The Maple Bubble: A History of Migration among Canadian Provinces
Jose Gomez-Gonzalez () and
Sebastian Sanin-Restrepo ()
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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
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: G01 G12 C22 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his and nep-ure
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Journal Article: The maple bubble: A history of migration among Canadian provinces (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:bdr:borrec:992
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