The first chart for analysis is a plot of Singapore's consumer housing debt - as extended by banks (data from MAS) vs Singapore's GDP (singstat). I am able to get only four data points from singstat for GDP (if anybody knows how i can get a more detailed time series pls let me know), nevertheless a plot of housing debt vs. GDP shows a clear trend:
There is a major omission from this chart, and that is the debt that is extended by HDB to purchasers of HDB flats. MAS only releases data of loans made by banks, and not loans made by HDB. So we have to use educated guessing estimate the HDB debt. (if anybody knows how i can get my hands on this data, please let me know. thanks)
