The recent stability of the aggregate debt-service and financial obligations ratios reflects largely the evolution of the financial situations of homeowners, who owe more than nine-tenths of all household debt.
Furthermore, when developing economies are ranked according to their historical record of openness, economies such as Hong Kong, Malaysia, Singapore, and Thailand are 12 near the top of the list. These Asian economies are some of the same ones that participated in the region's so-called growth miracle.