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How far do China’s property prices need to drop in order to trigger a GDP reaction that looks like a price bubble bursting? What does this question tell us about the way Bubble Economies work? In this paper, argue for a separate analysis of ‘Bubble Economics’ – as the non-linear and...
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In geographically segmented credit markets, local real estate booms can deteriorate the funding conditions for small manufacturing firms and undermine their competitiveness. Using exogenous variation in the administrative land supply across 172 Chinese cities, we show that higher predicted real...
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In geographically segmented credit markets, local real estate booms can deteriorate the funding conditions for small manufacturing firms and undermine their growth and competitiveness. Based on exogenous variations in the administrative land supply across 202 Chinese cities, we show that real...
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globally. The result has been a succession of bubbles and crashes, including the worldwide stock market bubble and great crash … stock market bubbles, the emerging markets bubbles and crashes in 1994 and 1997, the Long-Term Capital Management (LTCM …) crisis of 1998, the dotcom bubble bursting in 2000, the recent house price bubbles, the financialization bubble via special …
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