This vulnerability is a particular concern for Denmark since households hold the largest gross debt level across OECD countries (Figure 9). Household leverage is highest among the more affluent households and in the bottom of the income distribution, while buffers in the form of financial assets compose a relatively small part of total assets across the income distribution (Figure 22). Substantial balance sheets create exposure to short-term asset prices and interest rate shocks. For instance, large drops in house prices during 2008-09 caused technical insolvency among 10% of homeowners (Skak and Bloze, 2013(48]).