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Bubble Expectations and Economic Growth in Japan

Author

Listed:
  • JINNAI, Ryo
  • TSUCHIDA, Satoshi
  • YAMAMOTO, Yohei

Abstract

This study offers a new perspective on Japan’s “lost decades.” We first argue that, even after the collapse of the Heisei bubble, the revival of a bubble economy is not always a remote possibility, but is occasionally even considered likely. We further argue that, theoretically, expectations of future bubbles generate a crowding-out effect on investments. Based on these observations, we argue that this crowding-out effect emanating from bubble expectations may have been a headwind to economic growth during the lost decades.

Suggested Citation

  • JINNAI, Ryo & TSUCHIDA, Satoshi & YAMAMOTO, Yohei, 2024. "Bubble Expectations and Economic Growth in Japan," Economic Review, Hitotsubashi University, vol. 75(1), pages 6-6, April.
    • Handle: RePEc:hit:ecorev:v:75:y:2024:i:1:p:6-6
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    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/83377/keizaikenkyu075032724.pdf
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    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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