The internationalization of post-1980 property cycles and the Japanese 'bubble' economy, 1986-96

Cyclicity has long been a characteristic of urban land and property markets. In some periods, especially in times of macro-economic stability, it is subdued and readily manageable, and in other periods it is exceptional in terms of its amplitude, periodicity and overall economic impacts. In the post-1980 period, however, not only have some cycles been exceptional in the above sense, they have also been exceptional in the sense that their causes and consequences are internationally transmitted. Accordingly, the post 1980 exceptional cyclicities merit theoretical and situational explanation. The purpose of this article is to explain the exceptional cycles occurring since 1980 from a theoretical point of view, focusing mainly on the situation in Japan where the impacts have been most significant and extreme.Les cycles constituent depuis longtemps une des caractéristiques des terrains urbains et du marché immobilier. À; certaines époques, particulièrement aux moments de stabilite ?? macro-économique, elle est contenue et aisée a` gérer, alors qu'a` d'autres moments son amplitude, son état périodique et son impact économique général sont exceptionnels. Cependant, dans la période d'après 1980, non seulement certains cycles ont été exceptionnels dans le sens ci-dessus, mais ils ont aussi été exceptionnels dans le sens que leurs causes et leurs conséquences sont transmises dans le monde entier. Par conséquent, les cycles exceptionnels d'après 1980 demandent une explication théorique et contextuelle. Le but de cet article est d'expliquer les cycles exceptionnels qui ont eu lieu depuis 1980 d'un point de vue théorique, en examinant principalement la situation du Japon ou` les impacts ont été les plus significatifs et les plus extrêmes

Economics · Humanities · Political science · Welfare economics · Housing, Finance, and Neoliberalism · Philosophy · Regional resilience and development · Urbanization and City Planning

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