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Computable General Equilibriumof Real Estate and Financial CrisisVulnerability |
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| รหัสดีโอไอ | |
| Creator | Sutee Anantsuksomsri |
| Title | Computable General Equilibriumof Real Estate and Financial CrisisVulnerability |
| Contributor | Nij Tontisirin |
| Publisher | Thammasat Printing House |
| Publication Year | 2561 |
| Journal Title | International Journal of Building, Urban, Interior and Landscape Technology |
| Journal Vol. | 11 |
| Page no. | 29-42 |
| Keyword | Computable General Equilibrium (CGE), Real Estate, Thailand |
| URL Website | http://www.builtjournal.org/about.html |
| Website title | BUILT Journal |
| ISSN | 2228-9194 |
| Abstract | Growth in the economy of Thailand is highly related to the role of the real estateindustry. While the frameworks of Social Accounting Matrix (SAM) and ComputableGeneral Equilibrium (CGE) show the interaction between real estate and other sectorsin the real economy, the flow of funds accounts and Financial SAM reveals the morerealistic picture of the connection between real estate and the financial market. A FinancialCGE model is used to investigate the role of real estate investment in the economy ofThailand. This study discusses how the over-invested real estate market can cause thecountry to be vulnerable to a financial crisis. In addition, the relationship of real estateasset and property markets is incorporated into the model to capture interconnectionsbetween production sectors and financial sectors. The macroeconomic and socioeconomicindicators from the model simulation show that moderate investment in real estate sectorscan lead to steady economic growth with small impacts on income disparity. In addition,various policy implications can be applied to mitigate the negative effects from real estateinvestment in Thailand. The analysis suggests that moderate growth in the real estatesector is desirable. |
