Bank Lending and Real Estate in Asia: Market Optimism and Asset Bubbles
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 (lend...
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| Main Authors: | , , , , , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2005
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/soe_research/446 https://ink.library.smu.edu.sg/context/soe_research/article/1445/viewcontent/BankLendingRealEstateAsia_2005.pdf |
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| Institution: | Singapore Management University |
| Language: | English |