Have a personal or library account? Click to login
An Investigation on Real Estate Market Dynamics and Bubble Formation Modeling Cover

An Investigation on Real Estate Market Dynamics and Bubble Formation Modeling

Proceedings of the International Conference on Business Excellence
Volume 17 (2023): Issue 1 (July 2023)
By:
Open Access
|Jul 2023

References

  1. Ahearne, A. G., Ammer, J., Doyle, B. M., Kole, L. S., &amp; Martin, R. F. (2005, September). <em>House Prices and Monetary Policy: A Cross-Country Study</em>. Board of Governors of the Federal Reserve System. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://www.federalreserve.gov/econres/ifdp/house-prices-and-monetary-policy-a-cross-country-study.htm">https://www.federalreserve.gov/econres/ifdp/house-prices-and-monetary-policy-a-cross-country-study.htm</ext-link>
    Search in Google ScholarBack to article
  2. Akinsomi, O. (2021), “How resilient are REITs to a pandemic? The COVID-19 effect”, Journal of <em>Property Investment &amp; Finance, Vol. 39 No. 1</em>, pp. 19-24. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1108/JPIF-06-2020-0065" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1108/JPIF-06-2020-0065</a>">https://doi.org/10.1108/JPIF-06-2020-0065</ext-link>
    Search in Google ScholarBack to article
  3. Anderson, K., Brooks, C., &amp; Tsolacos, S. (2011). Testing for Periodically Collapsing Rational Speculative Bubbles in U.S. REITs. <em>The Journal of Real Estate Portfolio Management</em>, <em>17</em>(3), 227–242. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="http://www.jstor.org/stable/24884606">http://www.jstor.org/stable/24884606</ext-link>
    Search in Google ScholarBack to article
  4. André, C., Caraiani, P., Călin, A. C., &amp; Gupta, R. (2022). Can monetary policy lean against housing bubbles? <em>Economic Modelling</em>, <em>110</em>, 105801. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.econmod.2022.105801" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.econmod.2022.105801</a>">https://doi.org/10.1016/j.econmod.2022.105801</ext-link>
    Search in Google ScholarBack to article
  5. Antonakakis, N., &amp; Floros, C. (2016). Dynamic interdependencies among the housing market, stock market, policy uncertainty and the macroeconomy in the United Kingdom. <em>International Review of Financial Analysis, 44</em>, 111–122. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.irfa.2016.01.006" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.irfa.2016.01.006</a>">https://doi.org/10.1016/j.irfa.2016.01.006</ext-link>
    Search in Google ScholarBack to article
  6. Antonakakis, N., André, C., &amp; Gupta, R. (2016). Dynamic Spillovers in the United States: Stock Market, Housing, Uncertainty, and the Macroeconomy. <em>Southern Economic Journal, 83(2),</em> 609–624. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1002/soej.12149" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1002/soej.12149</a>">https://doi.org/10.1002/soej.12149</ext-link>
    Search in Google ScholarBack to article
  7. Anundsen, A. K. (2015). Econometric Regime Shifts and the US Subprime Bubble. <em>Journal of Applied Econometrics</em>, <em>30</em>(1), 145–169. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1002/jae.2367" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1002/jae.2367</a>">https://doi.org/10.1002/jae.2367</ext-link>
    Search in Google ScholarBack to article
  8. Beracha, E., &amp; Johnson, K. H. (2012). Lessons from Over 30 Years of Buy versus Rent Decisions: Is the American Dream Always Wise? <em>Real Estate Economics</em>, <em>40</em>(2), 217–247. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1111/j.1540-6229.2011.00321.x" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1111/j.1540-6229.2011.00321.x</a>">https://doi.org/10.1111/j.1540-6229.2011.00321.x</ext-link>
    Search in Google ScholarBack to article
  9. Bernanke, Ben S. “Monetary Policy and the Housing Bubble.” - Speech by Ben S Bernanke, Chairman of the Board of Governors of the Federal Reserve System, at the Annual Meeting of the American Economic Association, Atlanta, Georgia, 3 January 2010. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://www.bis.org/review/r100113a.pdf">https://www.bis.org/review/r100113a.pdf</ext-link>
    Search in Google ScholarBack to article
