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Property Finance in Japan: Expansion and Collapse of the Bubble Economy

Author

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  • E Oizumi

    (Faculty of Economics, Wakayama University, 930 Sakaedani, Wakayama 640, Japan)

Abstract

This paper provides an analysis of the recent property boom and collapse in Japan. Central to the analysis is the role of financial institutions in financing the boom. The extraordinary rise in land prices and the land concentration by capital, which were brought about through expansion of property finance, is examined. It is contended that the domination of land markets by finance capital, which was accomplished through urban redevelopment in the 1980s, is not in decline as a result of the collapse of the bubble economy, but is, on the contrary, growing stronger.

Suggested Citation

  • E Oizumi, 1994. "Property Finance in Japan: Expansion and Collapse of the Bubble Economy," Environment and Planning A, , vol. 26(2), pages 199-213, February.
    • Handle: RePEc:sae:envira:v:26:y:1994:i:2:p:199-213
    DOI: 10.1068/a260199
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    Cited by:

    1. Quinn, William & Turner, John D., 2020. "Bubbles in history," QUCEH Working Paper Series 2020-07, Queen's University Belfast, Queen's University Centre for Economic History.
    2. Natacha Aveline-Dubach, 2014. "New Patterns of Property Investment in " Post-Bubble " Tokyo [Les nouvelles formes de l'investissement immobilier dans l'après-bulle à Tokyo]," Post-Print halshs-01242564, HAL.
    3. M Ball, 1994. "The 1980s Property Boom," Environment and Planning A, , vol. 26(5), pages 671-695, May.
    4. Kitzmann, Robert, 2014. "Die japanische Land- und Immobilienspekulationsblase der 1980er Jahre und ihre Auswirkungen auf die Stadtentwicklung Tokios," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 223-238.
    5. Peter Wissoker & Desiree Fields & Rachel Weber & Elvin Wyly, 2014. "Rethinking Real Estate Finance in the Wake of a Boom: A Celebration of the Twentieth Anniversary of the Publication of the Double Issue on Property and Finance in Environment and Planning A," Environment and Planning A, , vol. 46(12), pages 2787-2794, December.
    6. Paul Waley, 2007. "Tokyo-as-World-City: Reassessing the Role of Capital and the State in Urban Restructuring," Urban Studies, Urban Studies Journal Limited, vol. 44(8), pages 1465-1490, July.
    7. Agnieszka Kuś & Agnieszka Kuś, 2023. "Photovoltaic Companies on the Warsaw Stock Exchange—Another Speculative Bubble or a Sign of the Times?," Energies, MDPI, vol. 16(2), pages 1-21, January.
    8. André Sorensen & Junichiro Okata & Sayaka Fujii, 2010. "Urban Renaissance as Intensification: Building Regulation and the Rescaling of Place Governance in Tokyo’s High-rise Manshon Boom," Urban Studies, Urban Studies Journal Limited, vol. 47(3), pages 556-583, March.

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