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Over-indebtedness and age: The effects on individual health

Maite Blázquez Cuesta (), Santiago Budria Rodriguez () and Ana Moro-Egido ()

Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 2020, vol. 87, issue C

Abstract: This paper uses longitudinal data from the Spanish Survey of Household Finances to investigate the relation between household situations of over-indebtedness and self-assessed health by age. The interest of the Spanish case relies on the increased indebtedness of Spanish families after the 2008 Global Crisis. The paper differentiates between mortgage and non-mortgage debts and between young and middle-aged and old individuals. We rely on Deb and Trivedi's (2006) method to account for the endogeneity of self-assessed health and over-indebtedness simultaneously. The paper shows that being over-indebted in mortgage debts is associated with lower self-assessed health among middle-aged and old individuals. However, among young individuals, this detrimental health effect only appears when the situation of over-indebtedness is due to both mortgage and non-mortgage debts.

Keywords: Over-indebtedness; Self-assessed health; Spanish survey of household finances; Deb and Trivedi estimation technique (search for similar items in EconPapers)
JEL-codes: C25 D14 I31 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:soceco:v:87:y:2020:i:c:s2214804319304823

DOI: 10.1016/j.socec.2020.101575

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