Housing bubbles and investments in dubious projects result in a waste of resources and a misallocation of capital that ultimately dampens potential growth. The best example is perhaps Spain in the 2000s, where students left university before graduating to take part in the real-estate frenzy.
此外，BIS还认为信用可能大大激化了结构性弱点。住房泡沫和对可疑项目的投资导致资源浪费和资本错配，最终恶化潜在增长。最好的例子也许要数21世纪初的西班牙，大学生们纷纷辍学投身房地产疯狂。西班牙建造了大量无用的水泥建筑而失去了人力资本，结果是双重损失。