Indebtness of Households and Financial Markets Stability

During last 20 years there was huge boom in the financial markets thanks to increase of household indebtness. This work studies acceleration of consumer and mortgage debt in EU, USA and Czech Republic during 1990 -- 2007. Due to liberalization and interest rate volatility there was an unprecedented increase of indebtness thanks to very low mortgage interest rates. Goal of this work is to analyze situation in countries, compare developments between them and find similarities which are typical for them. This works also focuses on financial stability in Czech Republic and influence of eventual insolvency on this stability. Besides households there is description of financial markets with mortgage securities and its possible threats