2004 Fiscal Year Final Research Report Summary
Empirical and Theoretical Analyses on the Obstacles for Efficient Housing Markets in Japan
| Project/Area Number |
13430015
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
経済政策(含経済事情)
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| Research Institution | Seikei University |
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Principal Investigator |
IDE Takako Seikei University, Department of Economics, Professor, 経済学部, 教授 (30245930)
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| Co-Investigator(Kenkyū-buntansha) |
YAMAZAKI Fukujyu Spohia University, Department of Economics, Professor, 経済学部, 教授 (10166655)
ASADA Yoshihisa Meikai University, Department of Real Estates, Assistant Professor, 不動産学部, 助教授 (70299874)
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| Project Period (FY) |
2001 – 2004
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| Keywords | Rental Houses / User cost of Home Owners / Capital Gains Tax / Inheritance Tax / Land Prices / Tenure Choice / Gifts from Parents / Home Acquisition |
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| Research Abstract |
Among various characteristics of the Japan's housing market, many economists have paid attention to the rental housing market. Most rental houses are relatively small in size while large houses are owner occupied. In addition, not so many second houses are sold in the market, which leads to the mismatch between houses that people want to live in and those they are currently living in.
In our study, we focused on the relationship between the size of a house and tenure choice, as well as the inefficient second house market. These factors may affect the whole housing market through the capital cost of owning a house. We first analyzed these problems theoretically and
In more concrete terms, we estimated the effects on the capital cost of owning a house brought about by various housing taxes such as consumption tax, capital gains tax and inheritance tax. We further quantified the influence of housing laws and distribution systems on the housing starts and supply of rental houses. In these analyses, we also examined theoretically the possible appropriate housing taxes and land use controls.
We investigated empirically the effect of family transfers from parents to children in owning a house based on the microdata in Japan's urban regions. We found that transfers promoted housing investment by a larger degree than the United States. It is because that the Japanese government imposed heavy taxed on gifts from parents, while granted some exemption in child's home acquisition. Our empirical analyses also clarified that motives of transfers may change according to the age of children; transfers were based on the altruism when children are young but on the exchange motives when parents become old and need family support.
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Research Products
(12 results)
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[Book] 都市再生の経済分析2003
Author(s)
山崎福寿, 浅田義久著 編著
Total Pages
365
Publisher
東洋経済新報社
Description
「研究成果報告書概要(和文)」より
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