Begoña Gutiérrez Nieto|Carlos Serrano?Cinca|Marta de la Cuesta González
A multivariate study of over?indebtedness' causes and consequences
Universidad de Zaragoza|Universidad de Zaragoza|National University of Distance Education
abstract paper proposes comprehensive explanatory model explain causes consequences overindebtedness presents causes borrower aspects propensity indebtedness low financial literacy causes borrower circumstances adverse external shocks borrower internal problems financial institutions pressure model incorporates consequences borrower lender society model tested survey filled experts overindebted individuals results analysed using multivariate techniques including canonical correlations differences opinions experts individuals latter blame external shocks financial institutions pressure former find relevant factors financial illiteracy tendency imitate others experts individuals agree consequences poverty growth society declining borrowers welfare paper concludes need improve financial literacy especially risks involved overindebtedness