Mortgages on another planet: the strange cases of Denmark and Sweden
When it comes to credit, there's no need to go to the ends of the earth to find a complete change of scenery. Our northern European neighbors, Denmark and Sweden in particular, provide a case study. Regulatory innovation has encouraged indebtedness to an extent unimaginable in France.
In 2013, outstanding mortgages per capita stood at €49,600 in Denmark and €27,600 in Sweden (versus €13,400 in France). Per owner-occupied household, outstanding mortgages rose to €184,900 in Denmark and €81,500 in Sweden (versus €49,600 in France). Finally, outstandings represented 225% of gross disposable income for Danish households and 119% for Swedish households (63% for French households).
The amounts seem out of all proportion. How can reputedly solid economies take on such high levels of debt? Regulatory innovation on the part of the Danish and Swedish governments is the first explanation.
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