测试巴西住宅不动产市场的理性投机泡沫
Testing for rational speculative bubbles in the Brazilian residential real-estate market
摘要：
投机泡沫在当地或全球不动产市场周期性地出现，被认为是经济危机的潜在原因。在此背景下，发现金融市场中的爆炸性行为并实施预警诊断测试至关重要。最近巴西房价的上涨，让人们担心巴西经济可能出现投机性房地产泡沫。在本文中，我们采用了最近提出的递归单位根检验，以确定可能的投机泡沫的数据从巴西住宅不动产市场。实证结果表明，在里约热内卢和圣保罗，巴西的两个主要城市的投机性价格泡沫的证据。
英文摘要：
Speculative bubbles have been occurring periodically in local or global real estate markets and are considered a potential cause of economic crises. In this context, the detection of explosive behaviors in the financial market and the implementation of early warning diagnosis tests are of critical importance. The recent increase in Brazilian housing prices has risen concerns that the Brazilian economy may have a speculative housing bubble. In the present paper, we employ a recently proposed recursive unit root test in order to identify possible speculative bubbles in data from the Brazilian residential real-estate market. The empirical results show evidence for speculative price bubbles both in Rio de Janeiro and Sao Paulo, the two main Brazilian cities.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
