{
  "title": "Household Deleveraging and Saving Rates: A Cross-Country Analysis",
  "publication": "IMF Working Papers, October 29, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2021/10/29/household-deleveraging-and-saving-rates-a-cross-country-analysis-501344",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2021/10/29/household-deleveraging-and-saving-rates-a-cross-country-analysis-501344",
  "overlayPath": "/en/publications/wp/issues/2021/10/29/household-deleveraging-and-saving-rates-a-cross-country-analysis-501344/index.md",
  "summary": "Historically high household debt in several economies is calling for a deleveraging, but according to some economists, this adjustment can slow GDP growth by weighing on consumption.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- Using a sample of advanced and emerging market economies, the paper finds evidence of a negative relationship between changes of household debt-to-income ratios and saving rates.\n- The relationship is asymmetric: it is significant only for debt build-ups.\n- Declining debt ratios and saving are significantly related in some economies, but this relationship is driven by consumer credit, not by mortgages.\n- Results suggest that the economic cost associated with household deleveraging may be overestimated and motivate a deleveraging via lower mortgages."
    },
    {
      "heading": "Summary of research question and motivation",
      "content": "- Historically high household debt in several economies is calling for a deleveraging; some economists argue this adjustment can slow GDP growth by weighing on consumption.\n- The paper investigates how changes in household debt-to-income ratios relate to saving rates across a cross-country sample."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Consumer credit, Consumption, Credit, Disposable income, Financial institutions, Money, Mortgages, National accounts\n- Keywords: Africa, consumer credit, Consumption, consumption growth, Credit, deleveraging, Disposable income, homeownership rate, Household debt, housing equity withdrawal., mortgages, rates from credit boom, saving rate, saving rates\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/2021/10/29/household-deleveraging-and-saving-rates-a-cross-country-analysis-501344"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2021/10/29/household-deleveraging-and-saving-rates-a-cross-country-analysis-501344/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2021/10/29/household-deleveraging-and-saving-rates-a-cross-country-analysis-501344/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2021/10/29/household-deleveraging-and-saving-rates-a-cross-country-analysis-501344/bundle-manifest.json)",
    "Authors: Romain Bouis",
    "Published: October 29, 2021",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781589064072.001",
    "Using a sample of advanced and emerging market economies, the paper finds evidence of a negative relationship between changes of household debt-to-income ratios and saving rates.",
    "The relationship is asymmetric: it is significant only for debt build-ups.",
    "Declining debt ratios and saving are significantly related in some economies, but this relationship is driven by consumer credit, not by mortgages.",
    "Results suggest that the economic cost associated with household deleveraging may be overestimated and motivate a deleveraging via lower mortgages.",
    "Historically high household debt in several economies is calling for a deleveraging; some economists argue this adjustment can slow GDP growth by weighing on consumption.",
    "The paper investigates how changes in household debt-to-income ratios relate to saving rates across a cross-country sample.",
    "Subject: Consumer credit, Consumption, Credit, Disposable income, Financial institutions, Money, Mortgages, National accounts",
    "Keywords: Africa, consumer credit, Consumption, consumption growth, Credit, deleveraging, Disposable income, homeownership rate, Household debt, housing equity withdrawal., mortgages, rates from credit boom, saving rate, saving rates",
    "**Working Paper**"
  ],
  "related": [
    {
      "title": "Working Paper",
      "role": "paper",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/wp/2021/english/wpiea2021257-print-pdf.pdf",
      "summary": {
        "path": "/-/media/files/publications/wp/2021/english/wpiea2021257-print-pdf.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/wp/2021/english/wpiea2021257-print-pdf.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2021/10/29/household-deleveraging-and-saving-rates-a-cross-country-analysis-501344/index.md",
    "json": "/en/publications/wp/issues/2021/10/29/household-deleveraging-and-saving-rates-a-cross-country-analysis-501344/index.json",
    "bundleManifest": "/en/publications/wp/issues/2021/10/29/household-deleveraging-and-saving-rates-a-cross-country-analysis-501344/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-16T20:18:56.102Z"
}