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Publications

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Results from LU-HFCS and the companion survey among the cross-border population (XB-HFCS) are regularly published in the BCL Bulletin, the BCL Working Paper Series, as well as in academic journals. Some research publications also combine data from both surveys or use the Eurosystem HFCS data set.

2023

COVID-19 effects on income, consumption and savings: evidence from the Luxembourg household finance and consumption survey, BCL Bulletin, 2023, 2, pages 50-59.

2022

How valuable are language skills in the Luxembourg labour market?, BCL Bulletin, 2022, 1: 85-93.

2021

Do newer tenants pay higher rent, BCL Bulletin, 2021, 1, pages 77-84.
Enquête sur le comportement financier et de consommation des ménages frontaliers - Premiers résultats de la troisième vague, BCL Bulletin, 2021, 1, pages 31-36.

2020

Decomposing Luxembourg mortgage flows into loan origination, BCL Bulletin, 2020, 1, pages 103-110.
Demandes de prêt hypothécaire et tendances de long terme sur le marché immobilier résidentiel, BCL Bulletin, 2020, 1, pages 96-102.

2019

Premiers résultats de l’édition 2018 de l’enquête sur le comportement financier et de consommation des ménages au Luxembourg. BCL Bulletin, 2019, 3, pages 42-44.
La vulnérabilité financière des ménages au Luxembourg - mise au jour à partir de l’édition 2018 de l’enquête sur le comportement financier et de consommation des ménages. BCL Bulletin, 2019, 3, pages 45-48.
Les locataires et l’accession à la propriété. BCL Bulletin, 2019, 2, pages 31-33.

2018

Le rôle des biens immobiliers autres que la résidence principale pour les résidents luxembourgeois. BCL Bulletin, 2018, 3, pages 67-72.
Aversion au risque des ménages au Luxembourg. BCL Bulletin, 2018, 2, pages 45-49.

2017

Enquête sur le comportement financier et de consommation des ménages frontaliers : Premiers résultats de la deuxième vague. BCL Bulletin, 2017, 1, pages 33-36.
Inégalités de revenu et de patrimoine au Luxembourg : Résultats de la deuxième vague de l’enquête sur le comportement financier et de consommation des ménages au Luxembourg (LU-HFCS). BCL Bulletin, 2017, 1, pages 29-33.

2016

Quel est le patrimoine des ménages luxembourgeois par rapport à d'autres ménages de la zone euro? BCL Bulletin, 2016, 3, pages 42-46.
L’enquête sur le comportement financier et de consommation des ménages – Résultats de la deuxième enquête. BCL Bulletin, 2016, 2, pages 41-51.
Quel est le niveau de culture financière au Luxembourg? BCL Bulletin, 2016, 1, pages 56-59.

2015

[pas de publication]

2014

Crédits hypothécaires selon le statut d’emploi et l’utilisation, BCL Bulletin, 2014, 1, pages 44-47.

2013

Crédit hypothécaires: La quotité d’emprunt au Luxembourg et dans la zone euro, BCL Bulletin, 2013, 3, pages 51-56.
Actifs financiers nets ménages : Le Luxembourg est-il plus riche que les autres pays de la zone euro, BCL Bulletin, 2013, 2, pages 85-87.
L’endettement des ménages au Luxembourg, BCL Bulletin, 2013, 2, pages 38-44.
La composition du patrimoine des ménages et son évolution durant la crise financière, BCL Bulletin, 2013, 1, pages 38-44. 2012

2012

Consommation des ménages frontaliers au Luxembourg, BCL Bulletin, 2012, 4, pages 87-91.
L’accès à la propriété : Résultats de l’enquête LU-HFCS, BCL Bulletin, 2012, 3, pages 73-78.
Revenu et richesse des ménages frontaliers, BCL Bulletin, 2012, 2, pages 82-85.
L’enquête sur le comportement financier et de consommation des ménages : Introduction et premiers résultats, BCL Bulletin, 2012, 1, pages 76-79.

Mathä, T.Y., G. Pulina, A. Montes-Viñas and M. Ziegelmeyer (2024): The Cross-border Household Finance and Consumption Survey: Results from the fourth wave in 2021, BCL WP 188, July 2024.

Mathä, T.Y., A. Montes-Viñas, G. Pulina and M. Ziegelmeyer (2023):  The Luxembourg Household Finance Consumption Survey: Results from the fourth wave in 2021, BCL WP 176, November 2023.

Pulina, G.  (2023): Consumer debt in Luxembourg and the euro area: Evidence from the Household Finance and Consumption Survey, BCL WP 175, November 2023.

