Household debt, corporate debt, and the real economy: some empirical evidence
The rapid accumulation of private debt is widely viewed as a major risk to financial and economic stability. This paper systematically and comprehensively assesses the effect of private debt buildup on economic growth. In the spirit of Mian, Sufi, and Verner (2017) that separately examine the effect...
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| Main Authors: | , , |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Metro Manila, Philippines
Asian Development Bank
December 2018
|
| Series: | ADB economics working paper series
no. 567 |
| Online Access: | 10419/203409 Volltext Volltext OpenAccess Lizenz (Creative Commons License) |
| Summary: | The rapid accumulation of private debt is widely viewed as a major risk to financial and economic stability. This paper systematically and comprehensively assesses the effect of private debt buildup on economic growth. In the spirit of Mian, Sufi, and Verner (2017) that separately examine the effects of two types of private debt, i.e., household debt and corporate debt, on growth in developed economies, this study specifically provides new evidence on the growth - private debt nexus in both advanced and emerging market economies (EMEs). Moreover, we construct financial peaks in terms of the speed of debt accumulation rather than crisis dates and find that in both advanced and EMEs, corporate debt buildups cause more financial peaks than household debt buildups. Further, corporate debt-induced financial recessions inflict a bigger damage on output than household debt-induced financial recessions in EMEs. Overall, our evidence suggests that policy makers would do well to closely monitor not only household debt but also corporate debt |
| Physical Description: | 1 Online-Ressource (circa 51 Seiten) Illustrationen |
| DOI: | 10.22617/WPS189775-2 |
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| 490 | 1 | |a ADB economics working paper series |v no. 567 | |
| 520 | 3 | |a The rapid accumulation of private debt is widely viewed as a major risk to financial and economic stability. This paper systematically and comprehensively assesses the effect of private debt buildup on economic growth. In the spirit of Mian, Sufi, and Verner (2017) that separately examine the effects of two types of private debt, i.e., household debt and corporate debt, on growth in developed economies, this study specifically provides new evidence on the growth - private debt nexus in both advanced and emerging market economies (EMEs). Moreover, we construct financial peaks in terms of the speed of debt accumulation rather than crisis dates and find that in both advanced and EMEs, corporate debt buildups cause more financial peaks than household debt buildups. Further, corporate debt-induced financial recessions inflict a bigger damage on output than household debt-induced financial recessions in EMEs. Overall, our evidence suggests that policy makers would do well to closely monitor not only household debt but also corporate debt | |
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| index_date | 2024-07-03T14:50:10Z |
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| spelling | Park, Donghyun Verfasser (DE-588)171520351 aut Household debt, corporate debt, and the real economy some empirical evidence Donghyun Park, Kwanho Shin, and Shu Tian Metro Manila, Philippines Asian Development Bank December 2018 1 Online-Ressource (circa 51 Seiten) Illustrationen txt rdacontent c rdamedia cr rdacarrier ADB economics working paper series no. 567 The rapid accumulation of private debt is widely viewed as a major risk to financial and economic stability. This paper systematically and comprehensively assesses the effect of private debt buildup on economic growth. In the spirit of Mian, Sufi, and Verner (2017) that separately examine the effects of two types of private debt, i.e., household debt and corporate debt, on growth in developed economies, this study specifically provides new evidence on the growth - private debt nexus in both advanced and emerging market economies (EMEs). Moreover, we construct financial peaks in terms of the speed of debt accumulation rather than crisis dates and find that in both advanced and EMEs, corporate debt buildups cause more financial peaks than household debt buildups. Further, corporate debt-induced financial recessions inflict a bigger damage on output than household debt-induced financial recessions in EMEs. Overall, our evidence suggests that policy makers would do well to closely monitor not only household debt but also corporate debt Shin, Kwanho 1963- Verfasser (DE-588)171478983 aut Tian, Shu Verfasser (DE-588)1018863729 aut ADB economics working paper series no. 567 (DE-604)BV035664834 no. 567 10419/203409 https://doi.org/10.22617/WPS189775-2 Resolving-System OpenAccess Lizenz (Creative Commons License) Volltext https://www.adb.org/sites/default/files/publication/472036/ewp-567-household-debt-corporate-debt-real-economy.pdf Verlag OpenAccess Lizenz (Creative Commons License) Volltext http://hdl.handle.net/10419/203409 Resolving-System OpenAccess Lizenz (Creative Commons License) |
| spellingShingle | Park, Donghyun Shin, Kwanho 1963- Tian, Shu Household debt, corporate debt, and the real economy some empirical evidence ADB economics working paper series |
| title | Household debt, corporate debt, and the real economy some empirical evidence |
| title_auth | Household debt, corporate debt, and the real economy some empirical evidence |
| title_exact_search | Household debt, corporate debt, and the real economy some empirical evidence |
| title_exact_search_txtP | Household debt, corporate debt, and the real economy some empirical evidence |
| title_full | Household debt, corporate debt, and the real economy some empirical evidence Donghyun Park, Kwanho Shin, and Shu Tian |
| title_fullStr | Household debt, corporate debt, and the real economy some empirical evidence Donghyun Park, Kwanho Shin, and Shu Tian |
| title_full_unstemmed | Household debt, corporate debt, and the real economy some empirical evidence Donghyun Park, Kwanho Shin, and Shu Tian |
| title_short | Household debt, corporate debt, and the real economy |
| title_sort | household debt corporate debt and the real economy some empirical evidence |
| title_sub | some empirical evidence |
| url | 10419/203409 https://doi.org/10.22617/WPS189775-2 https://www.adb.org/sites/default/files/publication/472036/ewp-567-household-debt-corporate-debt-real-economy.pdf http://hdl.handle.net/10419/203409 |
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