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The Nordic Experience: The Case of Denmark in 2005–2015

In: Non-Performing Loans and Resolving Private Sector Insolvency

Author

Listed:
  • Niels Storm Stenbaek

    (Danish Bankers Association)

Abstract

Danish households and firms are among the most leveraged in Europe. This is due to a number of reasons, for example, institutional and tax, as well as the significant role played by the rather unique Danish mortgage credit system and the Danish pension system. Even though gross debt is high, the asset side is also substantial. Going into the financial crisis of 2008, the buildup of debt was huge. However, low interest rates have mitigated the impact on insolvency and losses in credit institutions, although some sectors are still challenged. Impairments on households have been negligible, but have had an impact on consumption, especially among the most indebted households. Similar impacts are observed among firms in terms of investments. The focus in this chapter is on households, but the corporate sector is also addressed briefly.

Suggested Citation

  • Niels Storm Stenbaek, 2017. "The Nordic Experience: The Case of Denmark in 2005–2015," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Platon Monokroussos & Christos Gortsos (ed.), Non-Performing Loans and Resolving Private Sector Insolvency, chapter 6, pages 111-125, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-319-50313-4_6
    DOI: 10.1007/978-3-319-50313-4_6
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