The Illiquidity of Owner-Occupied Housing and Bequest Motives in Japan

2014 Fiscal Year Final Research Report

• Project/Area Number: 24618014
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: 土地・住宅・不動産研究
• Research Institution: Nagoya Gakuin University
• Principal Investigator: UEYAMA Hitoe 名古屋学院大学, 経済学部, 准教授 (90295618)
• Project Period (FY): 2012-04-01 – 2015-03-31
• Keywords: 遺産動機 / 中古住宅市場 / リバースモーゲージ / 住宅の流動性

Outline of Final Research Achievements

In Japan, the second-hand housing market is very small and the liquidity of owner-occupied housing is quite low. Many Japanese bequeath housing assets to their heirs and housing assets are a very important role as inheritance properties. But it is ambiguous that their behaviors are based on whether parents willingness or effect of existing housing market in Japan. In this study, I analyze the illiquidity of owner-occupied housing makes the impact on Japanese bequest motives.
As a result, my econometric analysis shows that the illiquidity of owner-occupied housing has a strong effect on Japanese bequest motives.
Previous papers discussed the owner-occupied housing "value" of influence on Japanese bequest motives. This paper provides for Japanese inheritance behavior a new insight, "liquidity" of existing housing in the market.

Free Research Field

中古住宅市場と関連付けた家計行動分析