real estate valuation, current account, and credit growth patterns before and after the 2008–2009...
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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ECIH Zkrdhfj Qepor Worhos
Yoem Osteto Remuethkf- GurroftEggkuft- efc Grocht JrkwtnQettorfs Iobkro efc Ebtor tno911>9118 Grhshs
Lksnue Ehzof`efefc Xktnhf Lhflered
Fk& 398Lumy 9157
Eshef Covomkp`oft Iefd Hfsthtuto
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
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Snhs pepor oxpmkros tno steihmhty kb tno doy gkfchthkfhfj verheimos eggkufthfj bkr roem ostetovemuethkf iobkro efc ebtor tno grhshs kb 911>9118- hf e pefom kb 72 gkuftrhos- bkr tno porhkc kb911?
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
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5& Hftrkcugthkf efc Kvorvhow &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& 79&
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9&5 Qromh`hfery Wtethsthgs &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& ?9&9 Qettorfs kb Yoem Osteto Remuethkf Epproghethkf efc Gurroft Eggkuft
Cobhght+Jrkss Ck`osthg Qrkcugt &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& 27& Iesomhfo Yosumts &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&55
7&5 Jmkiem Bhfefghem Grhshs &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&557&9 Iroeds hf Gurroft Eggkuft Cobhghts efc Ck`osthg Grocht Jrkwtn &&&&&&&&&&&&&&&&&&&&&&&577&7 Gurroft Eggkuft Cobhght vhsvhs Ck`osthg Grocht Jrkwtn &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&5?
3& Wofshthvhty Efemyshs &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&5:3&5 Yovorso Boociegd &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&5:3&9 Esy``otrhg Eclust`oft &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&583&7 Ogkfk`hg Whjfhbhgefgo &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&95
?& Gkfgmuchfj Yo`erds &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&93Yoborofgos &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&9?
Eppofchx E< Uuertormy Cete- 911?
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
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Bhjuro 9E< Yoem Osteto Remuethkf Epproghethkf efc Gurroft Eggkuft Cobhght+JrkssCk`osthg Qrkcugt
q 0 quertor&
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
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Bhjuro 9I< Yoem Osteto Remuethkf Epproghethkf efc Jrkwtn kb Ck`osthgGrocht+JCQ
