Vania Putri Haryani, - and Wisnu Wibowo, - (2020) Identification of Real Estate Bubbles in Indonesia. International Journal of Innovation, Creativity and Change, 11 (9). pp. 165-179. ISSN pISSN: 2201-1315, eISSN: 2201-1323

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Abstract

Background: Significant increases in demand for real estate affects it’s market price. Rapid growth of real estate prices caused some economists to analyse the possibility of real estate price bubbles in the market. Purpose: The purpose of this research was to identify the existence of real estate price bubbles in Indonesia in 2003-2013. This research was also to analyse factors determining Indonesian real estate prices. Method: This research used the time series econometric method of Vector Error Correction Model (VECM) with 2003-2013 of time series data. A quantitative approach was used to test hypotheses using measured data and would generate a generalisable conclusion. The quantitative approach was done in the form of a statistical approach and a time series econometric approach. The type of statistical approach used was the regression analysis model to examine the relationship between the tested variables. Result: The data showed that Indonesia real estate prices in 2003-2013 had a bubble although this bubble did not endanger the economy because it was still below an international safe threshold. Factors determining real estate prices were Gross Domestic Product, lending rates, and speculation-influenced real estate price growth. Conclusion: There were real estate speculative bubbles in Indonesia in 2003-2013 but the speculation level in the housing market did not exceed the international threshold, while the speculation-influenced house price growth had the greatest effect on house price fluctuations.

Item Type:	Article
Uncontrolled Keywords:	Real estate, price bubbles, speculation, Vector Error Correction Model
Subjects:	H Social Sciences H Social Sciences > HB Economic Theory
Divisions:	04. Fakultas Ekonomi dan Bisnis > Magister Ilmu Ekonomi
Creators:	Creators NIM Vania Putri Haryani, - NIM041011102 Wisnu Wibowo, - UNSPECIFIED
Depositing User:	Tn Sugeng Riyanto
Date Deposited:	13 Apr 2023 03:02
Last Modified:	13 Apr 2023 03:02
URI:	http://repository.unair.ac.id/id/eprint/122426
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