Chaired by Natacha Valla, Deputy Director, CEPII

In 2013, house prices increased by 8% on average in the world, the highest rate since the end of the 90s, raising fears of a Real Estate bubble comeback and financial instability. 

The last three expansions of the US economy were indeed fed by financial and real estate booms, bringing Lawrence Summers and Paul Krugman to doubt of the ability to combine sustainable growth and financial stability. Have our advances economies entered a secular stagnation where bubbles are needed to foster growth?