuldenquote konstant zu halten. Das gilt, wenn Italiens Wirtschaft mittelfristig nur um 0,7 Prozent im Jahres-durchschnitt real wächst und die Inflation nur 1,3 Prozent beträgt – also unter nicht besonders optimistischen Annahmen. Zinsgünstige EU-Kredite sind nicht so schädlich wie vielfach ange-nommen wird... Germany and France have proposed a European Recovery Fund of € 500 bn based on large loans taken out by the EU to be transferred exclusively as grants to EU member states particularly affected by the corona crisis. The legal construction still has to be sufficiently clarified and, due to the resistance of some EU countries (Frugal Four), implementation in the proposed form does not appear certain. The Franco-German proposal places a heavy burden on future EU budgets. Even with a 20-year redemption phase after 2025, with an inflation rate of between 1 and 1.8 per cent per year, the redemption (including low interest payments) would initially take up between 14 and 12 per cent of the current annual EU budget. With a 10-year redemption period after 2025, this share would amount to between 30 and 27 per cent. The question of how these funds are to be raised in the future is being postponed to the future in a problematic way. Thus, the question arises whether, instead of transfers, very low-interest loans would not also be adequate, as the Frugal Four demand. This demand is usually countered by the argument that loans would endanger debt sustainability in certain member states. This claim is currently hardly ever questioned. However, an analysis of Italy's debt sustainability shows: With low in-terest rates already for a longer period and probably also in the medium term, higher public debt level has only a very limited impact on debt sustainability. Even if Italy's public debt, for example, were to rise from 135 to 170 per cent of GDP, the Italian fiscal deficit (primary balance) would only have to be improved by 0.14 percentage points of GDP (to just under 0.7 per cent of GDP) to keep the public debt ratio constant. This applies if Italy's economy grows in real terms by only 0.7 per cent on average over the medium term and inflation is only 1.3 per cent – i.e. under not particularly optimistic assumptions. Low-interest EU loans are therefore not as dam-aging as is often assumed...

     
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    Sprache: Deutsch
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    Weitere Identifier:
    hdl: 10419/218891
    Schriftenreihe: IW-Report ; 2020, 26
    Schlagworte: Coronavirus; Coping-Strategie; Stabilisierungspolitik; Kredittilgung; Finanzierungsentscheidung; EU-Haushalt
    Umfang: 1 Online-Ressource (circa 20 Seiten)
  23. Debt moratoria
    evidence from student loan forbearance
    Autor*in: Dinerstein, Michael; Yannelis, Constantine; Chen, Ching-Tse
    Erschienen: May 2023
    Verlag:  CESifo, Munich, Germany

    We evaluate the effects of the 2020 student debt moratorium that paused payments for student loan borrowers. Using administrative credit panel data, we show that the payment pause led to a sharp drop in student loan payments and delinquencies for... mehr

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    We evaluate the effects of the 2020 student debt moratorium that paused payments for student loan borrowers. Using administrative credit panel data, we show that the payment pause led to a sharp drop in student loan payments and delinquencies for borrowers subject to the debt moratorium, as well as an increase in credit scores. We find a large stimulus effect, as borrowers substitute increased private debt for paused public debt. Comparing borrowers whose loans were frozen with borrowers whose loans were not frozen due to differences in whether the government owned the loans, we show that borrowers used the new liquidity to increase borrowing on credit cards, mortgages, and auto loans rather than avoid delinquencies. The effects are concentrated among borrowers without prior delinquencies, who saw no change in credit scores, and we see little effects following student loan forgiveness announcements. The results highlight an important complementarity between liquidity and credit, as liquidity increases the demand for credit even as the supply of credit is fixed.

     
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    hdl: 10419/279171
    Schriftenreihe: CESifo working papers ; 10422 (2023)
    Schlagworte: Studienfinanzierung; Kredit; Private Verschuldung; Kredittilgung; Studierende; USA; debt moratoria; student loans
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  24. Debt Moratoria
    Evidence from Student Loan Forbearance
    Autor*in: Dinerstein, Michael; Yannelis, Constantine; Chen, Ching-Tse
    Erschienen: May 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We evaluate the effects of the 2020 student debt moratorium that paused payments for student loan borrowers. Using administrative credit panel data, we show that the payment pause led to a sharp drop in student loan payments and delinquencies for... mehr

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    Universitätsbibliothek Freiburg
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    We evaluate the effects of the 2020 student debt moratorium that paused payments for student loan borrowers. Using administrative credit panel data, we show that the payment pause led to a sharp drop in student loan payments and delinquencies for borrowers subject to the debt moratorium, as well as an increase in credit scores. We find a large stimulus effect, as borrowers substitute increased private debt for paused public debt. Comparing borrowers whose loans were frozen with borrowers whose loans were not frozen due to differences in whether the government owned the loans, we show that borrowers used the new liquidity to increase borrowing on credit cards, mortgages, and auto loans rather than avoid delinquencies. The effects are concentrated among borrowers without prior delinquencies, who saw no change in credit scores, and we see little effects following student loan forgiveness announcements. The results highlight an important complementarity between liquidity and credit, as liquidity increases the demand for credit even as the supply of credit is fixed

     
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    Schriftenreihe: NBER working paper series ; no. w31247
    Schlagworte: Studienfinanzierung; Kredit; Private Verschuldung; Kredittilgung; Studierende; USA; Household Saving, Borrowing, Debt, and Wealth; Educational Finance; Financial Aid
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  25. Homeowners' budgets and debt servicing capacity projections
    Autor*in: Tang-Andersen Martinello, Alessandro; Nissen, Rikke Rhode; Meyer, Bjørn Bjørnsson
    Erschienen: [2023]
    Verlag:  Danmarks Nationalbank, Copenhagen

    We assess the solidity and debt servicing capacity of Danish homeowners by simulating the impact on household budgets of inflation, rising interest rates and a potential unemployment shock, and calculating the remaining economic margin. A negative... mehr

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    We assess the solidity and debt servicing capacity of Danish homeowners by simulating the impact on household budgets of inflation, rising interest rates and a potential unemployment shock, and calculating the remaining economic margin. A negative economic margins means the household would not have been able to obtain its current debt from a credit institution. Rising interest rates and inflation will increase the number of households with a negative monthly margin by 36,000 (3.4 per cent of homeowners with mortgages) by the end of 2023. An additional 55,000 will see their margin reduced by at least 20 per cent. While the budget effect of unemployment is mitigated by unemployment insurance and spousal income, the margin of three out of four affected households will become negative or decrease by at least 20 per cent. Overall, we show that household budgets are tighter in sparsely populated municipalities and for highly indebted households.

     
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    Schriftenreihe: Economic memo / Danmarks Nationalbank ; no. 4 (1 June 2023)
    Schlagworte: Kredittilgung; Grundeigentum; Schock; Inflation; Privater Haushalt; Dänemark
    Umfang: 1 Online-Ressource (circa 24 Seiten), Illustrationen