Determinants of credit to households: An approach using the life-cycle model |
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| Affiliation: | 1. National Bank of Poland, ul. Świętokrzyska 11/21, 00-919 Warsaw, Poland;2. Warsaw School of Economics, Al. Niepodległości 162, 02-554 Warsaw, Poland;1. CERGE-EI, Charles University and The Czech Academy of Sciences, Politickych veznu 7, 11121 Prague, Czech Republic;2. The William Davidson Institute at the University of Michigan Business School, United States;3. Center for Organizational Dynamics, University of Pennsylvania, United States;4. CEPR, London, United Kingdom;5. CESifo, Munich, Germany;6. IOS, Regensburg, Germany;7. The Euro Area Business Cycle Network, Germany;1. INCEIF, Lorong Universiti A, 59100 Kuala Lumpur, Malaysia;2. Nottingham University Business School, The University of Nottingham Malaysia Campus, Jalan Broga, Semenyih 43500 Selangor, Malaysia;3. Bank of New York Mellon Asset Management, United States;1. Fluminense Federal University, Department of Economics, Brazil;2. National Council for Scientific and Technological Development (CNPq), Brazil;3. Central Bank of Brazil, Brazil |
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| Abstract: | This paper applies a life-cycle model with individual income uncertainty in order to investigate the determinants of credit to households. We show that the household credit to GDP ratio depends on the lending-deposit interest rate spread, individual income uncertainty, and individual income persistence. We subsequently provide empirical evidence for the prediction of a theoretical model on the basis of data from OECD and EU countries. |
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| Keywords: | Household credit Life-cycle economies Banking sector |
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