국과 일본의 주택거품의 붕괴와 부동산 정책에 대한 영향 -공공정책 관점에서 본 일본의 부동산대출 총량규제를 중심으로-

Japan’s high growth has left over-accumulation of businesses and household savings. The capital needs of banks and Tokyo, centering on urban redevelopment and housing construction, where the investment slowdown and the recovery of investment inconveniences so far have caused the surplus funds of large corporations to face an excessive increase in household savings, and it had a negative impact on the market. The vigorous real estate-related lending industry has carried out unreasonable loans, and the prices of commercial areas in six major metropolitan areas have reached the level of seven times the bubble in 20 years. The psychological state of rigid institutions and booming is a secondary factor. After the collapse of the bubble, banks incurred 96 trillion yen in loss-making losses, which forced the restructuring of the capital structure, but transactions among individuals fell sharply. In addition to the development of new financing techniques such as securitization, housing loans and manufacturing loans have also been revived in 2007, and even in the commercial areas, it was possible to observe land prices again, but it did not reach bubble. In the 1990s, capital investment and housing investment supported the steady growth of the US economy. In particular, housing investment has been steadily rising since 1995, when regulations on loan expansion for homeowners, such as three-time loan expansion and loosening of loan conditions, have been eased and competition among long-term low-interest companies has been repeated. A small number of households appeared in the market, and the prices of houses in Los Angeles and Miami were less than Japan but it has been about four times as foamy in 20 years. The losses after the collapse of bubbles seem to be around 1 to 2 trillion USD in terms of US housing and consumer credit, but they have expanded several times in the course of re-securitization and have spread to European financial institutions. It points to the existence of a new credit expansion function that seeks profit before the dilution of the spread of the risk by diluting the relationship with the investment. Some argue that the functioning of finance itself was great. On the other hand, it can be pointed out that not only the mortgage but also the consumer loan that is set with the mortgage must be considered together to end up with an oversupply structure for maintaining the US capitalist system. The direction in which the bubble is spread is also slightly over. The financial meltdown needs to be discussed separately after the impact of the real estate bubble and its collapse. In this paper, I examine the regulation of the total amount of real estate loans in terms of Japan’s land bubble and public policy.