The charts here are static snapshots of the BIS and ILO data as of Q3 2016, but in a short while I will release Ravel©™, a new tool for dynamically presenting and analysing large data sets like this easily.
Government and Private Debt Levels
Breakdown of Private Sector Debt
It has always been easy to find data on government debt, because mainstream economic theory, via concepts like “Ricardian Equivalence” (Barro 1973, Barro 1978, Barro 1989, Barro 1991), has argued that this is an important economic variable, and economic statisticians collect the data that economists assert is significant. Private debt data, on the other hand, was available only by historical accident (as in the case of the US Federal Reserve’s Flow of Funds data, which was designed in the early post-WWII period before concepts like Ricardian Equivalence raised their misleading heads) because mainstream economists argued that private debt was a “pure redistribution” and, to quote Ben Bernanke, “Absent implausibly large differences in marginal spending propensities among the groups, … pure redistributions should have no significant macro¬economic effects” (Bernanke 2000, p. 24)
That changed in 2014, when the Bank of International Settlements released a database on private debt. The BIS stepped outside the mainstream because it had the good fortune to have, in Bill White, a Research Director who took Hyman Minsky’s “Financial Instability Hypothesis” seriously (Minsky 1963, Minsky 1977, Minsky 1978, Minsky 1982, Minsky 1982), when mainstream economists simply ignored him. Bill White has since moved to the OECD, but the tradition he established at the BIS lives on.
That data made this book possible. But the size of the book—a mere 25,000 words—made putting all the data in the book impossible. Thankfully the web enables a way around this. While I focused on the data for just the USA, UK, Australia, Japan and China in the book, this web page provides all the data for all countries in the BIS databases—which now include house prices and consumer prices.
Government and Private Debt Levels
Government and Private Debt Levels
All
Government and Private Debt Levels
Advanced
Government and Private Debt Levels
G20
Government and Private Debt Levels
Emerging
Breakdown of Private Sector Debt
Breakdown of Private Sector Debt
All
Breakdown of Private Sector Debt
Advanced
Breakdown of Private Sector Debt
G20
Breakdown of Private Sector Debt
Emerging
Credit and Aggregate Demand
Credit and Aggregate Demand
All
Credit and Aggregate Demand
Advanced
Credit and Aggregate Demand
Emerging
Credit and Aggregate Demand
G20
Argentina
Argentina
Government and Private Debt Levels
Argentina
Credit and Aggregate Demand
Argentina
Breakdown of Private Sector Debt
Argentina
Credit and Unemployment
Not Available
Argentina
Change in Credit and Change in Unemployment
Not Available
Argentina
Household Debt and House Prices
Not Available
Argentina
Change in Household Credit and Change in House Prices
Not Available
Australia
Australia
Government and Private Debt Levels
Australia
Credit and Aggregate Demand
Australia
Breakdown of Private Sector Debt
Australia
Credit and Unemployment
Australia
Change in Credit and Change in Unemployment
Australia
Household Debt and House Prices
Australia
Change in Household Credit and Change in House Prices
Austria
Austria
Government and Private Debt Levels
Austria
Credit and Aggregate Demand
Austria
Breakdown of Private Sector Debt
Austria
Credit and Unemployment
Austria
Change in Credit and Change in Unemployment
Austria
Household Debt and House Prices
Austria
Change in Household Credit and Change in House Prices
Belgium
Belgium
Government and Private Debt Levels
Belgium
Credit and Aggregate Demand
Belgium
Breakdown of Private Sector Debt
Belgium
Credit and Unemployment
Belgium
Change in Credit and Change in Unemployment
Belgium
Household Debt and House Prices
Belgium
Change in Household Credit and Change in House Prices
Brazil
Brazil
Government and Private Debt Levels
Brazil
Credit and Aggregate Demand
Brazil
Breakdown of Private Sector Debt
Brazil
Credit and Unemployment
Not Available
Brazil
Change in Credit and Change in Unemployment
Not Available
Brazil
Household Debt and House Prices
Brazil
Change in Household Credit and Change in House Prices
Canada
Canada
Government and Private Debt Levels
Canada
Credit and Aggregate Demand
Canada
Breakdown of Private Sector Debt
Canada
Credit and Unemployment
Canada
Change in Credit and Change in Unemployment
Canada
Household Debt and House Prices
Canada
