In the wake of the Global Financial Crisis (GFC), a considerable number of countries have adopted major changes in their policy frameworks geared towards enhancing financial stability. It is now conventional wisdom that part of the surge in capital flows into emerging market economies (EMEs) was...

We analyze the determinants of real estate and credit bubbles using a unique borrower-lender matched dataset on mortgage loans in Spain. The dataset contain real estate credit and price conditions (loan principal and spread, and the appraisal and market price) at the mortgage level, matched with...