• Richard Yarrow
  • Paul Sheard


March 17, 2023, Video: "​​​In the 1980s, Japan’s economic growth represented up to a quarter of the world’s annual GDP growth. Much of Japan’s growth was tied to an extraordinary growth in property markets. The bursting of the property bubble in the 1990s came with devastating consequences for Japan’s economy, banks, and monetary and fiscal policy that are still felt today. What caused Japan's price bubble, and how could it have been prevented? What made the bubble burst, and could Japan's authorities have handled the economic fallout differently? As China addresses bubbles and financial risks in its real estate sector, could China’s economy face similar outcomes? What can China learn from Japan's property bubble and its aftermath? This virtual seminar was held on Wednesday, March 15, 2023 and included experts on Japan's and China's financial systems and real estate sectors. Panelists Paul Sheard and Takeo Hoshi discussed factors around the rise and fall of Japan’s property market in the 1980s and 1990s, and how Japan could have differently managed its real estate boom and crisis. Wei Xiong also discussed parallels and differences with conditions in China. This event is the third in a series on China’s real estate sector and its broader economic effects." Watch Via M-RCBG on Youtube