Japanese asset price bubble

The Behavioral Investor

by Daniel Crosby  · 15 Feb 2018  · 249pp  · 77,342 words

of 1971 British Market Crash of 1973–4 Souk Al-Manakh Crash (Kuwait) – 1982 Black Monday (US) – 1987 Rio de Janeiro Stock Exchange Crash – 1989 Japanese Asset Price Bubble – 1991 Black Wednesday (UK) – 1992 Asian Financial Crisis – 1997 Russian Financial Crisis – 1998 dot.com Bubble (US) – 2000 Chinese Stock Bubble – 2007 Great Recession of

Post Wall: Rebuilding the World After 1989

by Kristina Spohr  · 23 Sep 2019  · 1,123pp  · 328,357 words

. In fact, Premier Miyazawa readily let Washington take ‘the leadership role in the post-Cold War world’.[93] And in 1992, the Japanese asset price bubble burst, leading to long-term stagnation. Japan’s economic strength had rested on a policy of aggressive export promotion and a determinedly protectionist economy. The country was unwilling to

Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever

by Robin Wigglesworth  · 11 Oct 2021  · 432pp  · 106,612 words

CVC ownership, 204–5, 223, 224, 225 iShares Russell 2000 ETF, 200 Ivest Fund, 94–102, 105 Jahnke, William, 184, 185, 194 Janus Henderson, 234 Japanese asset price bubble, 190 Japan’s Government Pension Investment Fund, 292 Jefferson, Thomas, 133 Jegadeesh, Narasimhan, 154 Jensen, Michael, 33–34, 70, 71 JOHNNIAC, 43 Johnson, Edward “Ned,” 114

Our Dollar, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance, and the Road Ahead

by Kenneth Rogoff  · 27 Feb 2025  · 330pp  · 127,791 words

’90s (New York: Atlantic Monthly Press, 1992). 20. Kunio Okina, Masaaki Shirakawa, and Shigenori Shiratsuka, “The Asset Price Bubble and Monetary Policy: Japan’s Experience in the Late 1980s and the Lessons,” Monetary and Economic Studies (Bank of Japan) 19, no. S-1 (February 2001): 395–450; “Nikkei Stock Average, Nikkei 225” (series: NIKKEI225), FRED

Gambling Man

by Lionel Barber  · 3 Oct 2024  · 424pp  · 123,730 words

could splurge fiscal spending, because infrastructure such as roads and railways was in excellent shape thanks to the post-war construction boom in Japan. Meanwhile monetary stimulus triggered an asset price bubble with property prices spiralling out of control. In the middle of this slow-burning crisis, Masa began plotting how to topple Omori

The Long Good Buy: Analysing Cycles in Markets

by Peter Oppenheimer  · 3 May 2020  · 333pp  · 76,990 words

.jp/news/2009/01/06/reference/lessons-from-when-the-bubble-burst/ 9 Okina, K., Shirakawa, M., and Shiratsuka, S. (2001). The asset price bubble and monetary policy: Experience of Japan's economy in the late 1980s and its lessons. Monetary and Economic Studies, 19(S1), 395–450. 10 Turner, G. (2003). Solutions to

…

mania of the 1840s. SSRN [online]. Available at https://ssrn.com/abstract=1537338 Okina, K., Shirakawa, M., and Shiratsuka, S. (2001). The asset price bubble and monetary policy: Experience of Japan's economy in the late 1980s and its lessons. Monetary and Economic Studies, 19(S1), 395–450. Oppenheimer, P., and Bell, S. (2017

The Signal and the Noise: Why So Many Predictions Fail-But Some Don't

by Nate Silver  · 31 Aug 2012  · 829pp  · 186,976 words

much of the growth was fueled by large increases in government and consumer debt, as well as by various asset-price bubbles. Advanced economies have no divine right to grow at Great Moderation rates: Japan’s, which grew at 5 percent annually during the 1980s, has grown by barely one percent per year since

