应该指出，新兴工业化经济体，如日本、香港、台湾和韩国，在其经济发展早期都曾经有过基于实际生产率提高的房价涨幅与经济繁荣，但也在后期有过基于信贷膨胀的房地产泡沫。
The question now concerns the degree to which this increase reflected rising productivity and prosperity – as did comparable gains in newly industrialized economies like Japan, Hong Kong, Taiwan, and Korea – rather than speculation motivated by easy credit.