Front Matter Page
Asis and Pacific Departmant
Contents
I. Introduction
II. Determinants of Real Estate Cycles
III. Property Prices, Credit Cycles, and the Asian Crisis
A. Asset Price Cycles in East Asia
B. Asset Price Booms and Credit Cycles
C. Property Price Declines and Financial Distress
IV. The Credit Channel to Asset Price Inflation in Asia: Some Empirical Results
V. Policy Lessons
VI. Conclusion
Appendix
References
Tables
1. East Asia—Incidence of Asset Price Bubbles and Banking and Exchange Rate Crises
2a. East Asian Equity Markets in the 1990s: Composite Stock Index
2b. East Asian Equity Markets in the 1990s: Property Stock Index
2c. East Asian Equity Markets in the 1990s: Banking Stock Index
3. Exposure of Asian Countries Banking System to Real Estate Sector
4. Determinants of Real Estate Prices
5. Correlation Between Property and Overall Stock Market Returns
Figures
1. Selected Asian Countries: Stock Market Indices
2. Selected Asian Countries: Price Earnings Ratios
3a. Selected Asian Countries: Property Price Indices
3b. Consumer Price—Housing
4. Selected Asian Countries
5. Real Credit and Real Property Returns
6. Real Credit to the Private Sector and Property Stock Reforms
7. Real Credit to the Private Sector and Stock Returns
8. Selected Asian Countries: Stock Market Indices and NonPerforming Loans
9. Selected Asian Countries: External Indicators
10. Selected Asian Countries: External Indicators
11a. Impulse Response to Cholesky One Standard Deviation: Hong Kong SAR
11b. Responses to Cholesky One Standard Deviaion: Korea
11c. Impulse Responses to Cholesky One Standard Deviation: Thailand
11d. Impulse Responses to Cholesky One Standard Deviation: Singapore
12. Property and Overall Stock Returns
13. Twelve-Month Correlation Between Property Stock Returns and Overall Stock Returns