Minsky phase
The phase combines private debt relative to GDP, household debt service, private-credit growth, real house-price growth, and net equity retirement relative to capital spending. Hedge corresponds to a low vulnerability score, Speculative to a score of 3 or more, and Ponzi to a score of 5 or more with strong financing dependence. Contracting private credit and house prices indicate Post-Crisis Deleveraging. A phase change must persist for two consecutive quarters before it is confirmed.
Pending data
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