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Keywords = real estate bubble

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35 pages, 5841 KiB  
Article
A Network Analysis of the Real Estate Fluctuation Propagation Effect in the United States
by Wenwen Xiao, Xuemei Pei, Wenhao Song and Lili Wang
Buildings 2025, 15(12), 2013; https://doi.org/10.3390/buildings15122013 - 11 Jun 2025
Viewed by 287
Abstract
Under the background of intensified global economic fluctuations, to prevent the systemic risk of real estate (e.g., the U.S. subprime crisis), this study constructs a linkage network of the real estate industry in the U.S. based on the complex network method, reveals the [...] Read more.
Under the background of intensified global economic fluctuations, to prevent the systemic risk of real estate (e.g., the U.S. subprime crisis), this study constructs a linkage network of the real estate industry in the U.S. based on the complex network method, reveals the fluctuation diffusion mechanism, identifies the key pivotal industries through the network characteristic indicators, and analyses the characteristics of the fluctuation conduction paths by applying the industrial fundamental association trees. The study found that (1) the U.S. real estate industry is a ‘supply hub’ industry, with first-order and second-order weighted degrees of mean 6.78, 3.98, and significant asymmetry in the supply structure of the industrial network; (2) industries like architectural, engineering, and related services (541300), nonresidential maintenance and repair (230301), and electric power generation, transmission, and distribution (221100) show high degree centrality and betweenness centrality. Their strong propagation and control capabilities form real estate fluctuations’ core transmission mechanisms; (3) foundational association trees reveal long, broad propagation paths where financial investment and energy-supply sectors act as “traffic hubs,” decisively influencing risk diffusion depth and breadth. Targeted policy recommendations address four dimensions: optimizing industrial chain structures, strengthening financial risk isolation, improving housing supply systems, and enhancing policy coordination. This aims to help China avoid U.S.-style real-estate-bubble risks and achieve coordinated real estate macroeconomy development. Full article
(This article belongs to the Section Architectural Design, Urban Science, and Real Estate)
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7 pages, 562 KiB  
Essay
Cycles, Trends, Disruptions: Real Estate Centrality on the Global Financial Crisis, COVID-19 Pandemic, and New Techno-Economic Paradigm
by Renan P. Almeida
Real Estate 2025, 2(1), 1; https://doi.org/10.3390/realestate2010001 - 2 Jan 2025
Cited by 1 | Viewed by 1748
Abstract
Real estate plays a pivotal role in the contemporary world, accounting for over half of global wealth and significant employment and GDP shares. This essay examines three key events—the 2007–2008 Global Financial Crisis (GFC), the COVID-19 pandemic, and recent technological revolutions—to place real [...] Read more.
Real estate plays a pivotal role in the contemporary world, accounting for over half of global wealth and significant employment and GDP shares. This essay examines three key events—the 2007–2008 Global Financial Crisis (GFC), the COVID-19 pandemic, and recent technological revolutions—to place real estate’s centrality. By analyzing housing price indexes in major economies, the paper identifies global trends and regional nuances, as well as highlights real estate’s dual role as both a reflection and a driver of economic cycles. Then, I explore in detail the GFC, the urban roots of COVID-19 and its effects on real estate markets, and the relationship between new techno-economic paradigms and cities and real estate. Future research directions on real estate are also pointed out. Full article
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24 pages, 1196 KiB  
Article
The Mathematical Simulation of South Korea’s Financial and Economic Impacts from Real Estate Bubbles: Lessons from the China Evergrande Collapse
by Dongxue Wang and Yugang He
Mathematics 2024, 12(19), 3058; https://doi.org/10.3390/math12193058 - 29 Sep 2024
Cited by 1 | Viewed by 4124
Abstract
This study investigates the macroeconomic and financial repercussions of a real estate bubble burst in South Korea through the application of Bayesian estimation and impulse response function analysis. By utilizing this approach tailored to the specific economic conditions of South Korea, the research [...] Read more.
