| Japan has experienced a bubble economy in 1980 s,which resulted in the collapse of economy in Japan.During the period of bubble economy,the price of asset was quite high and speculation was prevailing.After the bubble collapsed,Japan’s economic development suffered a severe blow.The feature of Japan’s bubble economy is the high price of stock and landed estate.However,the price of China’s landed estate also has been too high in recent years.December 2015,the central government decided to resolve the landed estate inventory as one of the five major tasks of economic and social development in 2016.But out of expect,the price of house in second-tier cities rose too fast in the procession of resolving the landed estate inventory,and landed estate became the most prevailing speculative assets.It is possible that there is a bubble in real-estate industry.On one hand,the asset bubble will result in asset allocation distortion and unreasonable income distribution.On the other hand,if the bubble collapse the economy will get destroyed.In order to avoid the bubble economy,it is essential for our country to study other country’s lesson in bubble history and get caution from them.China’s economic background is similar to Japan’s economic background in the period of bubble,like high economic growth,the high level of money supply.Therefore,it is necessary to study the bubble economy of Japan and get lesson from it.The purpose of this article is to do further research in formation mechanism of Japan’s bubble economy on the basis of a lot of data and prior research.On the aspect of formation reasons,this article overalls several macroeconomic factors like monetary policy,financial liberalization,and research of behaviors of microcosmic subjects like enterprises and financial institutions.At last,on the basis of our country’s background,we put forward some advice about our country’s monetary policy,financial supervision,international economic coordination and fiscal policy. |
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