Series: IMF Working Papers
Author(s): Nina Budina , Borja Gracia , Xingwei Hu , and Sergejs Saksonovs
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 24 November 2015
Keywords: housing cycles, private debt, debt bias, debt, price, output, prices, International Lending and Debt Problems, All Countries, debt bias.,
This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias-the tendency of debt to increase over the cycle- that is significantly larger for...