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What Can We Learn from the Past: A Common Pre-existing Symptom of Three Recent Real Estate Pricing Bubbles

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  • Chung Yim Yiu
  • Sherry Xu
  • Coune Cao

Abstract

This study puts forth a holistic framework incorporating the supply and demand for money and credit, risk premiums, and expected income growth to consolidate and interconnect the various causes of the three (Japan, Hong Kong, and the United States) most recent and dramatic international real estate bubbles. Findings indicate a common pre-existing symptom (the presence of negative real interest rates) across all three events. This finding should help future policy makers in determining the existence of on-coming asset pricing bubbles.

Suggested Citation

  • Chung Yim Yiu & Sherry Xu & Coune Cao, 2010. "What Can We Learn from the Past: A Common Pre-existing Symptom of Three Recent Real Estate Pricing Bubbles," Journal of Real Estate Practice and Education, Taylor & Francis Journals, vol. 13(1), pages 1-22, January.
    • Handle: RePEc:taf:rjrpxx:v:13:y:2010:i:1:p:1-22
    DOI: 10.1080/10835547.2010.12091664
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