Construction Activity Can Signal When Credit Booms Go Wrong

2020-02-12T16:26:44-05:00February 12, 2020|

By Deniz Igan

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In Spain, private sector credit as a share of GDP almost doubled between 2000 and 2007. This increase was accompanied by a boom in housing prices—which doubled in real terms over the same period. The economy as a whole also grew at a record pace. […]