Change in Household Credit and Change in House Prices
Chile
Chile
Government and Private Debt Levels
Chile
Credit and Aggregate Demand
Chile
Breakdown of Private Sector Debt
Chile
Credit and Unemployment
Chile
Change in Credit and Change in Unemployment
Chile
Household Debt and House Prices
Chile
Change in Household Credit and Change in House Prices
China
China
Government and Private Debt Levels
China
Credit and Aggregate Demand
China
Breakdown of Private Sector Debt
China
Credit and Unemployment
Not Available
China
Change in Credit and Change in Unemployment
Not Available
China
Household Debt and House Prices
China
Change in Household Credit and Change in House Prices
Colombia
Colombia
Government and Private Debt Levels
Colombia
Credit and Aggregate Demand
Colombia
Breakdown of Private Sector Debt
Colombia
Credit and Unemployment
Not Available
Colombia
Change in Credit and Change in Unemployment
Not Available
Colombia
Household Debt and House Prices
Colombia
Change in Household Credit and Change in House Prices
Czech Republic
Czech Republic
Government and Private Debt Levels
Czech Republic
Credit and Aggregate Demand
Czech Republic
Breakdown of Private Sector Debt
Czech Republic
Credit and Unemployment
Czech Republic
Change in Credit and Change in Unemployment
Czech Republic
Household Debt and House Prices
Czech Republic
Change in Household Credit and Change in House Prices
Denmark
Denmark
Government and Private Debt Levels
Denmark
Credit and Aggregate Demand
Denmark
Breakdown of Private Sector Debt
Denmark
Credit and Unemployment
Denmark
Change in Credit and Change in Unemployment
Denmark
Household Debt and House Prices
Denmark
Change in Household Credit and Change in House Prices
Euro Region
Euro Region
Government and Private Debt Levels
Euro Region
Credit and Aggregate Demand
Euro Region
Breakdown of Private Sector Debt
Euro Region
Credit and Unemployment
Euro Region
Change in Credit and Change in Unemployment
Euro Region
Household Debt and House Prices
Euro Region
Change in Household Credit and Change in House Prices
Finland
Finland
Government and Private Debt Levels
Finland
Credit and Aggregate Demand
Finland
Breakdown of Private Sector Debt
Finland
Credit and Unemployment
Finland
Change in Credit and Change in Unemployment
Finland
Household Debt and House Prices
Finland
Change in Household Credit and Change in House Prices
France
France
Government and Private Debt Levels
France
Credit and Aggregate Demand
France
Breakdown of Private Sector Debt
France
Credit and Unemployment
France
Change in Credit and Change in Unemployment
France
Household Debt and House Prices
France
Change in Household Credit and Change in House Prices
Germany
Germany
Government and Private Debt Levels
Germany
Credit and Aggregate Demand
Germany
Breakdown of Private Sector Debt
Germany
Credit and Unemployment
Germany
Change in Credit and Change in Unemployment
Germany
Household Debt and House Prices
Germany
Change in Household Credit and Change in House Prices
Greece
Greece
Government and Private Debt Levels
Greece
Credit and Aggregate Demand
Greece
Breakdown of Private Sector Debt
Greece
Credit and Unemployment
Greece
Change in Credit and Change in Unemployment
Greece
Household Debt and House Prices
Greece
Change in Household Credit and Change in House Prices
Hong Kong
Hong Kong
Government and Private Debt Levels
Hong Kong
Credit and Aggregate Demand
Hong Kong
Breakdown of Private Sector Debt
Hong Kong
Credit and Unemployment
Not Available
Hong Kong
Change in Credit and Change in Unemployment
Not Available
Hong Kong
Household Debt and House Prices
Hong Kong
Change in Household Credit and Change in House Prices
Hungary
Hungary
Government and Private Debt Levels
Hungary
Credit and Aggregate Demand
Hungary
Breakdown of Private Sector Debt
Hungary
Credit and Unemployment
Hungary
Change in Credit and Change in Unemployment
Hungary
Household Debt and House Prices
Hungary
Change in Household Credit and Change in House Prices
India
India
Government and Private Debt Levels
India
Credit and Aggregate Demand
India
Breakdown of Private Sector Debt
India
Credit and Unemployment
Not Available
India
Change in Credit and Change in Unemployment
Not Available
India
Household Debt and House Prices
India
Change in Household Credit and Change in House Prices
Indonesia
Indonesia
Government and Private Debt Levels
Indonesia
Credit and Aggregate Demand
Indonesia
Breakdown of Private Sector Debt
Indonesia
Credit and Unemployment
Not Available
Indonesia
Change in Credit and Change in Unemployment
Not Available
Indonesia
Household Debt and House Prices
