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Asset Inflation in Selected Countries

Author

Listed:
  • Yosuke Shigemi

    (Strategic Research Division, Research and Statistics Department, Bank of Japan)

Abstract

In the latter half of the 1980s, not only Japan but also many countries including the United States, the United Kingdom, Nordic countries, and Australia experienced big changes in asset prices. While there is no doubt that easy monetary conditions were a common background factor behind asset price inflation, there appear to be significant differences in terms of scale and timing in each country. This paper analyzes the process of, and background to, asset price inflation in the 1980s and to try to deduce implications for monetary and financial policy, especially by comparing the cases for those countries.

Suggested Citation

  • Yosuke Shigemi, 1995. "Asset Inflation in Selected Countries," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 13(2), pages 89-130, December.
    • Handle: RePEc:ime:imemes:v:13:y:1995:i:2:p:89-130
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    File URL: http://www.imes.boj.or.jp/research/papers/english/me13-2-4.pdf
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    Citations

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    Cited by:

    1. Lynn E. Browne, 1999. "U.S economic performance: good fortune, bubble, or new era?," New England Economic Review, Federal Reserve Bank of Boston, issue May, pages 3-20.
    2. Tomohiro Hirano & Noriyuki Yanagawa, 2017. "Asset Bubbles, Endogenous Growth, and Financial Frictions," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 84(1), pages 406-443.
    3. Matteo Iacoviello, 2002. "House Prices and Business Cycles in Europe: a VAR Analysis," Boston College Working Papers in Economics 540, Boston College Department of Economics.
    4. Fukao, Mitsuhiro & 深尾, 光洋 & フカオ, ミツヒロ, 2001. "Financial Deregulations, Weakness of Market Discipline, and Market Development: Japan's Experience and Lessons for Developing Countries," CEI Working Paper Series 2001-17, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    5. 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.
    6. Alireza Dehesh & Cedric Pugh, 2000. "Property Cycles in a Global Economy," Urban Studies, Urban Studies Journal Limited, vol. 37(13), pages 2581-2602, December.
    7. Iacoviello, Matteo, 2000. "House prices and the macroeconomy in Europe: Results from a structural var analysis," Working Paper Series 18, European Central Bank.
    8. Lynn E. Browne & Rebecca Hellerstein & Jane Sneddon Little, 1998. "Inflation, asset markets, and economic stabilization: lessons from Asia," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 3-32.
    9. Miyagawa, Shigeyoshi & Morita, Yoji, 2014. "Financial Crisis in Norway and Japan," Working Papers in Economics 05/14, University of Bergen, Department of Economics.
    10. Iacoviello, Matteo & Minetti, Raoul, 2000. "The credit channel of monetary policy and housing markets: International empirical evidence," Bank of Finland Research Discussion Papers 14/2000, Bank of Finland.

    More about this item

    Keywords

    Asset Price Inflation; Tax Wedge;

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