SAITO Yoshihiko Dokkyo University, Faculty of Economics, Professor, 経済学部, 教授 (10305782)
ITO Kazuhisa Hiroshima Prefecture Women's' University, faculty of International Cultures, Professor, 国際文化学部, 教授 (90295832)
|Budget Amount *help
¥3,600,000 (Direct Cost: ¥3,600,000)
Fiscal Year 2002: ¥1,600,000 (Direct Cost: ¥1,600,000)
Fiscal Year 2001: ¥2,000,000 (Direct Cost: ¥2,000,000)
This study has investigated empirically into how the housing finance systems in Japan and Korea have been affected by the financial liberalization, globalization and the public sectors' cutting down policies, focusing on changes of the money flow allocation in the domestic financial markets. The investigations have been carried on through the basic data analysis and the hearings with the key persons of the markets in both countries: in January and September, 2002 at Seoul, Korea, and in December, 2002 at Tokyo.
Especially in 2002, the research has been focused on the study of back grounds of securitization in this markets, and the some results of this research had published at the international study society, the East Asian Economics and Managerial Study Society, by the presentation titled, " On the housing finance securitization in the U.S., Japan, and the Korea", at Kyon-ju, Korea in August 2002, and the Japan-Korea Conference on Housing Finance at Tokyo in December 2002.
Through above projects, we have gotten some knowledge that the securitization in the housing finance markets have developed some new funding channels for both the government credit programs and the possible private markets in the future ,despite that the back grounds differs each other considerably; that is, getting out of economic crisis in Korea, and the down-sizing of the public sectors in Japan. And different from the American style securitization, we could call them "Asian Securitization".