COEP Replication Package for "Did the Plaza Accord Cause Japan's Real Estate Bubble?"
Principal Investigator(s): View help for Principal Investigator(s) Jedediah Pida-Reese, Texas Tech University
Version: View help for Version V1
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application/x-stata-dta | 68 KB | 06/11/2025 01:25:PM |
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Project Citation:
Pida-Reese, Jedediah. COEP Replication Package for “Did the Plaza Accord Cause Japan’s Real Estate Bubble?” Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2025-06-11. https://doi.org/10.3886/E232661V1
Project Description
Summary:
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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 (SCM) 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.
Scope of Project
JEL Classification:
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E32 Business Fluctuations; Cycles
F42 International Policy Coordination and Transmission
N15 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Asia including Middle East
E32 Business Fluctuations; Cycles
F42 International Policy Coordination and Transmission
N15 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Asia including Middle East
Manuscript Number:
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COEP-Oct-2024-0171
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