63:
problematic. This is primarily because the concept "fundamentals" is vague, but also because these type of nominal definitions typically do not refer to a bubble episode as a wholeâwith both an increase and a decrease of the price. Lind claims that the solution is to define a bubble by focusing only on the specific development of prices and not on why prices have developed in a certain way. The general definition of a bubble would then simply be: "There is a bubble if the (real) price of an asset first increases dramatically over a period of several months or years and then almost immediately falls dramatically." (Lind 2009, p. 80)
96:
services (affordability). Symmetrically, when house prices are low, households may afford a higher level of housing services. Price income ratio, price wage ratio, price household income ratio are examples of this method. There also exist a set of different affordability measures and indexes that looks at the development in interest payments to income or the cost of the mortgage to income. In addition to using house price equilibrium based on economic measures, there are also possible to use statistical techniques to identifying the long-term price trend, for example HP-filter.
92:
Gyourko (2005) point out that the housing market is characterized by a kinked supply curve that is highly elastic when prices are at or above construction costs. Otherwise, the supply curve is highly inelastic. Housing can be built rather quickly, but since housing is a durable good, old housing does not disappear quickly. Thus, house prices in slow or negative demand growth markets are capped by construction costs. Price construction cost ratio and price building cost ratio are methods that is falls in under this method.
2131:
39:
dramatically. Housing bubbles tend to be among the asset bubbles with the largest effect on the real economy because they are credit-fueled,,and a large number of households participate and not just investors, and because the wealth effect from housing tends to be larger than for other types of financial assets.
1995:
The table is from Oust and
Hrafnkelsson (2017) and has been constructed using their bubble definition. The dataset consists of quarterly real prices for 20 OECD countries from 1970â2015. Duration is the number of quarters since the last turning point (or from the start of the data series). Aggregated
58:
Stiglitz's definition is: "...the basic intuition is straightforward: if the reason that the price is high today is only because investors believe that the selling price will be high tomorrowâwhen âfundamental' factors do not seem to justify such a priceâthen a bubble exists." (Stiglitz 1990, p. 13)
2127:
see eg. Case, K.E., Quigley, J. and
Shiller R. (2001). Comparing wealth effects: the stock market versus the housing market. National Bureau of Economic Research, Working Paper No. 8606., Benjamin, J., Chinloy, P. and Jud, D. (2004). âReal estate versus financial wealth in consumptionâ. In: Journal
95:
The last approach by Mayer (2011) is to utilize a combination of house price affordability to derive an equilibrium model. Often house prices are compared to income (income is used as proxy variable for affordability). If house prices are too high, households cannot afford the same level of housing
66:
Inspired by Lind (2009), Oust and
Hrafnkelsson (2017) created the following housing bubble definition: "A large housing price bubble has a dramatic increase in real prices, at least 50% during a five-year period or 35% during a three-year period, followed by an immediate dramatic fall in the prices
87:
First, there is the finance-based method, where the house price equals the discounted future rents. This follows the same logic when performing a stock valuation; the stock price is equal to the discounted sum of all future dividends. The idea is that the value of equity is equal to the discounted
91:
The second approach is to compare the costs of building new dwellings against the actual house prices today. Much of the construction cost method has its basis in the demand and supply curve theory. If demand is low, this leads to lower house prices and less construction of new homes. Glaeser and
80:
Overpricing can be said to be a necessary, but insufficient indicator that a bubble exists. Overpricing is defined more widely than a bubble. An asset may be overpriced without there being a bubble, but you cannot have a (positive) bubble without overpricing. Over- or underpricing may simply be
899:
The table is from Oust and
Hrafnkelsson (2017) and has been constructed using their bubble definition. The dataset consists of quarterly real prices for 20 OECD countries from 1970 to 2015. Duration is the number of quarters since the last turning point (or from the start of the data series).
62:
Lind (2009) argued that we needed a new definition of price bubbles in the housing market, an "anti-Stiglitz" definition. His point is that traditional definitions such as that of
Stiglitz (1990), in which bubbles are proposed as arising from prices not being determined by fundamentals, are
38:
which periodically occur in the market. The basic concept of a housing bubble is the same as for other asset bubbles, consisting of two main phases. First there is a period where house prices increase dramatically, driven more and more by speculation. In the second phase, house prices fall
81:
defined as a deviation from the equilibrium price. DiPasquale and
Wheaton (1994) say that: "Indeed, it appears to be normal for housing prices to deviate from the fundamental value or equilibrium price, since housing markets clear gradually rather than quickly in a short run."
209:
Housing prices vs. vacancy rate. A large number of vacancies will have a downward pressure on prices, since in this case; supply exceeds demand (Geltner, Miller, Clayton, & Eichholtz, 2007). Alternatively the opposite: occupancy
67:
of at least 35%. A small bubble has a dramatic increase in real prices, at least 35% during a five-year period or 20% during a three-year period, followed by an immediate dramatic fall in the prices of at least 20%."
