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The rise and fall of the land myth in Japan�?some implication to the Chinese land taxation

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  • Shigeki Morinobu

    (Policy Research Institute, Ministry of Finance, Japan)

Abstract

In Japan, the so-called bubble economy started from the latter half of the 1980s. Then the bubble burst and Japan entered the lost decade of the 90s a long-lasting period of depression and deflation not experienced by any other country since World War II. In this paper, I try to pick out some lessons that should be learnt from Japans experiences, by studying the factors and political problems that powered the bubble economy. Bubble economy means a soaring of asset values not based on economic fundamentals. An important point to note is that the economic fundamentals were not abnormal during the bubble economy.

Suggested Citation

  • Shigeki Morinobu, 2006. "The rise and fall of the land myth in Japan�?some implication to the Chinese land taxation," Microeconomics Working Papers 21913, East Asian Bureau of Economic Research.
    • Handle: RePEc:eab:microe:21913
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    Cited by:

    1. Takaaki Ohnishi & Takayuki Mizuno & Chihiro Shimizu & Tsutomu Watanabe, 2013. "Detecting Real Estate Bubbles: A New Approach Based on the Cross-Sectional Dispersion of Property Prices," CARF F-Series CARF-F-313, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    2. Takaaki Ohnishi & Takayuki Mizuno & Chihiro Shimizu & Tsutomu Watanabe, 2012. "Detecting Real Estate Bubbles: A New Approach Based on the Cross-Sectional Dispersion of Property Prices," UTokyo Price Project Working Paper Series 006, University of Tokyo, Graduate School of Economics, revised Apr 2013.
    3. Deutsch, Edwin & Tiwari, Piyush & Moriizumi, Yoko, 2006. "The slowdown in the timing of housing purchases in Japan in the 1990s," Journal of Housing Economics, Elsevier, vol. 15(3), pages 230-256, September.

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