Banks, debts and workers:
Private debt owed to banks and other financial institutions has been at unprecedented high levels. This paper studies the role of these high levels of debt for workers, based on an assembled micro-dataset that harmonises household surveys from 29 OECD countries. High debt is found to be associated w...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2020
|
| Schriftenreihe: | OECD Economics Department Working Papers
no.1640 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Private debt owed to banks and other financial institutions has been at unprecedented high levels. This paper studies the role of these high levels of debt for workers, based on an assembled micro-dataset that harmonises household surveys from 29 OECD countries. High debt is found to be associated with two bad outcomes for workers: weaker wage growth and an increased risk that they encounter a sharp fall in their wages. People who tend to be particularly affected are the low-skilled, individuals with unstable employment paths and financially vulnerable households. Strong bank supervision and macroprudential measures that aim to avoid credit overexpansion are two policies that can improve the links of private debt with labour income growth and risk. Overall, the evidence in this paper points to finance as one factor behind wage stagnation and the social divisions in today's labour markets. |
| Beschreibung: | 1 Online-Ressource (43 p.) |
| DOI: | 10.1787/89ebdce7-en |
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| spelling | Denk, Oliver VerfasserIn aut Banks, debts and workers Oliver, Denk and Priscilla, Fialho Paris OECD Publishing 2020 1 Online-Ressource (43 p.) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1640 Private debt owed to banks and other financial institutions has been at unprecedented high levels. This paper studies the role of these high levels of debt for workers, based on an assembled micro-dataset that harmonises household surveys from 29 OECD countries. High debt is found to be associated with two bad outcomes for workers: weaker wage growth and an increased risk that they encounter a sharp fall in their wages. People who tend to be particularly affected are the low-skilled, individuals with unstable employment paths and financially vulnerable households. Strong bank supervision and macroprudential measures that aim to avoid credit overexpansion are two policies that can improve the links of private debt with labour income growth and risk. Overall, the evidence in this paper points to finance as one factor behind wage stagnation and the social divisions in today's labour markets. Economics Fialho, Priscilla MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/89ebdce7-en Volltext |
| spellingShingle | Denk, Oliver Banks, debts and workers Economics |
| title | Banks, debts and workers |
| title_auth | Banks, debts and workers |
| title_exact_search | Banks, debts and workers |
| title_full | Banks, debts and workers Oliver, Denk and Priscilla, Fialho |
| title_fullStr | Banks, debts and workers Oliver, Denk and Priscilla, Fialho |
| title_full_unstemmed | Banks, debts and workers Oliver, Denk and Priscilla, Fialho |
| title_short | Banks, debts and workers |
| title_sort | banks debts and workers |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/89ebdce7-en |
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