Oireachtas Joint and Select Committees
Wednesday, 4 March 2015
Committee of Inquiry into the Banking Crisis
Professor Alan Ahearne:
No, because we were talking about the previous experiences.
We were able to identify bubbles that had occurred since 1970 in 18 advanced countries but we were looking backward with the benefit of data. The very definition of "bubble" that we used was that house prices had to have fallen in three years following the peak, so we picked out these bubbles but we were doing so looking backwards.