over the period 1960:1-2007:4. Specifically, we analyze cycles in credit, house prices, and equity prices. We report three …, they are highly synchronized within countries, particularly credit and house price cycles. The extent of synchronization of … financial cycles across countries is high as well, mainly for credit and equity cycles, and has been increasing over time. Third …

We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in … advanced economies during the past 25 years, using a dynamic generalized factor model. House price cycles generally lead credit …, while the U.S. credit cycle leads mainly over the long term …

-service-to-income ratios, in affecting developments in house prices and credit. We use data on 99 lending standard restrictions implemented in … house prices and credit. However, the impact is delayed and reaches its peak only after three years. In addition, the impact …

Nonlocal mortgage lenders with greater exposure to high-growth housing markets accept fewer loan applications in these … credit to a significantly greater degree than when they ex-pand to other markets. Mean-variance analyses show that nonlocal … lenders' exposure to high-growth markets is associated with more risk, more efficiency, and more return on mortgage portfolios …