  10. Bjørnland, H. C., &amp; Jacobsen, D. H. (2010). The role of house prices in the monetary policy transmission mechanism in small open economies. Journal of Financial Stability, 6(4), 218–229. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.jfs.2010.02.001" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.jfs.2010.02.001</a>">https://doi.org/10.1016/j.jfs.2010.02.001</ext-link>
    Search in Google ScholarBack to article
  11. Caraiani, P., &amp; Călin, A. C. (2019). Housing markets, monetary policy, and the international co‐movement of housing bubbles. <em>Review of International Economics</em>, <em>28</em>(2), 365–375. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1111/roie.12454" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1111/roie.12454</a>">https://doi.org/10.1111/roie.12454</ext-link>
    Search in Google ScholarBack to article
  12. Caraiani, P., Călin, A. C., &amp; Gupta, R. (2019). Monetary policy and bubbles in US REITs. <em>International Review of Finance</em>, <em>21</em>(2), 675–687. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1111/irfi.12284" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1111/irfi.12284</a>">https://doi.org/10.1111/irfi.12284</ext-link>
    Search in Google ScholarBack to article
  13. Carlos Hatchondo, J., Martinez, L., &amp; Sánchez, J. M. (2015). Mortgage defaults. <em>Journal of Monetary Economics</em>, <em>76</em>, 173–190. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.jmoneco.2015.09.011" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.jmoneco.2015.09.011</a>">https://doi.org/10.1016/j.jmoneco.2015.09.011</ext-link>
    Search in Google ScholarBack to article
  14. Case, K. E., &amp; Shiller R. J. (2003). Is there a Bubble in the Housing Market? <em>Brookings Papers on Economic Activity</em>, <em>2003</em>, 299-342. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1353/eca.2004.0004" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1353/eca.2004.0004</a>">https://doi.org/10.1353/eca.2004.0004</ext-link>
    Search in Google ScholarBack to article
  15. Case, K. E., Quigley, J. M., &amp; Shiller, R. J. (2005). Comparing Wealth Effects: The Stock Market versus the Housing Market. <em>Topics in Macroeconomics</em>, <em>5</em>(1). <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.2202/1534-6013.1235" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.2202/1534-6013.1235</a>">https://doi.org/10.2202/1534-6013.1235</ext-link>
    Search in Google ScholarBack to article
  16. Catte, P., Girouard, N., Price, R., &amp; André, C. (2005), “The Contribution of Housing Markets to Cyclical Resilience”, <em>OECD Economic Studies</em>, vol. 2004/1. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1787/eco_studies-v2004-art6-en" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1787/eco_studies-v2004-art6-en</a>">https://doi.org/10.1787/eco_studies-v2004-art6-en</ext-link>.
    Search in Google ScholarBack to article
  17. Chambers, M., Garriga, C., &amp; Schlagenhauf, D. E. (2009). ACCOUNTING FOR CHANGES IN THE HOMEOWNERSHIP RATE. <em>International Economic Review</em>, <em>50</em>(3), 677–726. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1111/j.1468-2354.2009.00544.x" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1111/j.1468-2354.2009.00544.x</a>">https://doi.org/10.1111/j.1468-2354.2009.00544.x</ext-link>
    Search in Google ScholarBack to article
  18. Chau, K. W., &amp; Wong, S. K. (2015). Information Asymmetry and the Rent and Vacancy Rate Dynamics in the Office Market. <em>The Journal of Real Estate Finance and Economics</em>, <em>53</em>(2), 162–183. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/s11146-015-9510-7" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/s11146-015-9510-7</a>">https://doi.org/10.1007/s11146-015-9510-7</ext-link>
    Search in Google ScholarBack to article
  19. Clayton, J. (1996). Rational Expectations, Market Fundamentals and Housing Price Volatility. <em>Real Estate Economics</em>, <em>24</em>(4), 441–470. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1111/1540-6229.00699" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1111/1540-6229.00699</a>">https://doi.org/10.1111/1540-6229.00699</ext-link>
    Search in Google ScholarBack to article
