By the end of the Second World War, the corporate bond market had shrunk to around 18 per cent of GDP. As the economy expanded following World War II, the stock of corporate bonds remained relatively small as a share of GDP.
2/5  BIS central bankers' speeches  But lending is growing at a below-average pace by historical standards. And overall, credit standards have not changed remarkably – household debt, for instance, has remained almost static. Overall, we currently see no need to activate any macroprudential instruments in order to contain risks to financial stability emanating from the residential real estate market.