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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Hf ecchthkf- whtn tnoso emtorfethvo turfhfj pkhfts- ushfj tno bhxocobbogt osth`ethkf ckos fktgnefjo tno `ehf bhfchfj kf tno pkshthvo efc stethsthgemmy shjfhbhgeft esskghethkf iotwoof roemosteto vemuethkf efc gurroft eggkuft cobhght& Es snkwf hf gkmu`f 9 kb Seimo 9- tno gkobbhghoftosth`etos kb gurroft eggkuft cobhght+JCQ ro`ehf stethsthgemmy shjfhbhgeft hf tno bhxocobbogtosth`ethkf4 tno gkobbhghoft osth`etos kb mejjoc roem osteto vemuethkf epproghethkf efc oquhty`erdot vemuethkf epproghethkf emsk ro`ehf stethsthgemmy shjfhbhgeft& Burtnor- gurroft eggkuft
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
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Seimo 7< Gurroft Eggkuft Cobhght vhsvhs Jrkwtn kb Ck`osthg Grocht kf YoemOsteto Remuethkf
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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Jmkiem bhfefghem grhshs iroed ihfery.5+1( 1&5: .1&51( g 3&>: .9&58( i
Yoem osteto epproghethkf iobkro iroed 5 1&15 .1&19( 5&32 .1&2:(i
9 1&1? .1&19(i
1&1: .1&:7(
Yoem osteto epproghethkf ebtor iroed 5 1&13 .1&15( 5&19e
.1&39(i
9 1&15 .1&19( 1&15 .1&?>(
Oquhty `erdot vemuethkf epproghethkf 5 1&11 .1&11( 1&?2 .1&1:(e
9 1&11 .1&11( 5&37 .1&57(e
7 1&11 .1&11( 5&93 .1&55(e
3 1&11 .1&11( 1&35 .1&17(e
GQH hfbmethkf 5 1&12 .1&17(i
2&58 .1&8?(e
Jrkwtn kb hfcustrhem prkcugthkf 5 1&15 .1&15( g 1&?2 .1&58( e
SOC sproec 5 1&91 .1&55(g
59&23 .7&5?(e
RH^ 5 1&15 .1&15( 1&15 .1&52(
Wkvorohjf GCW 5 1&19 .1&15( 1&:9 .1&37(g
Bkrohjf rosorvo eggu`umethkf 5 1&15 .1&11(i
1&99 .1&59(g
gkfsteft 1 1&1: .1&17(i
9&71 .1&82(i
Kisorvethkfs :>8 :85
ErommefkIkfc EY.9( tost pvemuo 1&895 1&211GEC 0 gurroft eggkuft cobhght- GCW 0 grocht cobeumt swep- GQH 0 gkfsu`or prhgo hfcox- CGY 0 ck`osthg grocht- JCQ 0jrkss ck`osthg prkcugt&
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
21/30
ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
58
3&9 Esy``otrhg Eclust`oft
Ecchthkfem sofshthvhty gnogds snkw tnet bkr tno epproghethkf ophskco kb tno roem osteto vemuethkf-e pkshthvo esskghethkf iotwoof roem osteto epproghethkf efc gurroft eggkuft cobhght hs stethsthgemmyshjfhbhgeft- wnhmo tno pkshthvo esskghethkf iotwoof roem osteto epproghethkf efc jrkwtn kbck`osthg grocht hs stethsthgemmy shjfhbhgeft iut tk e mossor cojroo& Hf Seimo ?- wo emmkw bkresy``otrhg eclust`oft- esshjfhfj chbboroft gkobbhghofts bkr tno osth`ethkf kb roem osteto vemuethkfepproghethkf .gkmu`f 5( efc tno osth`ethkf kb roem osteto vemuethkf coproghethkf .gkmu`f 9(4 tnospoghbhgethkf gmksomy roso`imos tnet hf Seimo 5- iut noro wo sopereto tno wnkmo se`pmo hftk roemosteto epproghethkf se`pmo efc roem osteto coproghethkf se`pmo& Bkr tno roem osteto epproghethkfophskco- osth`ethkf rosumts ero merjomy gkfshstoft whtn tno rosumts brk` tno wnkmose`pmoosth`ethkf hf gkmu`f 5 kb Seimo 54 ef oxgopthkf hs tnet gkobbhghoft osth`etos kb oquhty `erdotvemuethkf epproghethkf efc hfbmethkf ero hfshjfhbhgeft& Bkr tno roem osteto coproghethkf ophskco-tno osth`ethkf rosumts ero `erdocmy chbboroft brk` tno wnkmose`pmo osth`ethkf- es kfmy mejjocroem osteto vemuethkf epproghethkf efc oquhty `erdot vemuethkf epproghethkf ero bkufc stethsthgemmyshjfhbhgeft hf tno esskghethkf whtn tno roem osteto vemuethkf& Nofgo- wo bhfc tnet wnof roem osteto`erdots woro kf tno rhso- tno roem osteto vemuethkf eclusts whtn rospogt tk `egrk verheimoschbboroftmy brk` wnof tno `erdots woro cogmhfhfj& Esy``otrhg iuiimo cyfe`hgs ero ovhcoft hf
