英文标题：
《Testing for rational speculative bubbles in the Brazilian residential
real-estate market》
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作者：
Marcelo M. de Oliveira and Alexandre C. L. Almeida
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最新提交年份：
2014
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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.
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中文摘要：
投机泡沫在本地或全球房地产市场周期性地出现，被认为是经济危机的潜在原因。在这种情况下，检测金融市场中的爆炸性行为和实施早期预警诊断测试至关重要。最近巴西房价的上涨加剧了人们对巴西经济可能存在投机性房地产泡沫的担忧。在本文中，我们采用了最近提出的递归单位根检验，以识别巴西住宅房地产市场数据中可能存在的投机泡沫。实证结果显示，巴西两大城市里约热内卢和圣保罗都存在投机价格泡沫。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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