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price cycles since the late 1960s; the latest began at the end of the 1990s and signaled a slowdown since 2006. Finally, we …
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In this paper I estimate the impact of changes in real and financial wealth � proxied by house and stock market prices � on private consumption for a panel of sixteen emerging economies in Asia and Central and Eastern Europe. Using recent econometric techniques for heterogeneous...
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of housing booms and busts to business cycles. …
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fundamental determinants � relative to both the supply and the demand side of the market, institutional factors and other asset …
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