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Japan’s Real Estate Crisis and Implications for China
March 15 @ 8:00 pm – 10:00 pm
Takeo Hoshi, Professor and Dean of the Graduate School of Economics, University of Tokyo
Paul Sheard, former Senior Fellow, Harvard Kennedy School and author of The Power of Money
Wei Xiong, Professor of Economics, Princeton University
Richard Yarrow and Jinlin Li, Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School
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. By 1990, residential land prices in Tokyo and Osaka were nearly three times what they were in 1985, Japanese property taken together was valued at four times the value of real estate in the US, and real estate and construction were contributing over a fifth of Japan’s GDP. In 1991, Japan’s real estate growth came to a halt. As China addresses bubbles and financial risks in its real estate sector, could China’s economy face similar outcomes? What can China learn from the path of the real estate sector in Japan?
Please join experts on Japan’s and China’s financial systems and real estate sectors for this discussion. The event features Paul Sheard and Takeo Hoshi discussing 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 will then discuss 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.
Hosted by the Mossavar-Rahmani Center for Business and Government and Fairbank Center for Chinese Studies at Harvard University.
Presented via Zoom. Register at: https://harvard.zoom.us/webinar/register/4016774864578/WN_0fQgCzzHQtOwRnew05zJCQ