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Systematic Literature Review on the Macroeconomic Factors of Household Debt

Table 3: Themes

Author Sample Estimation Method Other factors Macroeconomic factors Income Demographics IR UN INF CON HPI FD
Developing countries
1. Khan et al. (2016) Malaysia ARDL Dependent variable; mortgage debt (MD) and consumer debt (CD) Yes CD +MD + CD + MD + (WP) CD + MD - CD + MD - CD + MD+
2. Catherine et al. (2016) 5 Asian countries OLS Household saving MY/ ID (+) Yes MY + WP MY- RP MY – TH/ PH + TH + SG/JP- ID/ TH/ PH – MY – TW & KR + TH+
3. Mazibaş & Tuna (2017) Turkey ARDL Broad money, consumer confidence, stock market (+) and consumer goods imports (+) Yes
4. Kusairi et al. (2019) Asia-Pacific MG, PMG Labour market Yes + - - + +
5. Hamid & Yunus (2020) ASEAN Countries Fixed effect panel data Monetary policy on mortgage (-) CD- MD- CD+MD +
6. Samad et al. (2020a) Emerging countries LSDVC/GM M Financial development (proxied by FDI, Liquid liability & Private credit) Yes - + - - + +
Developed countries
7. Wildauer & Stockhammer (2018) OECD countries (DFE) and PMG estimator Income inequality (+) Deregulation + Yes + - +
8. Moore & Stockhammer (2018) 13 OECD panel ECM Income inequality Yes +
9. Slintáková & Klazar (2018) 14 EU countries POLS Tax relief Home-rent wedge Yes + - -
10. Coletta et al. (2019) 33 countries POLS/GMM Gross saving (-), Origin of the legal system (-), Quality of credit registers (+), Quality of bankruptcy laws (+) and time to resolve insolvencies (-) Yes + + + + +
11. Park & Lee (2019) 28 OECD countries POLS/GMM Corporate income tax (-) Yes - + - +
12. Borowski et al. (2019) 23 EU countries Fixed effect/ Panel data Banking sector concentration (+) Bank supervision (–) Level of education (+) Membership in themonetary union (+) Yes + + - - +
Other Countries
13. Rashid et al. (2017) 55 countries GMM Income inequality (+) Yes - - +
14. Igan & Tan (2017) 33 countries IV regression Capital inflows (+) Exchange rate (-) Openness (+) Yes + + - + (-)
Notes: CD=Consumer Debt, MD=Mortgage Debt, WP=Working Population, RP=Retired Population, MY=Malaysia, TH=Thailand, PH=Philippines, ID=Indonesia, TW=Taiwan, KR=South Korea, SG=Singapore
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