Asia's Financial Crisis and the Role of Real Estate

Koichi Mera, Bertrand Renaud

1: Introduction; 2: Land Price Ascent and Government Response in Japan; 3: Japanese Land Prices: Explaining the Boom-Bust Cycle; 4: The Linkage of the Economy with Land Price Fluctuations: The Case of Japan in the 1990s; 5: Korea: Could a Real Estate Price Bubble Have Caused the Economic Crisis?; 6: The Sticky Land Price in Taiwan: Its Causes, Effects, and Future; 7: Hong Kong: Overcoming Financial Risks of Growing Real Estate Credit; 8: China: A Real Estate Boom in a Protected Transition Economy; 9: How Real Estate Contributed to the Thailand Financial Crisis; 10: Singapore: Containing the Real Estate Boom; 11: Indonesia's Real Estate Disturbance: An Ineluctable Outcome; 12: Housing as a Tool for Reviving the Crisis-Hit Economies in Southeast Asia; 13: Real Estate Cycles and Banking Crises in Asia: What Have We Learned?; 14: Conclusion: Toward Efficiency and Stability in Asian Real Estate Markets