230:
Housing prices vs. interest rates. If interest rates increase it will be more expensive to own a piece of real estate and to compensate for the higher user cost it can be expected that the price will drop. (Englund,
226:
The ratio between loan and disposable income should not change over time. An increase above the long term average indicates that the market may be overvalued (Finocchinaro, Nilsson, Nyberg, & Soultanaeva,
222:
The debt service ratio or debt coverage ratio (DSCR), i.e. the ratio of funds available for the payment of interest and principal. This is considered a good indicator for the level of risk involved (Joshi,
51:(1990), that try to describe bubbles as periods involving speculation, or argue that bubbles involve prices that cannot be justified by fundamentals. Examples are Palgrave (1926), Flood and Hodrick (1990),
2327:
Finocchinaro, D., Nilsson, C., Nyberg, D., & Soultanaeva, A. (2011). HushÄllens skuldsÀttning, bostadspriserna och makroekonomin: en genomgÄng av litteraturen. Stockholm: Sveriges
Riksbank.
2021:
219:
The loan to value ratio (LTV) is a good indicator for the risk involved for the lender as well as for the borrower. The higher the ratio the higher is the risk (Kokko, 1999).
216:
Housing prices vs. GDP can be used if data on income is unavailable, since changes in GDP and income can be expected to correlate (Claussen, Jonsson, & Lagerwall, 2011).
84:
Mayer (2011) investigated house price bubbles and found that there are basically three approaches researchers take when investigating house price differ from equilibrium.
47:
Most research papers on housing bubbles use standard asset price definitions. There are many definitions of bubbles. Most of them are normative definitions, like that of
2221:
Lind, H. (2009). âPrice bubbles in housing markets: concept, theory and indicatorsâ. In: International
Journal of Housing Markets and Analysis Vol. 2 No. 1, pp. 78-90.
2032:
2252:
DiPasquale, D. and
Wheaton, W.C. (1994), âHousing market dynamics and the future of housing pricesâ, Journal of Urban Economics , Vol. 35, pp. 1-27.
2205:
Cochrane, J. H. (2010), "Discount Rates", Working paper, University of
Chicago, Booth School of Business, and NBER, Chicago, Illinois, 27 December.
2196:
Smith, M. H. and Smith, G. (2006), "Bubble, Bubble, Whereâs the Housing Bubble?", Brookings Papers on Economic Activity, Vol. 2006 No. 1, pp. 1â50.
900:
Aggregated price change is the aggregate price change for the duration. *The aggregated price change is from the start of the period to the peak.
2300:
Claussen, C. A., Jonsson, M., & Lagerwall, B. (2011). En makroekonomisk analyd av bostadspriserna i Sverige. Stockholm: Sveriges riksbank.
2178:
Flood, R. P. and Hodrick, R. J. (1990), "On Testing for Speculative Bubbles", The Journal of Economic Perspectives, Vol. 4 No. 2, pp. 85â101.
2139:
213:
Real housing prices vs. demography. If there is a net inflow of tenants the cost of dwelling can be expected to increase (Englund, 2011).
1996:
price change is the aggregate price change for the duration. * The aggregated price change is from the start of the period to the peak.
2273:
Glaeser, E.L. and Gyourko, J. (2005), âUrban decline and durable housingâ, Journal of Political Economy , Vol. 113 No. 2, pp. 345-375.
2043:
2049:
2318:
Joshi, H. (2006). Identifying aset price bubbles in the housing market in India - preliminary evidence. Reserve bank of India.
2282:
Shiller, R.J. (2010), "Shiller's List: How to Diagnose the Next Bubble", The New York Times, By JACK EWING, 27. januar, 2010
186:
Banks are increasing or at least not decreasing loan to value ratios for buyers on the housing market when prices increase.
139:
Nominal interest payment in relation to income would have been increasing if historical interest rate levels were applied.
2357:
2095:
2027:
864:
830:
145:
Real interest payments in relation to income would have been increasing if historical interest rate levels were applied.
2169:
Palgrave, R.H. I. (1926), "Palgrave's Dictionary of Political Economy", MacMillan & Co., London, England, p. 181.
2072:
2061:
164:
Buyers believe that even in a median term perspective (three to five years) investing in housing is almost riskâfree.
2015:
2352:
2084:
2037:
161:
Buyers expect prices to continue to rise or to stabilize on a level that is much higher than historical trends.
2187:
Shiller, R.J. (2005). Irrational Exuberance. 3nd. New Jersey: Princeton University Press. ISBN 0-691- 12335-7.
2160:
Stiglitz, J.E. (1990). âSymposium on bubblesâ. In: Journal of Economic Perspectives Vol. 4 No. 2, pp. 13-18.
2089:
2067:
732:
698:
2078:
2055:
408:
374:
2239:
2336:
Englund, P. (2011). Svenska huspriser i ett internationellt pespektiv. Stockholm: Sveriges Riksbank.
2291:
Englund, P. (2011). Svenska huspriser i ett internationellt pespektiv. Stockholm: SverigesRiksbank.
