Thus, the current account imbalances between Ireland and Spain, on the one hand, and Germany on the other, could be attributed largely to the difference in investment patterns (Chart 5). An increase in the two countries’ investment rates reflected a boom in real estate and construction investment.
Ishrat Husain: Effectiveness of policies and reforms - a country perspective Remarks by Mr Ishrat Husain, Governor of the State Bank of Pakistan, at the World Bank OED Conference on Effectiveness of Policies and Reforms, Washington DC, 4 October 2004.