BIS paper links debt service lag to impact on real economy
The lag between debt accumulation and the peak of debt service costs helps explain why debt booms have a delayed impact on the real economy and the probability of crises, according to a working paper published by the Bank for International Settlements.
In Accounting for debt service: the painful legacy of credit booms, authors Mathias Drehmann, Mikael Juselius and Anton Korinek base their results on the observation that debt service costs peak after the highest point of a credit boom – around
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