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In 2004, the commission permitted the big brokerage houses to take on a much higher level of debt.
Even with money coming in from a bailout, taxpayers will be responsible for an even higher level of debt, as in Greece.
Yet India's economy looks rather less handsome in one regard: the finances of many of its companies and the public-sector banks that fund them are in rotten shape.An analysis last year by the IMF showed that India's corporate sector has a higher level of debt relative to equity than that of any other emerging market, bar Brazil.
To a degree, a higher level of debt is a sign of the greater sophistication of an economy.In a report, BCA Research defined the period since the Second World War as a "debt supercycle" in which debt levels have inched persistently higher.
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Neither option looks likely since they would require governments to tolerate higher levels of debt and inflation.
Among the challenges are worsening job prospects, lower rates of health insurance coverage and higher levels of debt.
Higher levels of debt will make households and hence consumer spending more vulnerable in the next recession.
Professor Lewis says that men in particular aren't afraid to share their debt with one another, and that this can create higher levels of debt tolerance.
The loss of output and earnings associated with high unemployment also reduces government revenues and increases spending, thereby leading to larger deficits and higher levels of debt.
Ten universities, including the University of Adelaide, which is part of the Group of Eight, raised concerns about students being burdened with higher levels of debt.
Britain is one of only a handful of OECD countries not planning a continued stimulus into 2010 and many have far higher levels of debt.
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