2005:
20:
2264:
Mayer, C. (2011), âHousing bubbles: a surveyâ, Annual Review of Economics, Vol. 3, pp. 559-577.
88:
dividends. Price rent ratio and user cost of housing are methods that fall under this method.
153:
The easier it is to increase supply, the more likely is the increased price a part of a bubble
52:
2309:
Kokko, A. (1999). AsienkrisenmÄnga likheter med den Svensks krisen. Economisk Debatt, 81-92.
48:
35:
2115:
Brunnermeier, M.K. and Oehmke, M. (2012) Bubbles, Financial Crises, and Systemic Risk
2346:
197:
A larger share of homeâbuyers than usual are planning to sell rather quickly again.
172:
People are entering ownership at an earlier age or at a higher quality level.
189:
Banks become more liberal when judging the credit worthiness of households.
114:
Stories of people earning much money, causing envy among people who are not
136:
Nominal interest payments in relation to income have been increasing.
2116:
234:
High and increasing house price growth. Oust and Hrafnkelsson (2017)
105:
Sharp increases in the price of an asset like real estate or shares
2132:"How Do House Prices Affect Consumption? Evidence From Micro Data"
175:
Buyers tend to choose riskier financing alternatives than earlier.
142:
Real interest payments in relation to income have been increasing.
2136:
Harvard Institute of Economic Research, Discussion Paper No. 2045
2128:
of Real Estate Finance and Economics 29, pp. 341-354., and
120:"New era" theories to justify unprecedented price increases
117:
Growing interest in asset class among the general public
2243:, Economics Bulletin, Volume 37, Issue 2, pages 806-836
133:
Interest payments in relation to income for homebuyers
127:
76:
Housing bubbles vs. overpricing in the housing market
55:(2015), Smith and Smith (2006) and Cochrane (2010).
2130:Campbell, John Y.; Cocco, JoĂŁo F. (October 2004).
904:Small housing bubbles in OECD countries 1970â2015
244:Large housing bubbles in OECD countries 1970â2015
2022:Russian residential real estate 2020â2022 bubble
2156:
2154:
2152:
128:Lind's housing bubble indicator groups (2009)
8:
2260:
2258:
108:Great public excitement about said increases
2233:
2231:
2229:
2227:
2138:. Harvard Institute of Economic Research.
2217:
2215:
2213:
2211:
907:
247:
178:Buyers are amortizing less than earlier.
2108:
99:
2237:Oust, A. and Hrafnkelsson, K. (2017)
7:
16:Real-estate bubble involving housing
169:Buyers riskâtaking and impatience
14:
2145:from the original on May 2, 2006.
933:Price change prior to/after peak
273:Price change prior to/after peak
100:Shiller's bubble checklist (2010)
930:Price change prior to/after peak
927:Price change prior to/after peak
924:Price change prior to/after peak
921:Price change prior to/after peak
270:Price change prior to/after peak
267:Price change prior to/after peak
264:Price change prior to/after peak
261:Price change prior to/after peak
158:Buyer expectations about prices
2011:For individual countries, see:
204:Other housing bubble indicators
19:For the more general term, see
123:A decline in lending standards
1:
34:) is one of several types of
2117:NBER Working Paper No. 18398
2096:United States housing bubble
2028:Baltic states housing bubble
111:An accompanying media frenzy
2073:New Zealand property bubble
2062:Japanese asset price bubble
71:Identifying housing bubbles
2374:
2016:Australian property bubble
239:Historical housing bubbles
18:
2240:What is a housing bubble?
43:Housing bubble definition
2085:Romanian property bubble
2038:Canadian property bubble
2090:Spanish property bubble
2068:Lebanese housing bubble
2044:Chinese property bubble
2033:British property bubble
2079:Polish property bubble
2050:Danish property bubble
2056:Irish property bubble
2024:â ongoing currently.
