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Revitalizing the issues, theories and concept of house price bubbles

The sharp increase in house prices in several industrialized economies such as the US, UK and Spain (Glindro, et al., 2007) has attracted much attention due to the distorted impact created by the bursting of bubbles in the economy (Gyntleberg & Remolona 2006). Governments and organizations such...

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Main Authors: Zainuddin, Zaemah, Jali, Muhamad Nizam, Gan, Christopher, Ward, Bert
Format: Conference or Workshop Item
Language:English
Published: 2012
Subjects:
HB Economic Theory
Online Access:http://repo.uum.edu.my/12258/1/2309141011.pdf
http://repo.uum.edu.my/12258/
http://www.internationalconference.com.my
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spelling my.uum.repo.122582016-04-21T03:43:09Z http://repo.uum.edu.my/12258/ Revitalizing the issues, theories and concept of house price bubbles Zainuddin, Zaemah Jali, Muhamad Nizam Gan, Christopher Ward, Bert HB Economic Theory The sharp increase in house prices in several industrialized economies such as the US, UK and Spain (Glindro, et al., 2007) has attracted much attention due to the distorted impact created by the bursting of bubbles in the economy (Gyntleberg & Remolona 2006). Governments and organizations such as the Bank of International Settlement (BIS), International Monetary Fund (IMF) and Organization for Economic Cooperation (OECD) have raised concern about the issues of asset price instability (overshooting the fundamental variables) in the housing market (Gyntleberg & Remolona, 2006).Housing bubbles are believed to be caused by the expectation of an increase in future house prices. The three price expectation theories: rational expectation hypothesis (REH), adaptive expectation hypothesis (AEH) and exogenous expectation hypothesis (EEH) are used to rationalize the behavior of people in creating housing bubbles. It is also believe that people who rejected the existence of housing bubbles follow the supply side economics theory whereas others who believe on the existence of housing price bubbles follow the Keynesians and Shiller theory and Austrian school of thought. Therefore, it is important to understand the theoretical and conceptual framework underlying housing bubbles before suggesting any monetary or fiscal policies that might prevent future housing bubbles crises. 2012 Conference or Workshop Item PeerReviewed application/pdf en http://repo.uum.edu.my/12258/1/2309141011.pdf Zainuddin, Zaemah and Jali, Muhamad Nizam and Gan, Christopher and Ward, Bert (2012) Revitalizing the issues, theories and concept of house price bubbles. In: 3rd International Conference on Business and Economic Research (3rd ICBER 2012), 12-13 March 2012, Golden Flower Hotel, Bandung, Indonesia. http://www.internationalconference.com.my
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Institutionali Repository
url_provider http://repo.uum.edu.my/
language English
topic HB Economic Theory
spellingShingle HB Economic Theory
Zainuddin, Zaemah
Jali, Muhamad Nizam
Gan, Christopher
Ward, Bert
Revitalizing the issues, theories and concept of house price bubbles
description The sharp increase in house prices in several industrialized economies such as the US, UK and Spain (Glindro, et al., 2007) has attracted much attention due to the distorted impact created by the bursting of bubbles in the economy (Gyntleberg & Remolona 2006). Governments and organizations such as the Bank of International Settlement (BIS), International Monetary Fund (IMF) and Organization for Economic Cooperation (OECD) have raised concern about the issues of asset price instability (overshooting the fundamental variables) in the housing market (Gyntleberg & Remolona, 2006).Housing bubbles are believed to be caused by the expectation of an increase in future house prices. The three price expectation theories: rational expectation hypothesis (REH), adaptive expectation hypothesis (AEH) and exogenous expectation hypothesis (EEH) are used to rationalize the behavior of people in creating housing bubbles. It is also believe that people who rejected the existence of housing bubbles follow the supply side economics theory whereas others who believe on the existence of housing price bubbles follow the Keynesians and Shiller theory and Austrian school of thought. Therefore, it is important to understand the theoretical and conceptual framework underlying housing bubbles before suggesting any monetary or fiscal policies that might prevent future housing bubbles crises.
format Conference or Workshop Item
author Zainuddin, Zaemah
Jali, Muhamad Nizam
Gan, Christopher
Ward, Bert
author_facet Zainuddin, Zaemah
Jali, Muhamad Nizam
Gan, Christopher
Ward, Bert
author_sort Zainuddin, Zaemah
title Revitalizing the issues, theories and concept of house price bubbles
title_short Revitalizing the issues, theories and concept of house price bubbles
title_full Revitalizing the issues, theories and concept of house price bubbles
title_fullStr Revitalizing the issues, theories and concept of house price bubbles
title_full_unstemmed Revitalizing the issues, theories and concept of house price bubbles
title_sort revitalizing the issues, theories and concept of house price bubbles
publishDate 2012
url http://repo.uum.edu.my/12258/1/2309141011.pdf
http://repo.uum.edu.my/12258/
http://www.internationalconference.com.my
_version_ 1644280865708048384
score 13.211869

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