An Economic Analysis of Residential Mobility, Liquidity Constraints and House-Price Dynamics

2014 Fiscal Year Final Research Report

• Project/Area Number: 23530225
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic theory
• Research Institution: Musashino University (2013-2014); Keio University (2011-2012)
• Principal Investigator: SEKO Miki 武蔵野大学, 経済学部, 教授 (60120490)
• 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)
• Project Period (FY): 2011-04-28 – 2015-03-31
• 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

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.

Free Research Field

社会科学