Five Asset Price Bubbles in 30 Years — A New World Record

Robert Z. Aliber
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Robert Z. Aliber: University of Chicago

Chapter 10 in The New International Money Game, 2011, pp 134-156 from Palgrave Macmillan

Abstract: Abstract In December 1979 the Nikkei 225 stock price index in Japan was 8500; 10 years later the index peaked at nearly 40,000. Real estate prices in Japan in 1989 were nine times higher than in 1979. The market value of Japanese real estate was twice the market value of US real estate (even though Japan’s GDP was less than half of US GDP); one quip in Tokyo was that the land around the Imperial Palace in Tokyo was more valuable than all the real estate in California.

Keywords: Interest Rate; Real Estate; Central Bank; Current Account; Stock Prex (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-24672-0_11

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DOI: 10.1057/9780230246720_11

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