Indonesia
Change in Household Credit and Change in House Prices
Ireland
Ireland
Government and Private Debt Levels
Ireland
Credit and Aggregate Demand
Ireland
Breakdown of Private Sector Debt
Ireland
Credit and Unemployment
Ireland
Change in Credit and Change in Unemployment
Ireland
Household Debt and House Prices
Ireland
Change in Household Credit and Change in House Prices
Israel
Israel
Government and Private Debt Levels
Israel
Credit and Aggregate Demand
Israel
Breakdown of Private Sector Debt
Israel
Credit and Unemployment
Israel
Change in Credit and Change in Unemployment
Israel
Household Debt and House Prices
Israel
Change in Household Credit and Change in House Prices
Italy
Italy
Government and Private Debt Levels
Italy
Credit and Aggregate Demand
Italy
Breakdown of Private Sector Debt
Italy
Credit and Unemployment
Italy
Change in Credit and Change in Unemployment
Italy
Household Debt and House Prices
Italy
Change in Household Credit and Change in House Prices
Japan
Japan
Government and Private Debt Levels
Japan
Credit and Aggregate Demand
Japan
Breakdown of Private Sector Debt
Japan
Credit and Unemployment
Japan
Change in Credit and Change in Unemployment
Japan
Household Debt and House Prices
Japan
Change in Household Credit and Change in House Prices
Korea
Korea
Government and Private Debt Levels
Korea
Credit and Aggregate Demand
Korea
Breakdown of Private Sector Debt
Korea
Credit and Unemployment
Korea
Change in Credit and Change in Unemployment
Korea
Household Debt and House Prices
Korea
Change in Household Credit and Change in House Prices
Luxembourg
Luxembourg
Government and Private Debt Levels
Luxembourg
Credit and Aggregate Demand
Luxembourg
Breakdown of Private Sector Debt
Luxembourg
Credit and Unemployment
Luxembourg
Change in Credit and Change in Unemployment
Luxembourg
Household Debt and House Prices
Luxembourg
Change in Household Credit and Change in House Prices
Malaysia
Malaysia
Government and Private Debt Levels
Malaysia
Credit and Aggregate Demand
Malaysia
Breakdown of Private Sector Debt
Malaysia
Credit and Unemployment
Not Available
Malaysia
Change in Credit and Change in Unemployment
Not Available
Malaysia
Household Debt and House Prices
Malaysia
Change in Household Credit and Change in House Prices
Mexico
Mexico
Government and Private Debt Levels
Mexico
Credit and Aggregate Demand
Mexico
Breakdown of Private Sector Debt
Mexico
Credit and Unemployment
Mexico
Change in Credit and Change in Unemployment
Mexico
Household Debt and House Prices
Mexico
Change in Household Credit and Change in House Prices
Netherlands
Netherlands
Government and Private Debt Levels
Netherlands
Credit and Aggregate Demand
Netherlands
Breakdown of Private Sector Debt
Netherlands
Credit and Unemployment
Netherlands
Change in Credit and Change in Unemployment
Netherlands
Household Debt and House Prices
Netherlands
Change in Household Credit and Change in House Prices
New Zealand
New Zealand
Government and Private Debt Levels
New Zealand
Credit and Aggregate Demand
New Zealand
Breakdown of Private Sector Debt
New Zealand
Credit and Unemployment
New Zealand
Change in Credit and Change in Unemployment
New Zealand
Household Debt and House Prices
New Zealand
Change in Household Credit and Change in House Prices
Norway
Norway
Government and Private Debt Levels
Norway
Credit and Aggregate Demand
Norway
Breakdown of Private Sector Debt
Norway
Credit and Unemployment
Norway
Change in Credit and Change in Unemployment
Norway
Household Debt and House Prices
Norway
Change in Household Credit and Change in House Prices
Poland
Poland
Government and Private Debt Levels
Poland
Credit and Aggregate Demand
Poland
Breakdown of Private Sector Debt
Poland
Credit and Unemployment
Poland
Change in Credit and Change in Unemployment
Poland
Household Debt and House Prices
Poland
Change in Household Credit and Change in House Prices
Portugal
Portugal
Government and Private Debt Levels
Portugal
Credit and Aggregate Demand
Portugal
Breakdown of Private Sector Debt
Portugal
Credit and Unemployment
Portugal
Change in Credit and Change in Unemployment
Portugal
Household Debt and House Prices
Portugal
Change in Household Credit and Change in House Prices
Russia
Russia
Government and Private Debt Levels
Russia
Credit and Aggregate Demand
Russia
Breakdown of Private Sector Debt
Russia
Credit and Unemployment
Not Available
Russia
Change in Credit and Change in Unemployment
Not Available
Russia
Household Debt and House Prices
Russia
Change in Household Credit and Change in House Prices
Saudi Arabia
Saudi Arabia
