KSE Academic Seminar with Charles Becker, Duke University

9/16/2020 from 5:00 PM to 7:00 PM ISST



KSE is happy to inform that we are resuming KSE Academic Seminars series!

Our first speaker is Professor Charles Becker (Duke University). He is presenting his paper “Bubbles on the Steppe: Intrinsic Bubbles and Credit Expansion in Kazakhstan’s Real Estate Market” on September 16 at 5 pm. 

Abstract: This paper uses high frequency aggregate housing price data from 2000 through 2017 for the minerals-rich former Soviet republic of Kazakhstan to explore price movements during boom and stagnation cycles. Kazakhstan experienced staggeringly rapid housing price growth from 2000-07 when real prices for existing housing rose more than ten-fold. Despite this rise (and subsequent decline by roughly one-third), bubble components were small for new housing. A larger bubble appears for existing unit sales, but may reflect unrecorded renovation expenditures. Co-movement with credit expansion suggests evidence for a policy-induced boom. Regardless of its source, the huge rise in real housing wealth likely contributed to unanticipated aggregate demand growth that exacerbated macro cycles.

The event is enabled by the financial support from Sweden.

Registration for this event is closed.

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