RBA’s Lowe: credit not enough to measure financial cycle
More focus on balance sheets could be a fruitful approach, deputy says
Economists need a better explanation of the factors behind financial cycles if they are measure and respond to financial movements, Reserve Bank of Australia (RBA) deputy governor Philip Lowe said today (September 8).
Lowe, who is due to take over from outgoing governor Glenn Stevens later this month, said the idea of financial cycles had "considerable intuitive appeal". But attempts to measure cycles have typically focused on credit growth, which is not enough on its own: "Not all credit cycles
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