（原标题：泰国家庭债务激增至四年来的最高水平） 据曼谷邮报9月26日报道,根据泰国商会大学的一项调查，泰国家庭的平均 债务水平较去年上升了22%，达到了四年来的最高水平——740,596泰铢。 这项调查于9月15日至22日期间进行，共有1,716人参与了调查。该大学的校长 塔纳瓦将费用增加的原因归结为紧急开支、家庭经济负担、由于突发经济危机 导致收入不足以覆盖各项开销，以及生活成本的不断上升。此外，他表示，正 规债务的比例有所下降，而非正规债务的规模则与去年相比大幅增加。这一趋 势表明，正规经济领域的信贷供应正在变得更为紧张。这与泰国银行发布的数 据相符——数据显示贷款增长速度有所放缓，同时不良贷款的数量预计将会增 加。 ...

（原标题：韩第二季度家庭信贷规模创新高） 具体来看，本季度家庭贷款余额为1832.6万亿韩元，其中住房抵押贷款1148.2万亿韩元，环比增加 14.9万亿韩元；其他贷款684.4万亿韩元，增加8.2万亿韩元。政策性贷款余额为331.2万亿韩元，占住房 抵押贷款的28.8%，规模虽增2.6万亿韩元，但占比小幅下降。商业银行家庭贷款余额为993.7万亿韩 元，增加19.3万亿韩元；非银行金融机构贷款余额314.2万亿韩元，连续三个季度增长。 央行表示，家庭贷款上升主要因住宅交易活跃带动住房抵押贷款需求增加，同时信用贷款和证券公 司融资需求扩大，推高整体信贷规模。预计今年上半年家庭债务占GDP比重将小幅上升。 韩国《亚洲日报》8月19日报道，韩国央行19日公布数据显示，今年第二季度家庭信贷规模达 1952.8万亿韩元，环比增加24.6万亿韩元，创下自2002年相关统计开始以来的最高纪录，增幅亦为2021 年第三季度以来最大。家庭信贷指家庭向银行、保险公司、小额贷款公司等金融机构申请的贷款，曾在 去年一季度因货币紧缩减少，但随后已连续五个季度增长。 ...

Group 1: Stock Valuation - Despite high interest rates, increased uncertainty, and rising geopolitical risks, U.S. stock valuations remain at their highest level since the late 1990s, raising concerns about potential disconnection from fundamentals [3] - Goldman Sachs' investment strategy model indicates that the fundamental drivers can explain most of the current high valuations, but not all, with the predicted price-to-earnings ratio at 20.7 times compared to the actual 22.4 times, while the average since 1990 is 15.9 times [3] - The speculative trading index suggests current risks are elevated, highlighted by the trading of "meme stocks," indicating a particularly high market risk appetite [3] Group 2: Housing Prices - Although the Financial Excess Monitor indicates some risks in housing prices, Goldman Sachs is less concerned as current high prices reflect a persistent supply-demand imbalance in single-family homes rather than loose lending standards or speculative purchases [4] - The shortage of single-family homes may continue for some time, limiting the risk of significant price declines, and loose lending standards are not the primary driver of rising home prices, as the median credit score for mortgage issuance remains slightly above pre-pandemic levels [4] Group 3: Household Debt - Investors are primarily concerned about low savings rates, which may prompt households to reduce consumption and increase savings due to economic uncertainties from the Russia-Ukraine conflict [5] - Goldman Sachs' global investment research model shows that low savings rates align with fundamental drivers, particularly high household wealth [5] - Concerns about rising consumer credit delinquency rates indicating financial fragility are mitigated, as the increase mainly reflects inadvertent risk loans rather than a deterioration in household financial conditions, with delinquency rates stabilizing [5] Group 4: Corporate Debt - Corporate interest expenses have significantly increased in recent years, but the impact appears limited so far [6] - Goldman Sachs estimates that refinancing debt due in the next two years will only increase interest expenses by 3%, down from a previous estimate of 7%, reflecting that much of the debt has been refinanced at higher rates and corporate debt rates have significantly decreased [6] Group 5: Fiscal Sustainability - The greatest medium- to long-term risk for the U.S. may arise if debt and corresponding interest expenses grow large enough, necessitating sustained fiscal surpluses to stabilize the debt-to-GDP ratio, which may be difficult to maintain [7] - It is challenging to predict when the market will become more concerned about this issue, but any resulting upward pressure on interest rates could tighten broader financial conditions, especially given already high asset valuations, potentially hindering economic growth [7]

Core Viewpoint - The Vice Governor of the Bank of Korea stated that household debt has become a significant factor in monetary policy [1] Group 1 - Household debt levels in South Korea are influencing the central bank's monetary policy decisions [1] - The central bank is increasingly considering the implications of household debt on economic stability [1] - There is a growing concern regarding the sustainability of household debt in the context of rising interest rates [1]

Core Viewpoint - The South Korean Ministry of Finance is set to significantly strengthen regulations on mortgage loans in response to rising household debt levels [1] Group 1: Household Debt Concerns - The meeting addressed the increasing household debt issue in South Korea, which has raised concerns among policymakers [1] - The government is focusing on measures to mitigate risks associated with high levels of household borrowing [1] Group 2: Regulatory Measures - The Ministry of Finance plans to implement stricter oversight on mortgage lending practices to ensure financial stability [1] - Enhanced regulations are expected to target lending criteria and borrower assessments to prevent excessive debt accumulation [1]

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Group 1 - The overall credit delinquency rate for the first quarter is reported at 4.2%, an increase from 3.6% in the previous quarter [1] - Household debt reached $18.2 trillion in the first quarter, reflecting a 0.9% growth compared to the last quarter of the previous year [1] - The consumer default rate in the first quarter stands at 4.3%, marking the highest level since 2020 [1]

Core Insights - The overall credit delinquency rate for the first quarter is reported at 4.2%, an increase from 3.6% in the previous fourth quarter [1] - Household debt reached $18.2 trillion in the first quarter, reflecting a 0.9% increase compared to the last quarter of the previous year [1]