I'm curious if my observation that some Scandinavian countries (Denmark, Sweden) have high taxes, low government debt, but high private (in particular high household) debt is applicable more generally elsewhere.

I see there's one paper which (using a panel of 33 OECD countries between 1995–2016) notes that

the ratio of public debt to GDP displays a negative association with private debt

But it does not relate that to taxes (at least in its abstract). Nowadays there are countries, particularly some Eastern European members of EU, which have low government and low private debt, but also low taxes.


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