## Figure 2.10. The Impact of Household Debt by Country and Institutional Factors

## Source details

**Canonical URL:** [Figure 2.10. The Impact of Household Debt by Country and Institutional Factors](https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/figure2-10.pdf)

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### 1. Distribution of Country-Specific Coefficients (Relative frequency, percent)
- Horizontal axis labels present: 0, 10, 20, 30, 40, 50, 60 (percent).
- Bin intervals for country-level coefficients shown exactly as:
  - (...,–2]
  - (–2,–1.5]
  - (–1.5,–1]
  - (–1,–0.5]
  - (–0.5,0]
  - (0,0.5]
  - (0.5,1]
  - (1,1.5]
  - (1.5,2]
  - [2,...)
- Two series indicated: Advanced economies and Emerging market economies.
- Vertical scale ticks shown: –1.5, –1.0, –0.5, 0 (values preserved as printed).

### 2. Marginal Interaction Effects for Country Factors in High versus Low Quartiles (Percent)
- Panel shows marginal effect of changes in household debt on GDP growth three years ahead, from panel regressions with institutional factors, evaluated at the 25th and 75th percentiles.
- Institutional factors listed (preserved terminology):
  - KA openness (capital account openness index from the Chinn-Ito Index)
  - Float or fix (exchange rate regime: floating, the green bar, versus fixed, the red bar)
  - Income inequality (income inequality measures, the difference between the income share of the top 20 and bottom 20 percent income groups)
  - Transparency (dummy variable indicating whether a credit registry or other form of borrower information data transparency exists)
  - Financial dev (financial development index from Svirydzenka 2016)
  - Supervisory strict (measure of overall bank capital stringency from Barth, Caprio, and Levine 2013)
- Effects are reported as statistically significant at the 10 percent level or higher.

### Notes on the underlying estimation
- Panel 1 shows country-level coefficients of changes in household debt in ordinary least squares regressions of three-year-ahead real GDP growth on changes in household and firm debt.
- Panel 2 shows the marginal effect of changes in household debt on GDP growth three years ahead, from panel regressions with institutional factors, evaluated at the 25th and 75th percentiles.
- See also Figure 2.8 and Annex 2.2 (references preserved as in source).

*Source: IMF staff calculations.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/figure2-10.pdf_