Bubble Contagion: Tokyo to Bangkok to New York

Abstract

The first of the four distinct asset price bubbles in the last fifteen years of the twentieth century was in real estate and stocks in Tokyo in the second half of the 1980s, and the second, at about the same time, was in real estate and stocks of three of the Nordic countries — Finland, Norway, and Sweden. The third was in Bangkok, Kuala Lumpur, Jakarta, and Hong Kong and nearby national financial centers in the mid-1990s, and the fourth was in US stocks and especially those traded in the over-the-counter markets in the second half of the 1990s.