Household Debt and the Housing Market’s Debacle

Dimitris N. Chorafas
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Dimitris N. Chorafas: New York Academy of Sciences

Chapter 7 in Capitalism Without Capital, 2009, pp 137-158 from Palgrave Macmillan

Abstract: Abstract The portfolio of households which contains their wealth may include bonds, equities in residential property, and money in the bank — essentially in savings accounts and time deposits or some other instruments. But the pièce de resistence of their wealth, and at the same time their castle, is their house. As the value of family holdings increases, it induces households to spend more. Curiously enough, a similar effect may be produced through easy-to-get household debt.1

Keywords: Interest Rate; Gross Domestic Product; Real Estate; House Price; Credit Default Swap (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-25102-1_7

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DOI: 10.1057/9780230251021_7

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