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Estimating a set of multivariate logit models, we find that booms in credit to both households and non\u2010financial enterprises are important to account for when evaluating the stability of the financial system. In addition, we find that global housing market developments have predictive power for domestic financial stability. Finally, econometric measures of bubble\u2010like behavior in housing and credit markets enter with positive and highly significant coefficients. Specifically, we find that the probability of a crisis increases markedly when bubble\u2010like behavior in house prices coincides with high household leverage. Copyright \u00a9 2016 John Wiley &amp; Sons, Ltd.<\/jats:p>","DOI":"10.1002\/jae.2503","type":"journal-article","created":{"date-parts":[[2016,2,22]],"date-time":"2016-02-22T02:56:39Z","timestamp":1456109799000},"page":"1291-1311","source":"Crossref","is-referenced-by-count":90,"title":["Bubbles and Crises: The Role of House Prices and Credit"],"prefix":"10.1002","volume":"31","author":[{"given":"Andr\u00e9 K.","family":"Anundsen","sequence":"first","affiliation":[{"name":"Norges Bank  Oslo Norway"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Karsten","family":"Gerdrup","sequence":"additional","affiliation":[{"name":"Norges Bank  Oslo Norway"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Frank","family":"Hansen","sequence":"additional","affiliation":[{"name":"Norges Bank  Oslo Norway"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Kasper","family":"Kragh\u2010S\u00f8rensen","sequence":"additional","affiliation":[{"name":"Stockholm University  Sweden"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2016,2,21]]},"reference":[{"key":"e_1_2_8_2_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.ejpoleco.2011.01.003"},{"key":"e_1_2_8_3_1","doi-asserted-by":"crossref","unstructured":"AlessiL DetkenC.2014.Identifying excessive credit growth and leverage. 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