The distribution of debt across euro area countries : The role of individual characteristics, institutions and credit conditions. National Bank of Belgium Working Paper No. 252, December 2013

The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different outcomes: the probability of holding debt, the amount of debt held and, in the case of secured debt, the interest rate paid on the main mortgage. Second, we examine the role of legal and economic institutions in accounting for these differences. We use data from the first wave of a new survey of household finances, the Household Finance and Consumption Survey, to achieve these aims. We find that the patterns of secured and unsecured debt outcomes vary markedly across countries. Among all the institutions considered, the length of asset repossession periods best accounts for the features of the distribution of secured debt. In countries with longer repossession periods, the fraction of people who borrow is smaller, the youngest group of households borrow lower amounts (conditional on borrowing), and the mortgage interest rates paid by low-income households are higher. Regulatory loan-to-value ratios, the taxation of mortgages and the prevalence of interest-only or fixed-rate mortgages deliver less robust results.

Migration and War Memory in a European Perspective A Case-Study on Displaced Persons in Belgium. Natolin Research Paper 05/2011

In the aftermath of World War II, about 20,000 people who had experienced displacement entered Belgium.1 Among those there were about 350 soldiers serving in the Polish armed forces in the West, and about 4,000 ostarbeiterinnen - young female Soviet citizens who were deported to Nazi Germany to do forced labour. All the soldiers and Soviet women married Belgian citizens, and most settled in the home town or city of their spouses. This paper focuses on the war memories of these migrants in post-war life, memories that were arguably shaped not only by the characteristics of their war experiences themselves, but also by the changing positions which they held within their home and host societies. Following the migrants from their moment of settlement until today, the article highlights the changing dynamics of their war memories over time, starting during the Cold War era and ending up in present day Europe. As such, the study finds itself on the crossroads of memory and migration studies, two academic disciplines that only recently started to dialogue with each other.2 Before analysing the arrival, settlement and war memories of the Displaced Persons at study, I give an interpretation of academic literature on memory of World War II from the perspective of migration studies.