Bubbles in South African house prices and their impact on consumption

dc.contributor.authorDas, Sonali
dc.contributor.authorGupta, Rangan
dc.contributor.authorKanda, Patrick T.
dc.contributor.emailrangan.gupta@up.ac.zaen_US
dc.date.accessioned2012-09-04T06:34:18Z
dc.date.available2012-09-04T06:34:18Z
dc.date.issued2011
dc.description.abstractThis study tests for house price bubbles in the South African housing market using quarterly data from 1969:Q2 to 2009:Q3, based on the unit root test developed by Phillips, Wu, and Yu (2010). The findings indicate house price bubbles in the aggregate, large, medium, and small-middle segments, but not in the luxury and affordable segments. Next, symmetric and asymmetric versions of an Error Correction Model (ECM) are used to investigate the spillover effects from the housing sector onto consumption. Results indicate significant and asymmetric spillovers, with consumption responding significantly to house price deceleration, although there is no evidence of the effect being higher during the bubble period.en_US
dc.description.urihttp://business.fiu.edu/realestate/journals-JREL.cfmen_US
dc.identifier.citationDas, S, Gupta, R & Landa, PT 2011, 'Bubbles in South African house prices and their impact on consumption', Journal of Real Estate Literature, vol. 19, no. 1, pp. 71-91.en_US
dc.identifier.issn0927-7544 (print)
dc.identifier.issn1573-8809 (online)
dc.identifier.urihttp://hdl.handle.net/2263/19695
dc.language.isoenen_US
dc.publisherAmerican Real Estate Societyen_US
dc.rights© 2011 FIU Businessen_US
dc.subjectHouse price bubblesen_US
dc.subjectSouth African housing marketen_US
dc.titleBubbles in South African house prices and their impact on consumptionen_US
dc.typeArticleen_US

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