2017 Fiscal Year Final Research Report
Real Estate Market, Financial Crisis, and Economic Dynamics: An integrated approach from economics
| Project/Area Number |
25220502
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| Research Category |
Grant-in-Aid for Scientific Research (S)
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| Allocation Type | Single-year Grants |
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| Research Field |
Economic policy
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| Research Institution | Hitotsubashi University |
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Principal Investigator |
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| Co-Investigator(Kenkyū-buntansha) |
清水 千弘 日本大学, スポーツ科学部, 教授 (50406667)
内田 浩史 神戸大学, 経営学研究科, 教授 (60294295)
中島 賢太郎 一橋大学, 商学研究科, 准教授 (60507698)
祝迫 得夫 一橋大学, 経済研究所, 教授 (90292523)
渡辺 努 東京大学, 大学院経済学研究科(経済学部), 教授 (90313444)
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| Co-Investigator(Renkei-kenkyūsha) |
ONO Arito 中央大学, 商学部, 教授 (40756342)
NISHIMURA Kiyohiko 政策研究大学院大学, 政策研究科, 教授 (70164580)
HIRANO Tomohiro 東京大学, 経済学研究科, 専任講師 (60609064)
HOSONO Kaoru 学習院大学, 経済学部, 教授 (80282945)
HORI Masahiro 内閣府, 経済社会総合研究所, 上席主任研究官 (50284667)
MIZUNO Takayuki 国立情報学研究所, 准教授 (50467057)
MIYAKAWA Daisuke 一橋大学, 国際企業戦略研究科, 准教授 (00734667)
YOSHIDA Jiro ペンシルバニア州立大学, 准教授 (80466812)
OHNISHI Takaaki 東京大学, 情報理工学系研究科, 准教授 (10376387)
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| Project Period (FY) |
2013-05-31 – 2018-03-31
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| Keywords | 不動産市場 / 金融危機 / バブル / 資金調達 / 資産選択 / 担保 / 供給弾力性 |
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| Outline of Final Research Achievements |
We started from examining the pricing mechanism of the real estate market. Then we studied theoretical models on the impact of asset price bubbles on economic growth to empirically test several predictions. We also employed exogenous shocks from the real estate market to examine their impact on households and firms. As a result of these studies, we have obtained the following findings: (1) substantial differences exist between Japan, the US, and China in the way real estate prices evolve during the boom and the bust period; (2) in Japan, reallocation of tangible assets and funds was efficiency-enhancing during the bubble period, while it turned to efficiency-reducing after the bubble; and (3) shocks from the real estate market have more sizable impact on the firm sector than on the household sector in Japan. Further, we have constructed databases useful to researchers and policy makers who are interested in the real estate market and its interactions with economic activities.
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| Free Research Field |
企業金融、中小企業、日本経済
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