Steve Keen has a short book on named
Can We Avoid Another Financial Crisis?https://www.amazon.com/Another-Financial-Crisis-Future-Capitalism/dp/1509513736sustained rapid credit growth coupled with high levels of private debt eventually lead to consumers getting tapped out, unable to carry any more debt. once the rapid credit growth slows (even if the rate simply slows but does not go negative) that can cause problem because aggregate demand drops.
for instance if private debt to gdp is 150% & credit is growing 15% a year then if credit growth slows to 5% a year that slower rate of growth is sucking out 15% of the demand which would have took place at the former rate of credit growth.
I think his watch list of countries where he expects a debt crisis in the next couple years are: Canada, Australia, South Korea, China, Hong Kong, Norway, Belgium & Sweden
https://www.theglobeandmail.com/report-on-business/rob-commentary/the-inevitable-debt-crisis-canadas-not-talking-about/article29445969/Mr. Vague says that any country whose private-debt-to-GDP ratio goes beyond 150 per cent and that has a five-year rate of growth of 18 per cent or greater in that ratio experiences a financial crisis at some point. (The data comes from the Bank for International Settlements.) These two milestones were surpassed during Canada's recent borrowing binge. Canadians collectively owe more than 208 per cent of GDP and private debt to GDP grew more rapidly than the guideline between 2011 and 2016. Private debt grew from 182 per cent of GDP to 208 per cent, well above the benchmark rate of growth for five years.
