Table of Contents

Financial Cycles and the Real Economy

Financial Cycles and the Real Economy

Lessons for CESEE Countries

Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Peter Backé

What is the link between the financial cycle - financial booms, followed by busts - and the real economy? What is the direction of this link and how salient is this connection? This unique book examines these fundamental questions and offers a paramount contribution to the debate surrounding the recent financial and economic crisis.

Chapter 11: Housing bubbles: what are their causes and can we get rid of them?

Paul van den Noord

Subjects: economics and finance, financial economics and regulation, money and banking

Extract

And we will never return to the old boom and bust. (Gordon Brown, Budget Statement, 21 March 2007)

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