| Budget Amount *help |
¥15,600,000 (Direct Cost: ¥12,000,000、Indirect Cost: ¥3,600,000)
Fiscal Year 2018: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
Fiscal Year 2017: ¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000)
Fiscal Year 2016: ¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2015: ¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2014: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
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| Outline of Final Research Achievements |
Previous studies have shown that the loan-to-value (LTV) ratio to finance real estate purchases has the effect to raise the real estate prices.
However, previous studies did not fully elucidate whether high loan-to-value ratios results in high transaction prices or whether properties with high transaction prices have attributes that make banks more likely to increase their loan-to-value ratios, due to inadequate controls for property individuality and the independence of variables used in the instrumental variable method.
In this study, microdata allows us to determine that the hedonic variables and the instrumental variables do not generate an unnecessary bias. The increase in the LTV has the effect to increase real estate prices.
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