In particular, such crises last nearly twice as long (5 years) and are associated with output losses that are almost twice as large (8 per cent of GDP) as equity market crashes.5 This loss of output is due, in part, to greater effects on consumption and on banking systems, which are typically heavily exposed to real estate.
Your Financial Stability Coordination Council is proud to release today the 2nd semester 2020 Financial Stability Report or the FSR. As you know, we made the decision early this year to shift from an annual publication to a twicea-year release, despite the difficulties to produce such a report.