According to OECD figures, five OECD countries have houshold-debt-to-GDP ratios in excess of 200%:
- Denmark 292.0%
- Netherlands 277.1%
- Norway 221.8%
- Australia 211.8%
- 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?