  20. Conover, M., Swint, H., &amp; Sirmans, G. (2002) Diversification Benefits from Foreign Real Estate Investments. <em>Journal of Real Estate Portfolio Management 8,</em> no. 1, 17-25. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1080/10835547.2002.12089652" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1080/10835547.2002.12089652</a>">https://doi.org/10.1080/10835547.2002.12089652</ext-link>
    Search in Google ScholarBack to article
  21. Crosby, N., Devaney, S. and Nanda, A. (2016) (2016) Which Factors Drive Rental Depreciation Rates for Office and Industrial Properties?, <em>Journal of Real Estate Research, 38:3</em>, 359-392, <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1080/10835547.2016.12091448" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1080/10835547.2016.12091448</a>">https://doi.org/10.1080/10835547.2016.12091448</ext-link>
    Search in Google ScholarBack to article
  22. D’Lima, W., Lopez, L. A., &amp; Pradhan, A. (2022). COVID‐19 and housing market effects: Evidence from U.S. shutdown orders. <em>Real Estate Economics, 50(2),</em> 303–339. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1111/1540-6229.12368" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1111/1540-6229.12368</a>">https://doi.org/10.1111/1540-6229.12368</ext-link>
    Search in Google ScholarBack to article
  23. Davis, M. A., &amp; Heathcote, J. (2005). HOUSING AND THE BUSINESS CYCLE*. <em>International Economic Review, 46(3)</em>, 751–784. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1111/j.1468-2354.2005.00345.x" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1111/j.1468-2354.2005.00345.x</a>">https://doi.org/10.1111/j.1468-2354.2005.00345.x</ext-link>
    Search in Google ScholarBack to article
  24. de Bandt, O., Barhoumi, K., &amp; Bruneau, C. (2010). The International Transmission of House Price Shocks. <em>Housing Markets in Europe</em>, 129–158. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/978-3-642-15340-2_7" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/978-3-642-15340-2_7</a>">https://doi.org/10.1007/978-3-642-15340-2_7</ext-link>
    Search in Google ScholarBack to article
  25. Diba, B. T., &amp; Grossman, H. I. (1988). Explosive Rational Bubbles in Stock Prices? <em>The American Economic Review</em>, <em>78</em>(3), 520–530. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="http://www.jstor.org/stable/1809149">http://www.jstor.org/stable/1809149</ext-link>
    Search in Google ScholarBack to article
  26. Eichholtz, P. M. A., &amp; Hartzell, D. J. (1996). Property shares, appraisals and the stock market: An international perspective. <em>The Journal of Real Estate Finance and Economics</em>, <em>12</em>(2), 163–178. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/bf00132265" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/bf00132265</a>">https://doi.org/10.1007/bf00132265</ext-link>
    Search in Google ScholarBack to article
  27. Engsted, T., Hviid, S. J., &amp; Pedersen, T. Q. (2016). Explosive bubbles in house prices? Evidence from the OECD countries. <em>Journal of International Financial Markets, Institutions and Money</em>, <em>40</em>, 14–25. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.intfin.2015.07.006" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.intfin.2015.07.006</a>">https://doi.org/10.1016/j.intfin.2015.07.006</ext-link>
    Search in Google ScholarBack to article
  28. Escobari, D., &amp; Jafarinejad, M. (2016). Date stamping bubbles in Real Estate Investment Trusts. <em>The Quarterly Review of Economics and Finance</em>, <em>60</em>, 224–230. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.qref.2015.10.003" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.qref.2015.10.003</a>">https://doi.org/10.1016/j.qref.2015.10.003</ext-link>
    Search in Google ScholarBack to article
  29. Esparcia, C., Jareño, F., &amp; Umar, Z. (2022). Revisiting the safe haven role of Gold across time and frequencies during the COVID-19 pandemic. <em>The North American Journal of Economics and Finance, 61</em>, 101677. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.najef.2022.101677" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.najef.2022.101677</a>">https://doi.org/10.1016/j.najef.2022.101677</ext-link>
    Search in Google ScholarBack to article
  30. Evans, G. W. (1991). Pitfalls in Testing for Explosive Bubbles in Asset Prices. <em>The American Economic Review</em>, <em>81</em>(4), 922–930.
