Equity prices fell by 60% and urban land values by more than 75%. In addition to direct effects via the decline in wealth on consumer spending, the collapse of asset prices had a devastating effect on the banking system. Real property dominates the collateral underlying many of the loans of most banking systems.
The price of oil has rebounded significantly from the lows reached earlier in the year on expectations that supply and demand are likely to come into better alignment. Over the same period, the dollar has receded a bit, on net, from its peak in January, though it is still about 15 percent above the level in mid-2014 in inflation-adjusted trade-weighted terms.