Growth studies show, counter to intuition, that the discovery of a natural resource may be a curse rather than a blessing since resource-rich countries grow slower than others. Moreover, resource abundance may involve a displacement of a growth-essential manufacturing sector, leading to Dutch Disease. Norway is an important exception to the curse and the disease. Since oil production started in...

The housing booms and busts in Ireland Spain were among the most striking episodes of Eurozone crisis. While asset price inflation financialization was gathering pace across developed world, these two ‘most different’ cases converged on same outcome as extreme forms construction-based bubbles. key contributions this paper are threefold. Firstly, we show how cheap credit can be understood analog...