Indebted households in the euro area: a micro perspective using the EU-SILC
|
|
- Francis Johns
- 6 years ago
- Views:
Transcription
1 Indebted households in the euro area: a micro perspective using the EU-SILC 2 nd European User Conference for EU-LFS and EU-SILC Mannheim 31 March-1 April 211 Ramon Gomez-Salvador, Adriana Lojschova and Thomas Westermann European Central Bank 1
2 Indebted households in the euro area: a micro perspective using the EU-SILC Why micro data? Using EU-SILC overview which variables? characteristics of the sample main results Conclusions 2
3 Why micro data? (1) Analytical perspective macro (mean) / micro (distribution) Policy perspective monetary policy transmission/financial stability Research perspective Reliable data on households wealth, income and consumption is an important input for researches and policy makers 3
4 Why micro data? (1I) Debt servicing ratio - Debt service to income ratio in the euro area over time and distribution of mortgage debt service to income ratio (%) Sectoral accounts ECHP (21) 12. principal repayment as a percentage of gross disposable income (in %) interest payment burden as a percentage of gross disposable income (in %) Density Debt Servicing Burden ha24b/hi1) 4
5 Using EU-SILC: Overview EU-SILC EU-level: high country coverage info on HHs and individuals effort on comparability various waves (24-28) cross-section and longitudinal results limited info on financial variables breaks with respect to the ECHP some variables under revision some countries are missing in recent waves 5
6 Using EU-SILC: Which variables? (I) EU-SILC: focus on poverty and social exclusion Variables of interest: home ownership mortgage/consumer debt outstanding debt servicing arrears 6
7 Using EU-SILC: Which variables? (II) Financial variables at the household level Relevant financial variables EU-SILC Mortgage debt holding Consumer debt holding Mortgage interest repayments Mortgage debt service to income ratio (estimated) Total housing cost Income Late payments Mortgage debt burden Derived from a positive answer to the question on interest repayments on mortgage. Derived from the financial burden of the repayment of non-housing related debts (a heavy burden, somewhat of a burden and not a burden at all); current. Total gross amount of mortgage interest on the main residence of the household; it excludes payments on mortgages for repairs/renovation or for non-housing purposes, and repayments of the principal; annual amount over the previous 12-month period. Obtained by adding to the mortgage interest repayments an estimation of the repayments of the principal derived from the ECHP annual amount as percentage of income, which contains information on total mortgage service following: dsr_est i = isr i + csr g csr g = dsr g - isr g where dsr_est i mortgage debt service to income ratio estimated at household level; isr i mortgage interest repayments to income ratio at household level (EU-SILC); csr g mortgage capital (or principal) repayments to income ratio estimated at income/age groups level (three income groups and three age groups are defined: first/second, third and fourth income quartiles, and below 35, between 35 and 45 and 45 and above, respectively); dsr g mortgage debt service to income ratio at income/age groups level (ECHP); and isr g mortgage interest repayments to income ratio at income/age groups level (EU-SILC). It includes mortgage interest payments, structural insurance, mandatory services and charges, regular maintenance and repairs, taxes and the cost of utilities; monthly current cost. Total disposable household income: based on total gross household income (i.e. the sum for all members of gross personal income) minus taxes on income/wealth, transfers paid and social insurance contributions; annual income over the previous 12-month period. Includes PPP adjustment across countries. The income level breakdown also includes an HICP adjustment within countries (27 prices). Arrears on mortgage and on consumer loan payments; incidence over the last 12 months. Financial burden of the total housing cost (a heavy burden, somewhat of a burden and not a burden at all); current. 7
8 Using EU-SILC: Sample characteristics (I) Country coverage (27) Country # HHs Minimum effective sample Austria 6,86 4,5 Belgium 6,287 4,75 Germany 13,4 8,25 Spain 12,159 6,5 Finland 1,64 4, France 1,493 7,25 Greece 5,632 4,75 Ireland 5,68 3,75 Italy 2,899 7,25 Luxembourg 3,875 3,25 Netherlands 1,193 5, Portugal 4,36 4,5 Total 19,92 8
9 Using EU-SILC: Sample characteristics (II) Distribution of households by selected characteristics, euro area 27 change 27 change By: By: Income level (27 prices) Working status <1, employee ,-2, self-employed ,-3, unemployed ,-5, inactive ,-1, >1, Age group Migration status below non-migrant inside EU outside EU and more Housing status Education level Owner low Renter or other medium high
