Özet:

The behavior of households in all developed and developing countries have undergone major changes in the second half of the 20th century and the beginning of the 21st century. In particular, the effect of environmental and psychological factors began to have an impact on consumption decisions. As a result, the existence of a preference for consumption expenditure while the households decide to consume has made the household's debt stock an important variable as a macroeconomic variable. The increase in the household indebtedness ratio; raised an important issue that needed to be researched. The process that emerged for the financing of household consumption expenditures caused the effects of macroeconomic policies to be asymmetrical. In this framework, the parameters of macroeconomic variables, which are the main determinants of the size and severity of the sensitivity between household consumption expenditure and borrowing, should be estimated. Because it provides information that will enable the analysis of consumption behavior from a macroeconomic perspective. From this point of view, in this study, the relationship in question is analyzed with a panel data model based on the intertemporal substitution elasticity approach. In addition, analyzes are made with the heterogeneity of households on a country basis under the assumption of nonhomothetic preferences Quarterly data for the years 1998Q1-2020Q3 were used in the analysis. In the study, household income, household expenditures, inflation, interest rates and government bond interest rates and panel data, GMM model and club convergence model analysis tools of OECD countries were used.

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