Geoffrey P. Miller
Geoffrey P. Miller Articles
Abstract: In recent years, price bubbles appear to have developed in the real estate markets in several developed economies, including the United States, Australia, the United Kingdom, the Nordic countries and Japan. Often these price...
I. The Bubble Economy in Japan
This section describes the origins, efflorescence, and destruction of the bubble economy in Japan. The reader may find it helpful to refer to the charts below, which shows exchange rates, interest rates, and...
C. The Bubble Bursts: 1990-91
The market began to break after the first of the year. Late in January, the Nikkei 225 fell 5 percent in three days, but the event was attributed to index arbitrage rather than market fundamentals. In mid-...
