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Bubbles in Real Estate Markets by

By Richard Herring and Susan WachterRichard Herring and Susan WachterRichard Herring and Susan Wachter


Real estate bubbles may occur without banking crises. And banking crises may occur without real estate bubbles. But the two phenomena are correlated in a remarkable number of instances. The consequences for the real economy depend on the role of banks in the country’s financial system. In the US, where banks hold only about 22 % of tota

Year: 2002
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