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英文文献：Real Estate Speculation as a Source of Banking and Currency Instability: Lessons from the Asian Crisis-房地产投机是银行和货币不稳定的根源:亚洲危机的教训
英文文献作者：Brian Bentick,Mervyn Lewis
英文文献摘要：
A central feature of the Asian currency crisis was the vast prior capital inflow into the region, and the later rapid reversal of that movement. In seeking to explain why this outflow of capital took place and was so devastating for the countries concerned, various writers have laid blame upon a combination of connected lending, poor bank supervision, moral hazard and ?“crony capitalism?”. Our emphasis is different. Much of the capital inflow financed a vast over-expansion of commercial real estate development. Plunging real estate values accompanied by severe difficulties in the banking and financial sector have been common occurrences across the region. The argument is that large international portfolio capital flows mediated by banks will usually lead to rapidly appreciating asset prices which will result in banking/currency crises.
亚洲货币危机的一个主要特征是，之前大量资本流入该地区，后来资本流动迅速逆转。在试图解释这种资本外流为何会发生、为何会对相关国家造成如此大的破坏时，许多作者都将其归咎于关联贷款、糟糕的银行监管、道德风险和“裙带资本主义”的结合。我们的重点不同。大量资本流入为过度扩张的商业房地产开发提供了资金。房地产价格猛跌，加上银行和金融部门的严重困难，是该地区常见的现象。这种观点认为，银行介导的大规模国际有价证券资本流动通常会导致资产价格迅速上涨，从而导致银行/货币危机。
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