It might come as a surprise to some investors but when housing bubbles collapse, it doesn't always mean a financial crisis will follow.
Likewise, not all financial crises are caused by a savage drop in house prices, but a research paper published by the Reserve Bank of New Zealand shows why investors should be worried when a property market does go pear shaped.
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Philip Baker writes on markets specialising in bonds, equity markets and currencies. Based in our Sydney newsroom, Phil is a markets columnist. Connect with Philip on Twitter. Email Philip at pbaker@fairfaxmedia.com.au