194:Speculative behavior
32:housing price bubble
2358:Economic inequality
2075:â ongoing currently
2040:- ongoing currently
2018:â ongoing currently
287:Duration (Quarters)
36:asset price bubbles
2006:Real estate bubble
21:Real-estate bubble
1993:
1992:
959:Aggregated 3 year
953:Aggregated 5 year
897:
896:
299:Aggregated 3 year
293:Aggregated 5 year
53:Robert J. Shiller
2365:
2353:Economic bubbles
2337:
2334:
2328:
2325:
2319:
2316:
2310:
2307:
2301:
2298:
2292:
2289:
2283:
2280:
2274:
2271:
2265:
2262:
2253:
2250:
2244:
2235:
2222:
2219:
2206:
2203:
2197:
2194:
2188:
2185:
2179:
2176:
2170:
2167:
2161:
2158:
2147:
2146:
2144:
2125:
2119:
2113:
908:
248:
2373:
2372:
2368:
2367:
2366:
2364:
2363:
2362:
2343:
2342:
2341:
2340:
2335:
2331:
2326:
2322:
2317:
2313:
2308:
2304:
2299:
2295:
2290:
2286:
2281:
2277:
2272:
2268:
2263:
2256:
2251:
2247:
2236:
2225:
2220:
2209:
2204:
2200:
2195:
2191:
2186:
2182:
2177:
2173:
2168:
2164:
2159:
2150:
2142:
2129:
2126:
2122:
2114:
2110:
2105:
2002:
906:
246:
241:
206:
150:Housing supply
130:
102:
78:
73:
49:Joseph Stiglitz
45:
24:
17:
12:
11:
5:
2371:
2369:
2361:
2360:
2355:
2345:
2344:
2339:
2338:
2329:
2320:
2311:
2302:
2293:
2284:
2275:
2266:
2254:
2245:
2223:
2207:
2198:
2189:
2180:
2171:
2162:
2148:
2120:
2107:
2106:
2104:
2101:
2100:
2099:
2093:
2087:
2082:
2076:
2070:
2065:
2059:
2053:
2047:
2041:
2035:
2030:
2025:
2019:
2009:
2008:
2001:
1998:
1991:
1990:
1987:
1984:
1981:
1978:
1975:
1972:
1969:
1966:
1963:
1959:
1958:
1955:
1952:
1949:
1946:
1943:
1940:
1937:
1934:
1931:
1927:
1926:
1923:
1920:
1917:
1914:
1911:
1908:
1905:
1902:
1899:
1895:
1894:
1891:
1888:
1885:
1882:
1879:
1876:
1873:
1870:
1867:
1863:
1862:
1859:
1856:
1853:
1850:
1847:
1844:
1841:
1838:
1835:
1831:
1830:
1827:
1824:
1821:
1818:
1815:
1812:
1809:
1806:
1803:
1799:
1798:
1795:
1792:
1789:
1786:
1783:
1780:
1777:
1774:
1771:
1767:
1766:
1763:
1760:
1757:
1754:
1751:
1748:
1745:
1742:
1739:
1735:
1734:
1731:
1728:
1725:
1722:
1719:
1716:
1713:
1710:
1707:
1703:
1702:
1699:
1696:
1693:
1690:
1687:
1684:
1681:
1678:
1675:
1671:
1670:
1667:
1664:
1661:
1658:
1655:
1652:
1649:
1646:
1643:
1639:
1638:
1635:
1632:
1629:
1626:
1623:
1620:
1617:
1614:
1611:
1607:
1606:
1603:
1600:
1597:
1594:
1591:
1588:
1585:
1582:
1579:
1575:
1574:
1571:
1568:
1565:
1562:
1559:
1556:
1553:
1550:
1547:
1543:
1542:
1539:
1536:
1533:
1530:
1527:
1524:
1521:
1518:
1515:
1511:
1510:
1507:
1504:
1501:
1498:
1495:
1492:
1489:
1486:
1483:
1479:
1478:
1475:
1472:
1469:
1466:
1463:
1460:
1457:
1454:
1451:
1447:
1446:
1443:
1440:
1437:
1434:
1431:
1428:
1425:
1422:
1419:
1415:
1414:
1411:
1408:
1405:
1402:
1399:
1396:
1393:
1390:
1387:
1383:
1382:
1379:
1376:
1373:
1370:
1367:
1364:
1361:
1358:
1355:
1351:
1350:
1347:
1344:
1341:
1338:
1335:
1332:
1329:
1326:
1323:
1319:
1318:
1315:
1312:
1309:
1306:
1303:
1300:
1297:
1294:
1291:
1287:
1286:
1283:
1280:
1277:
1274:
1271:
1268:
1265:
1262:
1259:
1255:
1254:
1251:
1248:
1245:
1242:
1239:
1236:
1233:
1230:
1227:
1223:
1222:
1219:
1216:
1213:
1210:
1207:
1204:
1201:
1198:
1195:
1191:
1190:
1187:
1184:
1181:
1178:
1175:
1172:
1169:
1166:
1163:
1159:
1158:
1155:
1152:
1149:
1146:
1143:
