Seoul housing prices and the role of speculation

被引：0
|
作者：
Qin Xiao
Donghyun Park
机构：
[1] University of Aberdeen Business School,Economics and Research Department
[2] Asian Development Bank,undefined
来源：
Empirical Economics | 2010年 / 38卷
关键词：
Speculative bubble; Latent information; Housing market; G12; C13; C52;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
Between June 1998 and March 2006, the price index of apartment houses in Seoul, Korea, more than doubled, while fundamentals such as GDP, wage, and population increased by less than 35%. This study examines the role of a rational speculative bubble in this price surge. We find that unobservable information explains part of the price volatility; and that a rational bubble proxy is a significant driver of prices. However, neither latent information nor rational bubble is enough to explain the recent housing price appreciation, even in conjunction with observable fundamentals.
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页码：619 / 644
页数：25
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