This study investigates the macroeconomic and financial repercussions of a real estate bubble burst in South Korea through the application of Bayesian estimation and impulse response function analysis. By utilizing this approach tailored to the specific economic conditions of South Korea, the research effectively captures the complex ripple effects across a range of financial and macroeconomic variables. The results demonstrate that a real estate bubble burst markedly increases financial market risks, leading to heightened liquidity demands within the banking sector and necessitating adjustments in both deposit rates and bond yields. The study also emphasizes the differentiated impacts on patient and impatient households, where wealth losses drive significant shifts in consumption and labor supply behaviors, further constrained by prevailing labor market conditions. Additionally, the broader economic implications are examined, revealing the adverse effects on corporate output and investment, as well as the dynamics of international capital flows that impact foreign exchange reserves and exchange rates. These findings highlight the urgent need for proactive monitoring and policy interventions to mitigate the detrimental effects of real estate bubbles, ensuring financial stability and fostering sustainable economic growth in South Korea. Full article
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16 pages, 252 KiB  
Article
The Role of Digital Inclusive Finance in Weakening Real Estate Market Speculation
by Ruiwen Zhang and Yiran Pang
Buildings 2024, 14(5), 1306; https://doi.org/10.3390/buildings14051306 - 6 May 2024
Cited by 1 | Viewed by 1399
Abstract
A multitude of studies have extensively examined strategies for achieving sustainable development in the real estate market. As the pivotal component of land economy, the real estate market plays a crucial role in ensuring its sound operation. However, it is currently undergoing significant [...] Read more.
A multitude of studies have extensively examined strategies for achieving sustainable development in the real estate market. As the pivotal component of land economy, the real estate market plays a crucial role in ensuring its sound operation. However, it is currently undergoing significant adjustments and grappling with rampant speculative activities, resulting in an alarming bubble. By scrutinizing the speculative motivations of different entities, we present a novel perspective on mitigating speculation. Our analysis reveals that digital inclusive finance effectively curbs residents’ and enterprises’ speculative behavior, as evidenced by diminished prevention motivation and investment substitution motivation. Utilizing data from 280 cities, this study measures real estate market speculation by establishing a model that the volatility of the housing market turnover, as a proportion of GDP, deviates from the actual housing demand transactions based on economic fundamentals. Furthermore, it investigates the relationship between digital inclusive finance and real estate market speculation, along with its spatial effects. The findings indicate that digital inclusive finance significantly curbs real estate market speculation and has a negative spatial spillover effect. This research provides a novel model and perspective for exploring real estate market speculation while positively impacting sustainable development within the real estate market. Full article
(This article belongs to the Special Issue Sustainable City Development: Urban Planning and Housing Management)
9 pages, 734 KiB  
Article
Empirical Distribution of the U.S. Housing Market during the Great Recession: Nonlinear Scaling Behavior after a Major Crash
by Fotios M. Siokis
J. Risk Financial Manag. 2024, 17(3), 130; https://doi.org/10.3390/jrfm17030130 - 21 Mar 2024
Viewed by 2150
Abstract
This study focuses on the real estate bubble burst in the US housing market during 2007–2008. We analyze the dynamics of the housing market crash and the after-crash sequence during the Great Recession. When a complex system deviates away from its typical path [...] Read more.
This study focuses on the real estate bubble burst in the US housing market during 2007–2008. We analyze the dynamics of the housing market crash and the after-crash sequence during the Great Recession. When a complex system deviates away from its typical path by the occurrence of an extreme event, its behavior is strongly characterized as nonstationary with higher volatility. With the utilization of a robust method, we present the characteristics of the aftershock period and provide useful information about the spatial distribution and the decay process of the aftershock sequence in terms of time. The returns of the housing price indices are well approximated by the empirics of a power law. Although we deal with low-frequency data, a time power-law relaxation pattern is identified. Our findings align with those in geophysics, indicating that the value of the relaxation parameter typically hovers around one and varies across different thresholds. Full article
(This article belongs to the Special Issue Financial Valuation and Econometrics)
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15 pages, 327 KiB  
Article
Do Changes in Risk Perception Predict Systemic Banking Crises?
by Saktinil Roy
J. Risk Financial Manag. 2023, 16(11), 463; https://doi.org/10.3390/jrfm16110463 - 24 Oct 2023
Cited by 2 | Viewed by 2151
Abstract
This paper examines if incorporating changes in financial market risk perception improves the predictive power of an early-warning system for systemic banking crises. In explaining systemic banking crises, the existing literature identifies inflating stock and real estate bubbles, credit booms, and surges in [...] Read more.
