| Project/Area Number |
20730224
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Nagoya Gakuin University (2011)
Nihon Fukushi University (2008-2010) |
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Principal Investigator |
UEYAMA Hitoe 名古屋学院大学, 経済学部, 准教授 (90295618)
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| Project Period (FY) |
2008 – 2011
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| Project Status |
Completed (Fiscal Year 2011)
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| Budget Amount *help |
¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000)
Fiscal Year 2011: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2010: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2009: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2008: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
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| Keywords | 家計 / 資産選択 / ポートフォリオ / リスク金融資産 / 中古住宅 / 流動性 / 住宅市場 / 中古住宅(市場) / 中古住宅の流動性 / リスク金融資産(有価証券) / 中古住宅市場 / 住宅ローン |
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| Research Abstract |
I analyzed why Japanese households invest in less risky financial assets(stocks and bonds). Their financial portfolio selections are linked to the non-liquidity of the owner-occupied housing in the resale housing market. In Japan, most Japanese households own houses, but the circulation of secondhand housing is very low. In fact, secondhand housing transactions make up only about 10% of the total market, which means selling owner-occupied housing is not easy. On the other hand, in America and many European countries, the shares are over 70%(used houses are the most common transactions), and other risky financial asset shares in household portfolios are also high. I have shown how the liquidation risk of the owner-occupied housing affects household portfolio allocation by using the theoretical model and econometric analysis of the Japanese household data, and answered an important question about Japanese household risk-averse portfolio behavior.
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