Consumer Credit Conditions in the United Kingdom

Corugedo, Emilio Fernández; Muellbauer, John

doi:10.2139/ssrn.965478

Cited by 50 publications

(86 citation statements)

References 22 publications

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“…Alternatively, approaches based on micro-data entail the estimation of single equations that use information from bank lending surveys (see e.g. De Bondt et al, 2010 andHempell and, both of which use panel data), survey data from samples of individual households (Fernandez-Corugedo and Muellbauer, 2006) or published data from a panel of individual banks (Kashyap and Stein, 2000). Finally, micro-founded dynamic stochastic general equilibrium (DSGE) models have been developed (e.g.…”

Section: Empirical Literaturementioning

confidence: 99%

Consumer credit in an era of financial liberalization: an overreaction to repressed demand?

Brissimis

Garganas²,

Hall

2013

Applied Economics

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In this paper we empirically analyse the factors which determined consumer credit in Greece in the period before and after the financial liberalisation, while accounting for significant changes in structure due to the lifting of credit restrictions and the subsequent impressive boom of consumer loans. We use multivariate cointegration techniques to estimate a vector error correction model (VECM) and identify separate demand and supply relationships for consumer loans. We introduce demand and supply-related shifts in parameters through the inclusion of appropriate dummy variables and trends in the long-run relationships. We partly deviate from the typical Johansen procedure and estimate the model in two steps. We find that the theoretical exclusion and coefficient-size restrictions on the demand and supply cointegrating vectors are valid. Our results are consistent with the operation of a bank lending channel in Greece. We also find that the supply side was mostly responsible for the acceleration of consumer loan growth following credit liberalisation.JEL classification: E51;G21;O16;C32

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Section: Empirical Literaturementioning

confidence: 99%

Consumer credit in an era of financial liberalization: an overreaction to repressed demand?

Brissimis

Garganas²,

Hall

2013

Applied Economics

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“…As is clear from the important work of Fernandez-Corugedo and Muellbauer (2006) At the same time as the financial liberalization was taking hold, a major policy reform was also affecting the English housing market. This was the "right to buy" scheme which allowed council tenants (i.e.…”

Section: [Figure 2 About Here]mentioning

confidence: 99%

“…The interest rate that we use is the 90 day Treasury Bill Discount Rate 7 deflated into real terms by the authors using the all item retail prices index. The Credit Conditions Index that we use is the unified measure generated by Fernandez-Corugedo and Muellbauer; it is discussed at more length in our technical appendix and in detail in Fernandez-Corugedo and Muellbauer (2006).…”

Section: Datamentioning

confidence: 99%

“…As mentioned in the main text, the Credit Conditions Index (CCI) that we use in specification 3 of table 1, comes from Fernandez Corugedo and Muellbauer (2006). Their index is constructed, for the period from the mid-1970s to the early 2000s, as the common underlying influence on ten measures of credit conditions.…”

Section: (Ii) Credit Conditions Indexmentioning

confidence: 99%

“…It is this index that we use in our analysis. Full details of it and its construction are provided in Fernandez Corugedo and Muellbauer (2006).…”

Section: (Ii) Credit Conditions Indexmentioning

confidence: 99%

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Late starters or excluded generations? A cohort analysis of catch up in home ownership in England

Bottazzi¹,

Crossley²,

Wakefield³

2012

Working Paper Series

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. We investigate whether initial differences in speed of entry into homeownership lead to longlasting differences in ownership between generations. Our data span nearly forty years and multiple cycles of England's very volatile house prices. We document that ownership rates at thirty have differed substantially, with a significant negative association with prices. To assess the persistence of these differences we use synthetic cohort methods. Measurement error problems -attenuation and other biases -complicate the analysis. Two methods of dealing with this both indicate that cohorts with low ownership rates at thirty close about 80% of the ownership gap by forty. Terms of use: Documents in JEL Classification numbers: R21, R31

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2016

Dynamics of Housing in East Asia

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Consumer Credit Conditions in the United Kingdom

Cited by 50 publications

References 22 publications

Consumer credit in an era of financial liberalization: an overreaction to repressed demand?

Consumer credit in an era of financial liberalization: an overreaction to repressed demand?

Late starters or excluded generations? A cohort analysis of catch up in home ownership in England

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