일본의 부동산 버블에 대한 고찰

Reflections on the Real Estate Bubble of Japan

The Real Estate Bubble, which happened around the end of 1980s, increased the price of real estate. The financial source of this was only domestic issues. At that time, the total number of loans for real estate at banks was restricted through regulations by the Ministry of the Treasury of Japan. Since the price of land greatly decreased, the bubble collapsed. Many scholars studied and introduced occurrence and sustenance of the Real Estate Bubble and mechanism of collapse in Japan. This paper shows a theoretical analysis regarding the Real Estate Bubble of Japan. In the analysis, commercial and residential real estate of Tokyo and major cities are analyzed through comparison between actual and theoretical land prices. There are analyzed by how different they are. In addition, this analysis is established as theory of sustenance and occurrence of the Bubble. Lastly, a theory of conditions of sustenance of the Bubble and how the Bubble collapsed are analyzed. As result of this study, many researchers agree with the view that the Bubble existed, but there are different views regarding the speed of the Bubble and whether the Bubble will continue or collapse. In the land market of Japan, care is required in investments because there is an asymmetry of information between buyers and sellers, and between brokers or institutional investors and individual investors. Also it is difficult to form rational expectations regarding the discount rate or profit; which are variables needed to find out theoretical land prices.