The OECD warns that the "historically" high levels of private debt in many member countries and some emerging economies, particularly China, entail a number of risks of financial shocks and reduced growth in the medium term.

In a report published today, the Organization for Economic Co-operation and Development (OECD) stresses that this situation does not have to give rise to instability, but poses a threat if financial conditions are under pressure.

In the case of indebted households, the vulnerability may arise mainly from a reversal in real estate prices, which are the origin of a large part of the loans.

Read more (in portuguese): OECD warns of "historically" high levels of private debt