Consumer Credit in Europe Risks and Opportunities of a Dynamic Indus
Consumer credit has become a topical issue for researchers, regulators and the banking industry in Europe as a result of increasing market integration, regulatory changes and a growing tendency of households to use debt to finance consumption. This study
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For further volumes: http://www.springer.com/1431-1933
Daniela Vandone
Consumer Credit in Europe Risks and Opportunities of a Dynamic Industry
Professor Daniela Vandone Universita` degli Studi di Milano Department of Economics, Business and Statistics Via Conservatorio 7 20122 Milan, Italy [email protected]
ISSN 1431-1933 ISBN 978-3-7908-2100-0 e-ISBN 978-3-7908-2101-7 DOI: 10.1007/978-3-7908-2101-7 Springer Dordrecht Heidelberg London New York Library of Congress Control Number: 2009926005 # Springer‐Verlag Berlin Heidelberg 2009 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMXDesign GmbH, Heidelberg Printed on acid-free paper Physica‐Verlag is a brand of Springer‐Verlag Berlin Heidelberg Springer‐Verlag is a part of Springer Science+Business Media (www.springer.com)
“If you can keep your head when all about you Are losing theirs and blaming it on you, If you can trust yourself when all men doubt you But make allowance for their doubting too … Yours is the Earth and everything that’s in it And – which is more – you’ll be a Man, my son!” [Kipling, 1895] To Benedetta and Ludovica, my precious daughters
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Acknowledgements
I wish to express my gratitude to two anonymous referees for their helpful comments, suggestions and insights. I also benefited from discussions with seminar and conference participants during various stages of the research. My thanks also to Barbara Fees for her excellent editorial assistance at Springer and to Justin Rainey for his help in preparing the English version of the work. Naturally, the usual disclaimer applies to any errors or omissions. The research presented in this book has benefited from contributions made by the University of Milan and the Ministry of Education, University and Research, Research Project of National Interest 2007.
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Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 Structure of the Book . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Main Findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1
The
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