04750oam 22011894 450 991082708090332120240402050800.01-4623-3459-81-4527-6320-81-4518-7113-997866128420611-282-84206-4(CKB)3170000000055154(EBL)1608086(SSID)ssj0000943262(PQKBManifestationID)11503277(PQKBTitleCode)TC0000943262(PQKBWorkID)10975543(PQKB)10729439(OCoLC)762470617(MiAaPQ)EBC1608086(IMF)WPIEE2008255(EXLCZ)99317000000005515420020129d2008 uf 0engur|n|---|||||txtccrStress Testing Household Debt in Korea /Meral Karasulu1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (41 p.)IMF Working PapersIMF working paper ;WP/08/255Description based upon print version of record.1-4519-1566-7 Includes bibliographical references.Cover Page; Title Page; Copyright Page; Contents; I. Introduction; 1. International Comparison of Household Debt; II. What Explains Korean Households' Debt Levels?; III. Stress Tests; IV. Conclusions; 2. Comparison of Stress Tests; Appendix: Description of the Data; 1. Summary Statistics; 2. How Representative is KLIPS?; References; FootnotesKorean household debt has reached 148 percent of disposable income, high by emerging market standards. Most of this debt remains at variable rates, shifting the interest rate risk from better diversified financial institutions to households and increasing their sensitivity to macroeconomic shocks. This paper examines the sources of, and risks from, household debt by employing stress tests on household level panel data. Results suggest that a 100-300 bps increase in interest rates could increase distressed household debt household debt by 8½?17 percentage points (ppt). A drop in real estate prices by 10?30 percent could add another 4 ppt to distressed debt. Ongoing transition to amortizing mortgages in 2008?09 presents additional challenges as interest payments on debt are likely to increase further.IMF Working Papers; Working Paper ;No. 2008/255Consumer creditKoreaDebtKoreaFinanceKoreaFinancial services industryKoreaMacroeconomicsimfReal EstateimfIndustries: Financial ServicesimfAggregate Factor Income DistributionimfPersonal Income, Wealth, and Their DistributionsimfMacroeconomics: ConsumptionimfSavingimfWealthimfReal Estate Markets, Spatial Production Analysis, and Firm Location: GeneralimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfProperty & real estateimfFinanceimfIncomeimfPersonal incomeimfConsumptionimfReal estate pricesimfEconomicsimfHousingimfPricesimfKorea, Republic ofimfConsumer creditDebtFinanceFinancial services industryMacroeconomicsReal EstateIndustries: Financial ServicesAggregate Factor Income DistributionPersonal Income, Wealth, and Their DistributionsMacroeconomics: ConsumptionSavingWealthReal Estate Markets, Spatial Production Analysis, and Firm Location: GeneralBanksDepository InstitutionsMicro Finance InstitutionsMortgagesProperty & real estateFinanceIncomePersonal incomeConsumptionReal estate pricesEconomicsHousingPrices332.7332.7650947Karasulu Meral1629086DcWaIMFBOOK9910827080903321Stress Testing Household Debt in Korea3966600UNINA