Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/109328 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
ADB Economics Working Paper Series No. 146
Verlag: 
Asian Development Bank (ADB), Manila
Zusammenfassung: 
Between June 1998 and March 2006, the price index of apartment housing in Seoul, Republic of Korea, more than doubled, while fundamentals such as gross domestic product, 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.
Schlagwörter: 
Speculative bubble
latent information
housing market
JEL: 
C13
C52
G12
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
cc-by Logo
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
837.44 kB





Publikationen in EconStor sind urheberrechtlich geschützt.