Explaining the Housing Bubble
نویسندگان
چکیده
منابع مشابه
Modeling the U.S. housing bubble: an econometric analysis
The US economy experienced excessive demand for housing for over a decade, causing a housing boom. Consumers went on a spending spree driven by higher and higher, real and perceived home equity values, as well as equity market increases. In the US market, “bigger is better” or “as much as one can afford” became the mentality of home buyers. In addition, consumers were driven to buy houses now t...
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This paper develops an agent-based spatial model of the housing market. Real estate is many families’ single biggest asset. It is also widely held by financial institutions, in the form of mortgage based securities. As a result, avoiding extreme housing price volatility is crucial for maintaining financial stability of the nation. The housing market is very unique: it is thin, highly regulated,...
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In this paper, we have proposed a bubble burst model by focusing on transaction volume incorporating a traffic model that represents spontaneous traffic jam. We find that the phenomenon of bubble burst shares many similar properties with traffic jam formation on highway by comparing data taken from the U.S. housing market. Our result suggests that transaction volume could be a driving force of ...
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Recently, a heated debate has emerged in the economic literature, focusing on the major factors driving the global financial crisis. Among the many theories proposed, the global saving glut hypothesis is widely received, yet highly controversial. This paper provides evidence to further assess the validity of the global saving glut assumption. According to the empirical and historical evidence p...
متن کاملThe Regime Shift Associated with the 2004–2008 US Housing Market Bubble
The Subprime Bubble preceding the Subprime Crisis of 2008 was fueled by risky lending practices, manifesting in the form of a large abrupt increase in the proportion of subprime mortgages issued in the US. This event also coincided with critical slowing down signals associated with instability, which served as evidence of a regime shift or phase transition in the US housing market. Here, we sho...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2012
ISSN: 1556-5068
DOI: 10.2139/ssrn.1669401