Summarised as Consumer debt in Luxembourg and the euro area, SUERF Policy Brief, 2024, 828.

Published in part as Credit card debt puzzle: Evidence from the euro area, Economics Letters, 2024, 236, 111586. 

Mathä, T.Y., G. Pulina and M. Ziegelmeyer (2023): Do private wealth transfers help with homeownership? A first assessment for Luxembourg, BCL WP 174, June 2023.

Giordana, G. and M. Ziegelmeyer (2023): Household indebtedness and their vulnerability to rising interest rates, BCL WP 173, June 2023.

Giordana, G. and M. Ziegelmeyer (2022): Using household-level data to guide borrower-based macro-prudential policy, BCL WP 161, July 2022.

Naidin, M.D., S.R. Waltl and M. Ziegelmeyer (2022): Objectified housing sales and rent prices in representative household surveys: The impact on macroeconomic statistics, BCL WP 160, June 2022.

Published as Objective housing sales and rent prices in representative household surveys: Implications for wealth, inequality, housing market and affordability statistics, The Review of Income and Wealth, 2024, forthcoming. 

Chen, Y., T.Y. Mathä, G. Pulina and M. Ziegelmeyer (2021): The Cross-border Household Finance and Consumption Survey: Results from the third wave, BCL WP 154, February 2021.

Lindner, P. T.Y. Mathä, G. Pulina and M. Ziegelmeyer (2020): Borrowing constraints, own labour and homeownership: Does it pay to paint your walls?, BCL WP 148, August 2020.

Published in Applied Economics, 2023, 55(42): 4931-4945.

Claveres, G., T.Y. Mathä, G. Pulina, J. Stráský, N. Woloszko, M. Ziegelmeyer (2020): Housing and inequality: The case of Luxembourg and its cross-border workers, BCL WP 144, June 2020.

Chen, Y., T.Y. Mathä, G. Pulina, B. Schuster and M. Ziegelmeyer (2020): The Luxembourg Household Finance Consumption Survey: Results from the third wave, BCL WP 142, March 2020.

Girshina, A., T.Y. Mathä and M. Ziegelmeyer (2019): Peer effects in stock market participation: Evidence from immigration, BCL WP 137, December 2019.

Published in The Review of Income and Wealth, 2024, 70(4): 1060-1088. 

Giordana, G. and M. Ziegelmeyer (2018): Stress testing household balance sheets in Luxembourg, BCL WP 121, July 2018.

Published in The Quarterly Review of Economics and Finance, 76: 115–138.

Mathä, T.Y., G. Pulina and M. Ziegelmeyer (2018): The Cross-border Household Finance Consumption Survey: Results from the second wave, BCL WP 119, April 2018.

Giordana, G. and M. Ziegelmeyer (2017): Household debt burden and financial vulnerability in Luxembourg, BCL WP 113, September 2017.

Published as Data needs and statistics compilation for macroprudential analysis, IFC Bulletin, 46, Proceedings of the IFC-National Bank of Belgium Workshop in Brussels on 18-19 May 2017.

Girshina, A., T.Y. Mathä and M. Ziegelmeyer (2017): The Luxembourg Household Finance Consumption Survey: Results from the 2nd wave, BCL WP 106, May 2017.

Ziegelmeyer, M. (2015): Other real estate property in selected euro area countries, BCL WP 99, July 2015.

Arrondel, L., L. Bartilioro, P. Fessler, P. Lindner, T.Y. Mathä, C. Rampazzi, F. Savignac, T. Schmidt, M. Schürz and P. Vermeulen (2014): How do households allocate their assets? Stylised facts from the Eurosystem Household Finance and Consumption Survey, BCL WP 94, December 2014.

Published in International Journal of Central Banking, 2016, 12(2): 129-220.

Le Blanc, J., A. Porpiglia, F. Teppa, J. Zhu and M. Ziegelmeyer (2014): Household saving behavior and credit constraints in the euro area, BCL WP 93, December 2014.

Published in International Journal of Central Banking, 2016, 12(2): 15-69.

Mathä, T.Y., A. Porpiglia and M. Ziegelmeyer (2014): Household wealth in the euro area: The importance of intergenerational transfers, homeownership and house price dynamics, BCL WP 91, May 2014.

Published in Journal of Housing Economics, 2017, 35: 1-12.

Mathä, T.Y., A. Porpiglia and M. Ziegelmeyer (2014): Wealth differences across borders and the effect of real estate price dynamics: Evidence from two household surveys, BCL WP 90, May 2014.