This paper examines if incorporating changes in financial market risk perception improves the predictive power of an early-warning system for systemic banking crises. In explaining systemic banking crises, the existing literature identifies inflating stock and real estate bubbles, credit booms, and surges in net capital inflows as the common drivers. Employing panel logit models to predict the postwar systemic banking crises in advanced economies to occur within three–four years, the paper’s key finding is that, even after controlling for the effects of surges in asset and credit markets and net capital inflows that are above the long-run trends for an extended period, market participants’ increasing underestimation of downside risks is a significant predictor of these crises. Incorporating changes in risk perception improves the prediction accuracy of the model significantly. This finding is robust across alternative prediction horizons, systemic crisis definitions, and risk-perception measures. Consistent with the recent theoretical developments in the form of the diagnostic expectations hypothesis for financial markets, the interpretation is that recent recurring good news about financial markets and the broader economic trends for sufficiently long periods lead to growing neglect of tail risks and riskier financial transactions, raising systemic risk and the likelihood of a financial crisis. The finding suggests monitoring financial market risk perception, in addition to the conventional indicators, to predict and avert systemic banking crises. Full article
(This article belongs to the Section Banking and Finance)
21 pages, 14939 KiB  
Article
New Insights into the Layering Process of Urban Environment and Private Garden Transformations: A Case Study on the Bubbling Well Road Area in Early Modern Times, Shanghai
by Zhehua Chen, Qing Xu, Xiangpin Zhou and Yanping Yang
Sustainability 2023, 15(18), 13939; https://doi.org/10.3390/su151813939 - 20 Sep 2023
Cited by 1 | Viewed by 1624
Abstract
The surrounding area of Bubbling Well Road in early modern times, Shanghai, served as an important transportation hub connecting the western and central districts of Shanghai’s International Settlement. It also marked the beginning of a half-century trend of profit-oriented private gardens. The development [...] Read more.
The surrounding area of Bubbling Well Road in early modern times, Shanghai, served as an important transportation hub connecting the western and central districts of Shanghai’s International Settlement. It also marked the beginning of a half-century trend of profit-oriented private gardens. The development process from rural outskirts to bustling commercial areas is exemplified by the area of Bubbling Well Road, making it significant for the study of urban transformation in early modern times in Shanghai. In this work, private gardens in the vicinity of Bubbling Well Road are examined as hierarchical elements of urban subdivision using the layering approach of the Historic Urban Landscape. Based on summarizing the trajectory of different types of private gardens under urbanization, typical time nodes were extracted and then horizontally correlated with the process of urbanization to elucidate the hierarchical logic underlying the symbiotic interaction between private gardens and cities. The results show that private gardens have created new hot spots and gathered a lot of popularity for the Jing’an Temple area, prompting this area to gradually evolve from a traditional town to a “backyard garden” of Concession dominated by the entertainment industry. Through the rapid development of the modern entertainment, commerce, and real estate industries, the Jing’an Temple area successfully embraced the trend of developing Concession to the West while achieving transformations in business models and urban style. Finally, with the assistance of the transitional entertainment space, such as profit-oriented gardens, the Jing’an Temple area has successfully undergone a transformation into a modern entertainment industry hub and solidified its commercial status as the “consumption circle” of Shanghai. We systematically investigated the significance of the urban subdivision layer in relation to the temporal changes in the urban environmental structure and the evolution of spatial organization patterns at the macro level; this helps deepen the historical urban landscape approach from an ideological framework level to the practical level. Full article
(This article belongs to the Section Tourism, Culture, and Heritage)
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16 pages, 4628 KiB  
Review
A Systematic Bibliometric Analysis of the Real Estate Bubble Phenomenon: A Comprehensive Review of the Literature from 2007 to 2022
by José-Francisco Vergara-Perucich
Int. J. Financial Stud. 2023, 11(3), 106; https://doi.org/10.3390/ijfs11030106 - 23 Aug 2023
Cited by 1 | Viewed by 2799
Abstract
This article presents the results of a bibliometric review of the study of real estate bubbles in the scientific literature indexed in Web of Science and Scopus, from 2007 to 2022. The analysis was developed using a sample of 2276 documents, which were [...] Read more.
