2012 Fiscal Year Final Research Report
Is Leverage a Determinant of the Asset Price? Evidence from the Real Estate Transaction Data
| Project/Area Number |
22530331
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Research Institute of Economy, Trade and Industry |
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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)
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| Co-Investigator(Kenkyū-buntansha) |
WATANABE Wako 慶應義塾大学, 商学部, 准教授 (80379106)
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| Project Period (FY) |
2010 – 2012
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| 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 |
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| 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.
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