Government and Private Debt Levels
Saudi Arabia
Credit and Aggregate Demand
Saudi Arabia
Breakdown of Private Sector Debt
Saudi Arabia
Credit and Unemployment
Not Available
Saudi Arabia
Change in Credit and Change in Unemployment
Not Available
Saudi Arabia
Household Debt and House Prices
Not Available
Saudi Arabia
Change in Household Credit and Change in House Prices
Not Available
Singapore
Singapore
Government and Private Debt Levels
Singapore
Credit and Aggregate Demand
Singapore
Breakdown of Private Sector Debt
Singapore
Credit and Unemployment
Not Available
Singapore
Change in Credit and Change in Unemployment
Not Available
Singapore
Household Debt and House Prices
Singapore
Change in Household Credit and Change in House Prices
South Africa
South Africa
Government and Private Debt Levels
South Africa
Credit and Aggregate Demand
South Africa
Breakdown of Private Sector Debt
South Africa
Credit and Unemployment
Not Available
South Africa
Change in Credit and Change in Unemployment
Not Available
South Africa
Change in Household Credit and Change in House Prices
Spain
Spain
Government and Private Debt Levels
Spain
Credit and Aggregate Demand
Spain
Breakdown of Private Sector Debt
Spain
Credit and Unemployment
Spain
Change in Credit and Change in Unemployment
Spain
Household Debt and House Prices
Spain
Change in Household Credit and Change in House Prices
Sweden
Sweden
Government and Private Debt Levels
Sweden
Credit and Aggregate Demand
Sweden
Breakdown of Private Sector Debt
Sweden
Credit and Unemployment
Sweden
Change in Credit and Change in Unemployment
Sweden
Household Debt and House Prices
Sweden
Change in Household Credit and Change in House Prices
Switzerland
Switzerland
Government and Private Debt Levels
Switzerland
Credit and Aggregate Demand
Switzerland
Breakdown of Private Sector Debt
Switzerland
Credit and Unemployment
Switzerland
Change in Credit and Change in Unemployment
Switzerland
Household Debt and House Prices
Switzerland
Change in Household Credit and Change in House Prices
Thailand
Thailand
Government and Private Debt Levels
Thailand
Credit and Aggregate Demand
Thailand
Breakdown of Private Sector Debt
Thailand
Credit and Unemployment
Not Available
Thailand
Change in Credit and Change in Unemployment
Not Available
Thailand
Household Debt and House Prices
Thailand
Change in Household Credit and Change in House Prices
Turkey
Turkey
Government and Private Debt Levels
Turkey
Credit and Aggregate Demand
Turkey
Breakdown of Private Sector Debt
Turkey
Credit and Unemployment
Turkey
Change in Credit and Change in Unemployment
Turkey
Household Debt and House Prices
Turkey
Change in Household Credit and Change in House Prices
UK
UK
Government and Private Debt Levels
UK
Credit and Aggregate Demand
UK
Breakdown of Private Sector Debt
UK
Credit and Unemployment
UK
Change in Credit and Change in Unemployment
UK
Household Debt and House Prices
UK
Change in Household Credit and Change in House Prices
USA
USA
Government and Private Debt Levels
USA
Credit and Aggregate Demand
USA
Breakdown of Private Sector Debt
USA
Credit and Unemployment
USA
Change in Credit and Change in Unemployment
USA
Household Debt and House Prices
USA
Change in Household Credit and Change in House Prices
UNKNOWN
UNKNOWN
Household Debt and House Prices
UNKNOWN
Household Debt and House Prices
Barro, R. J. (1973). “The Control of Politicians: An Economic Model.” Public Choice
14: 19-42.
Barro, R. J. (1978). “Comment from an Unreconstructed Ricardian.” Journal of Monetary Economics
4(3): 569-581.
Barro, R. J. (1989). “The Ricardian Approach to Budget Deficits.” Journal of Economic Perspectives
3(2): 37-54.
Barro, R. J. (1991). The Ricardian Model of Budget Deficits. Debt and the twin deficits debate. J. M. Rock, Mountain View, Calif.; London and Toronto:
Mayfield, Bristlecone Books: 133-148.
Bernanke, B. S. (2000). Essays on the Great Depression. Princeton, Princeton University Press.
Minsky, H. P. (1963). Can “It” Happen Again? Banking and Monetary Studies. D. Carson. Homewood, Illinois, Richard D. Irwin: 101-111.
Minsky, H. P. (1977). “The Financial Instability Hypothesis: An Interpretation of Keynes and an Alternative to ‘Standard’ Theory.” Nebraska Journal of Economics and Business
16(1): 5-16.
Minsky, H. P. (1978). “The Financial Instability Hypothesis: A Restatement.” Thames Papers in Political Economy
Autumn 1978.
Minsky, H. P. (1982). “Can ‘It’ Happen Again? A Reprise.” Challenge
25(3): 5-13.
Minsky, H. P. (1982). Can “it” happen again? : essays on instability and finance. Armonk, N.Y., M.E. Sharpe.