| Year | Internal causes | External causes | ||||
| Carrier of speculation. | Carrier P/E Ki/Yi | Virtual P/E K/Y | Inflation rate | Stage of corresponds to the business cycle | Bank involvement | |
| 1929 | stocks | 20.2 | 7.109 | 0.0025 | recession | highly involved |
| 2000 | stocks | 28.2 | 5.070 | 0.0237 | prosperity | NA |
| 2008 | stocks (house property) | 58.9 ( 50.2) | 11.07 | 0.0196 | recession | highly involved |
| 2012 | stocks | 15.3 | 28.77 | 0.0188 | recession | NA |
| 2017 | stocks | 26.0 | 20.81 | 0.0210 | recovery | NA |