本文认为,在东南亚和南亚经济中的房地产市场的活动,对于1997年亚洲金融危机的爆发起到了很重要的作用。本文的分析是基于同时期的未公开的金融机构和市场分析人士的报告,这些报告是用来证明,在当时所处的金融危机背景下,房地产投资市场的不平衡程度事实上是经济观察家们有目共睹的。本文接着又论述了金融机构有必要在房地产市场规则和处理房地产抵押贷款的措施上采取一系列改革,来防止这种导致亚洲金融危机爆发的投机性经济泡沫再次出现。考虑到金融危机的近期性,数据的特性以及权威统计数据来源的缺失,本文的研究结果可能更大程度上只能看作是在该领域的一种尝试,但是,本文的研究结果确实证明了,亚洲金融危机的出现,是根源于房地产市场上的不规范行为。 This article argues that activities in the real estate market in Southeast Asia and South Asia have played a very important role in the 1997 Asian financial crisis. The analysis in this article is based on the reports of undisclosed financial institutions and market analysts of the same period that were used to prove that in the context of the current financial crisis, the imbalance in the real estate investment market was in fact the result of economic observers For all to see. This article goes on to discuss the need for financial institutions to take a series of reforms in the real estate market rules and measures to deal with real estate mortgages to prevent the recurrence of the speculative bubble that led to the Asian financial crisis. Taking into account the recent financial crisis, the characteristics of data and the lack of sources of authoritative statistical data, the findings of this paper may only be seen as an attempt in this field to a large extent. However, the results of this study do prove that The emergence of the Asian financial crisis is rooted in the non-standard behavior in the real estate market.