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underpricing of risk made possible by regulatory arbitrage and shadow financing fueled the credit and twin real estate bubbles of … the mid-2000s. Across countries and over time bubbles have been particularly acute in real estate markets reflecting not …
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. First, income growth is a more important predictor of housing bubbles across OECD economies than financial variables …, realize more restrained income growth and, in turn, are less prone to housing bubbles …
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fundamental cause of the unfolding financial and economic crisis: the accumulation of several bubbles and their interplay and …
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The paper reports estimation results and technical details on the estimation of financial cycles for a global sample of …
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world. …
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