Human Ecology Research

  • 제55권3호
  • /
  • Pages.275-287
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  • 2017
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  • 2982-5725(pISSN)
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  • 2982-6608(eISSN)
대한가정학회 (The Korean Home Economics Association)
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경기 대침체 이후 가계의 부채상환 문제

Effects of the Great Recession on Debt Repayment Problems of Hispanic Households in the United States

  • 이종희 (계명대학교 소비자정보학과)
  • Lee, Jonghee (Department of Consumer Information Studies, Keimyung University)
  • 투고 : 2017.03.07
  • 심사 : 2017.04.11
  • 발행 : 2017.06.30
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초록

The recent Great Recession of 2008 was a period of sharp economic decline throughout the late 2000s. All socio-demographic groups were impacted by the economic downturn, however, Hispanic households were particularly hard hit. It is not a recent phenomenon that minority groups often have greater problems related to credit and debt repayments. A better understanding of these racial/ethnic differences in credit and debt has been hindered by the propensity of many studies to pool all racial/ethnic minorities together and compare them to white households. Using a Heckman-type selection model with a combination of the 2010 and 2013 Survey of Consumer Finances datasets to study household debt repayment problems, we found that racial/ethnic groups have been differently impacted by the recent Great Recession in terms of debt repayment problems. Hispanic households were less likely to hold debt; however, those with debt were just as likely as white households and African American households to be delinquent in repayments. This finding is contrary to prior research that indicated Hispanics with debt were less likely than white and African American households to be delinquent on repayments prior to the Great Recession of 2008. We propose possible explanations for the increase in debt repayment problems, that includes increased assimilation into the U.S. culture of credit use, the circumstance of being more recent home buyers prior to the decline, and living in states that suffered the greatest decline in housing value.

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피인용 문헌

  1. Effect of Real Estate Holding Type on Household Debt vol.12, pp.2, 2021, https://doi.org/10.13106/jidb.2021.vol12.no2.41