10 Using EU-SILC: Main results (I) debt incidence and home ownership mortgage debt incidence: is estimated to be 22.1% at the euro area level in 27 there is a high country heterogeneity: from around 1% in Greece and Italy to close to 5% in the Netherlands Mortgage and consumer debt outstanding (as percentage of households) home ownership: is estimated at 62.9% at the euro area level in 27 country variation is less marked than for mortgage debt outstanding, from around 5% in Germany to around slightly above 8% in Spain BE DE IE GR ES FR IT LU NL AT PT FI Euro area Home ownership (as percentage of households) 2 BE DE IE GR ES FR IT LU NL AT PT FI Euro area 1
11 Using EU-SILC: Main results (II) debt incidence by income 5 4 Debt outstanding rates - Percentage of households holding debt in the euro area by income levels 27 and change 24-7 (% and percentage points) M ortgage debt change 24-7 (RHS) Consumer debt change 24-7 (RHS) <1, 1,- 2, 2,- 3, 3,- 5, 5,- 1, >1, -2 11
12 Using EU-SILC: Main results (III) debt incidence by socio-economic characteristics Age group 5 4 Debt outstanding rates - Percentage of households holding debt in the euro area by socio-economic characteristics 27 and change 24-7 (% and percentage points) Working status Mortgage debt Consumer debt 1 5 Mortgage debt Consumer debt change 24-7 (RHS) change 24-7 (RHS) change 24-7 (RHS) change 24-7 (RHS) below and more -4-2 employee self-employed unemployed inactive -4 Migration status Education level 5 Mortgage debt Consumer debt 1 5 Mortgage debt Consumer debt 1 4 change 24-7 (RHS) change 24-7 (RHS) 8 4 change 24-7 (RHS) change 24-7 (RHS) non-migrant migrant inside EU migrant outside EU -2-1 low medium high -2 12
13 Using EU-SILC: Main results (IV) debt service Interest repayment ratio on mortgage debt (as a percentage of disposable income; median) interest repayments ratio: estimated at around 6% at the euro area level in 27 (excluding Germany), moving between 2.3% in Austria and 14.6% in the Netherlands debt servicing ratio (estimated): at 22.4% at the euro area level (excluding Germany), being below 8% in Greece and Austria and well above 2% in France, Spain and Italy BE DE IE GR ES FR IT LU NL AT PT FI Euro area Debt servicing ratio on mortgage debt (as a percentage of disposable income; median) 5 BE DE IE GR ES FR IT LU NL AT PT FI Euro area 13
14 Using EU-SILC: Main results (V) debt service by income Debt servicing ratio - Mortgage debt service to income ratio in the euro area by income levels 27 and change 24-7 (% and percentage points) 4 3 Interest payments ratio (LHS) Debt servicing ratio estimated (LHS) change 24-7 (RHS) <1, 1,- 2, 2,- 3, 3,- 5, 5,- 1, >1, 14
15 Age group 3 Using EU-SILC: Main results (VI) debt service by socio-economic characteristics Debt servicing ratio - Mortgage debt service to income ratio in the euro area by socioeconomic characteristics 27 and change 24-7 (% and percentage points) Interest payments ratio (LHS) Debt servicing ratio estimated (LHS) change 24-7 (RHS) 3. Working status 3 Interest payments ratio (LHS) Debt servicing ratio estimated (LHS) change 24-7 (RHS) below and more employee self-employed unemployed inactive -1.5 Migration status Education level 3 Interest payments ratio (LHS) Debt servicing ratio estimated (LHS) change 24-7 (RHS) 6 3 Interest payments ratio (LHS) Debt setrvicing ratio estimated (LHS) change 24-7 (RHS) non-migrant migrant inside EU migrant outside EU -2-1 low medium high
16 Using EU-SILC: Main results (VII) multivariate approach Mortgage Interest service oustanding (1) ratio (2) Constant *** *** Income level decile *** *** decile *** *** decile *** *** decile *** -1.4 *** decile *** *** Age group *** *** *** -.83 *** *** *** *** *** *** *** Education level medium.13 *** -.1 high.27 ***.176 *** Working status employee (temporary) -.35 *** -.58 self-employed ***.46 ** unemployed ***.6 inactive *** -.16 *** The impact of socio-economic characteristics on holding a mortgage and on the interest repayments to income ratio across euro area countries, 27 Mortgage Interest service oustanding (1) ratio (2) # Durable goods owned ** *** ***.29 Regional economic activity employment rate.9 ***.15 *** Household size # members.22 *** -.33 *** Marital status married.311 *** -.46 * separated.381 ***.229 *** widowed.332 *** -.41 divorced.293 ***.23 *** Gender female *** -.98 *** Migration status inside EU.212 *** *** outside EU *** Country dummies yes yes # Observations 12,988 21,752 LR chi2(q) 27, R-squared
17 Using EU-SILC: Main results (VIII) financial distress % Households with high total housing costs to income ratio and with late payments % HHs with total housing Debtors with arrears, % Debtors with arrears, % costs ratio above 4% (mortgage debt) (consumer debt) (mortgage debt) 27 change 27 change 27 change Overall Country range [max,min] By: Income level (27 prices) <1, ,-2, ,-3, ,-5, ,-1, >1, Age group below and more Working status employee self-employed unemployed inactive Migration status non-migrant inside EU outside EU Education level low medium high
18 Using EU-SILC: Main results (IX) financial distress % Households with arrears on mortgage debt and unemployment rate arrears - LHS ur (lagged 1 year) - RHS Country variation Average Min Max
