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The Impact of Household Debt on Korea's Economy and Society
Author: Jongsung Kim
Region: Asia
Location: Korea, South
Published July 3, 2013
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The topic of household debt has not only economic implications for consumers and the country as a whole, but it is also a significant factor affecting the social stability of its citizens. This problem also parallels the recent financial crises in the U.S., the aftermath of which still plagues its economy. Against this backdrop, this paper aims to review and investigate the trends and determinants of the rising household debt and declining savings in Korea so policies can be implemented to deter and effectively counter the problems that low savings and countervailing high debt will pose on the Korean economy.

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