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The Formation Of Property Bubbles In Some Asian Economies Since The Global Financial Tsunami

In: From the Global Financial Tsunami to the Property Bubbles in Asia The Need for a New Discipline on Macroeconomic Management

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  • Sau-Leung PAUL YIP

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…

Suggested Citation

  • Sau-Leung PAUL YIP, 2019. "The Formation Of Property Bubbles In Some Asian Economies Since The Global Financial Tsunami," World Scientific Book Chapters, in: From the Global Financial Tsunami to the Property Bubbles in Asia The Need for a New Discipline on Macroeconomic Management, chapter 2, pages 27-48, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814623698_0002
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    More about this item

    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;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • D00 - Microeconomics - - General - - - General

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