{
  "title": "Assessing Macro-Financial Risks of Household Debt in China",
  "publication": "IMF Working Papers, November 27, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2019/11/27/assessing-macro-financial-risks-of-household-debt-in-china-48710",
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  "summary": "High household indebtedness could constrain future consumption growth and increase financial stability risks. This paper uses household survey data to analyze both macroeconomic and finanical stability risks from the rapidly rising household debt in China.",
  "sections": [
    {
      "heading": "Overview and scope",
      "content": "- Title: Assessing Macro-Financial Risks of Household Debt in China\n- Authors: Fei Han, Emilia M Jurzyk, Wei Guo, Yun He, Nadia Rendak\n- Publication: IMF Working Papers, Working Paper No. 2019/258\n- Publication date: November 27, 2019\n- Pages: 25\n- Volume: 2019\n- Issue: 258\n- DOI: https://doi.org/10.5089/9781513516073.001\n- Stock No: WPIEA2019258\n- ISBN: 9781513516073\n- ISSN: 1018-5941\n- Subject keywords: Consumption, Household consumption, Housing prices, Income, Income shocks, National accounts, Prices\n- Additional keywords: Consumption, consumption growth, debt, DSTI ratio, GDP ratio, Global, Household consumption, household debt, household default, household indebtedness, Housing prices, Income, Income shocks, LTV ratio, WP"
    },
    {
      "heading": "Key findings: macroeconomic and financial-stability implications",
      "content": "- Rapidly rising household debt in China could constrain future consumption growth and increase financial stability risks.\n- Rising household indebtedness could boost consumption in the short term, while reducing it in the medium-to-long term.\n- Stress tests of households’ debt repayment capacity indicate low-income households are most vulnerable to adverse income shocks, which could lead to significant defaults."
    },
    {
      "heading": "Methods and data",
      "content": "- The analysis uses household survey data to assess both macroeconomic and financial stability risks stemming from household debt dynamics."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Strengthen systemic risk assessment and macroprudential policies focused on the household sector.\n- Improve the credit registry system.\n- Establish a well-functioning personal insolvency framework."
    },
    {
      "heading": "Framing and limitations",
      "content": "- IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate.\n- The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.\n\nSource: IMF Working Papers — \"Assessing Macro-Financial Risks of Household Debt in China\", November 27, 2019.\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2019/11/27/assessing-macro-financial-risks-of-household-debt-in-china-48710"
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    "Authors: Fei Han, Emilia M Jurzyk, Wei Guo, Yun He, Nadia Rendak",
    "Published: November 27, 2019",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513516073.001",
    "Title: Assessing Macro-Financial Risks of Household Debt in China",
    "Authors: Fei Han, Emilia M Jurzyk, Wei Guo, Yun He, Nadia Rendak",
    "Publication: IMF Working Papers, Working Paper No. 2019/258",
    "Publication date: November 27, 2019",
    "Pages: 25",
    "Volume: 2019",
    "Issue: 258",
    "DOI: https://doi.org/10.5089/9781513516073.001",
    "Stock No: WPIEA2019258",
    "ISBN: 9781513516073",
    "ISSN: 1018-5941",
    "Subject keywords: Consumption, Household consumption, Housing prices, Income, Income shocks, National accounts, Prices",
    "Additional keywords: Consumption, consumption growth, debt, DSTI ratio, GDP ratio, Global, Household consumption, household debt, household default, household indebtedness, Housing prices, Income, Income shocks, LTV ratio, WP",
    "Rapidly rising household debt in China could constrain future consumption growth and increase financial stability risks.",
    "Rising household indebtedness could boost consumption in the short term, while reducing it in the medium-to-long term.",
    "Stress tests of households’ debt repayment capacity indicate low-income households are most vulnerable to adverse income shocks, which could lead to significant defaults.",
    "The analysis uses household survey data to assess both macroeconomic and financial stability risks stemming from household debt dynamics.",
    "Strengthen systemic risk assessment and macroprudential policies focused on the household sector.",
    "Improve the credit registry system.",
    "Establish a well-functioning personal insolvency framework.",
    "IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate.",
    "The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.",
    "**Working Paper**"
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