The maple bubble : a history of migration among canadian provinces
Borradores de Economía; No. 992
Fecha de publicación
2017-05-02Fecha última actualización
2017-05-02Idioma del documento
engMétricas alternativas
Las opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
Abstract
This study reports evidence of the existence of house price bubbles in several Canadian provinces around the recent global financial crisis. Using a wealth of monthly data for about a thirty-year period we find evidence supporting the hypothesis that the bubble in Quebec transmitted to four other Canadian provinces. Using a recently developed migration test, we show evidence of time-varying transmission intensities. In all cases an inverted U-shape is encountered, suggesting that initially migrations gain strength and then decrease after a maximum point is reached. Interestingly, intensities increase significantly around the maximum point of the bubble in Quebec. Our results have important implications for the design of housing market policies.
Códigos JEL
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URI
https://repositorio.banrep.gov.co/handle/20.500.12134/6305https://hdl.handle.net/20.500.12134/6305
https://doi.org/10.32468/be.992
https://ideas.repec.org/p/bdr/borrec/992.html
Colecciones
- Borradores de Economía [1272]
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Esta obra está bajo licencia internacional Creative Commons Reconocimiento-NoComercial 4.0.Este documento ha sido depositado por parte de el(los) autor(es) bajo la siguiente constancia de depósito