This article presents the results of a bibliometric review of the study of real estate bubbles in the scientific literature indexed in Web of Science and Scopus, from 2007 to 2022. The analysis was developed using a sample of 2276 documents, which were reviewed in R software and analyzed with the assistance of the Bibliometrix package of the same software. The results indicate that there has been considerable productivity on the topic of real estate bubbles since 2007, with an emphasis on housing price formation processes and the social effects when bubbles burst. The authors found that there were not many case studies located in Latin America or Africa, nor were there approaches with advanced predictive modeling techniques using machine learning or artificial intelligence. The article provides an understanding of the state of the art in real estate bubble research and situates new research in front of the influential literature previously published. Full article
(This article belongs to the Special Issue Literature Reviews in Finance)
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20 pages, 2462 KiB  
Article
What Influenced Hanoi’s Apartment Price Bubble between 2010 and 2021?
by Phuong Lan Le, Anh Tuan Do and Anh Ngoc Pham
Int. J. Financial Stud. 2023, 11(3), 105; https://doi.org/10.3390/ijfs11030105 - 17 Aug 2023
Viewed by 3483
Abstract
This study focused on testing the existence of an apartment price bubble in Hanoi (Vietnam) and on determining the factors that affected it in the period between 2010 and 2021. Using the fundamental factor approach, the authors applied VAR regression using time series [...] Read more.
This study focused on testing the existence of an apartment price bubble in Hanoi (Vietnam) and on determining the factors that affected it in the period between 2010 and 2021. Using the fundamental factor approach, the authors applied VAR regression using time series data. Specifically, we used the ADF unit test to test the stationarity of the variables based on the following criteria: AIC (Akaike information criterion); LR (likelihood ratio); FPE (final prediction error); HQ (Hanan–Quinn information criterion); and Schwarz (SC) to find the optimal lag (Lag) for the model. We also applied the Granger causality test to determine the correlation between the economic variables that appeared in the model with the PR index. We present the results of the research model through the push–response function and the variance decomposition to consider and evaluate the impact of the PR index shock on itself and the other variables. The literature in this field includes many studies that are similar to this one; however, no research has been conducted that has focused on analysing whether variables, such as per capita income and the urbanisation rate, influence the formation of real estate bubbles. This focus is especially relevant in Hanoi, which is an important part of the Vietnamese real estate market. Through this study, we aimed to fill this gap and to contribute to the references on the Hanoi real estate market and its influencing factors. Full article
(This article belongs to the Special Issue Asset Pricing, Investments and Portfolio Management)
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26 pages, 2437 KiB  
Article
Improving the Process of Early-Warning Detection and Identifying the Most Affected Markets: Evidence from Subprime Mortgage Crisis and COVID-19 Outbreak—Application to American Stock Markets
by Heba Elsegai
Entropy 2023, 25(1), 70; https://doi.org/10.3390/e25010070 - 30 Dec 2022
Cited by 1 | Viewed by 2547
Abstract
Stock-market-crash predictability is of particular interest in the field of financial time-series analysis. Famous examples of major stock-market crashes are the real-estate bubble in 2008 and COVID-19 in 2020. Several studies have studied the prediction process without taking into consideration which markets might [...] Read more.
Stock-market-crash predictability is of particular interest in the field of financial time-series analysis. Famous examples of major stock-market crashes are the real-estate bubble in 2008 and COVID-19 in 2020. Several studies have studied the prediction process without taking into consideration which markets might be falling into a crisis. To this end, a combination analysis is utilized in this manuscript. Firstly, the auto-regressive estimation (ARE) algorithm is successfully applied to electroencephalography (EEG) brain data for detecting diseases. The ARE algorithm is employed based on state-space modelling, which applies the expectation-maximization algorithm and Kalman filter. This manuscript introduces its application, for the first time, to stock-market data. For this purpose, a time-evolving interaction surface is constructed to observe the change in the surface topology. This enables tracking of the stock market’s behavior over time and differentiates between different states. This provides a deep understanding of the underlying system behavior before, during, and after a crisis. Different patterns of the stock-market movements are recognized, providing novel information regarding detecting an early-warning sign. Secondly, a Granger-causality time-domain technique, called directed partial correlation, is employed to infer the underlying interconnectivity structure among markets. This information is crucial for investors and market players, enabling them to differentiate between those markets which will fall in a catastrophic loss, and those which will not. Consequently, they can make successful decisions towards selecting less risky portfolios, which guarantees lower losses. The results showed the effectiveness of the use of this methodology in the framework of the process of early-warning detection. Full article
(This article belongs to the Special Issue Granger Causality and Transfer Entropy for Financial Networks)
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18 pages, 310 KiB  
Article
Has the Newly Imposed Property Tax Controlled Housing Prices? An Analysis of China’s 2009–2020 Interprovincial Panel Data
by Shangfa Hou, Jiaying Wang and Degui Zhu
Sustainability 2022, 14(22), 14872; https://doi.org/10.3390/su142214872 - 10 Nov 2022
Cited by 2 | Viewed by 2747
Abstract
The stability of the real-estate market is crucial to China’s economic development and, in times of crisis, the economy will experience systemic adverse reactions that require appropriate regulation by the state using tax policy tools. Therefore, we analyzed the impact of real-property tax [...] Read more.
