firms in the unlisted sector has provided a flow of internal funds that has helped the sector to reduce gearing. Among other … similarities, median gearing of unlisted businesses appears to be broadly comparable to that of listed firms. …

backdrop, we investigate if household leverage matters for private consumption in adverse economic environments even without … severe financial disruptions. We find that the balance sheet positions in terms of the leverage ratio may weaken consumption … an important channel from leverage to consumer spending. …