Re: queries

[Paul <paul_@xxxxxxx>]

The Bank of Japan's Institute of Monetary and Economic Studies has a paper
that will give you the charts you are looking for.
http://www.imes.boj.or.jp/english/publication/edps/2003/03-E-15.pdf
scroll down to the annex where you will find figure 1 and figure 2.

It is a very interesting macro issue (which unfortunately I can not discuss
now; a list member has me working on something this week :-)

I gather much of the better literature has not been translated, but as you
might expect, there is no single view to your larger question.  Some
neoclassics would argue that the economy *never* was properly allowed to
deflate and the resultant inefficiencies account for the ongoing
sluggishness (in a way this leads to Koizumi).  From a different set of
considerations there are marxists who might make the same point (the
attempt to avoid massive scrapping of capital, widespread layoffs/wage
reductions, etc has meant to an inadequate restoration of the profit rate
to resume higher growth).

Paul


At  04:56 PM 8/11/2005 -0700, you wrote:
> Good question!  I hope you generate some informed answers.  My
> uninformed contribution is that I recall that commercial real estate
> prices fell first.   Also, didn't it has some effect in the US, since
> Japanese speculators stopped buying up golf courses and the Rockefeller
> Center-like properties.
>
>
> On Thu, Aug 11, 2005 at 03:54:39PM -0700, Jim Devine wrote:
> > how quickly did the Japanese Bubble Economy deflate during the 1990s?
> > did house prices fall in any way as quickly as stock prices? or did
> > their deflation stretch out the impact of the stock-market collapse?
> > --
> > Jim Devine
> > "Segui il tuo corso, e lascia dir le genti." (Go your own way and let
> > people talk.) -- Karl, paraphrasing Dante.
>
> --
> Michael Perelman
> Economics Department
> California State University
> Chico, CA 95929
>
> Tel. 530-898-5321
> E-Mail michael at ecst.csuchico.edu