Jan 30, 2013

Debt and social interactions

Two sentences from this paper (Georgarakos, Haliassos, and Pasini, January 2013): 
We find that the higher the perceived income of the social circle, the greater the tendency of respondents to have outstanding loans and in sizeable amounts . . . The effect is stronger for those who see themselves as having lower income than their social circle. P. 23-24. 

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