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Speculative bubble spillovers across regional housing markets

Nneji, O., Brooks, C. ORCID: and Ward, C. (2015) Speculative bubble spillovers across regional housing markets. Land Economics, 91 (3). pp. 516-535. ISSN 1543-8325

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To link to this item DOI: 10.3368/le.91.3.516


In this paper we determine whether speculative bubbles in one region in the United States can lead bubbles to form in others. We first apply a regime-switching model to determine whether speculative bubbles existed in the U.S. regional residential real estate markets. Our findings suggest that the housing markets in five of the nine census divisions investigated were characterized by speculative bubbles. We then examine the extent to which bubbles spill over between neighboring and more distant regions, finding that the transmission of speculative bubbles and nonfundamentals between regions is multidirectional and does not depend on contiguity or distance

Item Type:Article
Divisions:Henley Business School > ICMA Centre
ID Code:39236
Publisher:University of Wisconsin Press

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