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Systematic Literature Review on the Macroeconomic Factors of Household Debt

Table 4: Different proxies in measuring factors as determinants for household debt

Factors Measurements Articles
Income GDP growth Igan & Tan (2017), Park & Lee (2019)
GDP nominal amount Mazibaş & Tuna (2017)
Household disposable income Coletta et al. (2019), Catherine et al. (2016)
GDP per capita income Rashid et al. (2017), Slintáková & Klazar (2018), Samad et al. (2020a), Kusairi et al. (2019), Park & Lee (2019), Borowski et al. (2019)
Consumption Household consumption Kusairi et al. (2019)
Gross Domestic Product Catherine et al. (2016)
Private final consumption Wildauer & Stockhammer (2018)
House price Nominal house price index Slintáková & Klazar (2018),
Housing price index Samad et al. (2020a), Kusairi et al. (2019)
Real property price indices Wildauer & Stockhammer (2018)
Asset of the bank Hamid & Yunus (2020)
House price growth Coletta et al. (2019)
Demographics Young households Slintáková & Klazar (2018), Borowski et al. (2019)
Young dependency ratio Slintáková & Klazar (2018)
Old dependency ratio Slintáková & Klazar (2018)
Working age population Catherine et al. (2016), Samad et al. (2020a)
Retiring Population Catherine et al. (2016)
Older than 65 in the population Wildauer & Stockhammer (2018)
Life expectancy rate Coletta et al. (2019)
Interest rate Lending interest rate Samad et al. (2020a), Rashid et al. (2017),
Deposit interest rate Igan & Tan (2017)
Inflation Inflation rate Samad et al. (2020a), Mazibaş & Tuna (2017), Coletta et al. (2019), Kusairi et al. (2019)
Consumer price index Wildauer & Stockhammer (2018) Hamid & Yunus (2020)
Unemployment Unemployment rate Samad et al. (2020a), Slintáková & Klazar (2018), Kusairi et al. (2019), Rashid et al. (2017)
Labour force Kusairi et al. (2019)
Income inequality Gini Index Rashid et al. (2017)
Standardized World Income Inequality Database Wildauer & Stockhammer (2018)
Financial sectors Financial Development Index Samad et al. (2020a)
Liquid liability
Private credit Samad et al. (2020a) Rashid et al. (2017)
Equity Hamid & Yunus (2020)
Monetary Policy Hamid & Yunus (2020)
Broad money Igan & Tan (2017)
Institutions Fraser Index on credit market regulation index Wildauer & Stockhammer (2018)
Quality of credit registers Quality of bankruptcy laws and time to resolve insolvencies Coletta et al. (2019)
Membership in the monetary union Borowski et al. (2019)
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