In the United Kingdom the fall was smaller – at about 15–20 per cent. In Australia, the decline since the peak has been about 5 to 10 per cent, depending on the region. There are of course prominent examples of particular localities or even individual dwellings where price falls have been much larger.
To this end, an understanding of the links between financial integration and financial stability, and, in particular, of the implications of financial integration for financial stability is essential. On the one hand, deeper and more integrated financial markets offer better opportunities for financing and risk diversification, and thus also help to improve the capacity of the economies to absorb shocks.