available data, negative equity does not make homeowners less mobile. In fact, homeowners who have negative equity are slightly … more likely to move than homeowners who have positive equity. Ferreira, Gyourko, and Tracy's (2010) contrasting result that … negative equity reduces mobility arises because they systematically drop some negative-equity homeowners' moves from the data. …

, China's debt has doubled, reaching levels that are clearly above those of most emerging markets. This increases the risks …