Asia-Pacific economies have so far escaped the credit crises that the U.S. and Europe have experienced. But debt levels in key economies are much higher today than they were just six to seven years ago. Betting that they can avoid the law of gravity to stay safely at these elevated levels indefinitely doesn't seem wise. The saving grace for Asia-Pacific countries is that some structural factors lower the risks to financial and macroeconomic stability. Total credit extended to non-financial entities in the region remains lower than in most parts of Europe. Corporate borrowings partly support economic activities outside of their home countries. And the importance of asset-heavy industries in some countries raises the overall level of credit but increases financial...
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Research Type: Commentary
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