An Economic Analysis of Residential Mobility, Liquidity Constraints and House-Price Dynamics
| Project/Area Number |
23530225
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic theory
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| Research Institution | Musashino University (2013-2014)
Keio University (2011-2012) |
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Principal Investigator |
SEKO Miki 武蔵野大学, 経済学部, 教授 (60120490)
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| Co-Investigator(Kenkyū-buntansha) |
KURODA Tatsuaki 名古屋大学, 環境学研究科, 教授 (00183319)
SUMITA Kazuto 東洋大学, 経済学部, 准教授 (10350745)
NAOI Michio 慶應義塾大学, 経済学部, 准教授 (70365477)
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| Project Period (FY) |
2011-04-28 – 2015-03-31
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| Project Status |
Completed (Fiscal Year 2014)
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| Budget Amount *help |
¥5,200,000 (Direct Cost: ¥4,000,000、Indirect Cost: ¥1,200,000)
Fiscal Year 2013: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2012: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2011: ¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
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| Keywords | 遡及型住宅融資制度 / 流動性制約 / 住替 / 住宅価格変動 / ロックイン効果 / 非遡及型住宅融資制度 / パネルデータ / リコース・ローン / ノンリコース・ローン / 転居 / 遡及型融資制度 / 非遡及型融資制度 / 不動産価格の変動 / 遡及型住宅融資 |
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| Outline of Final Research Achievements |
We investigated house-price dynamics based on imperfections in housing finance market by focusing on the mortgage loan system. Especially we analyzed the relationship between house-price and business cycle. Furthermore we also analyzed the design of housing finance system through the analysis of the effects of housing equity constraints on residential moves and house-price dynamics. Based on those results we proposed future directions of housing policies in Japan. First, we found that under a recourse loan system, housing equity constraints deterred residential mobility by presenting a theoretical model and estimating the logit model using Japanese household longitudinal data covering all Japan. Next, we analyzed the relationship between borrowing patterns and house-price dynamics under the recourse-loan system using Japanese prefectural-level data and compared the results under the non-recourse loan systems.
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Report
(5 results)
Research Products
(64 results)
