institutions should diversify their income sources and strengthen their risk management to cope with lower profitability. Finally …, authorities need to help households to reduce liquidity and price risk related to real estate by making reverse mortgages more …

, multiple loan amount and consumer credit ratings ‒ and systemic risk. We find that an increase in household loans is a leading … indicator of systemic risk. In particular, systemic risk is related more to household loans from non-banks than to those from … banks, and more to unsecured loans than to secured loans. This paper also shows that systemic risk is associated with the …

financial sectors. It is believed that our study may provide important information about sources of default risk for individuals …

like to change their investment plan in a situation where inflation was present, respondents answered rationally that they … would change the investment portfolio in consideration of inflation. We further found evidence consistent with the rational …