Bubbles in Real Estate Markets

Richard John Herring · Susan M. Wächter

101 citations0/0 files storedThe MIT Press eBooks

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Housing Market and Economics Banking stability, regulation, efficiency Economic theories and models

Abstract

Real estate bubbles may occur without banking crises. And banking crises may occur without real estate bubbles. But the two phenomena are correlated in a remarkable number of instances. This paper provides a conceptual framework explaining why the banking sector’s importance and link to the real estate sector not only amplifies the real estate bubble but also can have major implications for the overall stability of the economy.

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References

1977Determinants of corporate borrowing 1973Availability: A heuristic for judging frequency and probability 1988RATIONALITY AS PROCESS AND AS PRODUCT OF THOUGHT 1999What Happened to Asia 2000Bubbles and Crises 1988Vacancy Rates and the Future of Office Rents n.d.Real Estate Booms and Banking Busts: An International Perspective 1984Credit Rationing and Financial Disorder

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2017Behavioral Real Estate 2010Illiquidity and All Its Friends 2010AN OVERINVESTMENT CYCLE IN CENTRAL AND EASTERN EUROPE?2014An analytical review of volatility metrics for bubbles and crashes 2011New theories to underpin financial reform 2014Essays in behavioural economics

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