First, at the aggregate level, a build-up of risks from the housing market often stems from a combination of rising house prices, strong mortgage growth, and a deterioration of credit standards (Jordà, Schularick, and, Taylor 2015b; Mian and Sufi 2010).
BIS Review 123/2006  5  However, we should not forget that net savings would hardly have been positive if the real interest rate after tax had not also – in most cases – been positive, thus creating an incentive to save. The fixedexchange-rate policy has played a vital role since it has helped to keep inflation at bay.