From the Global Financial Tsunami to the Property Bubbles in Asia: The Need for a New Discipline on Macroeconomic Management
This book discusses the formation of the current huge property bubbles in many Asian economies and the high likelihood of another Asian financial crisis due to the eventual bursting of these property bubbles. In particular, it explains
- How the Quantitative Easing (QE) programs in the US and other major economies helped the global economy avoid a great depression during the Global Financial Tsunami;
- How the QE programs contributed to the formation of huge property bubbles in many Asian economies;
- The pricing power and hoarding power of Asian developers due to the market structure problem and the indicator effect (from new property prices to resale property prices) in Asian housing markets;
- The role of the market structure problem and indicator effect in the formation of the current property bubbles in many Asian economies;
- The important characteristics of the seeding stage, the development stage and the final stage of an asset bubble;
- How the understanding of these characteristics could help policy makers to pre-empt an asset bubble in the seeding stage, and effectively curb the asset bubble at the development stage;
- The theoretical framework in this book would be extremely useful to investment decisions by property, shares and other asset investors;
- The high likelihood of an eventual bursting of the gigantic property bubbles in Hong Kong, India or another highly risky Asian economy, which would in turn trigger another Asian financial crisis;
- The underlying causes of the housing problems (especially high real housing prices) in Asia, and the recommended long-term solution.
Readership: Undergraduates and academics in macroeconomics, business economists, finance professionals, monetary and housing authorities in Asia, corporate investment departments, individual investors, analysts and people who are interested in economic policies and Asian economies.
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