19 Using EU-SILC: Main results (X) persistency Changes in the perception of households with mortgage outstanding about housing costs as a burden between 24 and 27 (percent distribution) 27 perception 24 perception No mortgage Not burden Somewhat A heavy All debt at all a burden burden households No mortgage debt Not burden at all Somewhat a burden A heavy burden All households Pro memoria: All households
20 Using EU-SILC: Main results (XI) overall picture: euro area vs. US Household indebtedness: euro area vs. the US Mortgage Debt service ratio % Debtors with arrears outstanding rates (mortgage debtors) EA US gap EA US gap EA US gap US-EA (1) US-EA US-EA Overall By income level (percentile) Less than By age group below and more
21 Conclusions The info available in the EU-SILC allows to analyse some aspects of household indebtedness (on an annual basis) Recent developments (24-27): mortgage incidence: slightly higher debt servicing ratio: marginally lower financial distress measures: marginally lower euro area/us comparison: lower level of exposure in the EA Looking forward the EU-SILC should solve some problems in order to guarantee country coverage and stability in the variables reported and, maybe, be open to redefine/improve some variables 21
22 Thank you very much for your attention. 22
YOUTH UNEMPLOYMENT IN THE EURO AREA
YOUTH UNEMPLOYMENT IN THE EURO AREA Ramon Gomez-Salvador and Nadine Leiner-Killinger European Central Bank EKONOMSKI INSTITUT PRAVNE FAKULTETE 14 December 2007 Ljubljana Outline I. Introduction II. Stylised
More informationThe Eurosystem Household Finance and Consumption Survey
ECB-PUBLIC DRAFT The Eurosystem Household Finance and Consumption Survey Carlos Sánchez Muñoz Frankfurt Fudan Financial Research Forum 25 September 2015 ECB-PUBLIC DRAFT ECB-PUBLIC DRAFT Outline 1. Background
More informationReamonn Lydon & Tara McIndoe-Calder Central Bank of Ireland CBI. NERI, 22 April 2015
The Household Finance and Consumption Survey The Financial Position of Irish Households Reamonn Lydon & Tara McIndoe-Calder Central Bank of Ireland CBI NERI, 22 April 2015 Disclaimer Any views expressed
More informationHOUSEHOLD FINANCE AND CONSUMPTION SURVEY: A COMPARISON OF THE MAIN RESULTS FOR MALTA WITH THE EURO AREA AND OTHER PARTICIPATING COUNTRIES
HOUSEHOLD FINANCE AND CONSUMPTION SURVEY: A COMPARISON OF THE MAIN RESULTS FOR MALTA WITH THE EURO AREA AND OTHER PARTICIPATING COUNTRIES Article published in the Quarterly Review 217:2, pp. 27-33 BOX
More informationTHE EFFECT OF DEMOGRAPHIC AND SOCIOECONOMIC FACTORS ON HOUSEHOLDS INDEBTEDNESS* Luísa Farinha** Percentage
THE EFFECT OF DEMOGRAPHIC AND SOCIOECONOMIC FACTORS ON HOUSEHOLDS INDEBTEDNESS* Luísa Farinha** 1. INTRODUCTION * The views expressed in this article are those of the author and not necessarily those of
More informationIntroduction to the. Eurosystem. Household Finance and Consumption Survey
ECB-PUBLIC The opinions of the author do not necessarily reflect the views of the ECB or the Eurosystem Introduction to the Eurosystem Household Finance and Consumption Survey Sébastien Pérez-Duarte OEE
More informationIncome Inequality Within and Between European Countries
Thema 4: Income Inequality Within and Between European Countries European User Conference for EU-LFS and EU-SILC Mannheim, 6 th March 2009 Judith Niehues GK SOCLIFE, University of Cologne Introduction
More informationWealth inequality in the euro area
Wealth inequality in the euro area Results of the Household Finance and Consumption Surveys 2010 and 2014 Aurel Schubert 23 June 2017 The views expressed are those of the speaker and not necessarily those
More informationSocial exclusion, long term poverty and social transfers in the EU: Evidence from the ECHP
Panos Tsakloglou Athens University of Economics and Business, IZA & IMOP and Fotis Papadopoulos Athens University of Economics and Business Social exclusion, long term poverty and social transfers in the
More informationMacroeconomic Policies in Europe: Quo Vadis A Comment
Macroeconomic Policies in Europe: Quo Vadis A Comment February 12, 2016 Helene Schuberth Outline Staff Projection of the Euro Area Monetary Policy Investment Rebalancing in the euro area Fiscal Policy
More informationWages, Productivity and the Paradoxes of Disappearing Mass Unemployment in Europe
Wages, Productivity and the Paradoxes of Disappearing Mass Unemployment in Europe Tito Boeri XXIII National Conference of Labour Economics Brescia 11-12 September 2008 1994 OECD Jobs Study The labour market
More informationWhat Happened to European Mass Unemployment? Willem F. Duisenberg Lecture. Tito Boeri Bocconi University 28/02/2008
What Happened to European Mass Unemployment? Willem F. Duisenberg Lecture Tito Boeri Bocconi University 28/02/2008 1994 OECD Jobs Study The labour market has become particularly worrying in Europe ( )
More informationJanuary 2010 Euro area unemployment rate at 9.9% EU27 at 9.5%
STAT//29 1 March 20 January 20 Euro area unemployment rate at 9.9% EU27 at 9.5% The euro area 1 (EA16) seasonally-adjusted 2 unemployment rate 3 was 9.9% in January 20, the same as in December 2009 4.
