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. This paper presents the characteristics and trends in household debt and assets in Poland and selected European countries (Germany, Ireland, Spain, Greece, Lithuania) over the period of 2005-2012. The empirical analysis presented in this paper aims to support the thesis that although the changes in the level and structure of household debt in those countries were not the primary source of the crisis, they had some impact on its course, and the financial crisis influenced the direction of these changes. Data are taken from the ESA, mainly the Eurostat Database. The analysis is carried out on the basis of a simple measure which is the relation of liabilities (by types of household debt) to assets compared with the relation of savings to the household assets.JEL Classification: G01, E21, E22Keywords: national accounts, saving, accumulation, financial crisis.(ProQuest: ... denotes formulae omitted.)IntroductionIn the literature concerning the financial crisis that began in 2007 on the U.S. market of riskier loans granted to persons (households) with a low credit rating, much attention is paid to the analysis of changes in financial market, as well as in the whole economy, both those which were the cause of the crisis and those which were its consequence. In most analyses, issues relating to institutional sectors are not considered, particularly for the household sector, whose specific debt in the United States was the direct impulse for the crisis. Lending / borrowing of the sector in European countries with respect to individual segments of financial markets underwent significant changes during their collapse and recovery. This paper presents the characteristics and trends in household debt and assets for the years 2005-2012 in Poland and selected European countries. The analysis was carried out mainly on the basis of the ESA data (European System of Accounts..., 1996). The empirical analysis presented in this paper aims to support the thesis that in Poland, like in other European countries, changes in the level and structure of household debt had influence on the course of the crisis, although they were not its primary source, and that the financial crisis undoubtedly influenced the direction of these changes.The structure of the paper is the following. The first section is a brief description of the financial crisis in Poland, Spain, Greece, Ireland, Germany and Lithuania - its origins, phases and effects on the financial markets. It also includes remarks on the whole economy. The second section presents the characteristics of the ESA, especially the financial account as a source of data (mainly Eurostat Database) used for comparative empirical analysis of changes of financial instruments for the selected countries presented in the third section. The assets and liabilities of households divided into the basic instruments of the financial market in the selected countries are analysed. The choice of the countries listed above was dictated by the specific course of the crisis, its determinants and effects in these countries. In section four, the financing of households' wealth with saving and acquisition of liabilities in specified instruments of financial market is widely analysed. Some comments concern the USA as well. This analysis is carried out on the basis of a simple measure, which is the relation of liabilities (by types of household debt, mainly long-term loans) to assets compared with the relation of savings to the wealth of households. A brief summary contains conclusions with reference to the assumed thesis.1. Financial crisis - main data characteristicsThe globalization of the world economy substantially strengthened the linkages among countries. There is not only the increase in the role of trade links, direct investment and the flow of human capital, but the most important was the increase in capital flows and financial markets relations between countries. …

Empirical Comparative Analysis of Household Sector Liabilities and Assets in the Context of Financial Crisis