Quick action needed to tackle housing busts – RBNZ paper
Swift and decisive action to tackle banking sector issues can stem much of the damage from housing busts, according to a paper published by the Reserve Bank of New Zealand.
The study by Maitland MacFarlan examines several recent examples of housing busts and the responses to them. MacFarlan writes that such busts are typically longer-lasting and more damaging to the economy than busts in the stock market.
Some policy responses, such as fiscal and monetary easing, can be beneficial but quickly
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