| Project/Area Number |
23530257
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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 statistics
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| Research Institution | Kanagawa University |
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Principal Investigator |
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| Co-Investigator(Renkei-kenkyūsha) |
NAOI Michio 慶応義塾大学, 経済学部, 准教授 (70365477)
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| 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
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| Project Period (FY) |
2011 – 2013
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| Project Status |
Completed (Fiscal Year 2013)
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| 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)
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| 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 |
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| 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.
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