1140:
1137:
1134:
1131:
1127:
1126:
1123:
1120:
1117:
1114:
1111:
1108:
1105:
1102:
1099:
1095:
1094:
1091:
1088:
1085:
1082:
1079:
1076:
1073:
1070:
1067:
1063:
1062:
1059:
1056:
1053:
1050:
1047:
1044:
1041:
1038:
1035:
1031:
1030:
1027:
1024:
1021:
1018:
1015:
1012:
1009:
1006:
1003:
999:
998:
995:
992:
989:
986:
983:
980:
977:
974:
971:
967:
966:
963:
962:An. 3Y average
960:
957:
956:An. 5Y average
954:
951:
948:
945:
942:
939:
935:
934:
931:
928:
925:
922:
919:
917:
915:
913:
911:
905:
902:
895:
894:
891:
888:
885:
882:
879:
876:
873:
870:
867:
861:
860:
857:
854:
851:
848:
845:
842:
839:
836:
833:
827:
826:
823:
820:
817:
814:
811:
808:
805:
802:
799:
795:
794:
791:
788:
785:
782:
779:
776:
773:
770:
767:
763:
762:
759:
756:
753:
750:
747:
744:
741:
738:
735:
729:
728:
725:
722:
719:
716:
713:
710:
707:
704:
701:
695:
694:
691:
688:
685:
682:
679:
676:
673:
670:
667:
663:
662:
659:
656:
653:
650:
647:
644:
641:
638:
635:
631:
630:
627:
624:
621:
618:
615:
612:
609:
606:
603:
599:
598:
595:
592:
589:
586:
583:
580:
577:
574:
571:
567:
566:
563:
560:
557:
554:
551:
548:
545:
542:
539:
535:
534:
531:
528:
525:
522:
519:
516:
513:
510:
507:
503:
502:
499:
496:
493:
490:
487:
484:
481:
478:
475:
471:
470:
467:
464:
461:
458:
455:
452:
449:
446:
443:
439:
438:
435:
432:
429:
426:
423:
420:
417:
414:
411:
405:
404:
401:
398:
395:
392:
389:
386:
383:
380:
377:
371:
370:
367:
364:
361:
358:
355:
352:
349:
346:
343:
339:
338:
335:
332:
329:
326:
323:
320:
317:
314:
311:
307:
306:
303:
302:An. 3Y average
300:
297:
296:An. 5Y average
294:
291:
288:
285:
282:
279:
275:
274:
271:
268:
265:
262:
259:
257:
255:
253:
251:
245:
242:
240:
237:
236:
235:
232:
228:
224:
220:
217:
214:
211:
205:
202:
201:
200:
199:
198:
192:
191:
190:
184:
181:
180:
179:
176:
173:
167:
166:
165:
162:
156:
155:
154:
148:
147:
146:
143:
140:
137:
129:
126:
125:
124:
121:
118:
115:
112:
109:
106:
101:
98:
77:
74:
72:
69:
44:
41:
28:housing bubble
15:
13:
10:
9:
6:
4:
3:
2:
2370:
2359:
2356:
2354:
2351:
2350:
2348:
2333:
2330:
2324:
2321:
2315:
2312:
2306:
2303:
2297:
2294:
2288:
2285:
2279:
2276:
2270:
2267:
2261:
2259:
2255:
2249:
2246:
2242:
2241:
2234:
2232:
2230:
2228:
2224:
2218:
2216:
2214:
2212:
2208:
2202:
2199:
2193:
2190:
2184:
2181:
2175:
2172:
2166:
2163:
2157:
2155:
2153:
2149:
2141:
2137:
2133:
2124:
2121:
2118:
2112:
2109:
2102:
2097:
2094:
2091:
2088:
2086:
2083:
2080:
2077:
2074:
2071:
2069:
2066:
2063:
2060:
2057:
2054:
2051:
2048:
2045:
2042:
2039:
2036:
2034:
2031:
2029:
2026:
2023:
2020:
2017:
2014:
2013:
2012:
2007:
2004:
2003:
1999:
1997:
1988:
1985:
1982:
1979:
1976:
1973:
1970:
1967:
1964:
1961:
1960:
1956:
1953:
1950:
1947:
1944:
1941:
1938:
1935:
1932:
1929:
1928:
1924:
1921:
1918:
1915:
1912:
1909:
1906:
1903:
1900:
1897:
1896:
1892:
1889:
1886:
1883:
1880:
1877:
1874:
1871:
1868:
1865:
1864:
1861:-10.6 %
1860:
1857:
1854:
1851:
1848:
1845:
1842:
1839:
1836:
1833:
1832:
1828:
1825:
1822:
1819:
1816:
1813:
1810:
1807:
1804:
1801:
1800:
1796:
1793:
1790:
1787:
1784:
1781:
1778:
1775:
1772:
1769:
1768:
1764:
1761:
1758:
1755:
1752:
1749:
1746:
1743:
1740:
1737:
1736:
1733:-12.5 %
1732:
1729:
1726:
1723:
1720:
1717:
1714:
