HOUSEHOLD INCOME DISTRIBUTION AND FINANCIAL DEBT: FIVE ANALYTICAL PATTERNS OF CONSUMER INDEBTEDNESS FROM KAZAKHSTAN
Ybrayev Z. Zharkynbay T. Baizakov A. Kairullayev Y.
2026Routledge
Asian Affairs
2026#57Issue 1107 - 121 pp.
In this paper we study household borrowing patterns across the entire income distribution for a developing economy, Kazakhstan, with a large and growing consumer debt. We collect administrative, granular and de-identified data on individual wages and their corresponding debt service payments to organise consumers into ‘income-debt service’ income groups. Our results show the following five analytical patterns of household indebtedness with respect to heterogenous income brackets in case of Kazakhstan. First of all, the absolute amount of debt outstanding is concentrated in top income groups. At the same time, higher debt service burdens can be found in the bottom income brackets. Next, as income levels rise, both the amount of outstanding debt and the share of mortgage loans within the total amount of household also increases. Fourth, the number of loans outstanding per person increases with the growth in income. Fifth, the quality of loans improves across the income distribution. Our findings underscore the need for macroprudential policy tools to incorporate empirical patterns arising from heterogeneous income levels and borrowing behaviours, particularly in the context of a developing economy.
Text of the article Перейти на текст статьи
Financial Stability and Research Department at the National Bank of Kazakhstan, Kazakhstan
Unit in the Financial Stability and Research Department, Kazakhstan
Financial Stability and Research Department, Kazakhstan
Financial Stability and Research Department at the National Bank of Kazakhstan
Unit in the Financial Stability and Research Department
Financial Stability and Research Department
10 лет помогаем публиковать статьи Международный издатель
Книга Публикация научной статьи Волощук 2026 Book Publication of a scientific article 2026