Thesis (Ph.D.) - Cairo University - Faculty of Economics and Political Science - Department of Economics

The period prior to the global financial crisis in the European Union was characterized by low interest rates and a continued rise in household sector debt combined with acceptable rates of economic growth. consumption growth in the household sector was one of the main reasons behind this growth. On the other hand, during the global financial crisis period, household consumption fell as it had direct effects on the depth and durability of the recession. This coincided with a significant decline in the growth rates of household debt. The study concerned with measuring and clarifying the relationship between the changes in household debts and consumption as one of the most important economic variables. And thusanalyses the impact of that relation on macroeconomic variables in an across different studies that included both Egypt and EU countries. The study highlights evidences supporting the belief that consumer credit is an extraneous element that causes economic instability in the long run and can be considered one of the most important reasons for business cycles

Issued also as CD