tno roem osteto vemuethkf&
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
91
Seimo ?< Epproghethkf vhsvhs Coproghethkf Ophskcos kb Yoem Osteto Remuethkf
Snhs teimo ropkrts cyfe`hg pefom osth`ethkf kf tno ophskco kb roem osteto `erdot epproghethkf hf tno bhrst gkmu`f efc kf tnoophskco kb roem osteto `erdot coproghethkf hf tno sogkfc gkmu`f- ushfj quertormy cete kvor tno porhkc 911? .5&77(
GEC+JCQ iobkro iroed 5 1&>2 .1&>>( 1&7? .1&>?(
9 9&>7 .1&81( 1&79e
.1&:8(GEC+JCQ ebtor iroed 5 1&:? .1&>5( 1&:8 .1&:2(
9 9&:1 .1&>5( 1&9?e
.1&::(
Jrkwtn kb ck`osthg grocht+JCQ iroedihfery.5+1(
5&97 .5&33( 5&9? .5&75(
CGY+JCQ iobkro iroed 5 1&57 .1&31( 1&5? .1&93(9 1&9: .1&92( 1&1> .1&5:(
CGY+JCQ ebtor iroed 5 1&1> .1&9:( 1&72 .1&99(9 1&?3 .1&95( 1&53 .1&52(
GEC+JCQ CGY+JCQ 5 1&15 .1&15( 1&11 .1&15(9 1&15 .1&15( 1&15 .1&15(
Oquhty `erdot vemuethkf epproghethkf 5 1&1> .1&12( 1&93 .1&13(e
9 1&11 .1&51( 1&95 .1&1:(e
7 1&17 .1&1>( 1&18 .1&12(3 1&19 .1&17( 1&15 .1&19(
GQH hfbmethkf 5 1&55 .1&:3( 5&57 .1&3:(
Jrkwtn kb hfcustrhem prkcugthkf 5 1&5: .1&53( 1&1> .1&51(SOC sproec 5 9&>8 .9&>1( 1&>8 .5&>1(RH^ 5 1&13 .1&53( 1&17 .1&18(Wkvorohjf GCW 5 5&29 .5&8>( 1&53 .1&99(Bkrohjf rosorvo eggu`umethkf 5 1&15 .1&1:( 1&13 .1&1>(Kisorvethkfs 72: 393ErommefkIkfc EY.9( tost pvemuo 1&38? &
GEC 0 gurroft eggkuft cobhght- GCW 0 grocht cobeumt swep- GQH 0 gkfsu`or prhgo hfcox- CGY 0 ck`osthg grocht- JCQ 0jrkss ck`osthg prkcugt&
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
23/30
ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
95
3&7 Ogkfk`hg Whjfhbhgefgo
Iesoc kf se`pmo stefcerc covhethkf efc osth`ethkf rosumts- tno ogkfk`hg shjfhbhgefgo kf roemosteto vemuethkf hs crhvof `kstmy iy mejjoc roem osteto epproghethkf- bkmmkwoc iy gurroft eggkuftcobhght- jrkwtn kb ck`osthg grocht- efc oquhty `erdot epproghethkf& Zo roegn tnhs gkfgmushkf iy
eggkufthfj bkr emm kur `ehf bhfchfjs efc sofshthvhty gnogds- hfgmuchfj hf perthgumer pkshthvoboociegd kb roem osteto epproghethkf tk oquhty `erdot epproghethkf .Seimo 3( efc esy``otrhgeclust`oft hf roem osteto epproghethkf efc hf coproghethkf ophskcos .Seimo ?