Is Leverage a Determinant of the Asset Price? Evidence from the Real Estate Transaction Data

• Project/Area Number: 22530331
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Public finance/Monetary economics
• Research Institution: Research Institute of Economy, Trade and Industry
• Principal Investigator: ODAKI Kazuhiko 独立行政法人経済産業研究所, 研究グループ, 上席研究員 (60314431)
• Co-Investigator(Kenkyū-buntansha): WATANABE Wako 慶應義塾大学, 商学部, 准教授 (80379106)
• Project Period (FY): 2010 – 2012
• Project Status: Completed (Fiscal Year 2012)
• Budget Amount: ¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000); Fiscal Year 2012: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2011: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000); Fiscal Year 2010: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
• Keywords: 銀行行動 / 不動産価格 / 融資比率 / クレジットサイクル / マイクロデータ

Research Abstract

This study identifies the causality that bank lending to asset acquisition will increase the asset price itself. Using an original micro data of the land transaction in Tokyo, this study finds the positive effect of the bank lending on the land price by identifying the effect from the opposite causality. The result will contribute to the economic and finance policies.

Research Products

• [Journal Article] "Is Leverage a Determinant of the Asset Price? Evidence from the Real Estate Transaction Data." (2013)
  • Author(s): Daichi Kurashima, Kazuhiko Odaki, Masashi Mizunaga, Wako Watanabe,
  • Journal Title: RIETI Discussion Paper Series Volume: 13-E Pages: 1-24
  • URL: http://www.rieti.go.jp/jp/publications/act_dp.htm
• [Journal Article] Is Leverage a Determinant of the Asset Price? Evidence from the Real Estate Transaction Data (2013)
  • Author(s): Daichi Kurashima
  • Journal Title: RIETI Discussion Paper Volume: 13-E Pages: 1-25
  • Peer Reviewed
• [Journal Article] The Real Trouble with Bubbles (2012)
  • Author(s): Kazuhiko Odaki,
  • Journal Title: THE JAPAN JOURNAL, Volume: Vol.9, No.5, Pages: 15-15
• [Presentation] Is Leverage a Determinant of the Asset Price? Evidence from the Real Estate Transaction Data, (2013)
  • Author(s): Daichi Kurashima, Kazuhiko Odaki, Masashi Mizunaga, Wako Watanabe,
  • Organizer: 住宅経済
  • Place of Presentation: 東京国際フォーラム
  • Year and Date: 2013-05-27
• [Presentation] Is Leverage a Determinant of the Asset Price? Evidence from the Real Estate Transaction Data, (2013)
  • Author(s): Daichi Kurashima, Kazuhiko Odaki, Masashi Mizunaga, Wako Watanabe,"
  • Organizer: World Finance & Banking Symposium
  • Place of Presentation: Beijing
• [Presentation] Is Leverage a Determinant of the Asset Price? Evidence from the Real Estate Transaction Data (2013)
  • Author(s): 小滝一彦
  • Organizer: 住宅経済研究会
  • Place of Presentation: 東京国際フォーラム
  • Invited