US dollar credit is growing quickly outside the United States, especially in Asia, and in some economies it has outpaced overall credit growth. Cross-border sources of credit bear watching in view of their record of outgrowing overall credit in credit booms. Foreign currency and cross-border...

The strength of housing markets around the world has helped to cushion the recent slowdown in global economic activity. How long should we expect this to continue? A sample of industrialised countries covering three decades allows us to explore this question through an analysis of major peaks in...