Sectoral Debt Capacity and Business Cycles: Developing Asia and the World Economy
Publication | May 2023
This paper reviews the patterns of sectoral debts and growth and the mechanisms explaining the adverse effects of debt burdens on growth rates.
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The empirical analysis covers a sample of 55 emerging and frontier market economies. Future economic growth is more sensitive to rising household debt than corporate debt. However, these effects are highly heterogenous across economies and depend on relative income.
Contents
- Introduction
- Related Concepts and Previous Studies
- Sectoral Debt Overhang and Growth in Emerging and Frontier Market Economies: An Empirical Study of 55 Countries
- Concluding Remarks
- Appendix: Data Description
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