Detail publikace

Household balance sheets and economic crisis

Autor: doc. PhDr. Ing. Ing. Petr Jakubík Ph.D. Ph.D.,
Typ: Články v recenzovaných časopisech
Rok: 2014
Číslo: 0
Publikováno v: Ekonomická revue - Central European Review of Economics Issues, vol. 17, no. 2, pp 55-65, ISSN 1212-3951
Místo vydání: VŠB - Technical University of Ostrava
Klíčová slova: Aggregate consumption, credit cycle, household default, households’ distress, credit risk modelling, micro simulations, insolvency
JEL kódy:
Granty: GAČR 14-02108S Vzájemná interakce krizí státu a bank GAČR 403/10/1235 (2010-2014) Institucionální reakce na selhání finančních trhů
Abstrakt: In this paper, the impact of an economic downturn on the household sector is studied. Household budgets can be negatively affected by declines in nominal wages and increases in unemployment. This effect is tested for the small, open, emerging economy using the estimated macro model. As a result of a lack of individual data on household finances, micro data are simulated. It is clearly shown by the conducted analysis that there is a significant additional decline in consumption related to an increase in household default rates and unemployment. It is found that potential household insolvencies have important implications for the financial system as well as for the macroeconomy.


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