The effect of the financial crisis on default by Spanish households
利用西班牙家庭财务调查数据，分析了金融危机前后家庭违约行为的变化，发现年轻、贫穷、教育程度低的家庭更易违约，且借款人违约行为的变化是违约率上升的主因。
We analyse the default behaviour of Spanish households immediately before and after the recent financial crisis. Using several waves of the Survey of Household Finances (a tri-annual survey of financial position of Spanish households), we show that younger, poorer and less well educated households are most likely to default. A key contribution is to explain the change in arrears since the onset of the crisis. Using information on credit applications and acceptances we decompose the change in arrears among all households into a contribution from four parts: (i) changes in characteristics; (ii) changes in applications; (iii) changes in acceptances; (iv) changes in arrears among borrowers. We show the last is the most important contribution.