CONTENTS

Executive summary   Page 1
Not much deleveraging

1. What happened to deleveraging?   Page 15
Global debt continues to grow, and reducing it will require a wider range of solutions

2. Household debt: Lessons not learned   Page 37
A hidden time bomb in some countries?

3. Shadow banking: Out of the shadows?   Page 55
Risky, opaque instruments are out, but non‑bank credit remains important

4. China’s debt: Three risks to watch   Page 75
Debt is rising rapidly, due to real estate and shadow banking

5. Learning to live with debt   Page 93
Avoiding future debt crises will require new tools

Appendix: Technical notes   Page 103

Bibliography   Page 119