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How Urban Planners Caused the Housing Bubble
O'Toole, Randal - 2014
housing bubbles.Between 2000 and the bubble's peak, inflation- adjusted housing prices in California and Florida more than …,000 people per year.This suggests that local factors, not national policies, were a necessary condition for the housing bubbles …
Persistent link: https://www.econbiz.de/10013064329
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Non-Recourse Mortgage Law and Housing Speculation
Nam, Tong-yob - 2020
Borrowers in states with non-recourse mortgage law face limited liability on their mortgage loans. We show that non-recourse law causes larger swings in housing prices by encouraging speculative investments when housing markets are in a boom cycle. We find that mortgage lending pricing does not...
Persistent link: https://www.econbiz.de/10012856960
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Housing Speculation and Entrepreneurship
Tian, Xuan; Wang, Yichu - 2022
We document a speculation channel through which house market booms negatively affect entrepreneurship, using unique longitudinal individual-level data. To address endogeneity concerns, we exploit plausibly exogenous variation in house prices generated by staggered and unintended policy...
Persistent link: https://www.econbiz.de/10013405912
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Episodes of Exuberance in Housing Markets : In Search of the Smoking Gun
Martínez-García, Enrique - 2016
In this paper, we examine changes in the time series properties of three widely used housing market indicators (real house prices, price-to-income ratios, and price-to-rent ratios) for a large set of countries to detect episodes of explosive dynamics. Dating such episodes of exuberance in...
Persistent link: https://www.econbiz.de/10012982222
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Explosive Dynamics in House Prices? An Exploration of Financial Market Spillovers in Housing Markets Around the World
Martínez-García, Enrique - 2020
test methodology proposed by Phillips et al. (2015a,b). Motivated by the theory of financial arbitrage, we examine within a …
Persistent link: https://www.econbiz.de/10012851645
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Renewed momentum in the German housing market : boom or bubble?
Chen, Xi; Funke, Michael - 2013
speculative bubbles in Germany over the sample period 1987Q3 - 2012Q4. Overall, we find that actual house prices are not … significantly disconnected from underlying economic fundamentals. Thus, there is no evidence of speculative house price bubbles in …
Persistent link: https://www.econbiz.de/10009764458
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Renewed Momentum in the German Housing Market : Boom or Bubble?
Chen, Xi - 2013
speculative bubbles in Germany over the sample period 1987Q3-2012Q4. Overall, we find that actual house prices are not … significantly disconnected from underlying economic fundamentals. Thus, there is no evidence of speculative house price bubbles in …
Persistent link: https://www.econbiz.de/10013079871
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The impact of exogenous demand shock on the housing market : evidence from the home purchase restriction policy in the People's Republic of China
Cao, Xiaping (Jerry); Huang, Bihong; Lai, Rose Neng - 2018
implemented the home purchase restriction (HPR) policy to curb speculation and prevent housing bubbles. This policy triggered an …
Persistent link: https://www.econbiz.de/10011811843
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Speculative Bubble Spillovers Across Regional Housing Markets
Nneji, Ogonna - 2014
In this paper we determine whether speculative bubbles in one region in the US can lead bubbles to form in others. We … first apply a regime-switching model to determine whether speculative bubbles existed in the US regional residential real … characterized by speculative bubbles. We then examine the extent to which bubbles spill over between neighbouring and more distant …
Persistent link: https://www.econbiz.de/10013066764
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Testing for Bubbles in Housing Markets : A Panel Data Approach
Mikhed, Vyacheslav; Zemčik, Petr - 2008
We employ recently developed cross-sectionally robust panel data tests for unit roots and cointegration to find whether house prices reflect house-related earnings. We use U.S. data for Metropolitan Statistical Areas, with house price measured by the weighted-repeated-sales index, and cash flows...
Persistent link: https://www.econbiz.de/10014219293