New GNP estimates in current and constant prices for the Belgian economy in the interwar period are presented. The series are conceptually and methodologically consistent with the post-World War II data and cover both the income and expenditure approaches. The new estimates differ considerably...

We propose that the borrower’s ability to pay through a mortgage is a long-run house price fundamental and …find convincing evidence by means of cointegration tests, granger causality, and an elasticity of house prices with respect to ability to pay close to one. Ability to pay incorporates...

We analyse the impact of economists on post-war economic policy in Belgium. The severe budgetary and monetary crisis of the mid-1920s which brought the country on the brink of hyperinflation and a state moratorium, framed economic policy for several decades to come. Until the mid-1950s inflation...