著者

東野 裕人 ヒガシノ ヒロト Higashino Hiroto

雑誌

国際研究論叢 : 大阪国際大学紀要 = OIU journal of international studies

巻号頁・発行日

vol.29, no.1, pp.19-32, 2015-10-31

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This essay analyzes the Plaza Accord of 1985 as the main cause of the Japanese bubble economy of the late 1980s. Firstly, the U.S. economy during the first period of Reagan era is discussed and the balance of payments issue is reviewed utilizing economic theory. Secondly, the Plaza Accord as a means to fix the trade imbalance between the U.S. and Japan is examined, both in terms of the policy formulation process and economic theory. Lastly, a comprehensive evaluation of the agreement, which used to be called an origin of the economic defeat of Japan, is made. Analyzing the trade imbalance issue within the framework of economic theory helps to suggest that the actual approach taken to fix the trade issue was politicized in defiance of economic considerations throughout. Some recollections of the participants are also utilized to look back on the bubble economy and the long decline of Japan's economy after its bursting.

著者

東野 裕人 ヒガシノ ヒロト Higashino Hiroto

出版者

大阪国際大学

雑誌

国際研究論叢 = OIU journal of international studies : 大阪国際大学・大阪国際大学短期大学部紀要 (ISSN:09153586)

巻号頁・発行日

vol.30, no.3, pp.97-107, 2017-03

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I have analyzed the 1985 Plaza Accord as the main cause of the Japanese bubble economy of the late 1980s in the previous paper. However, this analysis might be too simplistic unless a close examination of land prices before the Plaza Accord is taken into account, because the prices had already risen before 1985. The sharp rise in land prices preceded the depression due to the yen appreciation after 1985 and to a series of reductions in the official discount rate after 1986. Thus, this essay discusses the rise in land prices and the land policy leading to this rise during the Nakasone administration in an attempt to offer a unique perspective on the Plaza Accord and the bubble economy by evaluating the land policy of the administration.

著者

東野 裕人 ヒガシノ ヒロト Higashino Hiroto

出版者

大阪国際大学

雑誌

国際研究論叢 = OIU journal of international studies : 大阪国際大学・大阪国際大学短期大学部紀要 (ISSN:09153586)

巻号頁・発行日

vol.29, no.1, pp.19-32, 2015-10

---

This essay analyzes the Plaza Accord of 1985 as the main cause of the Japanese bubble economy of the late 1980s. Firstly, the U.S. economy during the first period of Reagan era is discussed and the balance of payments issue is reviewed utilizing economic theory. Secondly, the Plaza Accord as a means to fix the trade imbalance between the U.S. and Japan is examined, both in terms of the policy formulation process and economic theory. Lastly, a comprehensive evaluation of the agreement, which used to be called an origin of the economic defeat of Japan, is made. Analyzing the trade imbalance issue within the framework of economic theory helps to suggest that the actual approach taken to fix the trade issue was politicized in defiance of economic considerations throughout. Some recollections of the participants are also utilized to look back on the bubble economy and the long decline of Japan's economy after its bursting.

著者

東野 裕人 ヒガシノ ヒロト Higashino Hiroto

雑誌

国際研究論叢 : 大阪国際大学紀要 = OIU journal of international studies

巻号頁・発行日

vol.30, no.3, pp.97-107, 2017-03-31

---

I have analyzed the 1985 Plaza Accord as the main cause of the Japanese bubble economy of the late 1980s in the previous paper. However, this analysis might be too simplistic unless a close examination of land prices before the Plaza Accord is taken into account, because the prices had already risen before 1985. The sharp rise in land prices preceded the depression due to the yen appreciation after 1985 and to a series of reductions in the official discount rate after 1986. Thus, this essay discusses the rise in land prices and the land policy leading to this rise during the Nakasone administration in an attempt to offer a unique perspective on the Plaza Accord and the bubble economy by evaluating the land policy of the administration.