    Search in Google ScholarBack to article
  31. Fabozzi, F. J., &amp; Xiao, K. (2018). The Timeline Estimation of Bubbles: The Case of Real Estate. <em>Real Estate Economics</em>, <em>47</em>(2), 564–594. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1111/1540-6229.12246" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1111/1540-6229.12246</a>">https://doi.org/10.1111/1540-6229.12246</ext-link>
    Search in Google ScholarBack to article
  32. Fama, E. (1970) Efficient Capital Markets: A Review of Theory and Empirical Work. <em>Journal of Finance</em>, <em>25</em>, 383-417. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="http://dx.doi.org/<a href="https://doi.org/10.2307/2325486" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">10.2307/2325486</a>">http://dx.doi.org/<a href="https://doi.org/10.2307/2325486" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">10.2307/2325486</a></ext-link>
    Search in Google ScholarBack to article
  33. Fugazza, C., Guidolin, M., &amp; Nicodano, G. (2009). Time and Risk Diversification in Real Estate Investments: Assessing the Ex Post Economic Value. <em>Real Estate Economics</em>, <em>37</em>(3), 341–381. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1111/j.1540-6229.2009.00245.x" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1111/j.1540-6229.2009.00245.x</a>">https://doi.org/10.1111/j.1540-6229.2009.00245.x</ext-link>
    Search in Google ScholarBack to article
  34. Glaeser, E. L., Kolko, J., &amp; Saiz, A. (2001). Consumer city. <em>Journal of Economic Geography</em>, <em>1</em>(1), 27–50. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1093/jeg/1.1.27" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1093/jeg/1.1.27</a>">https://doi.org/10.1093/jeg/1.1.27</ext-link>
    Search in Google ScholarBack to article
  35. Hiebert, P., &amp; Sydow, M. (2011). What drives returns to euro area housing? Evidence from a dynamic dividend–discount model. <em>Journal of Urban Economics</em>, <em>70</em>(2-3), 88–98. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.jue.2011.03.001" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.jue.2011.03.001</a>">https://doi.org/10.1016/j.jue.2011.03.001</ext-link>
    Search in Google ScholarBack to article
  36. Himmelberg, C., Mayer, C., &amp; Sinai, T. (2005). Assessing High House Prices: Bubbles, Fundamentals and Misperceptions. <em>Journal of Economic Perspectives, 19</em> (4), 67-92. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="http://dx.doi.org/<a href="https://doi.org/10.1257/089533005775196769" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">10.1257/089533005775196769</a>">http://dx.doi.org/<a href="https://doi.org/10.1257/089533005775196769" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">10.1257/089533005775196769</a></ext-link>
    Search in Google ScholarBack to article
  37. Homm, U., &amp; Breitung, J. (2011). Testing for Speculative Bubbles in Stock Markets: A Comparison of Alternative Methods. <em>Journal of Financial Econometrics</em>, <em>10</em>(1), 198–231. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1093/jjfinec/nbr009" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1093/jjfinec/nbr009</a>">https://doi.org/10.1093/jjfinec/nbr009</ext-link>
    Search in Google ScholarBack to article
  38. Hu, Y., &amp; Oxley, L. (2018). Bubbles in US regional house prices: evidence from house price– income ratios at the State level. <em>Applied Economics</em>, <em>50</em>(29), 3196–3229. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1080/00036846.2017.1418080" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1080/00036846.2017.1418080</a>">https://doi.org/10.1080/00036846.2017.1418080</ext-link>
    Search in Google ScholarBack to article
  39. Huang, C.M., Su, H.M., Chiu, C.L. (2020) REIT Market Efficiency Before and After Inclusion in the S&amp;P 500, <em>Journal of Real Estate Portfolio Management, 15:3</em>, 239-250. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1080/10835547.2009.12089849" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1080/10835547.2009.12089849</a>">https://doi.org/10.1080/10835547.2009.12089849</ext-link>
    Search in Google ScholarBack to article
  40. Huber, F., &amp; Punzi, M. T. (2018). International Housing Markets, Unconventional Monetary Policy and the Zero Lower Bound. <em>Macroeconomic Dynamics</em>, <em>24</em>(4), 774–806. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1017/s1365100518000494" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1017/s1365100518000494</a>">https://doi.org/10.1017/s1365100518000494</ext-link>
    Search in Google ScholarBack to article
  41. Iacoviello, M., &amp; Pavan, M. (2013). Housing and debt over the life cycle and over the business cycle. <em>Journal of Monetary Economics</em>, <em>60</em>(2), 221–238. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.jmoneco.2012.10.020" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.jmoneco.2012.10.020</a>">https://doi.org/10.1016/j.jmoneco.2012.10.020</ext-link>
    Search in Google ScholarBack to article
  42. Jacobsen, D. H., &amp; Naug, Bjørn E. (2019). What Drives House Prices? <em>Norges Bank.</em> <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://doi.org/0029-1676">https://doi.org/0029-1676</ext-link>
    Search in Google ScholarBack to article
  43. Jirasakuldech, B., Campbell, R. D., &amp; Knight, J. R. (2006). Are There Rational Speculative Bubbles in REITs? <em>The Journal of Real Estate Finance and Economics</em>, <em>32</em>(2), 105–127. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/s11146-006-6010-9" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/s11146-006-6010-9</a>">https://doi.org/10.1007/s11146-006-6010-9</ext-link>
    Search in Google ScholarBack to article
  44. Jordà, Ò., Schularick, M., &amp; Taylor, A. M. (2015). Leveraged bubbles. <em>Journal of Monetary Economics</em>, <em>76</em>, S1–S20. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.jmoneco.2015.08.005" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.jmoneco.2015.08.005</a>">https://doi.org/10.1016/j.jmoneco.2015.08.005</ext-link>
    Search in Google ScholarBack to article
  45. Jud, G. &amp; Winkler, D. (2002). The Dynamics of Metropolitan Housing Prices. <em>Journal of Real Estate Research. 23.</em> 29-46.
