Household external finance and consumption

Besley, Timothy, Meads, Neil and Surico, Paolo (2008) Household external finance and consumption. Discussion Papers, 6934. Centre for Economic Policy Research, London, UK.

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Abstract

This paper uses mortgage data to construct a measure of terms on which households access to external finance, and relates it to consumption at both the aggregate and cohort levels. The Household External Finance (HEF) index is based on the spread paid by risky borrowers in the mortgage market. There is evidence that the terms of access to external finance matter more for the consumption of young cohorts in U.K. data. Results are robust to a wide variety of specifications.

Item Type:	Monograph (Discussion Paper)
Official URL:	http://www.cepr.org/pubs/new-dps/dp_papers.htm
Additional Information:	© 2008 CEPR
Uncontrolled Keywords:	external finance , terms of access , household consumption , birth cohorts , pseudo panels
Library of Congress subject classification:	H Social Sciences > HC Economic History and Conditions
Journal of Economic Literature Classification System:	D - Microeconomics > D1 - Household Behavior and Family Economics > D10 - General E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Employment, and Investment > E21 - Macroeconomics: Consumption; Saving; Aggregate Physical and Financial Consumer Wealth G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
Sets:	Departments > Economics Collections > Economists Online
Rights:	http://www.lse.ac.uk/library/rights/LSERO.htm
Identification Number:	6934
URL:	http://eprints.lse.ac.uk/33779/

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