Household Indebtedness and Its Implications for Financial Stability
During the past few years, many SEACEN countries have experienced rapid increases in household debt/household credit, both in absolute terms and relative to the size of the economy and household income. In many cases, these developments reflect the SEACEN countries’ financial sector deepening and are positive for economic activities and welfare. However, the rise in household debt also comes with a downside. Excessive household indebtedness makes households vulnerable to shocks which may lead to financial instability as vividly illustrated by the recent global financial crisis.
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