Amid surging market values and widespread regulatory discussion, NFT DeFi markets are widely perceived as being simply speculative in nature. This paper detects the existence dates of price bubbles by applying SADF GSADF tests. We document that both exhibit bubbles, with more recurrent having higher average explosive magnitudes than bubbles. The highly correlated hype general cryptocurrency unc...

The housing prices in many Asian cities have grown rapidly since mid-2000s, leading to many reports of bubbles. However, such reports remain controversial as there is no widely accepted definition for a housing bubble. Previous studies have focused on indices, or assumed that home prices are lognomally distributed. Recently, Ohnishi et al. showed that the tail-end of the distribution of (Japan/...

This paper addresses the statistical properties of time series driven by rational bubbles à la Blanchard and Watson (1982). Using insights on the behavior of multiplicative stochastic processes, we demonstrate that the tails of the unconditional distribution emerging from such bubble processes follow power-laws (exhibit hyperbolic decline). More precisely, we find that rational bubbles predict ...

In this paper we test for the existence of asset price bubbles in Latin America in the 19802001 period, focusing mainly on stock prices. Based on unit root and cointegration tests we cannot reject the hypothesis of bubbles. We arrive at the same conclusion using Froot and Obstfeld’s intrinsic bubbles model. We identify periods of significant stock price overvaluation to examine empirical regula...

We argue that extrapolative expectations drive boom–bust cycles in the postwar art market. Price run-ups coincide with increases demand fundamentals but are followed by predictable busts. Predictable changes account for about half of variance five-year price changes. High prices many attributes speculative bubbles: trading volume, share short-term trades, art, and volatility all higher during b...

This paper examines price bubbles in the relatively new carbon emission trading scheme of Beijing market by employing a recently proposed econometric test which can stamp occurrence and burst financial bubbles. We find multiple over sample period between January 2014 to April 2018, that occurrences are closely related announcements environmental policies Chinese government. Comparing our result...

Belirli bir içsel değeri bulunmayan ve fiyatı ekonomik temellerle tahmin edilemeyen kripto paraların spekülasyona açık oldukları fiyatlarının davranışsal birtakım faktörler tarafından yürütüldüğü görüşü giderek yaygınlık kazanmaktadır. Söz konusu özelliklerin piyasada yüksek volatilite belirsizliğin yanı sıra balon oluşumlarını da tetiklediği düşünülmektedir. Bu varsayımı test etmek üzere altı ...

We consider an overlapping generations model à la Diamond (1965) with two additional ingredients: altruism and an asset (or land) bringing non-stationary positive dividends (or fruits). We study the global dynamics of capital stocks and asset values as well as the interplay between them. Asset price bubbles are also investigated.

Food price bubbles are a phenomenon in which the cost of some food items or commodities climbs quickly and unreasonably before collapsing due to reasons such as speculation, supply demand imbalances, meteorological occurrences, governmental actions. Governments academics keep an eye on prices spot address these bubbles. The aim this paper is analyze bubble despite global slowdown by examining i...