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Is There Bubble Price in the Real Estate of Cear¨¢? A Post-Keynesian Approach

Listed author(s):
  • Marcelo Miranda de Melo


    (Federal University of Cear¨¢)

Registered author(s):

    This research is to investigate the evidence of a bubble price formation in the real estate sector of Cear¨¢ between the period of 2007 and 2010. The research applied for the Post-Keynesian Theory based on the asset bubble speculative definition. By using the time series co-integration,the Augmented Dickey-Fuller Test (ADF) identifies the unit root in all variables. However all variables are stationary when integrated in first order. The Johansen Test identified one co-integrating vector between the average selling price per square meter and the average construction cost per square meter. This result, according to the Post-Keynesian Theory, was rejected evidence of real estate price bubble formation in the regions studied. The Johansen Test also detected co-integration between home credit and the average selling price per square meter, indicating that home credit has kept stable for real estate price increase.

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    Article provided by Ottawa United Learning Academy in its journal Transnational Corporations Review.

    Volume (Year): 5 (2013)
    Issue (Month): 4 (December)
    Pages: 96-103

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    Handle: RePEc:oul:tncr09:v:5:y:2013:i:4:p:96-103
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