Une analyse difficile du désendettement des ménages

André Babeau

Revue française d'économie, 2015, vol. Volume XXX, issue 4, 55-83

Abstract: Strictly speaking, in the Euro zone, after the subprime crisis, there was no households deleveraging, neither in absolute nor in relative terms : not only, their debt (housing and consumption credit) was still growing between 2006 and 2012, but its growth was still greater than income growth (2,48 % yearly against 1,8 %). However, there was a very strong braking of this growth due mainly to the ebbing of new credits (consumption credit has been more hit than the housing credit) ; the repayments we calculated (they don?t exist in the National accounts) also reduced, but much more progressively. As far as the influence of these evolutions on business activity is concerned, it is necessary to distinguish, as we tried for French people, the repayments financed by new credit (remortgages, for instance) from the ones directly financed by households saving.

Date: 2015
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