The development of real estate prices is of extraordinary importance for the financial and economic system, as undesirable developments could endanger financial stability, as seen in the subprime crisis, which eventually evolved into a global financial crisis. The same month the dot-com bubble burst, the Nobel Prize winner and current book author Robert J. Shiller published the non-fictional, bestselling first edition of his book, named "Irrational Exuberance", in which he explains his research on the occurrences and the causes of historical financial crises, while supplementing the conclusions with aspects of behavioural finance and social studies. As Shiller’s assertions are mainly based on the US market, research has been conducted to clarify whether his housing index and the concept of irrational exuberance can be applied to the German real estate market. By the detailed consideration of selected aspects of the book in connection with the conception of academic literature, this thesis finds that his ideas can principally be transferred to assess whether the German real estate market currently exhibits bubbly tendencies. This assessment is conducted, however, there are limitations in the sole consideration as an indicator as well as in the critical evaluation of the German real estate market.
Inhaltsverzeichnis
I. Outline
II. List of figures
III. List of tables
IV. List of abbreviations
1 Introduction
1.1 Research problem
1.2 Course of investigation
2 German real estate market
2.1 Structure of the market
2.2 Real estate financing
2.3 Causes of the development of supply
2.4 Causes of the development of demand
3 Irrational Exuberance by Robert J. Shiller
3.1 About the author and his work
3.2 Speculative bubbles
3.3 Drivers of irrational exuberance
4 Discussion of the Case Shiller home price index
4.1 History of the development
4.2 The Case Shiller home price index
5 Application to the German real estate market
5.1 Applicability of the index and the concept of irrational exuberance
5.2 Irrational exuberance in Germany
5.3 Implications for the German real estate market
6 Conclusion
6.1 Summary
6.2 Critical acclaim
6.3 Outlook
V. List of references
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Téléchargez vos propres textes! Gagnez de l'argent et un iPhone X. -
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Téléchargez vos propres textes! Gagnez de l'argent et un iPhone X. -
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Téléchargez vos propres textes! Gagnez de l'argent et un iPhone X. -
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Téléchargez vos propres textes! Gagnez de l'argent et un iPhone X. -
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Téléchargez vos propres textes! Gagnez de l'argent et un iPhone X. -
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Téléchargez vos propres textes! Gagnez de l'argent et un iPhone X. -
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Téléchargez vos propres textes! Gagnez de l'argent et un iPhone X. -
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Téléchargez vos propres textes! Gagnez de l'argent et un iPhone X.