Bank lending and real estate in Asia: market optimism and asset bubbles

被引：15

作者：

Koh, Winston T. H. ^{[1
]}

Mariano, Roberto S. ^{[1
]}

Pavlov, Andrey ^{[2
]}

Phang, Sock Yong ^{[1
]}

Tan, Augustine H. H. ^{[1
]}

Wachter, Susan M. ^{[3
]}

机构：

[1] Singapore Management Univ, Sch Econ & Social Sci, 469 Bukit Timah Rd,02-08 Fed Bldg, Singapore 256976, Singapore

[2] Simon Fraser Univ, Fac Business Adm, Burnaby, BC V5A IS6, Canada

[3] Univ Penn, Wharton Sch, Dept Finance, Philadelphia, PA 19104 USA

来源：

JOURNAL OF ASIAN ECONOMICS | 2005年 / 15卷 / 06期

关键词：

Real estate bubble; Lender optimism; Disaster myopia; Asian financial crisis;

D O I：

10.1016/j.asieco.2004.11.004

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper investigates the Asian real estate price run-up and collapse in the 1990s. We identify financial intermediaries' underpricing of the put option imbedded in non-recourse mortgage loans as a potential cause for the observed price behavior. This underpricing is due to behavioral causes (lender optimism and disaster myopia) and/or rational response of lenders to market incentives (agency conflicts, deposit insurance, or limited liability of bank shareholders). The empirical evidence suggests that underpricing occurred in Thailand, Malaysia, and Indonesia. Consequently, these countries experienced a more severe market crash than Hong Kong and Singapore, where underpricing was kept under control by strong government intervention and/or more appropriate incentive mechanisms. (C) 2004 Elsevier Inc. All rights reserved.

引用

页码：1103 / 1118

页数：16

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