经济泡沫时期日本的土地交易和资本收益/损失的后果

Land prices in Japan rose from a total of 1,327 trillion yen (1986) to 2,452 trillion yen (1990) during the Bubble period, but then fell to 1,300 trillion yen by 2003, which is about the same level as before the Bubble. During the period, households sold a total of 136 trillion yen of land on a net basis, while companies purchased 55 trillion yen. As a result, households that sold their land at high prices generated huge capital gains, while firms that purchased land during the period incurred huge capital losses due to the subsequent plunge in land prices. In this study, we will clarify what kinds of households sold land and what kinds of companies purchased land during the Bubble period. Capturing the size and distribution of the capital gains/losses generated is important in understanding the impact of the Bubble on the Japanese economy.