Speculative Bubble Spillovers across Regional Housing Markets
研究美国九个普查分区中投机性泡沫是否会在区域间传导，发现泡沫在相邻和远距离区域间均存在多向溢出，且不受地理邻近性影响。
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. <i></i>