The Keating get too much credit for high interest rates, when the facts are the US drove that side of the equation beginning 1979 when it embraced tight fiscal rectitude, resulting in disinflation and the net asset value of fixed rate mortgages went backwards by the early 80s. In 1980 the US lifted rate ceilings and things took off from there, with risk aversion a thing of the past, their growth slowing, foreign buyins increasing, reduced investment and big govt deficits/interest payments.
We just delayed the inevitable by regulating and capping interest rates, which caught up with us eventually: It really was a recession that was unavoidable after putting off the smaller corrections.
