Graduation Year

2025

Date of Submission

4-2025

Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts

Department

Economics

Reader 1

Richard Burdekin

Reader 2

Yong Kim

Abstract

This thesis investigates the macroeconomic determinants of housing price growth in Bangkok, Thailand, from 2013 to 2024. By disaggregating the Housing Price Index (HPI) into single detached homes, townhouses, and newly launched homes, the study applies Granger causality tests, OLS regressions, and impulse response functions to explore both contemporaneous and lagged effects of macro-financial variables. Key findings are that consumer price inflation (CPI) consistently affects all housing types, while credit-related indicators and COVID-19 policy shocks have segment-specific impacts. Unlike prior research on China, equity market performance and broad liquidity measures had limited predictive power in the Thai context. Condominiums were excluded due to data volatility and weak macroeconomic linkages. The study highlights the importance of housing segmentation and tailored policy responses in emerging market real estate.

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This thesis is restricted to the Claremont Colleges current faculty, students, and staff.

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