Housing Market Bubbles and the Currency Crisis: The Case of Thailand

Kar‐Yiu Wong

The Japanese Economic Review, 2001, vol. 52, issue 4, 382-404

Abstract: This paper explains with a simple model the collapse of the housing market in Thailand before the 1997 economic crisis. It shows that successive periods of impressive growth of the economy created not only higher demands for housing, but also an increase in people's optimism about market conditions in the future. Both oversupply and bubbles were formed before the market finally crashed. The model explains some of these phenomena, and describes the nature of the bubbles. An ironic possibility is that a faster and more persistent growth of the economy tends to increase the vulnerability of the firms in the market.JEL Classification Numbers: F14, O11, O53.

Date: 2001
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