Global housing trends can predict domestic financial stability – Norges Bank paper
It is important to account for credit booms to households and non-financial firms when assessing stability
The probability of a financial crisis occurring increases markedly when "bubble-like behaviour" in the housing and credit markets coincides with high leverage, according to a new working paper from Norges Bank.
In Bubbles and crises: The role of house prices and credit, André Anundsen, Karsten Gerdrup, Frank Hansen and Kasper Kragh-Sørensen make use of a quarterly panel data set for 16 countries, which were members of the Organisation for Economic Co-operation and Development between 1975 and
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