The rise and fall of the land myth in Japan�?some implication to the Chinese land taxation

Shigeki Morinobu
Public Access Documents
In Japan, the so-called bubble economy started from the latter half of the 1980s. Then the bubble burst and Japan entered the lost decade of the 90s a long-lasting period of depression and deflation not experienced by any other country since World War II. In this paper, I try to pick out some lessons that should be learnt from Japans experiences, by studying the factors and political problems that powered the bubble economy. Bubble economy means a soaring of asset values not based on economic fundamentals. An important point to note is that the economic fundamentals were not abnormal during the bubble economy.