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Asset Price Inflation in the 1980's: A Flow of Funds Perspective

Author

Listed:
  • Mr. Garry J. Schinasi
  • Mr. Steven Riess Weisbrod
  • Ms. Monica Hargraves

Abstract

This paper examines how and why financial resources were channeled almost exclusively to specific asset markets in Japan, the United Kingdom, and the United States in the late 1980s. A decline in demand for funds by traditional borrowers, and a shift by savers from banks toward indirect securities investments were critical factors in all three cases. Until intermediaries and investors learned to evaluate new opportunities, funds were recycled in certain asset markets. The pressures on Japanese asset markets were particularly intense because of the size of Japan’s domestic saving relative to traditional domestic investment opportunities.

Suggested Citation

  • Mr. Garry J. Schinasi & Mr. Steven Riess Weisbrod & Ms. Monica Hargraves, 1993. "Asset Price Inflation in the 1980's: A Flow of Funds Perspective," IMF Working Papers 1993/077, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1993/077
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    Cited by:

    1. Brunner, Allan D. & Kamin, Steven B., 1996. "Determinants of the 1991-1993 Japanese recession: Evidence from a structural model of the Japanese economy," Japan and the World Economy, Elsevier, vol. 8(4), pages 363-399, December.
    2. E Philip Davis, 2005. "Challenges Posed by Ageing to Financial and Monetary Stability*," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 30(4), pages 542-564, October.
    3. Davis, E. Philip & Zhu, Haibin, 2011. "Bank lending and commercial property cycles: Some cross-country evidence," Journal of International Money and Finance, Elsevier, vol. 30(1), pages 1-21, February.
    4. Benjamin Sahel & Jukka Vesala, 2001. "Financial stability analysis using aggregated data," BIS Papers chapters, in: Bank for International Settlements (ed.), Marrying the macro- and micro-prudential dimensions of financial stability, volume 1, pages 160-185, Bank for International Settlements.

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