Agency Costs , Balance Sheets and the Business Cycle

  title={Agency Costs , Balance Sheets and the Business Cycle},
  author={Philip Lowe and Thomas Rohling},
The views expressed in this paper are ours alone and do not necessarily reflect the views of the Reserve Bank of Australia. We are grateful to Warren Tease, Gordon de Brouwer and participants at seminars at the Reserve Bank of Australia and the University of Sydney for helpful comments and suggestions. i ABSTRACT The 1980s witnessed large increases in corporate debt and sustained asset price inflation. More recently, asset prices, particularly commercial property prices, have fallen… CONTINUE READING


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