国際過剰資本の流入と日本の不動産バブル : －銀行による外貨貸付(外貨／ユーロ円インパクト・ローン)が大きな役割を演じたのか－<研究ノート>
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概要
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The purpose of this research paper is to examine whether an inflow of international surplus capital, oil money, etc. (rapid increase of bank loans in foreign currency [impact-loans in foreign currency and/or Euro-Yen]) played an important role in causing the real estate bubble in Japan, as Hiroyuki Iijima states.This research paper consists of the following:1) Original funds of euro-yen impact-loans were not raised in the euro-dollar market as Mr. Iijima says. Yen funds were actually sent from Japan to offshore markets (Singapore and Hong Kong) through bank inter-office accounts.Even if original funds of impact-loans in foreign currency are raised in the Tokyo Dollar Call Market, they are not an inflow of international surplus capital, oil money, etc. at all.2) There appears to be an complete misunderstanding that BOJ’s interventions to buy US dollar enabled banks to increase impact-loans in foreign currency rapidly.3) It is not accurate that money which was loaned to small and medium-sized companies by megabanks was used to purchase real estate.4) It is also not accurate that surplus funds in small and medium-sized financial institutions which were deprived by megabanks of the opportunity to lend the funds, flowed into the stock market through security trust funds and caused the bubble in the stock market.Bank loans in foreign currency (impact-loans in foreign currency and/or Euro-Yen) were not under “Widow Guidance” operated by BOJ. Although the rapid increase of impact-loans played a part in causing the real estate bubble in Japan, the inflow of international surplus capital, oil money, etc. could hardly have been watched.
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