ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

CrisesSubscribe to Crises

Delinking Housing Cycles, Banking Crises, and Recession

The nexus of housing boom-busts, banking crises, and economic cycles is not unique to the last crisis and has been increasingly present in each of the major banking crises since the break-up of Bretton Woods in the early 1970s. Housing is a politically charged issue. A safer housing market, via planned fiscal intervention to steady supply, would do more to make the financial system safer than all of the other recent initiatives put together. Cheaper finance without cheaper homes only deepens housing inequality.

Philippines : More of the Same?

In the end, his fall was as precipitous as his rise had been meteoric. A school dropout, Joseph Estrada moved to a successful career as a B-grade movie star and on to politics. His rise there was equally impressive – from small-time mayor to vice-president in 1992 and then the presidency in 1998, winning an absolute majority of the popular vote. But 30 months later, nemesis caught up with him and on January 21, faced with massive street protests in Manila, Estrada was forced out of office.

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