1711:
1708:
1705:
1704:
1700:
1697:
1694:
1691:
1688:
1685:
1682:
1679:
1676:
1673:
1672:
1669:-10.4 %
1668:
1665:
1662:
1659:
1656:
1653:
1650:
1647:
1644:
1641:
1640:
1636:
1633:
1630:
1627:
1624:
1621:
1618:
1615:
1612:
1609:
1608:
1605:-11.6 %
1604:
1601:
1598:
1595:
1592:
1589:
1586:
1583:
1580:
1577:
1576:
1572:
1569:
1566:
1563:
1560:
1557:
1554:
1551:
1548:
1545:
1544:
1541:-14.8 %
1540:
1537:
1534:
1531:
1528:
1525:
1522:
1519:
1516:
1513:
1512:
1508:
1505:
1502:
1499:
1496:
1493:
1490:
1487:
1484:
1481:
1480:
1476:
1473:
1470:
1467:
1464:
1461:
1458:
1455:
1452:
1449:
1448:
1444:
1441:
1438:
1435:
1432:
1429:
1426:
1423:
1420:
1417:
1416:
1413:-17.6 %
1412:
1409:
1406:
1403:
1400:
1397:
1394:
1391:
1388:
1385:
1384:
1380:
1377:
1374:
1371:
1368:
1365:
1362:
1359:
1356:
1353:
1352:
1348:
1345:
1342:
1339:
1336:
1333:
1330:
1327:
1324:
1321:
1320:
1316:
1313:
1310:
1307:
1304:
1301:
1298:
1295:
1292:
1289:
1288:
1284:
1281:
1278:
1275:
1272:
1269:
1266:
1263:
1260:
1257:
1256:
1252:
1249:
1246:
1243:
1240:
1237:
1234:
1231:
1228:
1225:
1224:
1221:-13.5 %
1220:
1217:
1214:
1211:
1208:
1205:
1202:
1199:
1196:
1193:
1192:
1188:
1185:
1182:
1179:
1176:
1173:
1170:
1167:
1164:
1161:
1160:
1156:
1153:
1150:
1147:
1144:
1141:
1138:
1135:
1132:
1129:
1128:
1124:
1121:
1118:
1115:
1112:
1109:
1106:
1103:
1100:
1097:
1096:
1093:-12.5 %
1092:
1089:
1086:
1083:
1080:
1077:
1074:
1071:
1068:
1065:
1064:
1060:
1057:
1054:
1051:
1048:
1045:
1042:
1039:
1036:
1033:
1032:
1028:
1025:
1022:
1019:
1016:
1013:
1010:
1007:
1004:
1001:
1000:
996:
993:
990:
987:
984:
981:
978:
975:
972:
969:
968:
964:
961:
958:
955:
952:
949:
946:
944:Peaks/troughs
943:
940:
937:
936:
932:
929:
926:
923:
920:
918:
916:
914:
912:
910:
909:
903:
901:
892:
889:
886:
883:
880:
877:
874:
871:
868:
866:
863:
862:
858:
855:
852:
849:
846:
843:
840:
837:
834:
832:
829:
828:
825:-11.2 %
824:
821:
818:
815:
812:
809:
806:
803:
800:
797:
796:
792:
789:
786:
783:
780:
777:
774:
771:
768:
765:
764:
760:
757:
754:
751:
748:
745:
742:
739:
736:
734:
731:
730:
726:
723:
720:
717:
714:
711:
708:
705:
702:
700:
697:
696:
693:-18.1 %
692:
689:
686:
683:
680:
677:
674:
671:
668:
665:
664:
660:
657:
654:
651:
648:
645:
642:
639:
636:
633:
632:
628:
625:
622:
619:
616:
613:
610:
607:
604:
601:
600:
596:
593:
590:
587:
584:
581:
578:
575:
572:
569:
568:
564:
561:
558:
555:
552:
549:
546:
543:
540:
537:
536:
532:
529:
526:
523:
520:
517:
514:
511:
508:
505:
504:
501:-11.8 %
500:
497:
494:
491:
488:
485:
482:
479:
476:
473:
472:
468:
465:
462:
459:
456:
453:
450:
447:
444:
441:
440:
436:
433:
430:
427:
424:
421:
418:
415:
412:
410:
407:
406:
402:
399:
396:
393:
390:
387:
384:
381:
378:
376:
373:
372:
369:-11.9 %
368:
365:
362:
359:
356:
353:
350:
347:
344:
341:
340:
336:
333:
330:
327:
324:
321:
318:
315:
312:
309:
308:
304:
301:
298:
295:
292:
289:
286:
284:Peaks/troughs
283:
280:
277:
276:
272:
269:
266:
263:
260:
258:
256:
254:
252:
250:
249:
243:
238:
233:
229:
225:
221:
218:
215:
212:
208:
207:
203:
196:
195:
193:
188:
187:
185:
183:Bank behavior
182:
177:
174:
171:
170:
168:
163:
160:
159:
157:
152:
151:
149:
144:
141:
138:
135:
134:
132:
131:
122:
119:
116:
