Tokyo

A NEW international debt crisis, many believe, could be triggered by high levels of government debt and emerging market corporate borrowing. But a new study says that mushrooming household debt in some advanced and emerging economies also represents a serious threat to the global economy.

Singapore is among the top half-dozen emerging economies where the recent surge in household debt has been most marked since 2007, according to the report issued on Tuesday by the Washington-based Institute of International Finance (IIF). The Republic is ranked fifth-highest among 44 advanced and emerging economies, says the IIF, an association representing many of the world's largest private and public financial institutions.