More informationWorking Poor in Europe
Working Poor in Europe Georg Fischer Director for Analysis, Evaluation, External Relations DG Employment, social affairs and inclusion 29.7.2013 Clarification of definitions and terms Overall social trends
More informationInflation and competitiveness divergences in the euro area countries:
Inflation and competitiveness divergences in the euro area countries: causes, consequences and policy responses Lucas Papademos Vice-President of the European Central Bank The ECB and its Watchers IX Frankfurt,
More informationIndebtedness of households and the cost of debt by household type and income group. Research note 10/2014
Indebtedness of households and the cost of debt by household type and income group Research note 10/2014 Eva Sierminska December 2014 EUROPEAN COMMISSION Directorate-General for Employment, Social Affairs
More informationSocial Protection and Social Inclusion in Europe Key facts and figures
MEMO/08/625 Brussels, 16 October 2008 Social Protection and Social Inclusion in Europe Key facts and figures What is the report and what are the main highlights? The European Commission today published
More informationThe Skillsnet project on Medium-term forecasts of occupational skill needs in Europe: Replacement demand and cohort change analysis
The Skillsnet project on Medium-term forecasts of occupational skill needs in Europe: Replacement demand and cohort change analysis Paper presented at the Workshop on Medium-term forecast of occupational
More informationEuropean Commission Directorate-General "Employment, Social Affairs and Equal Opportunities" Unit E1 - Social and Demographic Analysis
Research note no. 1 Housing and Social Inclusion By Erhan Őzdemir and Terry Ward ABSTRACT Housing costs account for a large part of household expenditure across the EU.Since everyone needs a house, the
More informationThe Great Recession. Tito Boeri Panel Discussion EALE-SOLE Montreal, June
The Great Recession Tito Boeri Panel Discussion EALE-SOLE Montreal, June 26 2015 European Perspectives Heterogeneity in Unemployment Response: Institutions Size of Shocks Nature of shocks A stress test
More informationHOW RECESSION REFLECTS IN THE LABOUR MARKET INDICATORS
REPUBLIC OF SLOVENIA HOW RECESSION REFLECTS IN THE LABOUR MARKET INDICATORS Matej Divjak, Irena Svetin, Darjan Petek, Miran Žavbi, Nuška Brnot ??? What is recession?? Why in Europe???? Why in Slovenia?
More informationAgenda. Background. The European Union standards for establishing poverty and inequality measures
Workshop on Computing and Analysing Poverty Measures Budapest, - December The European Union standards for establishing poverty and inequality measures Eva Menesi Senior statistician Living Standard, Employment-
More informationDelivers the great recession the whole story? Structural shifts in youth unemployment pattern in the 2000s from a European perspective
Delivers the great recession the whole story? Structural shifts in youth unemployment pattern in the 2000s from a European perspective Hans Dietrich Institute for Employment Research (IAB), Nuremberg Presentation
More informationUse of survey data Inflation perceptions: a cross country analysis
European Commission Directorate General for Economic and Financial Affairs Use of survey data Inflation perceptions: a cross country analysis Roberta Friz EU Workshop on Recent Developments in Business
More informationOctober 2010 Euro area unemployment rate at 10.1% EU27 at 9.6%
STAT//180 30 November 20 October 20 Euro area unemployment rate at.1% EU27 at 9.6% The euro area 1 (EA16) seasonally-adjusted 2 unemployment rate 3 was.1% in October 20, compared with.0% in September 4.
More informationConsumers quantitative inflation perceptions and expectations in the euro area: an evaluation (*)
Consumers quantitative inflation perceptions and expectations in the euro area: an evaluation (*) Gianluigi Ferrucci (ECB), Olivier Biau (EC), Heinz Dieden (ECB), Roberta Friz (EC), Staffan Linden (EC)
More informationOnline Appendix to Does Financial Integration Increase Financial Well-Being? Evidence from International Household-Level Data
Online Appendix to Does Financial Integration Increase Financial Well-Being? Evidence from International Household-Level Data Christian Friedrich July 31, 2016 Abstract This document serves as an Online
More information52 ECB. The 2015 Ageing Report: how costly will ageing in Europe be?
