@techreport{oai:shiga-u.repo.nii.ac.jp:00008989, author = {Ninomiya, Kenshiro and Sanyal, Amal}, issue = {No. 83}, month = {Mar}, note = {Technical Report, We argue that financing method that sustained the Japanese bubble of the eighties was simultaneously responsible for a disinflationary tendency in the economy. In a theoretical model we show that procyclical financing of non-produced assets introduces a deflationary tendency to the rest of the economy. It is this contradictory nature of the system that puzzled both observers as well as the authorities in the eighties and early nineties., 滋賀大学経済学部Working Paper, No. 83, pp. 1-13}, title = {A Bubble with Low Inflation : A Model of the Japanese Economy in the Eighties}, year = {2005} }