20 Years of Research on Real Estate Bubbles, Risk and Exuberance: A Bibliometric Analysis

Abstract

Since the 2008 global financial crisis, the study of real estate risks, bubbles and exuberance has attracted a lot of attention, which is of great significance to the government, enterprises and individuals. This paper carries out a statistical and bibliometric analysis of 739 studies over the past 20 years in this field, and identifies the theoretical basis, research topics and latest research hotspots in this field. Through the construction of a co-citation network and co-word network, we find that the current studies have commonly employed basic economic theories or econometric methods to detect and quantify real estate bubbles. Explosive bubbles and financialization of real estate are frontier hotspots that have gained much popularity. Based on the comparative study, we further discover that American scholars have paid more attention to topics related to the financial crisis, while Chinese scholars have studied topics more related to real estate market policies. Finally, this paper proposes several important research directions in this field for the future.

A Systematic Bibliometric Analysis of the Real Estate Bubble Phenomenon: A Comprehensive Review of the Literature from 2007 to 2022

“…While the 2008 crisis brought about renewed concerns in markets, global integration has not diminished, and associated risks remain latent (Li et al 2021). Since then, specialized literature has made significant advances in areas related to real estate phenomena, for which the use of bibliometric techniques is not new.…”

Does Bubble Still Exist after COVID-19? Evidence from Hong Kong Housing Market

“…Our paper will be based on the work byPhilip et al (2015), which provides econometric detection mechanisms for identifying the dates of the bubble. This piece of work is widely cited in housing bubble-related research, such as Bangura and Lee (2020),Li et al (2021),Andre et al (2022),Tang (2017) and others.Recently, a lot of attention has been paid to the effect of the COVID-19 pandemic on the economic and financial environment. For example,Ulku et al (2023) argued that COVID-19 formed a negative bubble in the stock market and led to substantial wealth transfers among investor types,Ji et al (2022) found that the global stock markets performed poorly during the pandemic,Gharib et al (2021) found that a bilateral contagion effect of bubbles in oil and gold markets during COVID-19,Ding et al (2022) studied how COVID-19 affects the corporate sector at different stages of COVID-19 outbreak, andChong et al (2020) proposed that "the slow growth, the sluggish recovery of trade and the cross-country transmission of the unemployment rate are three significant risk factors that ASEAN economies are faced with".…”