A sharp rise in U.S. equity prices could be leading to a dangerous bubble, according to one of the three Americans who won the 2013 Nobel prize for economics.
"I'm not sounding the alarm yet. But in many countries the stock price levels are high, and in many real estate markets prices have risen sharply...that could end badly."
"I find the boom in the U.S. stock market most concerning," Robert Shiller said in an interview with Germany's Der Spiegel magazine published on Sunday.
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He added that this was a key concern because the U.S. economy was "still weak and vulnerable". The real estate market in Brazil was also worrying, he said. He said that at a recent conference he attended in the country, the sharp jump in house prices had been attributed to a growing middle class and a positive economic developments.