But an aerial vantage point doesn’t always make argumentation any easier because it sometimes means that key details go unnoticed. And one notable such detail, I have found, is the institutional framework, which I will be returning to later in my speech.
Although the timing appears to be reversed - asset quality at its worst about a year before the low point in GDP - it is hard to draw any conclusion because the data are not as robust. There is also a mild wave of higher delinquencies in the late 1990s that was not associated with an economic downturn.