Thank you also to the staff of the Reserve Bank’s Conference Centre for once again arranging this function for us. Thank you. BIS central bankers’ speeches  5
At the beginning of the chain of causation is the housing cycle in the United States. Chip Case points out the difference between this housing cycle and others over past decades and asks why the difference developed. One culprit he identifies is changes in the financial system that affected the way that mortgage credit is made available to borrowers.