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1、INTERNATIONA1MONETARYFUNDTheRightToo1fortheJob?MortgageDistressandPersona1Inso1vencyduringtheEuropeanDebtCrisisWo1fgangBergtha1er,JoseGarrido,andAnjumRoshaWP/23/92IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepub1ishedtoe1icitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorking
2、Papersarethoseoftheauthor(s)anddonotnecessari1yrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.WoRK-NGPAPER2023MAYWP/23/922023Internationa1MonetaryFundIMFWorkingPaper1ega1DepartmentTheRightToo1fortheJob?MortgageDistressandPersona1Inso1vencyduringtheEuropeanDebtCrisisPreparedbyWo1fgangBer
3、gtha1er,JoseGarrido,andAnjumRoshaAuthorizedfordistributionbyYan1iuMay2023IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepub1ishedtoe1icitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessari1yrepresenttheviewsoftheIMF,itsExecutiveBoard
4、,orIMFmanagement.ABSTRACT:TheEuropeandebtcrisisintheear1ytomid2010sbroughttotheforetheissueofhouseho1ddebtdistress:inthecountriesaffected,widespreadover-indebdtednessresu1tedinseriousfinancia1andsocia1cha11enges.Thecrisiswasprimari1yamortgagedebtcrisis,butinsevera1cases,the1ega1responsewasbasedonthe
5、introductionofpersona1inso1vencyprocedures.Thispaperexaminesthecha11engesindesigningandimp1ementing1ega1reformsinthisareatopromoteabetterunderstandingofthemainconsiderationsinreso1vingpersona1inso1vencyanddistressedmortgagedebtinthecontextofcrises.1essonsfromtheEuropeancrisismayproveva1uab1ewhendea1
6、ingwiththeaftermathoftheCOVID-19pandemicandthewarinUkraineonhouseho1ddebtdistress.JE1C1assificationNumbers:K35;K25Keywords:consumerinso1vency;househo1ddebt;mortgagedebt;consumerdebtAuthorsE-Mai1Address:WBerqthaIerimf.orq:JGaITidoimf.orq;andARoShaimf.orqTheauthorswou1d1iketothankJochenAndritzky1Nazim
7、Be1hocine,1eifC1ark,BruceMarke111JasonKi1bourneandNadiaRendakfortheirveryva1uab1einputsandcomments;Sa1omeeBohbot,MinJiKim,JesseSiminitz,andAikeWurdemannfortheirsuperbresearchassistance,andSharonde1eonforhereditoria1andformattingwork.WORKINGPAPERSTheRightToo1fortheJob?MortgageDistressandPersona1Inso1
8、vencyduringtheEuropeanDebtCrisisPreparedbyWo1fgangBergtha1er5JoseGarrido5andAnjumRoshaContentsIntroduction3Househo1dDebtDistressinaCrisisEnvironment5Overarching1ega1andPo1icyCha11enges8Se1ected1ega1Issues12A. DesignOfConsumerInso1vency1aws13B. MortgageDebtDistress20Conc1usionsandMain1essonsfortheWay
9、Forward30References33BOXES1.The1ega1ResponsetoHouseho1dDebt62. Re1evanceoftheEUDirectiveonRestructuringandInso1vencyforConsumerInso1vency163. Simp1ifiedProcessesforNoIncome,NoAssetCases194. Se1ected1ega1FeaturesofMortgages215. Examp1esofExtraordinaryMeasures29FIGURES1.Househo1dDebtinSe1ectedEU32.NP1
10、CompositioninEuropeancountries(2017)33.Persona1inso1vencycasesanddischargesinPortuga12012-2017184.Persona1Inso1vencyCasesinIre1and2014-201718TAB1ES1.KeyHouseho1dInso1vency1egis1ativeReformsDuringtheEurozoneCrisisinSe1ectCountries7Introduction1. Anove1featureoftheEuropeanfinancia1crisiswasthewidespre
11、addebtdistressexperiencedbyhouseho1ds.Intheyears1eadinguptothecrisis,househo1dindebtedness(i.e.,debtsofindividua1sarisingfromnoncommercia1activities)increasedinmostEuropeancountries,asdidthedebttofinancia1buffersratioofmosthouseho1ds.(SeeFigure1).Theva1ueoftheunder1yingco11atera1thatsecuredhouseho1d
12、debt(typica11ythedebtorsprimaryresidence)dec1inedinmanycountriesduetotheeconomicdownturn,andinsomecases,exchangerateadjustments.Theresu1tingnon-performing1oans(NP1s)becameadragonbanksba1ancesheetsand,insomecountries,weresohighastoraisemacroeconomicconcerns.Source:HaverAna1ytics;Eurostat;andIMFstaffc
13、a1cu1ations.Figure1.Househo1dDebtinSe1ectedEUcountriesin2000/2010/20182. Adecade1ater,weknowthatfromamacroeconomicperspective,themainsourceofhouseho1ddebtdistressintheEuropeancrisiswasmortgagedebt.Informationco11ectedbytheECB(seeFigure2be1ow,andConstancio,2017)showedthatthemajorsourcefordistressinth
14、ecrisisaffectedcountrieswastherea1estatesector,bothinconstructionandrea1estatecompanies,andinhouseho1dsbywayofresidentia1mortgages.Thesignificanceofothersourcesofconsumerdebtwas1imitedinmostcountries.Natura11y,thispointstothemacro-economicimportanceofhouseho1ddebt.Fromthemicro-economicperspective,co
15、nsumerdebtcanresu1tinsevereeconomicconsequencesforthousandsofhouseho1dsandindividua1s.Source:ECB3. Addressingwidespreadhouseho1ddebtdistressposessevera1cha11enges.Thereareuniquecha11engesinthe1ega1treatmentofhouseho1dorconsumerover-indebtedness: First,consumerinso1vencyisare1ative1ymodernconcept,dir
16、ect1ycorre1atedwithextensiveaccesstofinanceanduseofconsumercredit.Throughoutthispaper,thetermsconsumerinso1vencyandpersona1inso1vencyareusedinterchangeab1y.Persona1inso1vencyisabroaderconceptthatreferstotheinso1vencyofnatura1persons(consumersorindividua1entrepreneurs)whereasconsumerinso1vencyreferson1ytotheinso1vencyofthosenatura1personswhodonotconductanorganizedbusin
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