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KMID : 1001320140410040201
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Social Welfare Policy
2014 Volume.41 No. 4 p.201 ~ p.226
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An Exploratory Study on the Relationship between Household Indebtedness and the Welfare State 원문보기
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Jang Dong-Ho
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Abstract
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This study aimed to explore the relationship between household debt and the welfare state. Using the data from OECD and Eurostat on household debt and socio-economic status, etc, the study examined the correlation among the welfare state, financial capital and household debt across 18 selected OECD countries, and then attempted to figure out similarities and differences of household debt and arrears among six selected European countries covering Esping-Andersen(1990)``s three worlds of welfare capitalism. The major findings of the study are as follows: First, the household debt-to-income ratio rose sharply in the countries where the financial market had risen recently; one of them is Denmark, that is very famous for the high level of de-commodification and of Social democratic welfare stat. Secondly, the household debt-to-income ratio was comparably low in the Corporative welfare state that are very famous for high saving rates as well as strong reliance on family ties. Third, the ratio of household with high cash loans, credit card loans and arrears was the highest in the Liberal welfare state, middle in the Corporatist welfare state, and the smallest in the Social democratic welfare state. Fourth, the size of household debt was small among households of the elderly, the poor and the unemployed, while the household debt in arrears was considerably at large among them; the household debt in arrears in general and credit card debt in particular were particularly very small in the Social democratic welfare state compared to the other welfare state regimes. Based on these findings, the study suggested that the welfare state may mitigate the financial situation of low-income households that has been worsened by household debt.
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KEYWORD
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household debt, welfare state, de-commodification, arrears, cross-national comparative study
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