9 Adrian, Boyarchenko and Giannone (2019); International Monetary Fund (2017); Duprey and Ueberfeldt (2018, 2020). 8  - 12 -  changes in financial vulnerabilities such as the debt-to-GDP ratio. When financial vulnerabilities increase, this distribution shifts to the left in the manner illustrated by the dotted or dashed lines in Figure 3.
Over the past year, though, housing price declines in the largest cities have reversed a small part of the earlier gains. Borrowing by investors has also slowed considerably, largely because of reduced demand by investors. There has also been a tightening of credit standards.