Published in the Journal of Income Distribution, 2018, 26(3): 15-49.

Mathä, T.Y., A. Porpiglia and M. Ziegelmeyer (2014): Cross-border commuting and consuming: An empirical investigation, BCL WP 89, March 2014.

Published in Applied Economics, 2017, 49(20): 2011-2026.

Ehrmann, M. and M. Ziegelmeyer (2014): Household risk management and actual mortgage choice in the euro area, BCL WP 84, January 2014.

Published as Mortgage Choice in the Euro Area - Macroeconomic Determinants and the Effect of Monetary Policy on Debt, Journal of Money, Credit and Banking, 2017, 49(2-3): 469-494.

Mathä, T.Y., A. Porpiglia and M. Ziegelmeyer (2012): Income, wealth and consumption of cross-border commuters to Luxembourg, BCL WP 78, October 2012.

Mathä, T.Y., A. Porpiglia and M. Ziegelmeyer (2012): The Luxembourg Household Finance and Consumption Survey (LU-HFCS): Introduction and results, BCL WP 73, May 2012.
Naidin, M.D., S.R. Waltl and M. Ziegelmeyer (2024): Objective housing sales and rent prices in representative household surveys: Implications for wealth, inequality, housing market and affordability statistics, The Review of Income and Wealth, forthcoming. [Version BCL WP 160].

Pulina, G. (2024): Consumer debt in Luxembourg and the euro area, SUERF Policy Brief, 828. [Summary of Version BCL WP 175].

Pulina, G. (2024): Credit card debt puzzle: Evidence from the euro area, Economics Letters, 236, 111586. [Version BCL WP 175]. 

Giordana, G. and M. Ziegelmeyer (2024): Using household-level data to guide borrower-based macro-prudential policy, Empirical Economics, 66: 785–827. [Version BCL WP 161].

Girshina, A., T.Y. Mathä and M. Ziegelmeyer (2024): Peer Effects in Stock Market Participation: Evidence from Immigration, The Review of Income and Wealth, 70(4): 1060-1088. [Version BCL WP 137].

Lindner, P., T.Y. Mathä, G. Pulina and M. Ziegelmeyer (2023): Borrowing constraints, own labour and homeownership, Applied Economics, 55(42): 4931-4945. [Version BCL WP 148].

Giordana, G. and M. Ziegelmeyer (2020): Stress testing household balance sheets in Luxembourg, The Quarterly Review of Economics and Finance, 76: 115–138. [Version BCL WP 121].

Mathä, T., A. Porpiglia and M. Ziegelmeyer (2018): Wealth differences across borders and the effect of real estate price dynamics: Evidence from two household surveys, Journal of Income Distribution, 27(1): 1-35. [Version BCL WP 90].

Ehrmann, M. and M. Ziegelmeyer (2017): Mortgage choice in the euro area - Macroeconomic determinants and the effect of monetary policy on debt, Journal of Money, Credit and Banking, 49(2-3): 469-494. [Version BCL WP 84].

Giordana, G. and M. Ziegelmeyer (2017): Data needs and statistics compilation for macroprudential analysis, IFC Bulletin, 46, Proceedings of the IFC-National Bank of Belgium Workshop in Brussels on 18-19 May 2017. December 2017. [Version BCL WP 113].

Mathä, T.Y., A. Porpiglia and M. Ziegelmeyer (2017): Household wealth in the euro area: The importance of intergenerational transfers, homeownership and house price dynamics, Journal of Housing Economics, 35: 1-12. [Version BCL WP 91].

Mathä, T.Y., A. Porpiglia and M. Ziegelmeyer (2017): Cross-border commuting and consuming: An empirical investigation, Applied Economics, 49(20): 2011-2026. [Version BCL WP 89].

Arrondel, L., L. Bartilioro, P. Fessler, P. Lindner, T.Y. Mathä, C. Rampazzi, F. Savignac, T. Schmidt, M. Schürz and P. Vermeulen (2016): How do households allocate their assets? Stylised facts from the Eurosystem Household Finance and Consumption Survey, International Journal of Central Banking, 12(2): 129-220. [Version BCL WP 94].

Le Blanc, J., A. Porpiglia, F. Teppa, J. Zhu and M. Ziegelmeyer (2016): Household saving behavior and credit constraints in the euro area, International Journal of Central Banking, 12(2): 15-69. [Version BCL WP 93].

Information concerning the Eurosystem “Household Finance and Consumption Survey” and the most pertinent facts of the previous waves can be found here.