Box 7 The 5 Ageing Report: how costly will ageing in Europe be? Europe is facing a demographic challenge. The old age dependency ratio, i.e. the share of people aged 65 or over relative to the working
More informationJOINT EMPLOYMENT REPORT STATISTICAL ANNEX
,--~- -._, COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 6.9.2000 COM(2000) 551 final Volume II JOINT EMPLOYMENT REPORT STATISTICAL ANNEX Definitions, tables and charts (presented by the Commission)
More informationNOTE ON EU27 CHILD POVERTY RATES
NOTE ON EU7 CHILD POVERTY RATES Research note prepared for Child Poverty Action Group Authors: H. Xavier Jara and Chrysa Leventi Institute for Social and Economic Research (ISER) University of Essex The
More informationRecent developments and challenges for the Portuguese economy
Recent developments and challenges for the Portuguese economy Carlos Name da Job Silva Costa Governor 13 January 214 Seminar National Seminar Bank name of Poland 19 June 215 Outline 1. Growing imbalances
More informationLabor Supply and Taxation in Europe
Labor Supply and Taxation in Europe Fabrizio Colonna - Banca d Italia Stefania Marcassa - Paris School of Economics November 16, 2010 Motivation Observe differences in Female Labor Force Participation
More informationHousehold Finance and Consumption Survey in Malta: The Results from the Second Wave
Household Finance and Consumption Survey in Malta: The Results from the Second Wave Daniel Gaskin Juergen Attard Karen Caruana 1 WP/02/2017 1 Mr D Gaskin, Mr J Attard and Ms K Caruana are an Economist
More informationPoverty and social inclusion indicators
Poverty and social inclusion indicators The poverty and social inclusion indicators are part of the common indicators of the European Union used to monitor countries progress in combating poverty and social
More informationHow Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption Survey
How Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption Survey Luc Arrondel, a Laura Bartiloro, b Pirmin Fessler, c Peter Lindner, c Thomas Y. Mathä,
More informationEuropean Commission. Statistical Annex of Alert Mechanism Report 2017
European Commission Statistical Annex of Alert Mechanism Report 2017 COMMISSION STAFF WORKING DOCUMENT STATISTICAL ANNEX Accompanying the document REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT,
More informationSpecial Eurobarometer 418 SOCIAL CLIMATE REPORT
Special Eurobarometer 418 SOCIAL CLIMATE REPORT Fieldwork: June 2014 Publication: November 2014 This survey has been requested by the European Commission, Directorate-General for Employment, Social Affairs
More informationECB Report on Financial Integration in Europe April 2008 Lucas Papademos
ECB Report on Financial Integration in Europe April 2008 Lucas Papademos Frankfurt am Main, 29 April 2008 1 Structure of the report Chapter 1: State of financial integration in the euro area Assessment
More informationFlash Eurobarometer 458. Report. The euro area
The euro area Survey requested by the European Commission, Directorate-General for Economic and Financial Affairs and co-ordinated by the Directorate-General for Communication This document does not represent
More informationThemes Income and wages in Europe Wages, productivity and the wage share Working poverty and minimum wage The gender pay gap
5. W A G E D E V E L O P M E N T S At the ETUC Congress in Seville in 27, wage developments in Europe were among the most debated issues. One of the key problems highlighted in this respect was the need
More informationThe working poor, low wages and mobility out of poverty: A crosscountry
The working poor, low wages and mobility out of poverty: A crosscountry perspective Henning Lohmann University of Cologne LoWER Annual Conference European Low-wage Employment Research Network 15/16 April
More informationMeasuring the access to finance of small and medium-sized enterprises across the euro area through a flexible survey
Measuring the access to finance of small and medium-sized enterprises across the euro area through a flexible survey M. Osiewicz and S. Pérez-Duarte, ECB ECB workshop, 6 December 211 Initial disclaimer
More informationStatistical annex. Sources and definitions
Statistical annex Sources and definitions Most of the statistics shown in these tables can be found as well in several other (paper or electronic) publications or references, as follows: the annual edition
More informationIncome and Wealth Inequality in OECD Countries
DOI: 1.17/s1273-16-1946-8 Verteilung -Vergleich Horacio Levy and Inequality in Countries The has longstanding experience in research on income inequality, with studies dating back to the 197s. Since 8
More informationThe minimum wage debate: whatever happened to pay equity?
The minimum wage debate: whatever happened to pay equity? Jill Rubery and Damian Grimshaw EWERC University of Manchester Labour markets and the law of one price Law of one price still a central organising
More informationMICRO-LEVEL CONSEQUENCES OF FLEXIBILITY-ENHANCING REFORMS: WORK IN PROGRESS. 22 June 2015
MICRO-LEVEL CONSEQUENCES OF FLEXIBILITY-ENHANCING REFORMS: WORK IN PROGRESS 22 June 2015 Looking beneath the positive net effects of flexibility-enhancing reforms OECD and other empirical work has documented
