Financial crisis and real property bubbles: cases from the Nordic and Baltic countries
The past 30 years have shown a steep rise in the number of financial crises and bubbles in the financial and real estate markets. Given master’s thesis attempts to figure out the causes of the real estate bubbles during the series of crises in Scandinavia in the 1990s and in the Baltic countries and...
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ftaaltouniv:oai:aaltodoc.aalto.fi:123456789/20198 2023-05-15T16:47:30+02:00 Financial crisis and real property bubbles: cases from the Nordic and Baltic countries Kvasnin, Igor Viitanen, Kauko Insinööritieteiden korkeakoulu Aalto-yliopisto Aalto University 2016-04-18 application/pdf https://aaltodoc.aalto.fi/handle/123456789/20198 en eng https://aaltodoc.aalto.fi/handle/123456789/20198 URN:NBN:fi:aalto-201604201858 openAccess real estate bubbles crises in Scandinavia in the 1990s real estate bubble in the Baltic countries crisis in Iceland financial collapse boom-bust cycle G2 Pro gradu, diplomityö Master's thesis Diplomityö masterThesis 2016 ftaaltouniv 2022-12-15T19:15:09Z The past 30 years have shown a steep rise in the number of financial crises and bubbles in the financial and real estate markets. Given master’s thesis attempts to figure out the causes of the real estate bubbles during the series of crises in Scandinavia in the 1990s and in the Baltic countries and Iceland during the global financial crisis. The undertaken study covers theoretical aspects of financial crises such as financial instability hypothesis, concepts of crisis, origin of crises, herding and disaster myopia of investors. The theory of real estate bubbles is also thoroughly reviewed, as well as different viewpoints on the types of bubbles, signs of financial bubbles, cycles of the real estate, concluding with a summary of advantages and disadvantages of the real estate investment. The research is based on the methods of case analysis and cross-case analysis. The results of the research show that every creation of an asset bubble, and more particularly a real estate bubble, is preceded by a prolonged "boom" period, characterized by over-optimism of investors in their judgements. The burst of the bubble creates instability in the economy, as unemployment increases and prices decline. This study aims to make understanding of the crises in Scandinavia in the 1990s and in the Baltic countries and Iceland more transparent and integrated. Numerous outcomes of the crises and behaviouristic patterns of investors during the boom periods and after the collapses are described. Based on this aggregated knowledge and "lessons from the past", a better approach to handling crises can be developed. Master Thesis Iceland Aalto University Publication Archive (Aaltodoc) |
institution |
Open Polar |
collection |
Aalto University Publication Archive (Aaltodoc) |
op_collection_id |
ftaaltouniv |
language |
English |
topic |
real estate bubbles crises in Scandinavia in the 1990s real estate bubble in the Baltic countries crisis in Iceland financial collapse boom-bust cycle |
spellingShingle |
real estate bubbles crises in Scandinavia in the 1990s real estate bubble in the Baltic countries crisis in Iceland financial collapse boom-bust cycle Kvasnin, Igor Financial crisis and real property bubbles: cases from the Nordic and Baltic countries |
topic_facet |
real estate bubbles crises in Scandinavia in the 1990s real estate bubble in the Baltic countries crisis in Iceland financial collapse boom-bust cycle |
description |
The past 30 years have shown a steep rise in the number of financial crises and bubbles in the financial and real estate markets. Given master’s thesis attempts to figure out the causes of the real estate bubbles during the series of crises in Scandinavia in the 1990s and in the Baltic countries and Iceland during the global financial crisis. The undertaken study covers theoretical aspects of financial crises such as financial instability hypothesis, concepts of crisis, origin of crises, herding and disaster myopia of investors. The theory of real estate bubbles is also thoroughly reviewed, as well as different viewpoints on the types of bubbles, signs of financial bubbles, cycles of the real estate, concluding with a summary of advantages and disadvantages of the real estate investment. The research is based on the methods of case analysis and cross-case analysis. The results of the research show that every creation of an asset bubble, and more particularly a real estate bubble, is preceded by a prolonged "boom" period, characterized by over-optimism of investors in their judgements. The burst of the bubble creates instability in the economy, as unemployment increases and prices decline. This study aims to make understanding of the crises in Scandinavia in the 1990s and in the Baltic countries and Iceland more transparent and integrated. Numerous outcomes of the crises and behaviouristic patterns of investors during the boom periods and after the collapses are described. Based on this aggregated knowledge and "lessons from the past", a better approach to handling crises can be developed. |
author2 |
Viitanen, Kauko Insinööritieteiden korkeakoulu Aalto-yliopisto Aalto University |
format |
Master Thesis |
author |
Kvasnin, Igor |
author_facet |
Kvasnin, Igor |
author_sort |
Kvasnin, Igor |
title |
Financial crisis and real property bubbles: cases from the Nordic and Baltic countries |
title_short |
Financial crisis and real property bubbles: cases from the Nordic and Baltic countries |
title_full |
Financial crisis and real property bubbles: cases from the Nordic and Baltic countries |
title_fullStr |
Financial crisis and real property bubbles: cases from the Nordic and Baltic countries |
title_full_unstemmed |
Financial crisis and real property bubbles: cases from the Nordic and Baltic countries |
title_sort |
financial crisis and real property bubbles: cases from the nordic and baltic countries |
publishDate |
2016 |
url |
https://aaltodoc.aalto.fi/handle/123456789/20198 |
genre |
Iceland |
genre_facet |
Iceland |
op_relation |
https://aaltodoc.aalto.fi/handle/123456789/20198 URN:NBN:fi:aalto-201604201858 |
op_rights |
openAccess |
_version_ |
1766037591521492992 |