Housing Bubbles Origins and Consequences
“This book provides an accessible, yet formal framework to understand how housing bubbles arise, their international dimension, their consequences, and ways to prevent them.”Òscar Jordà, University of California, Davis, USA “Basco’s analysis blends,
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Sergi Basco
Housing Bubbles
Sergi Basco
Housing Bubbles Origins and Consequences
Sergi Basco Universitat Autònoma Barcelona Barcelona, Spain
ISBN 978-3-030-00586-3 ISBN 978-3-030-00587-0 (eBook) https://doi.org/10.1007/978-3-030-00587-0 Library of Congress Control Number: 2018956582 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: © Melisa Hasan This Palgrave Pivot imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
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Acknowledgements
This book represents a short summary of my research on housing bubbles. My interest in asset price bubbles started in a classroom of Universitat Pompeu Fabra during a lecture taught by Jaume Ventura. This initial interest gained momentum during my graduate studies in the Economics Department of the Massachusetts Institute of Technology. I am very grateful to my Ph.D. advisors Daron Acemoglu, Pol Antràs and Ricardo Caballero for their guidance and help during my graduate studies and beyond. Part of this book is based on my Ph.D. dissertation. During these years I have learnt and talked about bubbles in several international seminars and conferences. In particular, I would like to mention Óscar Arce, Oriol Aspachs, Klaus Desmet, Juanjo Dolado, Jordi Domènech, Jordi Galí, Òscar Jordà, Pablo Kurlat, Jennifer La’o, Guido Lorenzoni, Martí Mestieri, Jair Ojeda, Alp Simsek, John Tang, Jean Tirole, Ernesto Villanueva, Joachim Voth and Iván Werning for their comments and discussions. I also want to mention David López, with whom I started to work and learn about the Spanish bubble two years ago. I am also grateful to the Bank of Spain for their financial support and opportunity to use its impressive database. On a per
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