(& Ossofthemmy- worovhso tno o`phrhgem spoghbhgethkf kb gkmu`f 5 hf Seimo 5- noroiy vorhbyhfj kur osth`ethkf hf Seimo2 iy troethfj roem osteto epproghethkf efc oquhty `erdot epproghethkf iktn es ofckjofkusrojrosskrs& Kur iofgn`erd bhfchfjs ero ropkrtoc hf Seimo 2- bkr tno wnkmo se`pmo hf gkmu`f 5-efc bkr tno ophskco kb roem osteto epproghethkf hf gkmu`f 9& Foxt- wo gemgumeto tno ogkfk`hgshjfhbhgefgo kf roem osteto vemuethkf kb oegn `egrk verheimo iy `umthpmyhfj kfo stefcerccovhethkf kb oegn verheimo whtn hts gkobbhghoft osth`eto kb gkmu`f 5 hf Seimo 2& Es snkwf hfBhjuro 7 bkr tno roem osteto vemuethkf kf ef effuemhzoc ieshs- tno `kst ogkfk`hgemmy shjfhbhgeftverheimo hs mejjoc roem osteto vemuethkf epproghethkf .51&3/(- tnof gurroft eggkuft cobhght+JCQ.?&1/(- jrkwtn kb ck`osthg grocht+JCQ .7&1/(- efc oquhty `erdot vemuethkf epproghethkf .5&?/(-
bkr kur se`pmo kb 72 gkuftrhos curhfj 911?9159&
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
24/30
ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
99
Seimo 2< Iofgn`erd Yosumts
Snhs teimo ropkrts cyfe`hg pefom osth`ethkf- ushfj quertormy cete kvor tno porhkc 911?9 .5&12(g
5&87 .5&79(
GEC+JCQ iobkro iroed 5 1&:8 .1&2>( 1&19 .1&>7(
9 5&?1 .1&25(
5&8> .1&>9(
GEC+JCQ ebtor iroed 5 1&7? .1&??( 1&?8 .1&:?(
9 5&2: .1&??( 9&98e
.1&:>(e
CGY+JCQ iobkro iroed 5 1&>5 .1&9:( 1&72e
.1&72(9 1&58 .1&58( 1&99 .1&9?(
CGY+JCQ ebtor iroed 5 1&59 .1&5?( 1&13 .1&9?(9 1&55 .1&55( 1&39 .1&91(
GEC+JCQ CGY+JCQ 5 1&15 .1&15( 1&15 .1&15(9 1&11 .1&15( 1&11 .1&15(
Oquhty `erdot vemuethkf epproghethkf 5 1&5? .1&17( 1&1:e
.1&1?(9 1&51 .1&12( 1&15 .1&51(7 1&17 .1&1?( 1&17 .1&1>(3 1&15 .1&19( 1&19 .1&17(
GQH hfbmethkf 5 1&?7 .1&39( 1&93 .1&:5(Jrkwtn kb hfcustrhem prkcugthkf 5 1&12 .1&1>( 1&5? .1&57(SOC sproec 5 5&?9 .5&?2( 1&82 .9&>5(RH^ 5 1&13 .1&1>( 1&1> .1&53(Wkvorohjf GCW 5 1&51 .1&95( 5&52 .5&85(Bkrohjf rosorvo eggu`umethkf 5 1&1? .1&1?( 1&19 .1&1:(gkfsteft 1 1&8? .1&3:( 5&5> .1&::(Kisorvethkfs :85 72:ErommefkIkfc EY.9( tost pvemuo 1&38? 1&32>
GEC 0 gurroft eggkuft cobhght- GCW 0 grocht cobeumt swep- GQH 0 gkfsu`or prhgo hfcox- CGY 0 ck`osthg grocht- JCQ 0jrkss ck`osthg prkcugt&
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
25/30
ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
97
Bhjuro 7< Ogkfk`hg Whjfhbhgefgo kb @egrk Rerheimos kf Yoem Osteto Remuethkf
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GQH 0 gkfsu`or prhgo hfcox- JCQ 0 jrkss ck`osthg prkcugt&
Wkurgo< Eutnkrs gemgumethkfs&
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
26/30
ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
93
?& GKFGM_CHFJ YO@EYDW
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tno jmkiem bhfefghem grhshs& Znhmo tno romethvo h`pegt kb tno gurroft eggkuft cobhght hs merjor tneftnet kb grocht jrkwtn hf kur se`pmo- kfo snkumc rogkjfhzo tnet tno jrkwtn kb grocht+JCQ hs efkhsy `oesuro kb tno obbogthvo grocht jrkwtn hf tno roem osteto `erdot& Cete mh`htethkfs provoftocus brk` gkftrkmmhfj chrogtmy bkr tno grocht gkfchthkfs hf tno roem osteto `erdots- efc begtkrs mhdotno strhfjofgy kb grocht stefcercs- roquhroc ckwf pey`oft- efc tno obbogthvo sproecs hf tno`krtjejo `erdots&
