Property Finance in Japan: Expansion and Collapse of the Bubble Economy

Abstract

This paper provides an analysis of the recent property boom and collapse in Japan. Central to the analysis is the role of financial institutions in financing the boom. The extraordinary rise in land prices and the land concentration by capital, which were brought about through expansion of property finance, is examined. It is contended that the domination of land markets by finance capital, which was accomplished through urban redevelopment in the 1980s, is not in decline as a result of the collapse of the bubble economy, but is, on the contrary, growing stronger.

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