2  Strictly speaking, this calculation requires the use of zero-coupon bonds, but it can be approximated using coupon securities. BIS Review 57/2006  1  but also a "term premium" to compensate for the risk in committing to extend credit so far in the future, including the risk of future inflation.
However, the latest financial crisis hit all markets by and large at the same time, albeit with differing force. Now the recovery from the crisis has continued and is becoming more broadly based across countries (slide 5). BIS central bankers’ speeches  1  The rebound in house prices has been strong in several countries (slide 6).