Asset Bubbles and Global Imbalances
Toan Phan () and
Richmond Fed Economic Brief, 2020, vol. 20-01, 4
What caused the housing boom and bust of the early 2000s? Capital inflows from emerging markets to developed economies can contribute to the formation of bubbles in asset prices. Those bubbles encourage the accumulation of debt, and the deleveraging of that debt exacerbates the decline in economic activity when the bubble bursts.
Keywords: asset bubbles; housing prices (search for similar items in EconPapers)
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Journal Article: Asset Bubbles and Global Imbalances (2019)
Working Paper: Asset Bubbles and Global Imbalances (2018)
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