Speculative Bubble Spillovers across Regional Housing Markets
In this paper we determine whether speculative bubbles in one region in the United States can lead bubbles to form in others. We first apply a regime-switching model to determine whether speculative bubbles existed in the U.S. regional residential real estate markets. Our findings suggest that the h...
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| Veröffentlicht in: | Land economics 2015-08, Vol.91 (3), p.516-535 |
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| container_title | Land economics |
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| creator | Nneji, Ogonna Brooks, Chris Ward, Charles W. R. |
| description | In this paper we determine whether speculative bubbles in one region in the United States can lead bubbles to form in others. We first apply a regime-switching model to determine whether speculative bubbles existed in the U.S. regional residential real estate markets. Our findings suggest that the housing markets in five of the nine census divisions investigated were characterized by speculative bubbles. We then examine the extent to which bubbles spill over between neighboring and more distant regions, finding that the transmission of speculative bubbles and nonfundamentals between regions is multidirectional and does not depend on contiguity or distance. |
| doi_str_mv | 10.3368/le.91.3.516 |
| format | Article |
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We then examine the extent to which bubbles spill over between neighboring and more distant regions, finding that the transmission of speculative bubbles and nonfundamentals between regions is multidirectional and does not depend on contiguity or distance.</description><subject>Determinants</subject><subject>Housing market</subject><subject>Neighbourhoods</subject><subject>Real estate</subject><subject>Real estate market</subject><subject>Residential areas</subject><subject>Spillovers</subject><subject>Studies</subject><subject>U.S.A</subject><issn>0023-7639</issn><issn>1543-8325</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2015</creationdate><recordtype>article</recordtype><recordid>eNqNkctLw0AQxhdRsD5OnoWAF0FS95F9HTxo8QWKYPW8JJtZSd02dTcp-N-7sVLBk3OZy2--mfk-hI4IHjMm1LmHsSZjNuZEbKER4QXLFaN8G40wpiyXguldtBfjDKeSQo7QxXQJtvdl16wgu-qrykM2XTbetysIMSttaGPMnuGtaRelz-7aPjaLt-yxDO_QxQO040of4fCn76PXm-uXyV3-8HR7P7l8yG3BVZcLR52mlqsKeKl1XYGgvLKUQiFrXYOjGLtKW-eIJgV2TtVC6BoLwaEG69g-Ol3rLkP70UPszLyJFrwvF5AuMkQSTDnHnP4DxZooSnGR0JM_6KztQ3rzm8JysEsl6mxNfVsRwJllaOZl-DQEm8F148FoYphJrie62GjOwHbzPsKvLFeCKWmmQzJDMISzFATHaex4PTaLXRs2G2ghJSsUYV9eTY4O</recordid><startdate>20150801</startdate><enddate>20150801</enddate><creator>Nneji, Ogonna</creator><creator>Brooks, Chris</creator><creator>Ward, Charles W. 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| ispartof | Land economics, 2015-08, Vol.91 (3), p.516-535 |
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| language | eng |
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| source | Jstor Complete Legacy; Business Source Complete |
| subjects | Determinants Housing market Neighbourhoods Real estate Real estate market Residential areas Spillovers Studies U.S.A |
| title | Speculative Bubble Spillovers across Regional Housing Markets |
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