113:
110:
107:
104:
103:
97:
93:
89:
85:
82:
75:
70:
68:
64:
60:
56:
54:
50:
42:
40:
37:
33:
29:
22:
2332:
2323:
2314:
2305:
2296:
2287:
2278:
2269:
2248:
2238:
2201:
2192:
2183:
2174:
2165:
2135:
2123:
2111:
2010:
1994:
1989:-9.4 %
1983:-24.7 %
1977:-26.6 %
1974:-29.3 %
1957:10.6 %
1942:103.6 %
1925:-8.0 %
1919:-21.6 %
1913:-27.6 %
1910:-38.6 %
1855:-27.8 %
1849:-26.6 %
1846:-28.4 %
1829:17.7 %
1817:*27.7 %
1797:-1.6 %
1791:-28.4 %
1785:-30.0 %
1782:-31.9 %
1727:-18.7 %
1721:-21.0 %
1718:-21.2 %
1701:10.9 %
1689:102.4 %
1686:142.3 %
1663:-25.9 %
1657:-30.8 %
1654:-36.7 %
1637:12.2 %
1599:-25.8 %
1593:-33.0 %
1590:-48.5 %
1538:-11.2 %
1535:-33.6 %
1529:-15.2 %
1526:-33.6 %
1477:-3.3 %
1471:-14.3 %
1465:-17.3 %
1462:-49.5 %
1410:-10.5 %
1407:-31.5 %
1401:-32.3 %
1398:-34.2 %
1381:17.0 %
1369:*60.9 %
1349:-4.8 %
1343:-18.5 %
1337:-27.6 %
1334:-27.8 %
1317:19.2 %
1285:-7.0 %
1279:-25.7 %
1273:-29.0 %
1270:-35.3 %
1215:-26.6 %
1209:-33.8 %
1206:-34.0 %
1177:*27.9 %
1157:-0.7 %
1151:-21.1 %
1145:-25.0 %
1142:-28.5 %
1125:21.1 %
1110:180.1 %
1087:-19.2 %
1081:-29.4 %
1078:-36.5 %
1061:14.0 %
1029:-7.1 %
1023:-26.5 %
1017:-36.8 %
1014:-40.4 %
898:
893:-4.3 %
890:-11.0 %
887:-33.0 %
881:-37.1 %
878:-39.6 %
819:-28.9 %
813:-29.3 %
810:-35.6 %
793:23.5 %
781:*67.4 %
761:-4.5 %
755:-14.1 %
749:-36.0 %
746:-45.5 %
712:138.8 %
690:-14.7 %
687:-44.1 %
681:-42.8 %
678:-44.1 %
666:South Africa
634:South Africa
629:-2.3 %
623:-28.6 %
617:-41.2 %
614:-45.5 %
597:25.0 %
565:-9.2 %
559:-22.7 %
553:-34.7 %
550:-39.4 %
533:29.9 %
521:*66.2 %
498:-11.8 %
495:-35.5 %
489:-47.9 %
486:-52.6 %
454:138.9 %
437:-7.1 %
434:-10.6 %
431:-31.8 %
428:-10.3 %
425:-51.6 %
422:-53.6 %
403:10.1 %
388:235.6 %
366:-13.7 %
357:-46.0 %
354:-50.5 %
337:24.1 %
94:
90:
86:
83:
79:
65:
61:
57:
46:
31:
27:
25:
2098:â 1997â2006
2092:â 1985â2008
2081:â 2002â2008
2064:â 1986â1991
2058:â 1999â2006
2052:â 2001â2006
2046:â 2005â2011
1986:-8.2 %
1980:-5.3 %
1954:19.4 %
1951:58.1 %
1948:15.6 %
1945:77.8 %
1922:-7.2 %
1916:-5.5 %
1898:Switzerland
1893:4.6 %
1887:28.7 %
1881:38.1 %
1878:72.1 %
1866:Switzerland
1858:-9.3 %
1852:-5.3 %
1834:Switzerland
1823:27.7 %
1814:27.7 %
1802:Switzerland
1794:-9.5 %
1788:-6.0 %
1765:8.8 %
1762:12.0 %
1759:35.9 %
1753:42.5 %
1750:46.6 %
1730:-6.2 %
1724:-4.2 %
1698:11.4 %
1695:34.2 %
1692:20.5 %
1666:-8.6 %
1660:-6.2 %
1631:24.1 %
1625:40.6 %
1622:29.7 %
1602:-8.6 %
1596:-6.6 %
1573:8.1 %
1567:25.7 %
1561:27.0 %
1558:34.3 %
1532:-3.0 %
1509:5.4 %
1506:24.1 %
1503:72.3 %
1500:17.7 %
1497:88.5 %
1494:88.5 %
1474:-4.8 %
1468:-3.5 %
1445:9.7 %
1439:22.9 %
1433:37.6 %
1430:79.6 %
1404:-6.5 %
1378:15.8 %
1375:47.5 %
1372:16.2 %
1366:60.9 %
1346:-6.2 %
1340:-5.5 %
1314:12.2 %
1311:36.5 %
1305:26.8 %
1302:40.6 %
1282:-8.6 %
1276:-5.8 %
1253:5.8 %
1247:29.2 %
1241:44.3 %
1238:44.3 %
1218:-8.9 %
1212:-6.8 %
1189:6.8 %
1183:28.5 %
1174:28.8 %
1154:-7.0 %
1148:-5.0 %
1122:20.0 %
1119:60.0 %
1116:12.8 %
1113:63.9 %
1090:-6.4 %
1084:-5.9 %
1058:10.5 %
1055:31.5 %
1049:29.9 %
1046:55.8 %
1026:-8.8 %
1020:-7.4 %
997:3.9 %
991:21.2 %
985:33.4 %
982:59.6 %
884:-7.4 %
859:7.8 %
856:11.8 %
853:35.4 %
850:10.8 %
847:54.1 %
844:92.9 %
822:-9.6 %
816:-5.9 %