The stability of the real-estate market is crucial to China’s economic development and, in times of crisis, the economy will experience systemic adverse reactions that require appropriate regulation by the state using tax policy tools. Therefore, we analyzed the impact of real-property tax on house prices using panel data for 31 provinces in China from 2009 to 2020 using an empirical method, i.e., the instrumental variables approach. The empirical results show that each of the previous property-related taxes actually contributed to the increase in house prices and did not have a dampening effect. The newly introduced property tax will lead to a decline in house prices, which will help to alleviate the overheating of real-estate investment and mitigate the real-estate bubble crisis. A rational view of the impact of a property tax on housing prices needs to be taken in the context of factors such as income levels, consumer price levels, loan rates, and Chinese consumer culture. In order to achieve the goal of “no speculation in housing”, we also need to pay attention to the regulating effect of a property tax in combination with many other factors. This study is important for promoting property tax reform, curbing overheated real-estate investment, and promoting healthy economic development. Full article
(This article belongs to the Section Economic and Business Aspects of Sustainability)
15 pages, 628 KiB  
Article
Rural Revitalization and Land Institution Reform: Achievement, Conflict and Potential Risk
by Zhihan Xu, Jianchun Xu, Xiaofang Chai, Ning Zhang, Rong Ye and Fei Xu
Sustainability 2022, 14(22), 14808; https://doi.org/10.3390/su142214808 - 10 Nov 2022
Cited by 5 | Viewed by 2830
Abstract
Rural depression is a global issue in the process of worldwide urbanization. Compared with rural economic institution reform, rural land institution reform is more thorough in realizing rural revitalization. In this paper, polycentric governance theory is used to introduce marketization reform of collective [...] Read more.
Rural depression is a global issue in the process of worldwide urbanization. Compared with rural economic institution reform, rural land institution reform is more thorough in realizing rural revitalization. In this paper, polycentric governance theory is used to introduce marketization reform of collective profit-oriented land (MRCPL). MRCPL aims to allow rural collective profit-oriented construction land to be sold and leased with the same rights and at the same price as state-owned construction land. In the process of MRCPL, we suppose that the key subject is the central government, and the multiple auxiliary subjects include local governments, markets, villagers, and village collectives. Herein, Deqing County was selected as the research area and its achievements, conflicts, and potential risks in the process of MRCPL were studied. This study found that in Deqing County, a unified urban–rural construction land market has been preliminarily established, the rural revenue allocation mechanism has been updated, and the rural land finance mechanism has been developed. However, MRCPL may have conflicts with existing land requisition institutions and land banking institutions, and may also have conflicts within different subjects (farmers, village collective, local government, and central government). These conflicts may lead to potential risks, such as rent-seeking risk, land-financing risk, and real-estate-bubble risk. In general, the MRCPL aims to allow rural collective profit-oriented construction land to be sold and leased with the same rights and at the same prices as state-owned construction land. This reform can protect farmers’ land rights and promote the construction of urban and rural integration. Full article
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23 pages, 857 KiB  
Article
Lead-Lag Relationship between the Price-to-Rent Ratio and the Macroeconomy: An Empirical Study of the Residential Market of Hong Kong
by Daniel Lo, Yung Yau, Michael McCord and Martin Haran
Buildings 2022, 12(9), 1345; https://doi.org/10.3390/buildings12091345 - 31 Aug 2022
Cited by 5 | Viewed by 3821
Abstract
The price-to-rent (PtR) ratio is one of the most commonly used indicators to assess housing market conditions by policy makers and real estate practitioners. It is often employed as an economic barometer to detect whether a housing bubble exists and determine whether the [...] Read more.
