LESSONS FROM THE SURGE IN PROPERTY PRICES AND THE CURBING MEASURES IN SINGAPORE

Sau-Leung PAUL Yip

Chapter 3 in From the Global Financial Tsunami to the Property Bubbles in Asia:The Need for a New Discipline on Macroeconomic Management, 2019, pp 51-83 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In this chapter, the author will use Singapore’s experience to explain how the theories in Chapter 1 could help in pre-empting a property bubble in the seeding stage and containing a property bubble in the development stage. Thereafter, he will discuss the nine rounds of curbing measures in Singapore and draw lessons from the effectiveness of these nine rounds of curbing. In particular, he will explain (i) why Singapore missed the best time to pre-empt the property bubble at the seeding stage; and (ii) how Singapore’s subsequent persistent and determined effort in curbing its property bubble had eventually stopped the bubble from growing and then helped squeezing part of the bubble. The author hopes such an analysis of the earlier mistake and the subsequent success in Singapore could provide valuable lessons for pre-empting or containing property bubbles in the future.

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
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