    Search in Google ScholarBack to article
  46. Kim, K.-H., &amp; Park, M. (2016). Housing Policy in the Republic of Korea. <em>Asian Development Bank Institute Working Papers 570</em>. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.2139/ssrn.2778989" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.2139/ssrn.2778989</a>">https://doi.org/10.2139/ssrn.2778989</ext-link>
    Search in Google ScholarBack to article
  47. Kim, K.-H., &amp; Suh, S. H. (1993). Speculation and price bubbles in the Korean and Japanese real estate markets. The Journal of Real Estate Finance and Economics, 6(1), 73–87. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/bf01098429" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/bf01098429</a>">https://doi.org/10.1007/bf01098429</ext-link>
    Search in Google ScholarBack to article
  48. Kivedal, B. K. (2013). Testing for rational bubbles in the US housing market. <em>Journal of Macroeconomics</em>, <em>38</em>, 369–381. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.jmacro.2013.08.021" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.jmacro.2013.08.021</a>">https://doi.org/10.1016/j.jmacro.2013.08.021</ext-link>
    Search in Google ScholarBack to article
  49. Lee, H. S., &amp; Lee, W. S. (2020). Connectedness among Northeast Asian Housing Markets and Business Cycles. <em>East Asian Economic Review</em>, <em>24</em>(2), 185–203. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.11644/kiep.eaer.2020.24.2.376" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.11644/kiep.eaer.2020.24.2.376</a>">https://doi.org/10.11644/kiep.eaer.2020.24.2.376</ext-link>
    Search in Google ScholarBack to article
  50. LeRoy, S. F., &amp; Porter, R. D. (1981). The Present-Value Relation: Tests Based on Implied Variance Bounds. <em>Econometrica</em>, <em>49</em>(3), 555–574. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.2307/1911512" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.2307/1911512</a>">https://doi.org/10.2307/1911512</ext-link>
    Search in Google ScholarBack to article
  51. Liow, K.H. (2013) Volatility interdependence in European real estate securities markets: Who is the most influential. <em>Journal of European Real Estate Research</em>, <em>6</em>(2), 117–138. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1108//jerer" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1108//jerer</a>">https://doi.org/10.1108//jerer</ext-link>
    Search in Google ScholarBack to article
  52. Liow, K.H. and Schindler, F. (2017), “Linkages between office markets in Europe: a volatility spillover perspective”, <em>Journal of Property Investment &amp; Finance</em>, Vol. 35 No. 1, pp. 3-25. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1108/JPIF-02-2016-0010" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1108/JPIF-02-2016-0010</a>">https://doi.org/10.1108/JPIF-02-2016-0010</ext-link>
    Search in Google ScholarBack to article
  53. Ludvigson, J., Favilukis, J., Ludvigson, S. C., &amp; Nieuwerburgh, V. (2017). The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium. <em>Journal of Political Economy</em>, <em>125</em>(1), 140–223. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1086/689606" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1086/689606</a>">https://doi.org/10.1086/689606</ext-link>
    Search in Google ScholarBack to article
  54. McGuire, C., Borio, C., &amp; McGuire, P. (2004). Twin peaks in equity and housing prices? BIS Quarterly Review; Bank for International Settlements. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://econpapers.repec.org/article/bisbisqtr/0403g.htm">https://econpapers.repec.org/article/bisbisqtr/0403g.htm</ext-link>
    Search in Google ScholarBack to article
  55. Mikhed, V., &amp; Zemčík, P. (2009). Do house prices reflect fundamentals? Aggregate and panel data evidence. <em>Journal of Housing Economics</em>, <em>18</em>(2), 140–149. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.jhe.2009.03.001" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.jhe.2009.03.001</a>">https://doi.org/10.1016/j.jhe.2009.03.001</ext-link>
    Search in Google ScholarBack to article
  56. Milunovich, G. (2020). Forecasting Australia’s real house price index: A comparison of time series and machine learning methods. <em>Journal of Forecasting</em>, <em>39</em>(7), 1098–1118. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1002/for.2678" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1002/for.2678</a>">https://doi.org/10.1002/for.2678</ext-link>
    Search in Google ScholarBack to article
  57. Mishkin, F. S. (2007). Inflation Dynamics*. <em>International Finance</em>, <em>10</em>(3), 317–334. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1111/j.1468-2362.2007.00205.x" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1111/j.1468-2362.2007.00205.x</a>">https://doi.org/10.1111/j.1468-2362.2007.00205.x</ext-link>
