Abstract
By definition, all the debts in the household sector are loans rather than bonds.
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By international comparison, the leverage ratio level of the Chinese household sector is much lower than the average leverage ratio level of the household sector of the world’s major developed countries (112% in 2012), so China’s household debt is not highly risky on the whole. But it should be noted that as the real estate is the major assets of the household sector and the proportion of stocks, funds and other “new” assets to some financial assets held by the household sector has also increased significantly, so the uncertainty brought by procyclicality of asset prices deserver our attention.
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© 2018 China Social Sciences Press and Springer Nature Singapore Pte Ltd.
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Li, Y., Xiaojing, Z., Xin, C. (2018). Whole Society Leverage Ratio. In: China's National Balance Sheet (2015): Leverage Adjustment and Risk Management. Springer, Singapore. https://doi.org/10.1007/978-981-10-7733-3_4
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DOI: https://doi.org/10.1007/978-981-10-7733-3_4
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