Current Account Patterns and National Real Estate Markets
---- Acknowledgements -----
Financial support from the College of Humanities, Arts, and Social Sciences at NTU is gratefully acknowledged. We thank Jess Moyer (Investment Property Databank), Ong Qiyan, Francis Ng, and Jiang Zhimin for their helps with real estate data. We would like to thank Marty Feldstein for very useful comments. Any errors are ours. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.