    Search in Google ScholarBack to article
  58. Obstfeld, M., &amp; Rogoff, K. (1986). Ruling out divergent speculative bubbles. <em>Journal of Monetary Economics</em>, <em>17</em>(3), 349–362. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/0304-3932(86)90062-0" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/0304-3932(86)90062-0</a>">https://doi.org/10.1016/0304-3932(86)90062-0</ext-link>
    Search in Google ScholarBack to article
  59. Ortalo-Magné, F., &amp; Rady, S. H. (1998). Housing Market Fluctuations in a Life-Cycle Economy with Credit Constraints. <em>SSRN Electronic Journal.</em> <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.2139/ssrn.102933" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.2139/ssrn.102933</a>">https://doi.org/10.2139/ssrn.102933</ext-link>
    Search in Google ScholarBack to article
  60. Otrok, C., &amp; Terrones, M. E. (2005). House prices, interest rates and macroeconomic fluctuations: international evidence, International Monetary Fund
    Search in Google ScholarBack to article
  61. Pavlidis, E., Yusupova, A., Paya, I., Peel, D., Martínez-García, E., Mack, A., &amp; Grossman, V. (2016). Episodes of Exuberance in Housing Markets: In Search of the Smoking Gun. <em>The Journal of Real Estate Finance and Economics</em>, <em>53</em>(4), 419–449. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/s11146-015-9531-2" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/s11146-015-9531-2</a>">https://doi.org/10.1007/s11146-015-9531-2</ext-link>
    Search in Google ScholarBack to article
  62. Payne, J. E., &amp; Waters, G. A. (2007). Have Equity REITs Experienced Periodically Collapsing Bubbles? <em>The Journal of Real Estate Finance and Economics</em>, <em>34</em>(2), 207–224. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/s11146-007-9007-0" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/s11146-007-9007-0</a>">https://doi.org/10.1007/s11146-007-9007-0</ext-link>
    Search in Google ScholarBack to article
  63. Phillips, P. C. B., &amp; Yu, J. (2011). Dating the timeline of financial bubbles during the subprime crisis. <em>Quantitative Economics</em>, <em>2</em>(3), 455–491. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.3982/qe82" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.3982/qe82</a>">https://doi.org/10.3982/qe82</ext-link>
    Search in Google ScholarBack to article
  64. Phillips, P. C. B., &amp; Yu, J. (2011). Dating the timeline of financial bubbles during the subprime crisis. <em>Quantitative Economics</em>, <em>2</em>(3), 455–491. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.3982/qe82" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.3982/qe82</a>">https://doi.org/10.3982/qe82</ext-link>
    Search in Google ScholarBack to article
  65. Phillips, P. C. B., Shi, S., &amp; Yu, J. (2015). Testing For Multiple Bubbles: Historical Episodes Of Exuberance And Collapse In The S&amp;P 500. <em>International Economic Review</em>, <em>56</em>(4), 1043–1078. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1111/iere.12132" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1111/iere.12132</a>">https://doi.org/10.1111/iere.12132</ext-link>
    Search in Google ScholarBack to article
  66. Phillips, P. C. B., Wu, Y., &amp; Yu, J. (2011). Explosive Behavior in the 1990s Nasdaq: When Did Exuberance Escalate Asset Values?*. <em>International Economic Review</em>, <em>52</em>(1), 201–226. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1111/j.1468-2354.2010.00625.x" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1111/j.1468-2354.2010.00625.x</a>">https://doi.org/10.1111/j.1468-2354.2010.00625.x</ext-link>
    Search in Google ScholarBack to article
  67. Pomogajko, K. and Voigtländer, M. (2012) Co‐movement of house price cycles – a factor analysis, <em>International Journal of Housing Markets and Analysis, Vol. 5</em> No. 4, pp. 414-426. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1108/17538271211268583" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1108/17538271211268583</a>">https://doi.org/10.1108/17538271211268583</ext-link>
    Search in Google ScholarBack to article
  68. Quigley, J. M. (2001). Real Estate and the Asian Crisis. <em>Journal of Housing Economics</em>, <em>10</em>(2), 129–161. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1006/jhec.2001.0284" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1006/jhec.2001.0284</a>">https://doi.org/10.1006/jhec.2001.0284</ext-link>
    Search in Google ScholarBack to article
