버블기 일본에서 나타난 투기 · 투자의 특징과 그 의미

Abstract

The purpose of this paper is to explain the cause of the bubble in relation to the Japanese financial system.BRIn the late 1980s, Japan’s bubble emerged as problems with the indirect financial system centered on land-secured loans were exposed under the condition of quantitative easing. A characteristic of a bubble is that the land price and stock price are interconnected and rise at the same time. In the process, companies and households expanded the size of the bubble by focusing on zai-tech.BRThere were very few opinions pointing out the abnormal surge in land prices and stock prices during the bubble process, and the overwhelming majority accepted it as a phenomenon reflecting the strength of the Japanese economy. Such excessive self-confidence spread a different economic view and moral hazard in Japanese society as a whole. In the midst of the spread of monarchist ideology, consumption behavior during the bubble period also showed a different aspect of luxury and diversification than in the previous era.BRAs the bubble burst and the moral hazard phenomena of the bubble period, such as bad loans by banks, were revealed in the process of dealing with the aftereffects, a social atmosphere was formed that denies all the actions of the bubble period, which eventually led to a long-term recession.