The Maple Bubble: A History of Migration among Canadian Provinces

Jose Gomez-Gonzalez and Sebastian Sanin-Restrepo ()
Additional contact information
Sebastian Sanin-Restrepo: Banco de la República de Colombia
Authors registered in the RePEc Author Service: Sebastian Sanin Restrepo, Sr.

Borradores de Economia from Banco de la Republica de Colombia

Abstract: This study reports evidence of the existence of house price bubbles in several Canadian provinces around the recent global financial crisis. Using a wealth of monthly data for about a thirty-year period we find evidence supporting the hypothesis that the bubble in Quebec transmitted to four other Canadian provinces. Using a recently developed migration test, we show evidence of time-varying transmission intensities. In all cases an inverted U-shape is encountered, suggesting that initially migrations gain strength and then decrease after a maximum point is reached. Interestingly, intensities increase significantly around the maximum point of the bubble in Quebec. Our results have important implications for the design of housing market policies.

Keywords: Housing bubbles; Bubble transmission; Recursive right-tailed unit root tests; Canada. (search for similar items in EconPapers)
JEL-codes: C22 G01 G12 (search for similar items in EconPapers)
Pages: 19
Date: 2017-05
New Economics Papers: this item is included in nep-his and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.32468/be.992 (application/pdf)

Related works:
Journal Article: The maple bubble: A history of migration among Canadian provinces (2018)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bdr:borrec:992

Access Statistics for this paper

More papers in Borradores de Economia from Banco de la Republica de Colombia Cra 7 # 14-78. Contact information at EDIRC.
Bibliographic data for series maintained by Clorith Angélica Bahos Olivera ().