Is There a Global Business Cycle?

In other recessionary periods in global slowdowns, you tend to see sort of a coordination of declines in advance of like the bulk of recession when it comes to housing prices. In China, post GFC, so I'm talking post 0709 recession,. They really did as listeners will recall a lot of credit creation, which made its way into their housing market in a big way. The real standout has to be China where we have leading home price indicators like we do for the US. And that's kind of weighing very heavily on their prospects for activity.

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