## Figure 1.24. Group of Twenty Nonfinancial Private Sector Borrowing

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**Canonical URL:** [Figure 1.24. Group of Twenty Nonfinancial Private Sector Borrowing](https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-24.pdf)

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### 1. Change in Household Gross Debt to GDP, 2006–16 (Percentage points)
- Household debt has risen broadly with house prices.
- Economies grouped by nominal house price growth:
  - Economies with nominal house price growth greater than 25 percent (2006–16)
  - Economies with nominal house price growth less than 25 percent (2006–16)
- Axis and tick labels as shown:
  - –4  –3  2  –1  0  1  2  3  4
  - –2.0  –1.5  –1.0  –0.5  0.0  0.5  1.0  1.5  2.0
  - 20000204060810121416
- Notes on house price data availability:
  - In panel 1, house price growth is from 2008 in Brazil; from 2010 in China, India, and Turkey; and is not available for Argentina and Saudi Arabia.

### 2. Average Nonfinancial Corporate Credit, Financing Conditions, and Default Probability (Four-quarter moving average)
- Corporate debt has built up with easy financing conditions.
- Series shown (panel 2, Group of Twenty average):
  - Credit (left scale): corporate debt-to-GDP gap
  - Financing conditions (right scale): average of corporate borrowing rates, book-to-market ratios, and implied volatility
  - Model-based probability of default (right scale): probability of default from the Moody’s KMV model (based on a sample of more than 41,000 companies)
- Financing conditions and model-based probability of default are plotted on the right scale; credit is plotted on the left scale.

### Countries shown (ISO country codes as labeled in the figure)
- CHN
- CAN
- KOR
- AUS
- TUR
- IDN
- MEX
- ZAF
- DEU
- FRA
- ITA
- JPN
- GBR
- USA
- IND
- BRA
- RUS

Sources: Bank for International Settlements; Bloomberg Finance L.P.; Haver Analytics; Moody’s CreditEdge; Organisation for Economic Co-operation and Development; and IMF staff calculations.

*Figure 1.24. Group of Twenty Nonfinancial Private Sector Borrowing (from source PDF figure1-24).*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-24.pdf_