BIS Review 75/2009  1  Over the past eight months, the crisis has broadened and affected most countries, including advanced, emerging and developing countries. US household sector Developments in the US economy, particularly in the household sector, continue to be central to the global financial stability outlook.
There are two reasons for this: first, the important contribution of US consumer spending to global economic activity; and, second, the continuing high exposure of global financial institutions to securities backed by US mortgages and consumer loans. According to the IMF, these exposures amount to USD 1.3 trillion.