Maya Clayton|José Manuel Liñares-Zegarra|John O. S. Wilson
Does debt affect health? Cross country evidence on the debt-health nexus
University of St Andrews|University of Essex|University of St Andrews
investigate relationship aggregate household debt aggregate health outcomes across 17 european countries period 1995 2012 using dataset countrylevel standardized objective measures household debt health outcomes rich set control variables estimate instrumental variable gmm model address possible reverse causality concerns find aggregate household debt affects health outcomes varies maturity debt short mediumterm debt positive effect health outcomes longterm unsecured debt mortgage debt associated poorer health outcomes findings robust controlling alternative measures health debt overall results suggest aggregate household debt important determinant aggregate health outcomes across countries