More informationFiscal sustainability challenges in Romania
Preliminary Draft For discussion only Fiscal sustainability challenges in Romania Bucharest, May 10, 2011 Ionut Dumitru Anca Paliu Agenda 1. Main fiscal sustainability challenges 2. Tax collection issues
More informationInternationally comparative indicators of material well-being in an age-specific perspective
Internationally comparative indicators of material well-being in an age-specific perspective 1. Which international indicators in this area are currently available and published? Review of selected recent
More informationCommon Operational European Definition of Over-indebtedness
Common Operational European Definition of Over-indebtedness 28.09.2007 Indicators Sub-group Meeting Social Protection Committee Didier Davydoff (OEE) Dr. Nicola Jentzsch (ECRI/CEPS) 1 Table of Contents
More informationThe Effects of EU Formula Apportionment on Corporate Tax Revenues
The Effects of EU Formula Apportionment on Corporate Tax Revenues Michael P. Devereux, Simon Loretz Workshop: Applying Microsimulation for Fiscal Policy Analysis Berlin, February 15, 2008 Agenda Motivation
More informationCredit Discrimination in European Households
Credit Discrimination in European Households Evidence from survey data in Eurozone and the case of Greece E. Patatouka 1 A. Fasianos 2 1 Department of Urbanism, Geography University Paris 8 2 Department
More informationCOVER NOTE The Employment Committee Permanent Representatives Committee (Part I) / Council EPSCO Employment Performance Monitor - Endorsement
COUNCIL OF THE EUROPEAN UNION Brussels, 15 June 2011 10666/1/11 REV 1 SOC 442 ECOFIN 288 EDUC 107 COVER NOTE from: to: Subject: The Employment Committee Permanent Representatives Committee (Part I) / Council
More informationIncomes Across the Distribution Dataset
Incomes Across the Distribution Dataset Stefan Thewissen,BrianNolan, and Max Roser April 2016 1Introduction How widely are the benefits of economic growth shared in advanced societies? Are the gains only
More informationInequality and Poverty in EU- SILC countries, according to OECD methodology RESEARCH NOTE
Inequality and Poverty in EU- SILC countries, according to OECD methodology RESEARCH NOTE Budapest, October 2007 Authors: MÁRTON MEDGYESI AND PÉTER HEGEDÜS (TÁRKI) Expert Advisors: MICHAEL FÖRSTER AND
More informationFlash Eurobarometer 458. The euro area
The euro area Survey requested by the European Commission, Directorate-General for Economic and Financial Affairs and co-ordinated by the Directorate-General for Communication This document does not represent
More informationCOUNCIL OF THE EUROPEAN UNION. Brussels, 13 June /1/13 REV 1 SOC 409 ECOFIN 444 EDUC 190
COUNCIL OF THE EUROPEAN UNION Brussels, 13 June 2013 10373/1/13 REV 1 SOC 409 ECOFIN 444 EDUC 190 COVER NOTE from: to: Subject: The Employment Committee Permanent Representatives Committee (Part I) / Council
More informationState of play of CAP measure Setting up of Young Farmers in the European Union
State of play of CAP measure Setting up of Young Farmers in the European Union Michael Gregory EN RD Contact Point Seminar CEJA 20 th September 2010 Measure 112 rationale: Measure 112 - Setting up of young
More informationin focus Statistics T he em ploym ent of senior s in t he Eur opean Union Contents POPULATION AND SOCIAL CONDITIONS 15/2006 Labour market
T he em ploym ent of senior s in t he Eur opean Union Statistics in focus OULATION AND SOCIAL CONDITIONS 15/2006 Labour market Authors Christel ALIAGA Fabrice ROMANS Contents In 2005, in the EU-25, 22.2
More informationScenario for the European Insurance and Occupational Pensions Authority s EU-wide insurance stress test in 2016
17 March 2016 ECB-PUBLIC Scenario for the European Insurance and Occupational Pensions Authority s EU-wide insurance stress test in 2016 Introduction In accordance with its mandate, the European Insurance
More informationKEY INDICATORS FOR THE EURO AREA
#### This update: () 9-Mar-1 16 17 Next update: -May-1 - Directorate A - Policy, strategy and communication 9-17 1-17 11-17 1-17 1-1 -1 LTA (1) 16 17 17Q 17Q3 17Q 1Q1 Sep-17 Oct-17 Nov-17 Dec-17 Jan-1
More informationFIAR PRIVATE PENSIONS Conference Poiana-Brasov, 24 May 2017
Pensions in Europe A personal perspective on some important developments by Falco Valkenburg Independent Actuary Chairperson Pensions Committee of the Actuarial Association of Europe Member of the Occupational
More informationFlash Eurobarometer 398 WORKING CONDITIONS REPORT
Flash Eurobarometer WORKING CONDITIONS REPORT Fieldwork: April 2014 Publication: April 2014 This survey has been requested by the European Commission, Directorate-General for Employment, Social Affairs
More informationDATA SET ON INVESTMENT FUNDS (IVF) Naming Conventions
DIRECTORATE GENERAL STATISTICS LAST UPDATE: 10 APRIL 2013 DIVISION MONETARY & FINANCIAL STATISTICS ECB-UNRESTRICTED DATA SET ON INVESTMENT FUNDS (IVF) Naming Conventions The series keys related to Investment
More informationHousehold Balance Sheets and Debt an International Country Study
47 Household Balance Sheets and Debt an International Country Study Jacob Isaksen, Paul Lassenius Kramp, Louise Funch Sørensen and Søren Vester Sørensen, Economics INTRODUCTION AND SUMMARY What are the