790:22.1 %
787:66.2 %
784:19.3 %
778:67.4 %
758:-4.7 %
752:-7.2 %
727:9.0 %
724:10.0 %
721:30.1 %
718:13.8 %
715:69.2 %
684:-8.6 %
661:9.2 %
655:25.5 %
652:11.0 %
649:54.9 %
646:55.1 %
626:-9.5 %
620:-8.2 %
594:13.3 %
591:39.8 %
585:37.8 %
582:44.0 %
562:-7.6 %
556:-6.9 %
538:New Zealand
530:21.5 %
527:64.4 %
524:14.7 %
518:66.2 %
506:New Zealand
492:-9.6 %
474:Netherlands
469:6.5 %
466:23.0 %
463:69.0 %
460:18.9 %
457:94.4 %
442:Netherlands
400:10.2 %
397:30.5 %
394:10.6 %
391:52.9 %
363:41.0 %
360:-9.2 %
334:21.9 %
331:65.8 %
328:12.7 %
325:63.3 %
322:68.3 %
2347:Categories
2103:References
1890:9.6 %
1884:7.6 %
1826:9.2 %
1820:9.2 %
1756:8.5 %
1634:8.0 %
1628:8.1 %
1570:8.6 %
1564:5.4 %
1442:7.6 %
1436:7.5 %
1308:5.4 %
1250:9.7 %
1244:8.9 %
1186:9.5 %
1180:6.6 %
1052:6.0 %
994:7.1 %
988:6.7 %
950:Aggregated
658:8.5 %
588:7.6 %
290:Aggregated
2140:Archived
2000:See also
1933:Increase
1869:Increase
1805:Increase
1741:Increase
1677:Increase
1613:Increase
1549:Increase
1485:Increase
1421:Increase
1357:Increase
1293:Increase
1229:Increase
1165:Increase
1101:Increase
1037:Increase
973:Increase
947:Duration
835:Increase
769:Increase
703:Increase
637:Increase
573:Increase
509:Increase
445:Increase
379:Increase
313:Increase
1968:1995-Q4
1936:1989-Q3
1904:2000-Q1
1872:1989-Q4
1840:1976-Q3
1808:1973-Q1
1776:1995-Q4
1744:1990-Q1
1712:1997-Q1
1680:1991-Q4
1648:1982-Q4
1616:1978-Q2
1584:2001-Q1
1552:1991-Q1
1520:1982-Q2
1488:1979-Q2
1456:2009-Q2
1424:1990-Q4
1392:1977-Q3
1360:1973-Q4
1328:1986-Q4
1296:1981-Q2
1264:1987-Q2
1258:Ireland
1232:1980-Q4
1226:Ireland
1200:1979-Q3
1194:Finland
1168:1974-Q2
1162:Finland
1136:2012-Q4
1130:Denmark
1104:2006-Q3
1098:Denmark
1072:1993-Q2
1066:Denmark
1040:1986-Q2
1034:Denmark
1008:1985-Q2
1002:Belgium
976:1979-Q3
970:Belgium
965:1 year
938:Country
872:2011-Q4
838:2006-Q1
804:1977-Q3
772:1973-Q3
740:2014-Q1
706:2007-Q2
672:1987-Q1
640:1984-Q1
608:1993-Q1
576:1987-Q1
544:1980-Q4
512:1974-Q3
480:1985-Q3
448:1978-Q2
416:2013-Q1
409:Ireland
382:2007-Q1
375:Ireland
348:1995-Q4
342:Finland
316:1989-Q2
310:Finland
305:1 year
278:Country
1770:Sweden
1738:Sweden
602:Norway
570:Norway
231:2011).
227:2011).
223:2006).
2143:(PDF)
1706:Spain
1674:Spain
1642:Spain
1610:Spain
1578:Korea
1546:Korea
1514:Korea
1482:Korea
1450:Japan
1418:Japan
1386:Japan
1354:Japan
1322:Italy
1290:Italy
941:Price
733:Spain
699:Spain
281:Price
210:rate.
1965:Fall
1901:Fall
1837:Fall
1773:Fall
1709:Fall
1645:Fall
1581:Fall
1517:Fall
1453:Fall
1389:Fall
1325:Fall
1261:Fall
1197:Fall
1133:Fall
1069:Fall
1005:Fall
869:Fall
801:Fall
737:Fall
669:Fall
605:Fall
541:Fall
477:Fall
413:Fall
345:Fall
30:(or
865:USA
831:USA
2349::
2257:^
2226:^
2210:^
2151:^
2134:.
1971:25
1962:UK
1939:30
1930:UK
1907:41
1875:53
1843:14
1811:12
1779:23
1747:17
1715:21
1683:36
1651:18
1587:40
1555:14
1523:12
1491:37
1459:74
1427:53
1395:15
1363:15
1331:22
1299:13
1267:26
1235:43
1203:21
1171:10
1139:25
1107:53
1075:28
1043:14
1011:23
979:31
875:23
841:38
807:16
798:UK
775:14
766:UK
743:27
709:41
675:12
643:21
611:24
547:25
515:18
483:29
451:33
419:24
385:56
351:26
319:15
26:A
1619:9
579:8
23:.
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