Mama Bear is the “increasing energy insecurity, a beast spawned by rising oil prices but made more dangerous by escalating political risk afflicting almost all the major producers: Iran, Iraq, Nigeria, Venezuela, Russia and Saudi Arabia. Papa Bear comes in the form of deflating housing prices in several countries.
Thus, in order for this relationship to hold within this long generation-period, we expect a positive correlation between real property prices and the slow-moving inverse dependency ratio. 4  BIS central bankers’ speeches  shown in Figure 2.5, where property price movement is depicted after 1995, when data are available.