The price-to-rent (PtR) ratio is one of the most commonly used indicators to assess housing market conditions by policy makers and real estate practitioners. It is often employed as an economic barometer to detect whether a housing bubble exists and determine whether the property market has become unaffordable relative to historical trends. Despite a plethora of research studies on the PtR ratio in the housing literature, relatively little is known about its long-term dynamics with macroeconomic and financial determinants. By utilising time series data on the Hong Kong residential property market, this study examines the cointegration and causal relationships between a wide spectrum of macroeconomic indicators and the PtR ratios of housing segments of different tiers which comprise different socioeconomic groups of homebuyers and investors. The results point towards market compartmentalisation, in the sense that the PtR ratios of the housing submarkets respond to changes in macroeconomic fundamentals in a differential manner. For instance, the PtR ratios of housing segments with a greater proportion of owner-occupiers are statistically less y correlated with investment-related macroeconomic attributes, such as foreign direct investment and equity market performance. On the other hand, the pricing of large-sized housing units in prime locations, generally favoured by investors from mainland China, are found to be Granger-caused by the exchange rate of the Chinese Yuan to the Hong Kong dollar. Full article
(This article belongs to the Special Issue Housing as a Nexus of Unaffordability, Illegality and Livability)
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22 pages, 6403 KiB  
Article
The COVID-19 Housing Boom: Is a 2007–2009-Type Crisis on the Horizon?
by Diamando Afxentiou, Peter Harris and Paul Kutasovic
J. Risk Financial Manag. 2022, 15(8), 371; https://doi.org/10.3390/jrfm15080371 - 22 Aug 2022
Cited by 8 | Viewed by 4900
Abstract
While the current housing market remains relatively strong, with housing prices setting records, concerns are growing of a potential housing bubble similar to that of 2007–2009; this paper compares the current housing market environment with that of 2007–2009 and concludes that the many [...] Read more.
While the current housing market remains relatively strong, with housing prices setting records, concerns are growing of a potential housing bubble similar to that of 2007–2009; this paper compares the current housing market environment with that of 2007–2009 and concludes that the many of the factors that caused the 2007–2009 crisis do not exist today. Factors associated with subprime mortgages, poor and non-existent underwriting loan requirements, weak regulatory oversight, exaggerated credit ratings, under-capitalization in the banking sector and excessive speculative activity in the housing market have been addressed by regulation, which is aimed at preventing another financial crisis similar to 2007–2009. Equally important, major fundamental factors affecting real estate valuation are providing support for the housing market and housing prices; these factors are impacting both the demand and supply side of the housing market. The factors include the lack of inventories of homes available for sale, the underproduction of housing, decreased household mobility limiting supply and the increase in housing demand from millennials and institutional investors; these fundamental factors were not evident during the 2007–2009 period. Despite a number of indicators signaling a potential topping out and overvaluation of housing prices, the authors conclude that the fundamental factors will limit the extent that the housing market weakens over the next few years. Full article
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14 pages, 1329 KiB  
Article
A Giant Falls: The Impact of Evergrande on Asian Stock Indexes
by Dora Almeida, Andreia Dionísio, Muhammad Enamul Haque and Paulo Ferreira
J. Risk Financial Manag. 2022, 15(8), 326; https://doi.org/10.3390/jrfm15080326 - 23 Jul 2022
Cited by 4 | Viewed by 4612
Abstract
The economic growth of China has been driven by the development of its real estate market, especially after the 2008 crisis. This growth is mostly related to the huge housing bubble and growing amounts of sovereign debt that have been redirected to corporations [...] Read more.
The economic growth of China has been driven by the development of its real estate market, especially after the 2008 crisis. This growth is mostly related to the huge housing bubble and growing amounts of sovereign debt that have been redirected to corporations in the sector. Evergrande is one of those corporations; it is a Chinese company in the construction and real estate sector, a global giant with investments in many parts of the world. Its bond default in September 2021 sounded alerts in financial markets. Several news outlets spoke of the “next Lehman Brothers”, and apprehension was very high, especially in Asian markets. This research work aims to evaluate the impact of Evergrande’s bond default on six Asian stock markets, using an event study approach. The results show a strong reaction from the markets towards the event in study, even anticipating it. Furthermore, it is worth mentioning a quick reversion to “normal” behavior, indicating the rapid absorption of information by the markets. Full article
(This article belongs to the Special Issue Securitized Real Estate Asset Research)
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