Departmental Bulletin Paper 中曽根政権と地価政策~土地バブルはどうして生じたのか
The Nakasone Administration and Land Policies:How did the land price bubble occur?

東野, 裕人  ,  ヒガシノ, ヒロト  ,  Higashino, Hiroto

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 I have analyzed the 1985 Plaza Accord as the main cause of the Japanese bubble economy of the late 1980s in the previous paper. However, this analysis might be too simplistic unless a close examination of land prices before the Plaza Accord is taken into account, because the prices had already risen before 1985. The sharp rise in land prices preceded the depression due to the yen appreciation after 1985 and to a series of reductions in the official discount rate after 1986. Thus, this essay discusses the rise in land prices and the land policy leading to this rise during the Nakasone administration in an attempt to offer a unique perspective on the Plaza Accord and the bubble economy by evaluating the land policy of the administration.
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