unless this paper is wrong:
Not only do a smaller percentage of Italian and Spanish households hold debt, but the
average amount of debt outstanding per household is considerably lower in the two
Mediterranean countries than in either of the other countries, as Table 4b shows. The
average amount of debt per household in the US is ten times that in Italy, five times
that in Spain and typically over 33% higher than that owed by Dutch households. This
difference is mainly due to the differences in mortgage debt held and less due to
differences in non-mortgage debt. For example, in the first half of the 1990s and early
in the 2000s the amount of non-mortgage debt—instalment loans, credit card debt,
educational debt and so on—in the Netherlands was around twice that held by Italian
households. Non mortgage debt held by Spanish households was very similar to that
in Italy. All three were around one third of the debt owed by US families.
Of course, since the distribution of debt owed is very positively skewed, in Italy the
median of total debt owed is zero. The same holds for the other countries for the lessprevalent
subcomponents. Table 4c shows the median values of debt owed by those
who have debt. This shows a subtly different picture. In the first half of the decade the
median debt owed, by those who have debt was actually larger in the Netherlands than
in the US, though this ranking is reversed by 2004. The median debt in Italy was
around a quarter of that in the Netherlands with Spanish households holding an
amount closer to Italian households than to Dutch households. Median mortgage debt
increased much faster in the US than in Holland, however with the growth between
2001 and 2004 in the US being particularly large. The growth of median mortgage
debt in Italy has also been rapid; it increased by over 110% in real terms between
1995 and 2004, but it was always between a quarter and a third of that for Dutch
households. Only in 2005 and 2006 do we see conditional medians surging in
Holland.
These differences are arguably caused by a combination of demand and supply
factors. Table 5 investigates this further. This Table shows that the percentage of....
http://www.qualteitems.com/images/07087.pdf
http://ideas.repec.org/p/dgr/uvatin/20070087.html
http://www.tinbergen.nl/
Now if we had all of our medical paid for our debt probably wouldn't be as high AND if our "middle class" actually earned salaries as high as your middle class.....
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360 minutes from the prime meridian. (-5375min, 3.55sec) 1093' above sea level.
'The exposure meter is calibrated to some clearly defined standards and the user needs to adjust his working method and his subject matter to these values. It does not help to suppose all kinds of assumptions that do not exist.'
Erwin Puts