When Bubble Meets Bubble: Contagion in OECD Countries
Jose Gomez-Gonzalez (),
Juliana Gamboa-Arbelaez (),
Jorge Hirs-Garzon () and
Andres Pinchao-Rosero ()
The Journal of Real Estate Finance and Economics, 2018, vol. 56, issue 4, No 2, 546-566
Abstract We study the existence and international transmission of housing market bubbles, using quarterly information of twenty OECD countries for the period comprised between 1970 and 2015. We find that housing bubbles are present in all the countries included in our sample. Multiple bubbles are found in all but two of those countries. We find five episodes of transmission. All of them had origin in the US housing bubble preceding the subprime crisis. Most transmissions were to European countries. Notably, the Spanish housing bubble was not a direct consequence of the US housing bubble. Its origin must be found in other causes.
Keywords: Housing bubbles; International transmission of bubbles; Recursive right-tailed unit root tests; OECD countries (search for similar items in EconPapers)
JEL-codes: G01 G12 C22 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6) Track citations by RSS feed
Downloads: (external link)
http://link.springer.com/10.1007/s11146-017-9605-4 Abstract (text/html)
Access to full text is restricted to subscribers.
Working Paper: When Bubble Meets Bubble: Contagion in OECD Countries (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:kap:jrefec:v:56:y:2018:i:4:d:10.1007_s11146-017-9605-4
Ordering information: This journal article can be ordered from
http://www.springer. ... ce/journal/11146/PS2
Access Statistics for this article
The Journal of Real Estate Finance and Economics is currently edited by Steven R. Grenadier, James B. Kau and C.F. Sirmans
More articles in The Journal of Real Estate Finance and Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().