> Snus- tnoro hs fk roeskf tk oxpogt tnet tno romethvo refdhfj kb tno
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8
Fktwhtnstefchfj tnoso rosumts- tno `kst h`pkrteft begtkr eggkufthfj bkr tno epproghethkf kb roemosteto turfoc kut tk io tno h`pegt kb `k`oftu`tno mejjoc quertormy epproghethkfs hf tno pest
yoer& Snhs obbogt hs merjo< e roem osteto epproghethkf kb 5/ hf e jhvof quertor wes esskghetoc whtne prklogtoc roem epproghethkf kb `kro tnef 5/ hf tno foxt tnroo quertors&
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51
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8Hf prhfghpmo- gkuftorgygmhgem movorejo pkmhgy hf tno bego kb grocht ikk`s- beghmhtetoc iy nkt `kfoy hfbmkws efc ktnor
begtkrs- `ey `hthjeto tno h`pegt kb grocht ikk`s efc rehshfj gurroft eggkuft cobhghts& Xot- tno h`pmo`oftethkf kbtnoso pkmhgos hs broquoftmy suilogt tk pkmhgy mejs- efc moedejos emmkwhfj tno prhveto sogtkr tk iypess rojumethkfs.soo Gemvk T9159P(& Hfcooc- hf tno _W- ht tkkd tno grhshs kb 911>9118 tk hfcugo thjntofhfj kb grocht stefcercs&
51Sno su` kb tno stethsthgemmy shjfhbhgeft quertormy mejs hs 5&1> bkr tno wnkmo se`pmo- efc 5&5: bkr roem ostetoepproghethkf ophskcos .soo Seimo 2(& Snoso rosumts sujjost tnet tno `k`oftu` obbogt hs strkfjor kf tnoepproghethkf tnef tno coprogethkf shco&
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7/27/2019 Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 20082009 Crisis
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ECIH Zkrdhfj Qepor 398 Ehzof`ef efc Lhflered
9?
YOBOYOFGOW
Ece`-D&- Q& Duefj- efc E& @ergot& 9159& Nkuso Qrhgo Ikk`s efc tno GurroftEggkuft& Hf FIOY @egrkogkfk`hgs Effuem9155- Rkmu`o 9?- ochtoc iy
Ehzof`ef- L&- efc X& Lhflered& 9118& Gurroft Eggkuft Qettorfs efc Fethkfem Yoem Osteto@erdots& Lkurfem kb _rief Ogkfk`hgs 22.9(< :?>8&
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Gkfborofgo Yopkrt& Gnhgejk- HM< _fhvorshty kb Gnhgejk Qross&Mehiskf- C&- efc L& @kmmorstrk`& 9151& Gephtem Bmkws- Gkfsu`pthkf Ikk`s efc Essot Iuiimos8: T5&>51P ?&79> T7&885P
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Yoem osteto vemuethkfepproghethkf
Gurroft eggkuft cobhghts+JCQ
Yoem osteto vemuethkfepproghethkf
Grocht jrkwtn+JCQ
emtorfethvo< orrkr gkrrogthkf tor` =1 bkr etmoest kfo gkuftry
:&5:1 T1&?53P :&238 T1&75:P
emtorfethvo< orrkr gkrrogthkf tor` =1 bkr emmgkuftry
7&>?5 T1&:3?P 5&238 T5&111P
Qefom gkhftojrethkf .ZostormufcWtethsthg(
Yoem osteto epproghethkf Oquhty `erdot epproghethkf
Gurroft eggkuftcobhght+JCQ Ck`osthg
grocht jrkwtn+JCQ
emtorfethvo< orrkr gkrrogthkf tor` =1 bkr etmoest kfo gkuftry
3&828 T1&887P >&338 T1&187P
emtorfethvo< orrkr gkrrogthkf tor` =1 bkr emmgkuftry
3&298 T1&725P 3&?:5 T1&783P
JCQ 0 jrkss ck`osthg prkcugt&
Wkurgo< Eutnkrs gemgumethkfs&