Bubbles and bursts of the Japanese real estate and stock markets in the last two decades were the boom and bust at the maximum scale of the late twentieth century. Why did the burst occur? In this paper we study statistical properties of ensemble of stock prices and land prices in Japan,...

In this paper we present an interacting-agent model of speculative activity explaining bubbles and crashes in stock markets. We describe stock markets through an infinite-range using model to formulate the tendency of traders getting influenced by the investment attitude of other traders....

Symbolic analysis of economic indicators and derived time series offers an advantage of transferring quantitative values into qualitative notions by indexing intervals of numerical data with symbols. While differences in the numerical indicators are routinely measured by subtraction, differences...

Using the price change and the log return of 10 stock market indices, we examine the temporal evolution of the time scale. The 10 stock markets had similar properties. Their log-return time series had patterns and long-range correlations until the mid-1990s. In the 2000s, however, the long-range...

In this paper, we present an interacting-agent model of speculative activity explaining bubbles and crashes in stock markets. We describe stock markets through an infinite-range Ising model to formulate the tendency of traders getting influenced by the investment attitude of other traders....

The aim of this paper is to investigate the statistical properties of the spatial distribution for each of the towns in Japan, of the number of large income earners living in them and their total income. Using a Japanese database of high-income taxpayers for two consecutive years, 1997 and 1998,...

Pareto's law states that the distribution of personal income obeys a power-law in the high income range. Its dynamical nature has been little studied hitherto, mostly due to the lack of empirical work. Using an exhaustive list of taxpayers in Japan for two consecutive years, when the economy was...

This paper proposes a model of international financial crises that is based on the statistical mechanics. In our model the international stock market is composed of two groups of traders mutually influencing each other with respect to their decision behavior, and financial contagion between...