Household Debt in OECD Countries: Stylised Facts and Policy Issues

The Narodowy Bank Polski Workshop: Recent Trends in the Real Estate Market and Its Analysis - 2015 Edition

53 Pages Posted: 22 Sep 2016 Last revised: 23 Sep 2016

See all articles by Christophe Andre

Christophe Andre

Organization for Economic Co-Operation and Development (OECD) - Economics Department (ECO)

Date Written: August 9, 2016

Abstract

Household debt has risen markedly since the turn of the century and stands at a historically high level in most OECD countries. This paper offers an overview of developments in household debt over the past decades across a large sample of OECD countries, highlighting both common trends and country specificities. It examines the vulnerabilities associated with high household debt for households, the financial system and the wider economy. Finally, it describes the challenges faced by policymakers at the current juncture and outlines responses in terms of monetary, micro and macro-prudential, and housing policies.

Keywords: Household debt, household balance sheets, mortgages, foreclosures, housing

JEL Classification: D14; E21; E52; G21; G28; R21; R31

Suggested Citation

Andre, Christophe, Household Debt in OECD Countries: Stylised Facts and Policy Issues (August 9, 2016). The Narodowy Bank Polski Workshop: Recent Trends in the Real Estate Market and Its Analysis - 2015 Edition. Available at SSRN: https://ssrn.com/abstract=2841634

Christophe Andre (Contact Author)

Organization for Economic Co-Operation and Development (OECD) - Economics Department (ECO) ( email )

2 rue Andre Pascal
Paris Cedex 16, MO 63108
France

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