일본 버블경제의 금융적 메커니즘

The purpose of this study is to analyze the monetary mechanism of bubble-economy on Japan. But not only to analyze the bubble-Economy but also analyze the accumulation and circulation of surplus monetary capital leads to bubble. The reason of bubble on Japan in 1980s, first, after Plaza Agreement Japan operated long-run easiness of the money market policy and the equity finance that occurs invest to financial assets of Japanese corporates and financial institutions. Second, after 70s Japanese corporates have surplus of money, its had reduced banking loans and invest to financial market. As a result banks have to invest stock and land more than before. In this way, in Japan and industrially advanced countries have been accumulate and circulation of surplus monetary capital under low level economy growth, leads to more strengthening speculation to monetary market.