According to OECD figures, five OECD countries have houshold-debt-to-GDP ratios in excess of 200%:

  1. Denmark 292.0%
  2. Netherlands 277.1%
  3. Norway 221.8%
  4. Australia 211.8%
  5. Switzerland 211.2%

Most of this is in mortgages, so for the sake of the question, assume secured loans.

Is there any consensus on the macro-economic effects of very high household-debt-to-GDP ratios? I imagine such economies should be excessively sensitive to price changes in the housing market?

  • $\begingroup$ The problem is, every country has a different economic structure and financial policies. $\endgroup$
    – mootmoot
    Nov 10, 2017 at 16:06


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