Boom and Bust: A Global History of Financial Bubbles

by William Quinn and John D. Turner  · 5 Aug 2020  · 297pp  · 108,353 words

Pugh, ‘The internationalization’, 158; Mitsui Fudosan, ‘New home sales’; Oizumi, ‘Property finance’, 210. 30. See, for example, Cargill, ‘What caused Japan’s banking crisis?’, 46–7; Okina, Shirakawa and Shiratsuka, ‘The asset price bubble’; Wood, The Bubble Economy, p. 12. 31. Frankel and Morgan, ‘Deregulation and competition’, 582; Takagi, ‘The Japanese equity market’, 549

…

Japan: expansion and collapse of the bubble economy’, Environment and Planning, 26, 199–213, 1994. Okina, K., Shirakawa, M. and Shiratsuka, S. ‘The asset price bubble and monetary policy: Japan’s experience in the late 1980s and the lessons’, Monetary and Economic Studies, 19, 395–450, 2001. Olivier, J. ‘Growth-enhancing bubbles’, International Economic

…

. Crashed: How a Decade of Financial Crises Changed the World, London: Allen Lane, 2018. 279 BIBLIOGRAPHY Totman, C. A History of Japan, 2nd edition, Oxford: Blackwell, 2005. Trichet, J.-C. ‘Asset price bubbles and monetary policy’, Speech delivered at the Mas lecture, Singapore, June 8, 2005. Tsuru, S. Japan’s Capitalism, Cambridge University Press

The End of Alchemy: Money, Banking and the Future of the Global Economy

by Mervyn King  · 3 Mar 2016  · 464pp  · 139,088 words

liquidity – even if the provision of liquidity is part of a bridge to the right solution – lay at the heart of Japan’s slow response to its problems after the asset price bubble burst in the late 1980s, different countries’ responses to the banking collapse in 2008, and the continuing woes of the euro

Straphanger

by Taras Grescoe  · 8 Sep 2011  · 428pp  · 134,832 words

Takei and many other Japanese people of his generation are saying about automobile ownership should have the world’s carmakers deeply concerned. After the asset price bubble of the ‘80s, Japan has seen two decades of deflation and economic stagnation, a climate not conducive to the conspicuous consumption of big-ticket items like cars

Global Governance and Financial Crises

by Meghnad Desai and Yahia Said  · 12 Nov 2003

to credit expansion such as financial liberalisation, fiscal expansion and relaxation of reserve requirements. They cite Japan in the 1980s as an example of this phenomenon. The mechanism through which financial deregulation feeds into asset price bubbles according to Alan and Gale is by exacerbating the agency problem. Speculative investors with improved access to

Manias, Panics and Crashes: A History of Financial Crises, Sixth Edition

by Kindleberger, Charles P. and Robert Z., Aliber  · 9 Aug 2011

losses cascade to the lenders. The implosion of the real estate and stock bubbles in Japan led to the massive failure of banks and a prolonged period of below-trend growth. The implosion of the asset price bubble in Thailand in mid-1997 triggered declines in currency values and asset prices throughout the region

…

, fragile, and prone to crisis. The Minsky model has great explanatory power for earlier crises in the United States and in Western Europe, for the asset price bubbles in Japan in the second half of the 1980s, and for the bubbles in real estate in the United States, Britain, Ireland, Spain, and Iceland between

…

mortgages as marketable securities; and initial public offerings (IPOs) of private companies. The deregulation of financial institutions was a major contributory factor to the asset price bubble in Japan in the 1980s and especially during the second half of that decade. Each Japanese bank was keenly interested in its position on the hit parade

…

to buy the positions in the queue of those with earlier delivery dates. The association between asset price bubbles and economic euphoria is also strong. One of the best-selling books in Tokyo in the late 1980s was Japan as Number One. The World Bank published The East Asian Miracle several years before the

…

the governments of Greece and Portugal and Spain in 2008 and 2009 – related to these earlier events? Asset price bubbles in major industrial countries are infrequent; the previous US stock price bubble had been in the late 1920s. Japan had never previously had an asset price bubble and neither had the other Asian countries. A bubble

