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In the Asset Economy, adjustments in property prices are likely to have far-reaching impacts on the global economy. In large part, that's because of an increasingly powerful relationship between personal consumption expenditures and the wealth effects linked to house prices. A recent OECD study of the major countries of the developed world underscores the prevalence of fairly tight connections between property wealth effects and private consumption; correlations were tightest in the United Kingdom, New Zealand, Switzerland, Finland, the Netherlands, Ireland, Sweden, Australia, Canada, Japan, and the United States (see OECD Economic Outlook: June 2004, Chapter IV: "Housing Markets, Wealth, and the Business Cycle"). According to the criteria used in our global round-up, fully 9 of those 11 countries would qualify as bubbles or on the bubble-watch-list; only Japan and Switzerland would fail to make the cut. Moreover, in 5 of those 9 economies, mortgage debt rose above 50% of GDP in 2002 — namely, Australia, New Zealand, the Netherlands, the United Kingdom, and the United States. Consequently, to the extent that a turn in the super-liquidity cycle triggers a post-bubble shakeout in global housing markets, the private consumption underpinnings of world economic growth would most assuredly be at risk.

http://www.morganstanley.com/GEFdata/digests/20040715-thu.html

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