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Cover -- Contents -- I. Introduction -- II. The Role Of Debt in Macro-Financial Models -- III. Empirical Analysis and Results -- A. Household Debt and Output Growth in 80 Countries -- B. Institutional Factors and Distributional Characteristics -- C. Systemic Banking Crises -- D. Neglected Downside Risk -- E. Debt Overhang: Micro-Level Evidence -- IV. Robustness: Panel Var Analysis -- A. Exchange Rate Regime -- B. Distributional Characteristics of Household Debt -- V. Conclusions -- Appendix I. Data Description and Methodology -- Appendix II. Tables and Figures -- A. Tables -- B. Figures -- References -- Tables -- 1. Summary Statistics -- 2a. Household Debt and Future GDP Growth -- 2b. Household Debt and Future GDP Growth: AEs and EMs -- 3. The Role of Institutional Factors, Policies, and Household-Level Debt Characteristics -- 4. Probability of Systemic Banking Crisis -- 5a. Probability of Systemic Banking Crisis: Robustness-Lags -- 5b. Probability of Systemic Banking Crisis: Robustness-Methods -- 6. Bank Equity Returns and Crashes -- 7. Abnormal Returns for Bank Stocks -- 8. Euro Area: Household Debt Overhang -- Figures -- 1. Systemic Banking Crises: Area Under Curve (AUC) -- 2. Europe: Debt Overhang and Consumption (Macro-Level) -- 3. Euro Area Households: Debt Overhang and Consumption (Micro-Level) -- 4. Panel Var Analysis: Baseline -- 5. Panel Var Analysis: High vs Low Exchange Rate Flexibility -- 6. Panel Var Analysis: Participation Rate of Low-Income Households and Financial Development -- 7. Panel Var Analysis: High vs Low Participation for Low Income Borrowers -- 8. Panel Var Analysis: High vs Low Debt Share for Low-Income Borrowers.