China's real estate sector and infrastructure account for nearly one-third of economic demand in China. Plus, Chinese households allocate far more of their wealth to housing (nearly 70%) than households in other countries. So with the country's real estate sector entering its sixth year of adjustment, the implications for China and the rest of the world are growing. In a new BPEA paper, Kenneth Rogoff and Yuanchen Yang look for clues on what will happen next in another recent real estate crisis, that of 1990s Japan. On today's episode of the Brookings Podcast on Economic Activity, Rogoff and Yang are interviewed about their findings by Brookings Senior Fellow Gian Maria Milesi-Ferretti.
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