Did the Plaza Accord cause Japan's real estate bubble?

IF 1 4区经济学 Q2 ECONOMICS

Contemporary Economic Policy Pub Date : 2026-04-03 Epub Date: 2025-08-04 DOI:10.1111/coep.70003

Jedediah Pida-Reese

引用次数: 0

Abstract

In 1985 the international exchange rate intervention known as the “Plaza Accord” was carried out between the G-5 countries, the US, Japan, Germany, France, and the UK. In this study I employ the synthetic control method to examine if there was a causal effect of the Plaza Accord on residential housing prices in Japan. Following the agreement Japan experienced a bubble in urban real estate and the stock market. I find small and insignificant effects of the Plaza Accord on real housing prices in the several years following it, providing evidence that the Accord did not exacerbate the bubble.

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广场协议导致了日本的房地产泡沫吗？

1985年，五国集团（G-5）、美国、日本、德国、法国和英国达成了被称为“广场协议”（Plaza Accord）的国际汇率干预。在本研究中，我采用综合控制方法来检验广场协议对日本住宅价格是否存在因果效应。协议签订后，日本经历了城市房地产和股票市场的泡沫。我发现，《广场协议》（Plaza Accord）在随后的几年里对实际房价的影响很小，也不显著，这证明该协议没有加剧泡沫。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Contemporary Economic Policy Multiple-

CiteScore

3.10

自引率

6.70%

发文量

期刊介绍： Contemporary Economic Policy publishes scholarly economic research and analysis on issues of vital concern to business, government, and other decision makers. Leading western scholars, including three Nobel laureates, are among CEP"s authors. The objectives are to communicate results of high quality economic analysis to policymakers, focus high quality research and analysis on current policy issues of widespread concern, increase knowledge among economists of features of the economy key to understanding the impact of policy, and to advance methods of policy analysis.