Japan's Financial Instability in 1990s

摘要

As for the issue of Japan's financial instability in 1990s, mainstreams specialists considered the Japan model of the financial system as the root cause. Differing with that, this paper, interpreting the bubble in 1980s due to the securitization and internationalization, and the mechanism behind the prolonged economic stagnation after the bubble, argues that late starting and rapid progressing securitization, structural change of security market in 1980s is one of the main causes of the bubble in 1990s.