Impact of Actual Interest Rates on the Debt Stock of Private Sector

A. K. Moiseev () and M. V. Cherkovets
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A. K. Moiseev: Institute for Economic Forecasting, Russian Academy of Sciences
M. V. Cherkovets: Institute for Economic Forecasting, Russian Academy of Sciences

Studies on Russian Economic Development, 2019, vol. 30, issue 6, 614-626

Abstract: Abstract The purpose of this study is to analyze the dynamics of the private sector’s debt stock in the context of interest rate changes and to assess the corresponding changes in macro-financial parameters. The private sector is structured into two groups—nonfinancial corporations (business) and households (population), for each of which, along with the changes in interest rates, other factors of debt behavior are analyzed. The study includes Russia, the United States, France, Germany, and Finland1. The values ​​of an actual credit rate are calculated, its dynamics are compared with the dynamics of the statistical indicators of the average credit rate. When analyzing the dynamics of credit debt, the changes in a nominal volume of debt and a volume of payments for debt servicing are taken into account, and the net increase (decrease) in the debt stock is calculated.

Date: 2019
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DOI: 10.1134/S1075700719060121

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