…

until 1987. The mirror of the increase in the US trade deficit until 1987 was that the trade surpluses of many countries including Japan increased. The 1980s asset price bubble in Japan The rapid growth in the supplies of money and credit in Japan in the second half of the 1980s resulted from the

…

world markets. Thus the expansion of the asset price bubbles in the Asian capitals followed from the implosion of the asset price bubble in Tokyo and the surge in the flow of money from Japan at the beginning of the 1990s. Most of the money was Japanese-owned; some had been owned by foreigners

…

the money inflows. The decision of the newly appointed Chair of the Board of the Bank of Japan at the beginning of 1990 to restrict the growth of bank loans for real estate pricked the asset-price bubble; heavily indebted borrowers could no longer obtain enough money from new loans for their scheduled interest

…

, 85, 170, 184, 186, 223, 233, 278 IMF and 104, 234 asset-backed securities (ABS) 74, 149 asset price bubbles 2, 56, 108, 170–1, 173, 177, 178, 183, 187–8, 229, 285 1985–89 (Japan) see Japan 1985–89 (Nordic countries) 1, 5, 27, 157 1990s (United States) see United States 1997 Asian Financial

…

, Jonathan 111 Istituto Per la Ricostruzione Industriale (IRI) 23 Italy 165 1907 crisis 23, 25, 167 Jackson, Andrew 91, 154 Janssen, Sir Theodore 158 Japan 1985–89 asset price bubble 1, 3, 4, 7, 8, 9, 17–18, 23, 36, 113, 125, 173–7, 176, 285, 251 1990s crisis 5, 24, 98, 176–7

The Asian Financial Crisis 1995–98: Birth of the Age of Debt

by Russell Napier  · 19 Jul 2021  · 511pp  · 151,359 words

was the Japanese yen and this is the ‘excess liquidity’ I referred to in the piece from 30 July 1996. Japan was dealing with the consequences from the bursting of an asset-price bubble and the unwinding of the financial engineering – in Japanese, zaitech – that created not just low economic growth but solvency problems

Them And Us: Politics, Greed And Inequality - Why We Need A Fair Society

by Will Hutton  · 30 Sep 2010  · 543pp  · 147,357 words

, after all, has form: it imposed a temporary tariff in 1971 against the Europeans; and it acted unilaterally against Japan in 1986, forcing up the yen and setting in train the asset price bubble that created Japan’s twenty lost years. Obama will defer the decision for as long as he can, but it

The Price of Time: The Real Story of Interest

by Edward Chancellor  · 15 Aug 2022  · 829pp  · 187,394 words

, Andrew, ‘Collective Hallucinations and Inefficient Markets: The British Railway Mania of the 1840s’, University of Minnesota, January 2010. Okina, Kunio et al., ‘The Asset Price Bubble and Monetary Policy: Japan’s Experience in the Late 1980s and the Lessons,’ Monetary and Economic Studies, February 2001. Olson, Mancur, The Rise and Decline of Nations: Economic

…

-in-time inventory management). 3. H. Bernard and J. Bisignano, ‘Bubbles and Crashes: Hayek and Haberler Revisited’, Asset Price Bubbles: Implications for Monetary and Regulatory Policies, 13, 2001: 15. 4. Y. Yamaguchi, ‘Asset Prices and Monetary Policy: Japan’s Experience’, New Challenges for Monetary Policy, Symposium Sponsored by the Federal Reserve Bank of Kansas City, Jackson

…

per cent. The official announcement for all the rate increases in 1989 and 1990 declared that the Bank of Japan was taking preventive measures against inflation. See Kunio Okina et al., ‘The Asset Price Bubble and Monetary Policy: Japan’s Experience in the Late 1980s and the Lessons’, Monetary and Economic Studies, February 2001

…

of the 1990s. 14. Anna Schwartz in her essay ‘Why Financial Stability Depends on Price Stability’ fails to mention the case of Japan’s bubble economy. Likewise, Bernanke in his talk ‘Asset Price “Bubbles” and Monetary Policy’ before the New York Chapter of the National Association for Business Economics (2002) ignores Japan’s experience in