Money and Housing Equity, Financial Asset Pricing in a Cash-in-Advanced Economy
| Project/Area Number |
08630019
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| Research Category |
Grant-in-Aid for Scientific Research (C).
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
経済理論
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| Research Institution | Kumamoto Gakuen University |
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Principal Investigator |
PARK Cheol soo Faculty of Economics, Kumamoto Gakuen University, 経済学部, 教授 (80238245)
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| Project Period (FY) |
1996 – 1998
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| Project Status |
Completed (Fiscal Year 1998)
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| Budget Amount *help |
¥2,000,000 (Direct Cost: ¥2,000,000)
Fiscal Year 1998: ¥500,000 (Direct Cost: ¥500,000)
Fiscal Year 1997: ¥600,000 (Direct Cost: ¥600,000)
Fiscal Year 1996: ¥900,000 (Direct Cost: ¥900,000)
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| Keywords | Asset pricing / Realestate asset / Housing price / Cash-in-advance / Credit constraint / Asset Pricing / market micrustructure / risk Premium / 金融市場(Finanicial Market) / 資産価格決定(Asset Pricing) / 資産市場(Asset Market) / 証券(Stock Price) / 資産市場(Asset Marter) / 金融(Finance) / 証券(Stokk price) |
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| Research Abstract |
The asset-pricing models wifh both financial and real assets introduced via cash-in-advance and credit constraints are presented. The price of stock, share of Firms, and fhe endogenous demand for money, are derived and further the pricing function of house equity is also derived as a functional form, in the model. We have the preliminary findings : the existence of cash-in-advance and credit constraints affects the pricing of the housing equity as well as the pricing financial assets such as share. The price of housing asset can be represented by the sum of all the future benefits from house ownership and all the future credits generated by the value of house wealth. Regarding the effect on the equilibrium current real and future prices of house by disturbances due to change in states variables, the real house price moves inversely with temporary disturbances in monetary expansion and income. Future inflation of consumption goods varies, for given next-year states a, directly with end-of-period real balances. The future change in nominal price of house varies, for given next period states, inversely with end-of-period real balances. The expected change in nominal house price varies inversely not only with real balance but also the end-of-period current real house price.
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Report
(4 results)
Research Products
(17 results)
