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Bubbles in Real Estate Markets

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Author Info
Richard Herring
Susan Wachter

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Abstract

Real estate bubbles may occur without banking crises. And banking crises may occur without real estate bubbles. But the two phenomena are correlated in a remarkable number of instances. This paper provides a conceptual framework explaining why the banking sector’s importance and link to the real estate sector not only amplifies the real estate bubble but also can have major implications for the overall stability of the economy.

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File URL: http://realestate.wharton.upenn.edu/papers/full/402.pdf
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Publisher Info
Paper provided by Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania in its series Zell/Lurie Center Working Papers with number 402.

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Handle: RePEc:wop:pennzl:402

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  1. Edward E. Leamer, 2007. "Housing IS the Business Cycle," NBER Working Papers 13428, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Rose Cunningham & Ilan Kolet, 2007. "Housing Market Cycles and Duration Dependence in the United States and Canada," Working Papers 07-2, Bank of Canada. [Downloadable!]
  3. Ramón Adalid & Carsten Detken, 2007. "Liquidity shocks and asset price boom/bust cycles," Working Paper Series 732, European Central Bank. [Downloadable!]
  4. Ansgar Belke & Marcel Wiedmann, 2005. "Boom or Bubble in the US Real Estate Market?," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 260/2005, Department of Economics, University of Hohenheim, Germany. [Downloadable!]
  5. Chollete, Lorán, 2008. "The Propagation of Financial Extremes: An Application to Subprime Market Spillovers," Discussion Papers 2008/2, Department of Finance and Management Science, Norwegian School of Economics and Business Administration. [Downloadable!]
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This page was last updated on 2009-12-28.

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