In addition to structural issues, there are a number of potential risk factors that have not materialised. For example, there is a risk of a real estate bubble in Brazil, where house prices have doubled in three years. 10  Takats, E., and C. Upper, 2013, “Credit and growth after financial crises”, BIS Working Paper No 416.
In that market, unlike a number of others, conditions have generally returned to those before 2007. In other markets, it is unlikely that the pre-crisis conditions will prevail again anytime soon. Throughout the past three years, Australian financial markets have been less affected than other markets. However, there has been a marked effect on the structure and pricing of the Australian bond market.