... exchange price index and interbank rates are taken from Bloomberg. Economic series such as real GDP and inflation are extracted from Haver Analytics. Real estate prices are taken from the BIS property ... growth on the one hand, real GDP and stock price growth on the other hand, is significant, but the correlation between credit growth and real estate price growth is low and insignificant. Moreover, ... k and k are parameters to estimate, 0, 0 and 0 being intercepts and it, t and t residuals. The three main endogenous variables, namely credit, stock price, and...