  69. Reinhart, C., &amp; Rogoff, K. (2008). This Time is Different: A Panoramic View of Eight Centuries of Financial Crises. <em>National Bureau of Economic Research</em>, Working Paper. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.3386/w13882" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.3386/w13882</a>">https://doi.org/10.3386/w13882</ext-link>
    Search in Google ScholarBack to article
  70. Roy, S., &amp; Kemme, D. M. (2020). The run-up to the global financial crisis: A longer historical view of financial liberalization, capital inflows, and asset bubbles. <em>International Review of Financial Analysis, 69</em>, 101377. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.irfa.2019.101377" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.irfa.2019.101377</a>">https://doi.org/10.1016/j.irfa.2019.101377</ext-link>
    Search in Google ScholarBack to article
  71. Ryu, J. K., Bouchoux, C., Liu, H. W., Kim, E., Minamino, M., de Groot, R., Katan, A. J., Bonato, A., Marenduzzo, D., Michieletto, D., Uhlmann, F., &amp; Dekker, C. (2021). Bridging-induced phase separation induced by cohesin SMC protein complexes. <em>Science advances</em>, <em>7</em>(7), eabe5905. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1126/sciadv.abe5905" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1126/sciadv.abe5905</a>">https://doi.org/10.1126/sciadv.abe5905</ext-link>
    Search in Google ScholarBack to article
  72. Shi, S. (2017). Speculative bubbles or market fundamentals? An investigation of US regional housing markets. <em>Economic Modelling</em>, <em>66</em>, 101–111. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.econmod.2017.06.002" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.econmod.2017.06.002</a>">https://doi.org/10.1016/j.econmod.2017.06.002</ext-link>
    Search in Google ScholarBack to article
  73. Shiller, R. J. (1981). Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends? <em>The American Economic Review</em>, <em>71</em>(3), 421–436. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="http://www.jstor.org/stable/1802789">http://www.jstor.org/stable/1802789</ext-link>
    Search in Google ScholarBack to article
  74. Shiller, R. J. (2007). Understanding recent trends in house prices and home ownership. National Bureau of Economic Research, No 13553.
    Search in Google ScholarBack to article
  75. Shrestha, P., Gurran, N., Maalsen, S. (2021). Informal housing practices. <em>International Journal of Housing Policy, 21(2),</em> 157-168. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1080/19491247.2021.1893982" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1080/19491247.2021.1893982</a>">https://doi.org/10.1080/19491247.2021.1893982</ext-link>
    Search in Google ScholarBack to article
  76. Simo-Kengne, B. D., Miller, S. M., Gupta, R., &amp; Balcilar, M. (2016). Evolution of the Monetary Transmission Mechanism in the US: the Role of Asset Returns. The Journal of Real Estate Finance and Economics, 52(3), 226–243. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/s11146-015-9512-5" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/s11146-015-9512-5</a>">https://doi.org/10.1007/s11146-015-9512-5</ext-link>
    Search in Google ScholarBack to article
  77. Taylor, J. B. (2009) The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong. <em>National Bureau of Economic Research</em>, Working Paper. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="http://www.nber.org/papers/w14631">http://www.nber.org/papers/w14631</ext-link>
    Search in Google ScholarBack to article
  78. Tiwari, A. K, Gupta, R., Cunado, J., and Sheng, X. (2020) Testing the white noise hypothesis in highfrequency housing returns of the United States, <em>Economics and Business Letters, 9(3)</em>, 178-188. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.17811/ebl.9.3.2020.178-188" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.17811/ebl.9.3.2020.178-188</a>">https://doi.org/10.17811/ebl.9.3.2020.178-188</ext-link>
    Search in Google ScholarBack to article
  79. Tsai, I-Chun. (2015). Dynamic information transfer in the United States housing and stock markets. <em>The North American Journal of Economics and Finance, 34</em>, 215–230. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.najef.2015.09.012" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.najef.2015.09.012</a>">https://doi.org/10.1016/j.najef.2015.09.012</ext-link>
    Search in Google ScholarBack to article
  80. Umar, Z., &amp; Olson, D. (2021). Strategic asset allocation and the demand for real estate: international evidence. <em>Empirical Economics, 62(5),</em> 2461–2513. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/s00181-021-02090-8" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/s00181-021-02090-8</a>">https://doi.org/10.1007/s00181-021-02090-8</ext-link>
    Search in Google ScholarBack to article
