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A paper made available to Steve Keen's colleagues in 2004. Real Estate, Banking & Business Cycles





Recently KPMG released its 1994 Financial Institutions Performance Survey with controversial commentary on how high volumes of loans for housing and property development can stifle lending to other sectors.



Now we compound our sins by arguing that major economic cycles are primarily caused by property cycles, a subject on which very little economic analysis has been… Continue

Added by Andrew Boughton on July 19, 2009 at 10:16pm — No Comments

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