ECB: financial distress levels higher in Northern European countries
A working paper published by the ECB last month on mortgage indebtedness and household financial distress finds that a given debt burden creates much higher distress in countries with fewer mortgage holders relative to countries where a significant part of households hold mortgage debt.
Using comparable survey data from twelve European countries from 1994 to 2001, the report investigates the borrowing behaviour of households by exploring the links between mortgage indebtedness and financial
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