Finance

In the wake of the Global Financial Crises (GFC), the GDP of most countries failed to recover and catch up with its previous trend. This paper studies the cause of the boom that preceded the crisis and ask whether it was sustainable, or even desirable in the first place.

For entrepreneurs and small business owners, housing is an important source of collateral for business loans. This paper explores the implications of changes in house prices for this sort of borrowing and for firm-level outcomes.