Between June 1998 and March 2006, the price index of apartment housing in Seoul, Republic of Korea, more than doubled, while fundamentals such as gross domestic product, wage, and population increased by less than 35%. This study examines the role of a rational speculative bubble in this price...

This study aims to establish a proportional perspective of the contribution of UK mortgage lenders to the domestic housing bubble and the ensuing financial crisis, based on a carefully built theoretical framework. The theory captures credit constraint as a transmission mechanism for speculative...

Between June 1998 and March 2006, the price index of apartment housing in Seoul, Republic of Korea more than doubled, while fundamentals such as gross domestic product, wage, and population increased by less than 35%. This study examines the role of a rational speculative bubble in this price...