A real-estate price crash has also been a key cause of emerging-market crises, such as the 1997-98 Asian collapse. Research shows that lost output during recessions accompanied by a housing bust is double or triple what it might otherwise have been had real-estate prices held up.
自20世纪70年代中期以来，发达经济体共爆发过六次大型银行危机，它们全部与房地产泡沫破裂有关。房地产价格崩溃也是新兴市场危机的主要原因，1997—98年亚洲崩盘就是如此。研究表明，与房地产泡沫破裂有关的危机的产出损失比房地产价格保持坚挺的情况要大一到两倍。此外，房地产泡沫破裂会让衰退期延长近三年。