THE FORMATION OF PROPERTY BUBBLES IN SOME ASIAN ECONOMIES SINCE THE GLOBAL FINANCIAL TSUNAMI

Sau-Leung PAUL Yip

Chapter 2 in From the Global Financial Tsunami to the Property Bubbles in Asia:The Need for a New Discipline on Macroeconomic Management, 2019, pp 27-48 from World Scientific Publishing Co. Pte. Ltd.

Abstract: This chapter will briefly review the hike in property prices in some Asian economies since US’s quantitative easings (QEs). In general, because of Singapore’s and Hong Kong’s well-developed financial sectors and free capital mobility, they are the two Asian economies that were the first and the most affected by the QEs. That is, although the QEs had also caused capital inflows and lower interest rates in the other Asian economies, the relative effect on them were much slower and smaller than those on Singapore and Hong Kong. On top of that, the very high (or close-to-one) ratio of the number of urban properties to the number of rural properties in Hong Kong and Singapore would also mean that their property prices would be most affected by the low interest rates and capital inflows caused by the QEs. As a result, the rises in the property prices in Singapore and Hong Kong during the first two years after the US’s QE1 were among the highest in Asia…

Keywords: Asset Bubble; Asset Inflation; Economic Crisis; Global Financial Tsunami; Global Financial Crisis; European Debt Crisis; Asian Financial Crisis; Property Market; Stock Market; Macroeconomic Policies; Asia; Housing Policy (search for similar items in EconPapers)
JEL-codes: D00 E00 (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.worldscientific.com/doi/pdf/10.1142/9789814623698_0002 (application/pdf)
https://www.worldscientific.com/doi/abs/10.1142/9789814623698_0002 (text/html)
Ebook Access is available upon purchase.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:wschap:9789814623698_0002

Ordering information: This item can be ordered from

Access Statistics for this chapter

More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().