FES | Federación Española de Sociología

XII Congreso de la FES

Institutional determinants or mortgage indebtedness in Europe

GT 11 Southern European Societies

Nazaret Abalde Bastero (Universidad de A Coruña)
Matilde Massó Lago (Universidade da Coruña)


Sesión de comunicaciones orales Franja 5 : Welfare
Tipo de sesión: Sesión de comunicaciones orales
Día: sábado, 2 de julio de 2016
Hora: 09:00 a 10:45
Lugar: 205

The aim of this communication is to analyse the institutional determinants of mortgage markets in Northern and Southern European countries in order to examine how do these factors form different patterns of household indebtedness. This analysis is undertaken in a context of an increasing process of financialization in which housing finance is an integral part of macro economic policy (see Van der Zwar, 2014).

Firstly we will identify different models of household indebtedness in northern and southern Europe and, secondly we will find those individual variables that better explain those differences and variations on household debt levels.

This communication examines these processes using the Household Finance and Consumption Survey (HFCS), a new dataset elaborated by the European Central Bank (ECB) and conducted in 15 Eurozone countries between 2009 and 2011.

The methodological plan consists of a combination of a cluster multivariate analysis in order to identify the different household debt models and a logistic regression analysis in order to find those explanatory variables that better explain the differences amongst those indebtedness models

The main contribution of this paper is to identify the institutional arrangements that explain the economic differences in household debt levels. Similarly it is worth to mention the relevance of analysing the mortgage market, a sector that has been understudied in the financialization literature (Aalbers, 2008).


Aalbers, M (2008) The financialization of home and the mortgage market crisis. Competition & Change 12 (2): 148–166.

Van der Zwan N (2014) Making sense of financialisation. Socio-Economic Review 12: 99–129.

Palabras clave: indebtedness, mortgage market, financialization