Debt and asset inflation
are a much less known cause, but of prime importance. The
growth of international trade, notably after 2002, was correlated with a phase of
asset inflation, particularly real estate. The real estate bubble that took place in the
United States and several other countries (Canada, United Kingdom, and Spain)
between 2001 and 2006 was accompanied by a staggering growth of debt using
assets as collateral. A share of this debt though was used to consume imported
goods, impacting trade balances.