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We present a new theoretical framework to think about asset price bubbles individend-paying assets. We study a general equilibrium macro-finance model witha positive feedback loop between capital investment and land price, whosemagnitude is affected by financial leverage. As leverage is relaxed beyond acritical value, a phase transition occurs from balanced growth of a stationarynature where land prices reflect fundamentals (present value of rents) tounbalanced growth of a nonstationary nature where land prices grow faster thanrents, generating a land price bubble. Unbalanced growth dynamics and bubblesare associated with financial deregulation and technological progress.

Leverage, Endogenous Unbalanced Growth, and Asset Price Bubbles