More informationSurvey on the Access to Finance of Enterprises in the euro area. April to September 2017
Survey on the Access to Finance of Enterprises in the euro area April to September 217 November 217 Contents Introduction 2 1 Overview of the results 3 2 The financial situation of SMEs in the euro area
More informationResearch note 4/2010 Over-indebtedness New evidence from the EU-SILC special module
Research note 4/2010 Over-indebtedness New evidence from the EU-SILC special module Social Situation Observatory Income distribution and living conditions Applica (BE), European Centre for the European
More informationTaxation trends in the European Union EU27 tax ratio at 39.8% of GDP in 2007 Steady decline in top personal and corporate income tax rates since 2000
DG TAXUD STAT/09/92 22 June 2009 Taxation trends in the European Union EU27 tax ratio at 39.8% of GDP in 2007 Steady decline in top personal and corporate income tax rates since 2000 The overall tax-to-gdp
More informationHarmonized Household Budget Survey how to make it an effective supplementary tool for measuring living conditions
Harmonized Household Budget Survey how to make it an effective supplementary tool for measuring living conditions Andreas GEORGIOU, President of Hellenic Statistical Authority Giorgos NTOUROS, Household
More informationTwo years to go to the 2014 European elections European Parliament Eurobarometer (EB/EP 77.4)
Directorate-General for Communication PUBLIC OPINION MONITORING UNIT Brussels, 23 October 2012. Two years to go to the 2014 European elections European Parliament Eurobarometer (EB/EP 77.4) FOCUS ON THE
More informationSOCIAL PROTECTION COMMITTEE ANNUAL REPORT 2018
SOCIAL PROTECTION COMMITTEE ANNUAL REPORT 2018 2018 SPC ANNUAL REVIEW OF THE SOCIAL PROTECTION PERFORMANCE MONITOR (SPPM) AND DEVELOPMENTS IN SOCIAL PROTECTION POLICIES REPORT ON KEY SOCIAL CHALLENGES
More informationOccasional Paper series
Occasional Paper series No 89 / AN ANALYSIS OF YOUTH UNEMPLOYMENT IN THE EURO AREA by Ramon Gomez-Salvador and Nadine Leiner-Killinger OCCASIONAL PAPER SERIES NO 89 / JUNE 2008 AN ANALYSIS OF YOUTH UNEMPLOYMENT
More informationin focus Statistics Contents Labour Mar k et Lat est Tr ends 1st quar t er 2006 dat a Em ploym ent r at e in t he EU: t r end st ill up
Labour Mar k et Lat est Tr ends 1st quar t er 2006 dat a Em ploym ent r at e in t he EU: t r end st ill up Statistics in focus This publication belongs to a quarterly series presenting the European Union
More informationEuropean Union Statistics on Income and Living Conditions (EU-SILC)
European Union Statistics on Income and Living Conditions (EU-SILC) European Union Statistics on Income and Living Conditions (EU-SILC) is a household survey that was launched in 23 on the basis of a gentlemen's
More informationTHE EURO AREA AT A CROSSROADS
I N T E R N A T I O N A L M O N E T A R Y F U N D THE EURO AREA AT A CROSSROADS Jeffrey Franks Director, IMF Europe Office International Monetary Fund February 2, 2017 1 MONETARY UNION HAS IMPORTANT ACHIEVEMENTS
More informationGender pension gap economic perspective
Gender pension gap economic perspective Agnieszka Chłoń-Domińczak Institute of Statistics and Demography SGH Part of this research was supported by European Commission 7th Framework Programme project "Employment
More informationSURVEY ON THE ACCESS TO FINANCE OF SMALL AND MEDIUM-SIZED ENTERPRISES IN THE EURO AREA APRIL TO SEPTEMBER 2012
SURVEY ON THE ACCESS TO FINANCE OF SMALL AND MEDIUM-SIZED ENTERPRISES IN THE EURO AREA APRIL TO SEPTEMBER 2012 NOVEMBER 2012 European Central Bank, 2012 Address Kaiserstrasse 29, 60311 Frankfurt am Main,
More informationEvaluation of the Part-Time and Fixed-Term Work Directives. Conference on EU Labour Law, 21 October 2013, Brussels
Evaluation of the Part-Time and Fixed-Term Work Directives Conference on EU Labour Law, 21 October 2013, Brussels Agenda Aims of the Directives Level of change introduced by the Directives Measures to
More informationMacroprudential indicators of the financial sector
Macroprudential indicators of the financial sector June 7 Macroeconomic risk indicators... Manufacturing Purchasing Managers Index (PMI) in selected economies... Services Purchasing Managers Index (PMI)
More informationIS THERE ANY PREFERED COMPETITIVENESS INDICATOR IN EXPLAINING FOREING TRADE IN EURO AREA COUNTRIES? COMPNET December 12 th 2013
IS THERE ANY PREFERED COMPETITIVENESS INDICATOR IN EXPLAINING FOREING TRADE IN EURO AREA COUNTRIES? COMPNET December 12 th 2013 Styliani Christodoulopoulou Based on joint work with Olegs Tkacevs With input
More informationFiscal competitiveness issues in Romania
Fiscal competitiveness issues in Romania Ionut Dumitru President of the Fiscal Council, Chief Economist Raiffeisen Bank* October 2014 World Bank Doing Business Report Ranking (out of 189 countries) Ease
More informationHouseholds Indebtedness and Financial Fragility
9TH JACQUES POLAK ANNUAL RESEARCH CONFERENCE NOVEMBER 13-14, 2008 Households Indebtedness and Financial Fragility Tullio Jappelli University of Naples Federico II and Marco Pagano University of Naples
More informationMacroprudential indicators of the financial sector
