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Athanasios Tsiortas

Statistics

Division

Monetary & Economic Statistics

Current Position

Research Analyst

Fields of interest

Microeconomics

Email

athanasios.tsiortas@ecb.europa.eu

Education
2024-

PhD in Economics, University of Glasgow, Glasgow, United Kingdom

2019-2020

Master in Economics, Barcelona School of Economics, Barcelona, Spain

2015-2018

BSc in Economics, University of Mannheim, Mannheim, Germany

Professional experience
2021-2023

Research Analyst - Monetary Policy Research Division, Directorate General Research, European Central Bank

15 May 2024
THE ECB BLOG
Details
JEL Code
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
27 March 2024
WORKING PAPER SERIES - No. 2922
Details
Abstract
This paper analyses the consumer’s decision to apply for credit and the probability of the credit being accepted in the euro area during a period characterized by the unprecedented concomitance of events and changing borrowing conditions linked to the global COVID-19 pandemic and the Russian invasion of Ukraine. We use data between 2020Q1 and 2023Q2 from the ECB’s Consumer Expectations Survey. We find that the credit demand is highest when the first lockdown ends and drops when supportive monetary compensation schemes are implemented. There is evidence that constrained households are significantly less likely to apply for credit. Credit is more likely to be accepted under favourable borrowing conditions and after the approval of national recovery plans. We also find that demographic, economic factors, perceptions and expectations are associated with the demand for credit and the credit grant.
JEL Code
C23 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Panel Data Models, Spatio-temporal Models
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
D14 : Microeconomics→Household Behavior and Family Economics→Household Saving; Personal Finance
G51 : Financial Economics