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Household behavior of mortgage choice and homeownership in Japan

Research Project

Project/Area Number 23530257
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Economic statistics
Research InstitutionKanagawa University

Principal Investigator

MORIIZUMI Yoko  神奈川大学, 経済学部, 教授 (20166383)

Co-Investigator(Renkei-kenkyūsha) NAOI Michio  慶応義塾大学, 経済学部, 准教授 (70365477)
Research Collaborator YUKUTAKE Norifumi  (公益財団法人)日本住宅総合センター, 主任研究員
TIWARI Piyush  University of Melbourne, Australia, Faculty of Architecture, Building and Planning, Associate Professor
Project Period (FY) 2011 – 2013
Project Status Completed (Fiscal Year 2013)
Budget Amount *help
¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2013: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2012: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2011: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Keywords経済統計学 / 住宅金融 / 住宅経済 / 計量経済学 / 都市経済 / 住宅ローン選択 / パネルプロビット / ミックスト・ロジット同時推定 / 所得リスク / 金利リスク / 危険回避度 / 資産選択 / 住宅ローンタイプ選択 / パネルデータ / プロビット推定 / ミックスト・ロジット推定
Research Abstract

Although mortgage rates are historically low and those spreads among instruments are small in Japan, share of Adjustable Rate Mortgage (ARM) is sharply increasing after the financial crisis. From an economic policy perspective it is important to know whether a risky (easily defaulted) borrower selects ARM. Previous studies focused on mortgage rates and their spread,which cannot explain mortgage choice of Japanese borrowers.Besides these we introduce income and unemployment risks into mortgage choice model. The estimated result suggests that risky borrowers are inclined to select ARM.
After the bubble burst housing prices declined due to a prolonged doldrums,which implies housing assets become risky ones.The housing asset effect on consumption is estimated using panel data.The results exhibit that housing asset has almost the same effect as financial one. Housing asset has an asymmetric effect of rise and fall in prices, where the former is smaller than the latter.

Report

(4 results)
  • 2013 Annual Research Report   Final Research Report ( PDF )
  • 2012 Research-status Report
  • 2011 Research-status Report
  • Research Products

    (8 results)

All 2014 2012 Other

All Journal Article (1 results) Presentation (4 results) Book (1 results) Remarks (2 results)

  • [Journal Article] Overview of Housing and Mortgage Markets in Japan2014

    • Author(s)
      Yoko Moriizumi
    • Journal Title

      Kanagawa University Economic Society Discussion Paper Series

      Volume: 6 Pages: 1-14

    • Related Report
      2013 Annual Research Report
  • [Presentation] Income Risk and Mortgage Choice among Japanese Households2012

    • Author(s)
      Naoi, M., Y.Moriizumi and N. Yukutake
    • Organizer
      Asian Real Estate Society and Urban Economic Association–American Real Estate, Joint International Conference
    • Place of Presentation
      Singapore
    • Year and Date
      2012-07-05
    • Related Report
      2013 Final Research Report
  • [Presentation] Optimal Consumption and Portfolio Choice in the Presence of Housing : Evidence from Japanese Household-level Data2012

    • Author(s)
      Naoi. M., and Y. Moriizumi
    • Organizer
      European Network for Housing Research- Housing Economics Working Group Meeting
    • Place of Presentation
      Vienna, Australia
    • Year and Date
      2012-02-19
    • Related Report
      2013 Final Research Report
  • [Presentation] Optimal consumptin and portfolio choice in the presence of housing: Evidence from Japanese household2012

    • Author(s)
      直井道生,森泉陽子
    • Organizer
      European Network for Housing Research, Housing Economics Group Workshop
    • Place of Presentation
      ウィーン
    • Related Report
      2011 Research-status Report
  • [Presentation] Income Risk and Mortgage Choice Among Japanese Households

    • Author(s)
      森泉陽子・直井道生
    • Organizer
      AsRES & AREUEA Joint International Conference
    • Place of Presentation
      Marina Bay Sands, Singapore
    • Related Report
      2012 Research-status Report
  • [Book] Unemployment Risk, Homeownership and Housing Wealth : Lessons from Bubble Aftermath in Japan", Chapter 4 In C. Jones, M. White and N. Dune edit., Challenges of the Housing Economy : An International Perspective2012

    • Author(s)
      Moriizumi, Y., and M. Naoi
    • Total Pages
      316
    • Publisher
      Wiley and Blackwell, UK
    • Related Report
      2013 Final Research Report
  • [Remarks] Moriizumi, Y."Overview of Housing and Mortgage Markets in Japan", Discussion Paper No.2013-06, Kanagawa University Economic Society, 2014, March, 1-14.

    • Related Report
      2013 Final Research Report
  • [Remarks] Naoi, M., Y.Moriizumi and N. Yukutake."Income Risk and Mortgage Choice among Japanese Households", SSRN WP 130204,2013 February 4, 1-26.

    • Related Report
      2013 Final Research Report

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Published: 2011-08-05   Modified: 2019-07-29  

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