By Forrest Capie, Geoffrey E. Wood
The recession which many nations skilled within the early Nineties had yes strange features. such a lot significantly, and customary to all international locations, used to be the behaviour of asset costs relative to the overall fee point. as a result, purposes have been sought to provide an explanation for the designated features of the recession and as a result behaviour of asset costs realization became to 'Debt-Deflation Theories' linked in several varieties with Keynes and Irving Fisher. The individuals to this quantity speak about the importance of debt deflation. Their awesome universal characteristic is that, at the facts provided right here, the behaviour of asset costs shouldn't be of significant situation to coverage makers, or to these trying to comprehend financial behaviour. although, residual doubts stay over the japanese case.
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Additional info for Asset Prices and the Real Economy
Real rates measured this way were not particularly low during the 198590 period: they tended to fluctuate around 5 per cent. 8 This is a pronounced increase compared to the years immediately after OPEC I, when the real rate was consistently negative. However, the ex ante real rate after 1985 was probably less than the ex post rate, allowing for the difference between expected and actual inflation after the credit market deregulation. Unlike several other industrialised countries, Sweden did not go through a disinflationary period 16 14 12 10 c 8 ~ 6 Q) u 4 2 1985 1986 1987 1988 1989 1990 1991 1992 Notes: I.
Unlike most OECD countries, deductibility is not limited to interest on housing loans. Instead, all types of interest payments by household, regardless of the purpose of the loan, were (and are) deductible. 6 exhibits nominal interest rates before and after tax, and ex post real interest after tax for household bank loans, 1985- 93. Calculated this way, the real rate of interest for household loans fluctuated around zero until 1991. To conclude, real interest rates were low during the second half of the 1980s without being exceptionally low in the (recent) historical 18 16 14 12 c Q) 10 u 8 D..
3 Notes: I . Real wage, stock market index, money supply and bank lending are deftated by CPl. 2. Change in public debt share of GDP in percentage points. Source: Jonung (1994) . 50 Asset Markets and Economic Activity in Sweden, 1985-93 budget was the guiding norm for fiscal policy in the inter-war period, even during the 1930s in spite of attempted counter-cyclical fiscal measures. 13 No major changes in the public debt occurred during the inter-war crises. This picture changed dramatically in the post-Bretton Woods period with the acceptance of a Keynesian view of counter-cyclical fiscal policy.