## Figure 2.7. Micro-Level Evidence Corroborating the Macro Impact

## Source details

**Canonical URL:** [Figure 2.7. Micro-Level Evidence Corroborating the Macro Impact](https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/figure2-7.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/figure2-7.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/figure2-7.pdf.json)

---

### 1. Euro Area: Initial Debt-to-Income Ratio and Changes in Consumption, 2010–14
- Chart axes and labels shown:
  - Horizontal axis: Past debt-to-income ratio categories: "<1", "1–3", "3–5", ">5"
  - Vertical axis: Change in consumption (percent of income) with tick labels "–100", "–50", "0", "50", "100"
  - Additional horizontal numeric scale shown: "0", "500", "1,000", "1,500", "2,000", "2,500"
- Panel notes:
  - Data computed over 2010–14.
  - Panels 1–3 present data from euro area countries with a panel dimension (Belgium, Cyprus, Germany, Malta, Netherlands).

### 2. Euro Area: Drop in Consumption among Indebted Households, 2010–14
- Chart axes and labels shown:
  - Horizontal axis: Debt-to-income ratio (mortgage debt) with tick labels "0", "5", "10", "15", "20"
  - Vertical axis: Change in consumption (percent of income) with tick labels "0", "5", "10", "15"
  - Two series labelled: "DTI = 1" and "DTI = 5"
- Panel notes:
  - The change in consumption-to-income ratio is computed over 2010–14.
  - Panels 1–3 present data from euro area countries with a panel dimension (Belgium, Cyprus, Germany, Malta, Netherlands).

### 3. Homeowners Not Applying for Loans Due to Perceived Credit Constraint, 2014
- Chart axes and labels shown:
  - Horizontal axis: Past indebtedness (debt-to-income ratio) with categories "<1", "1–3", "3–5", ">5"
  - Vertical axis: Percent with tick labels "–4", "–3", "–2", "–1", "0"
  - Vertical numeric scale also shows "0", "5", "10", "15" (consistent with percent axis presentation)
- Panel notes:
  - Panels 1–3 present data from euro area countries with a panel dimension (Belgium, Cyprus, Germany, Malta, Netherlands).
  - The change in consumption-to-income ratio is computed over 2010–14.

### 4. China and Australia: Response of Consumption to Income Shocks
- Chart axes and labels shown:
  - Vertical axis: Change in consumption (percent of income) with tick labels "0", "5", "10", "15"
  - Two series labelled: "DTI = 1" and "DTI = 5"
  - Country labels shown: "China" and "Australia"
- Panel notes:
  - In panel 4, results are based on data for households tracked between 2013 and 2015 for China, and between 2006 and 2015 for Australia.
  - For panel 4, see Boxes 2.2 and 2.4 for additional information.
  - DTI = debt-to-income ratio.

### Data sources and metadata
- Sources: European Central Bank Household Finance and Consumption Survey; Household, Income and Labour Dynamics in Australia Survey; China Household Finance Survey; and IMF staff calculations.
- Figure caption: "Figure 2.7. Micro-Level Evidence Corroborating the Macro Impact"

*Source: figure2-7 (IMF staff calculations and listed household surveys).*

---


_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/figure2-7.pdf_