  81. van Norden, S., &amp; Schaller, H. (1999). Speculative Behavior, Regime-Switching, and Stock Market Crashes. <em>Dynamic Modeling and Econometrics in Economics and Finance</em>, 321–356. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/978-1-4615-5129-4_15" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/978-1-4615-5129-4_15</a>">https://doi.org/10.1007/978-1-4615-5129-4_15</ext-link>
    Search in Google ScholarBack to article
  82. Vansteenkiste, I., &amp; Hiebert, P. (2011). Do house price developments spillover across euro area countries? Evidence from a global VAR. <em>Journal of Housing Economics</em>, <em>20</em>(4), 299–314. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.jhe.2011.08.003" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.jhe.2011.08.003</a>">https://doi.org/10.1016/j.jhe.2011.08.003</ext-link>
    Search in Google ScholarBack to article
  83. West, K. D. (1987). A Specification Test for Speculative Bubbles. <em>The Quarterly Journal of Economics</em>, <em>102</em>(3), 553. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.2307/1884217" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.2307/1884217</a>">https://doi.org/10.2307/1884217</ext-link>
    Search in Google ScholarBack to article
  84. West, K. D. (1987). A Specification Test for Speculative Bubbles. <em>The Quarterly Journal of Economics</em>, <em>102</em>(3), 553. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.2307/1884217" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.2307/1884217</a>">https://doi.org/10.2307/1884217</ext-link>
    Search in Google ScholarBack to article
  85. Wu, Y. (1997). Rational Bubbles in the Stock Market: Accounting for the U.S. Stock-Price Volatility. <em>Economic Inquiry</em>, <em>35</em>(2), 309–319. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1111/j.1465-7295.1997.tb01912.x" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1111/j.1465-7295.1997.tb01912.x</a>">https://doi.org/10.1111/j.1465-7295.1997.tb01912.x</ext-link>
    Search in Google ScholarBack to article
  86. Yusupova A., Pavlidis E.G., Paya I. and Peel D.A. (2017) Exuberance in the U.K. Regional Housing Markets, Working Papers 168117137, Lancaster University Management School, Economics Department.
    Search in Google ScholarBack to article
  87. Zhang, Y., &amp; Hansz, J. A. (2019). Industry Concentration and U.S. REIT Returns. <em>Real Estate Economics, 50(1)</em>, 247–267. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1111/1540-6229.12278" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1111/1540-6229.12278</a>">https://doi.org/10.1111/1540-6229.12278</ext-link>
    Search in Google ScholarBack to article
  88. Zhao, Y., Umar, Z., &amp; Vo, X. V. (2021). Return and volatility connectedness of Chinese onshore, offshore, and forward exchange rate. <em>Journal of Futures Markets, 41(11)</em>, 1843–1860. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1002/fut.22243" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1002/fut.22243</a>">https://doi.org/10.1002/fut.22243</ext-link>
    Search in Google ScholarBack to article
  89. Zheng, S., Hu, W., &amp; Wang, R. (2015). How Much Is a Good School Worth in Beijing? Identifying Price Premium with Paired Resale and Rental Data. <em>The Journal of Real Estate Finance and Economics</em>, <em>53</em>(2), 184–199. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/s11146-015-9513-4" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/s11146-015-9513-4</a>">https://doi.org/10.1007/s11146-015-9513-4</ext-link>
    Search in Google ScholarBack to article
  90. Zhou, J. &amp; Lee, J. (2013). Adaptive market hypothesis: Evidence from the REIT market. <em>Applied Financial Economics. 23:21</em>, 1649-1662. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1080/09603107.2013.844326" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1080/09603107.2013.844326</a>">https://doi.org/10.1080/09603107.2013.844326</ext-link>
    Search in Google ScholarBack to article
DOI: https://doi.org/10.2478/picbe-2023-0144 | Journal eISSN: 2558-9652
Journal RSS Feed
Language: English
Page range: 1603 - 1616
Published on: Jul 14, 2023
Published by: The Bucharest University of Economic Studies
In partnership with: Paradigm Publishing Services
Publication frequency: 1 times per year
Keywords:
Real estate,
macroeconomy,
financial bubbles,
monetary policy,
business cycles,
contagion,
spillovers
Related subjects:
Business and economics,
Political economics,
Political economics, other,
Business management,
Business management, other,
Industrial chemistry,
Energy harvesting and conversion

© 2023 Laura Andreea Iancu, Andreea Elena Croicu, Luana Cristina Rogojan, published by The Bucharest University of Economic Studies
This work is licensed under the Creative Commons Attribution 4.0 License.

Previous articleVolume 17 (2023): Issue 1 (July 2023)Next article