The article investigates reasons behind the rise in global housing prices before the financial crisis. It looks at loose monetary policy, a global savings surplus, and declining credit standards. By studying data from 57 countries between 1990-2014, the researchers found that none of these factors fully explain the housing price increases. Tight monetary policy actually led to higher housing returns. While current account deficits were linked to higher housing prices, this was mainly due to increased housing demand. Changes in credit standards did explain some housing returns, but they also reflected shifts in demand.