Macroprudential indicators of the financial sector June 8 Macroeconomic risk indicators... Manufacturing Purchasing Managers Index (PMI) in selected economies... Services Purchasing Managers Index (PMI)
More informationSME Access to Finance
Flash Eurobarometer European Commission SME Access to Finance Executive Summary Fieldwork: September 2005 Publication: October 2005 Flash Eurobarometer 174 - TNS Sofres / EOS Gallup Europe This survey
More informationHow do households choose to allocate their wealth? Some stylized facts derived from the Eurosystem Household Finance and Consumption Survey
How do households choose to allocate their wealth? Some stylized facts derived from the Eurosystem Household Finance and Consumption Survey Conference on household finance and consumption; European Central
More informationInflation Differentials in the Euro Area
Inflation Differentials in the Euro Area Borka Babic, Economics INTRODUCTION Inflation varies considerably across the euro area member states with low inflation in Germany and inflation significantly above
More informationSecuring sustainable and adequate social protection in the EU
Securing sustainable and adequate social protection in the EU Session on Social Protection & Security IFA 12th Global Conference on Ageing 11 June 2014, HICC Hyderabad India Dr Lieve Fransen European Commission
More information4 Distribution of Income, Earnings and Wealth
NERI Quarterly Economic Facts Autumn 2014 4 Distribution of Income, Earnings and Wealth Indicator 4.1 Indicator 4.2a Indicator 4.2b Indicator 4.3a Indicator 4.3b Indicator 4.4 Indicator 4.5a Indicator
More informationFSO News. Poverty in Switzerland. 20 Economic and social Situation Neuchâtel, July 2014 of the Population. Results from 2007 to 2012
Federal Department of Home Affairs FDHA Federal Statistical Office FSO FSO News Embargo: 15.07.2014, 9:15 20 Economic and social Situation Neuchâtel, July 2014 of the Population Poverty in Switzerland
More informationEU JOINT TRANSFER PRICING FORUM
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Analyses and tax policies Analysis and coordination of tax policies Brussels, 30 May 2005 Taxud/E1/WB DOC: JTPF/019/REV5/2004/EN EU JOINT
More informationGetting ready to prevent and tame another house price bubble
Macroprudential policy conference Should macroprudential policy target real estate prices? 11-12 May 2017, Vilnius Getting ready to prevent and tame another house price bubble Tomas Garbaravičius Board
More informationNovember 5, Very preliminary work in progress
November 5, 2007 Very preliminary work in progress The forecasting horizon of inflationary expectations and perceptions in the EU Is it really 2 months? Lars Jonung and Staffan Lindén, DG ECFIN, Brussels.
More informationCOMMUNICATION FROM THE COMMISSION 2014 DRAFT BUDGETARY PLANS OF THE EURO AREA: OVERALL ASSESSMENT OF THE BUDGETARY SITUATION AND PROSPECTS
EUROPEAN COMMISSION Brussels, 15.11.2013 COM(2013) 900 final COMMUNICATION FROM THE COMMISSION 2014 DRAFT BUDGETARY PLANS OF THE EURO AREA: OVERALL ASSESSMENT OF THE BUDGETARY SITUATION AND PROSPECTS EN
More informationECB LTRO Dec Greece program
International Monetary Fund June 9, 212 Euro Area Crisis: Still in the Danger Zone */ Emil Stavrev Research Department ( */ Views expressed in this presentation are those of the author and do not necessarily
More informationEBA REPORT ON HIGH EARNERS
EBA REPORT ON HIGH EARNERS DATA AS OF END 2017 LONDON - 11/03/2019 1 Data on high earners List of figures 3 Executive summary 4 1. Data on high earners 6 1.1 Background 6 1.2 Data collected on high earners
More informationThe economic and budgetary consequences of ageing populations
The economic and budgetary consequences of ageing populations Henri Bogaert Bureau du Plan and Chairman of the Ageing Working Group Giuseppe Carone European Commission DG ECFIN Rome, 23 February 2007 Outline
More informationFlash Eurobarometer 386 THE EURO AREA REPORT
Eurobarometer THE EURO AREA REPORT Fieldwork: October 2013 Publication: November 2013 This survey has been requested by the European Commission, Directorate-General for Economic and Financial Affairs and
More informationGrowth, competitiveness and jobs: priorities for the European Semester 2013 Presentation of J.M. Barroso,
Growth, competitiveness and jobs: priorities for the European Semester 213 Presentation of J.M. Barroso, President of the European Commission, to the European Council of 14-1 March 213 Economic recovery
More informationThe Trend Reversal of the Private Credit Market in the EU
The Trend Reversal of the Private Credit Market in the EU Key Findings of the ECRI Statistical Package 2016 Roberto Musmeci*, September 2016 The ECRI Statistical Package 2016, Lending to Households and
More informationAn implicit tax rate for non-financial corporations: Macro vs micro approach
An implicit tax rate for non-financial corporations: Macro vs micro approach OECD Workshop on Effective Corporate Taxation Paris, 4 July 2006 Claudius Schmidt-Faber Emanuela Tassa An ITR for non-financial
More informationThe distribution of wealth between households
The distribution of wealth between households Research note 11/2013 1 SOCIAL SITUATION MONITOR APPLICA (BE), ATHENS UNIVERSITY OF ECONOMICS AND BUSINESS (EL), EUROPEAN CENTRE FOR SOCIAL WELFARE POLICY
More information