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Since the 2008 financial crisis, 75% of the increase in debt was provided by governments and the corporate sector. State debts increased from $ 37 trillion in 2008 to $ 65 trillion in 2018 (86.5% of GDP), corporate debts - from $ 27 trillion to $ 72 trillion (to a record 92% of GDP); the increase in the financial sector was much more modest - plus 10% (up to $ 60 trillion, or 80.1% of GDP), for households - by 30% (up to $ 46 trillion, or 59.6% of GDP). The financial sector debt in these ten years grew mainly in developed countries, the population - in developing ones. In terms of government debt over the past year, it increased in developed countries from 108.6% of GDP to 108.7% of GDP, in developing countries - from 47.6% of GDP to 49.3% of GDP.
The corporate sector shows a similar trend: debt growth from 90.5% to 91.1% of GDP in developed countries and from 90.6% to 93.6% of GDP - in developing ones. The most notable was the growth of corporate debt in China - from 149.6% of GDP in the third quarter of 2017 to 157.1% of GDP in 2018 (the highest rate among large countries).
The IIF notes that borrowers increasingly prefer placing bonds to bank lending, especially in developing countries (the share of bonds in the volume of loans of companies is 25% against 17% in 2008). The fastest growth was noted in Chile, South Korea and China, while there was a decline in Argentina, Russia and Turkey (in all three cases, the national currency weakened and unfavorable external conditions for placements developed). In developed countries, the share of non-bank financing also increased, but less significantly - from 47% to 50%; in the USA banks now account for 50% of loans (against two-thirds before the crisis), in the euro zone - 65% against the previous 75%.
source: iif.com
The corporate sector shows a similar trend: debt growth from 90.5% to 91.1% of GDP in developed countries and from 90.6% to 93.6% of GDP - in developing ones. The most notable was the growth of corporate debt in China - from 149.6% of GDP in the third quarter of 2017 to 157.1% of GDP in 2018 (the highest rate among large countries).
The IIF notes that borrowers increasingly prefer placing bonds to bank lending, especially in developing countries (the share of bonds in the volume of loans of companies is 25% against 17% in 2008). The fastest growth was noted in Chile, South Korea and China, while there was a decline in Argentina, Russia and Turkey (in all three cases, the national currency weakened and unfavorable external conditions for placements developed). In developed countries, the share of non-bank financing also increased, but less significantly - from 47% to 50%; in the USA banks now account for 50% of loans (against two-thirds before the crisis), in the euro zone - 65% against the previous 75%.
source: iif.com
