The bubble economy that took place in the eighties of the 20th century has caused serious influence on Japan's economy, it’s influence is not dispelled yet so far. There are deep financial reasons in the formation of Japan's bubble economy, in the Japan's financial liberalization process, because the faults of the defect of Japan's monetary system and macro economic policy and alienation of behavior caused economic subject by this have caused the bubble economy. As our country joins WTO, reform and opening-up will be deepened further, there are very important meanings to studying Japan's bubble economy conscientiously and takes precautions against financial risks and bubble economy in experience and lessons of Japan.
This text is divided into five parts altogether.
First part, General theory analysis of the bubble economy. First of all, we analysis the difination and characteristics of the bubble economy. The bubble economy is real estate rise deviates from real economy seriously at the assets price in the market, and the whole course which the companion grow coming back to the basic price and the general course of other economic phenomena with the bubble economy. Bubble economy is the breeding thing of market economy, it have assets price rise and drop suddenly and sharply , deteriorate social resource distribution and destroy seriously to real economy continuously. Secondly, we analysis the financial foundation witch produces the bubble economy. Bubble economy as one economic phenomenon, it have their system foundation to develop of it, monetary system, credit system, share and stock system have offered the monetary system foundation for production of the bubble economy. Meanwhile, the bubble economy is as a kind of economic phenomenon produced because of fluctuating at the price, cause through investment behavior of the economic subject after all. Under the realistic condition, investment behavior alienation and "herd effect" that caused because economic subject does not have complete information have offered the micro financial foundation for production and inflation of the bubble economy.
Second part, Forming, inflation and influencing of Japan's bubble economy. The forming of Japan's bubble economy begins with the signing of "square agreement" of September of 1985, but implementation of the assuage financial policy in order to prevent Japanese money increasing of value in Japan, have caused the surplus of the money supply. Impelled a large number of funds flow real estates and stock markets, the bubble economy begined to take shape. In 1987, the collapse of the stock market of New York once dispelled the foam in some in economy of Japan, but Japan feared the further increasing of value of Japanese money will cause the turbulence of the world financial market, continue exceeding the assuage financial policy, which has stimulated the further inflation of the bubble economy, the bubble economy expanded to the summit pinnacle in 1989. Since August of 1990, Bank of Japan has increased the bank rate of discount for the fourth times, the bubble economy has collapsed rapidly. The bubble economy has great influence on Japan's economy, since evaporating in bubble economy, Japan's economy has fall into depression for a long time.
The third part, the macroscopic financial factors analysis of the Japan bubble economy form. This part expounds the fact Japan macro financial reason that bubble economy form from inherent defect and government macroscopic economic policy fault, At the economic celerity increasing stage in Japan, it is important that Japan's unique banking system has been undoubtedly given infusion to, but with the promotion of economic ripe and global economic integration development, the inherent defect of Japan's banking system is revealed out apparently , has become the system foundation that bubble economy form. Meanwhile, in the forming process of Japan's bubble economy, the fault of government's macro economic policy not only lost the opportune time of preventing the bubble economy forming but promoted the inflation of the bubble economy instead.
The fourth part, the microscopic financial factors analysis of the Japan bubble economy form. This part have expounded the fact Japan microscopic financial reason that form bubble economy from Japanese financial machinery behavior alienation and enterprise department behavior alienation. Because Japan among financial reform of the 20th century has unreasonable system arrange and faults in government of macroeconomic policy, market mechanism unable normal running, make such the financial machinery and enterprise department's behavior alienation take place, the risky behavior of the microscopic economy subject has happened , and brought out the bubble economy.
The fifth part, the historical experience of Japan's bubble economy and revelation to China. The financial liberalization reform of Japan was the necessity of development in the eighties of the 20th century, but Japan should strengthen management with new essential rules and regulations while abolishing original monetary system. But as the responsible institution, Finance Ministry and Bank of Japan did not recognize clearly the market environment, had ignored the microscopic economy subject possible impulse of speculation, have not carried out effective precaution and management, and caused the emergence of the bubble economy. At last this text has been put forward and expound suggestion to our country that how to taken precautions against financial risks and prevented the countermeasure on the basis of summarizing historical lesson of the bubble economy, including reinforce operating mechanism of financial market , strengthen financial supervision and strengthen the legal construction ,etc.