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  1. 117 経済学研究科・経済学部
  2. 70 日本経済国際共同センター
  3. Discussion Paper F series (in English)
  1. 0 資料タイプ別
  2. 60 レポート類
  3. 061 ディスカッションペーパー

Japan's Bubble, America's Bubble and China's Bubble

http://hdl.handle.net/2261/39560
http://hdl.handle.net/2261/39560
ec9a40e6-2901-4462-b901-b79223cfa468
Item type テクニカルレポート / Technical Report(1)
公開日 2017-01-17
タイトル
タイトル Japan's Bubble, America's Bubble and China's Bubble
言語
言語 eng
資源タイプ
資源 http://purl.org/coar/resource_type/c_18gh
タイプ technical report
アクセス権
アクセス権 metadata only access
アクセス権URI http://purl.org/coar/access_right/c_14cb
著者 Ueda, Kazuo

× Ueda, Kazuo

WEKO 98654

Ueda, Kazuo

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著者所属
著者所属 Faculty of Economics, University of Tokyo
抄録
内容記述タイプ Abstract
内容記述 This paper compares the three recent episodes of boom and bust cycles in asset prices: Japan in the late 1980s to the 1990s; the U.S. since the mid 1990s; and China during the last decade. Although we have not yet seen a collapse of Chinese property prices, the increases so far are comparable to those in the other two episodes and seem to warrant a careful comparative study. I first examine the behavior of asset prices, especially, property prices in the three cases and point out some similarities. I then go on to discuss some backgrounds for the behavior of asset prices. I emphasize the role played by extremely easy monetary policy for generating bubble like asset price behaviors in the three cases. Monetary policy was shown to be easier than standard policy rules like the Taylor rule indicates. The reason for easy monetary policies is investigated. In the U.S. case the monetary authority was concerned over the risk of deflation in the early to mid 2000s. The experiences of Japan and China are quite similar in that the authorities of both countries were seriously concerned with possible deflationary effects of exchange rate appreciation on the economy. Japan let the exchange rate appreciate, while China has resisted a large scale intervention. It is shown, however, that the behavior of real exchange rates has not been that different. Implications of such a finding for the future of the Chinese economy are also discussed
内容記述
内容記述タイプ Other
内容記述 * Earlier versions of the paper were presented at the 2010 three country (China, Korea and Japan) conference on the Global Financial Crisis and Asian Financial Markets held in Tokyo on August 20, and the 2010 meetings of the Turkish Economic Association, held in Girne, TRNC on September 1-3. / Subsequently published in China & World Economy, Jan.-Feb. 2011, Vol.19, No.1, 47-62.
内容記述
内容記述タイプ Other
内容記述 本文フィルはリンク先を参照のこと
書誌情報 Discussion paper series. CIRJE-F

巻 CIRJE-F-774, 発行日 2010-11
書誌レコードID
収録物識別子タイプ NCID
収録物識別子 AA11450569
フォーマット
内容記述タイプ Other
内容記述 application/pdf
日本十進分類法
主題Scheme NDC
主題 335
出版者
出版者 日本経済国際共同センター
出版者別名
Center for International Research on the Japanese Economy
関係URI
識別子タイプ URI
関連識別子 http://www.cirje.e.u-tokyo.ac.jp/research/dp/2010/2010cf774ab.html
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