Kim, Bong Han; Min, Hong-Ghi - In: Economic Modelling 28 (2011) 3, pp. 1415-1423
This study investigates whether interest rates and household lending caused housing price bubbles in Korea over the period of 1986 to 2003. Using a regime-switching model, we found evidence of the existence of housing price bubbles throughout the sample period, with the exception of 1998 when...