International Comparison Analysis on Household Behavior of Mortgage Choice and Housing Wealth Accumulation: Australia, Japan and the United Kingdum

• Project/Area Number: 26380276
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic statistics
• Research Institution: Kanagawa University
• Principal Investigator: MORIIZUMI YOKO 神奈川大学, 経済学部, 名誉教授 (20166383)
• Research Collaborator: Naoi Michio 慶應義塾大学, 経済学部, 准教授 (70365477) ; Yukutake Norifumi (公益法人)日本住宅総合センター, 主任研究員 ; Piyush Tiwari University of Melbourne, Professor ; Norman Hutchison University of Aberdeen, Professor ; Alla Koblyakov Nottingham Trent University, Senior Lecturer ; Jyoti Rao University of Melbourne, PhD student
• Project Period (FY): 2014-04-01 – 2017-03-31
• Project Status: Completed (Fiscal Year 2016)
• Budget Amount: ¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000); Fiscal Year 2016: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2015: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2014: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
• Keywords: 国際研究者交流 / イギリス，オーストラリア / 住宅金融 / 住宅ローン分析 / パネル分析 / 匿名データ利用 / 若年持家率 / イギリス、オーストラリア / 資産選択 / 持家率 / イギリス：オーストラリア

Outline of Final Research Achievements

This study is an international comparison analysis of mortgage demand and housing demand, where borrower's decision on mortgage choice is critical to these demands.The prevalence of mortgage finance makes the linkage between mortgage market and money market stronger than before. Therefore it is important for the stability of mortgage market and thereby money market to understand households' mortgage demand decisions and distinguish a risky borrower from a safe borrower.
Applying panel data regression, the income elasticities of mortgage and housing demands are estimated.Results show that income elasticity of mortgage demand differ among three countries despite income elasticity of housing demand being similar and present to what extent the change in mortgage market transmits to money market. Other factors such as demography, economic conditions are different among three countries, which have also played an important role in determining mortgage and housing demand.

Research Products

• [Int'l Joint Research] メルボルン大学(オーストラリア)
• [Int'l Joint Research] アバディーン大学(イギリス)
• [Int'l Joint Research] ノッティンガム ・トレント大学(イギリス)
• [Journal Article] Household Mortgage Demand:Role of Mortgage Market Institutions (2017)
  • Author(s): N.Naoi, P.Tiwari, Y.Moriizumi, N.Yukutake, N.Hutchinson, A.Koblyakova,and J.Rao
  • Journal Title: International Journal of Housing Markets and Analysis Volume: 印刷中
  • Peer Reviewed / Int'l Joint Research / Acknowledgement Compliant
• [Journal Article] International Comparison Analysis of Housing and Mortgage Markets;Australia,Japan and the United Kingdom, Case of Japan (2017)
  • Author(s): Yoko Moriizumi
  • Journal Title: Social Science Research Network (SSRN) Volume: ー
  • Acknowledgement Compliant
• [Journal Article] Housing and Mortgage Markets in Japan:An international Perspective (2014)
  • Author(s): Yoko Moriizumi
  • Journal Title: Kanagawa University Discussion Paper Volume: 2014-2 Pages: 1-17
  • Open Access / Acknowledgement Compliant
• [Presentation] Mortgage Demand in Australia, the UK and Japan (2016)
  • Author(s): Yoko Moriizumi, Michio, Naoi, Piyush. Tiwari, Norifuimi Yukutake and Alla Kiblyakova
  • Organizer: AsRES(Asian Real Estate Society) 21st International Conference
  • Place of Presentation: Bengaluru, India
  • Year and Date: 2016-07-13
  • Int'l Joint Research
• [Presentation] International Comparison Analysis of Housing and Mortgage Markets; Australia, Japan and the United Kingdum Case of Japan (2015)
  • Author(s): Yoko Moriizumi
  • Organizer: International Joint Research Workshop
  • Place of Presentation: University of Melbourne
  • Year and Date: 2015-10-30
• [Presentation] Housing and Mortgage Markets in Japan:An international Perspective (2015)
  • Author(s): Yoko Moriizumi
  • Organizer: International Joint Research Meeting
  • Place of Presentation: Kanagawa University
  • Year and Date: 2015-02-23 – 2015-02-25
• [Presentation] Income risk and mortgage choice among Japanese housenolds (2014)
  • Author(s): Michio Naoi, Yoko Moriizumi and Norifumi Yukutake
  • Organizer: 応用地域学会
  • Place of Presentation: 琉球大学
  • Year and Date: 2014-11-30
• [Presentation] Ths Decline in Young Adult Homeownsership Rate in Japan An Economic Perspective (2014)
  • Author(s): Yoko Moriizumi
  • Organizer: Housing Economic Seminar
  • Place of Presentation: Kanagawa University
  • Year and Date: 2014-07-15