2006 Fiscal Year Final Research Report Summary
Research on a System to Recover from Asset Deflation by Utilization of Land and Housing Stock
| Project/Area Number |
15203015
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (A)
|
| Allocation Type | Single-year Grants |
|---|
| Section | 一般 |
|---|
| Research Field |
Economic policy
|
|---|
| Research Institution | Nihon University |
|---|
Principal Investigator |
HIRONO Keiko Nihon University, Graduate School of Business, Associate Professor, 大学院グローバル・ビジネス研究科, 助教授 (60238417)
|
|---|
| Co-Investigator(Kenkyū-buntansha) |
HIGANO Yoshiro Tsukuba University, Institute of agricultural and forest Engineering, Professor, 農林工学系, 教授 (90189762)
MARUO Naomi Shobi University. Policy Studies, Professor, 総合政策学部, 教授 (30055107)
KUMATA Sadanobu Chiba University of Commerce, Faculty of Policy Informatics, Professor, 政策情報学部, 教授 (50016482)
SHINOHARA Masahiro Chuo University, Department of Economics, Professor, 経済学部, 教授 (10265358)
NAKAGAWA Masayuki Department of Economics, Professor, 経済学部, 教授 (70324853)
|
|---|
| Project Period (FY) |
2003 – 2006
|
| Keywords | Utilization of Land and Housing Stock / Recover from Asset Deflation / Used Housing Stock / Evaluation of Housing / Property Tax / Securitization of Real Estate / Welfare Policy / Foreign Cases of Urban Renewal |
|---|
| Research Abstract |
Firstly, we analyzed the present condition of the used housing stock and proposed to introduce a planning sheet to administrate lifetime of condominiums, guidelines for judgment on replacement and repair of condominiums, a method to evaluate cost of repair. We also proposed to use reverse mortgages to promote replacement of old condominiums.
Secondly, since it is important to evaluate housing properly for utilization of housing stock, we proposed the method to evaluate housing using hedonic price function which will make allocation in housing market pareto-optimal. We also presented the actual way to evaluate houses using hedonic price function and removing the analyst error.
Thirdly, securitization of real estate of asset liquidation type will promote efficient utilization of real estate, contribute to efficient allocation of resource. Moreover, if we adopt securitization as a policy instrument to dispose bad debt, improvement of financial indexes will not necessarily occur and there wi
… More
ll be no direct effect on bad debt.
Fourthly, we examined status quo of taxes on both newly built houses and used houses, and we proposed tax system to stimulate market of used houses.
Fifthly, we showed that for conversion of office building to residential facilities, evaluation of residential environment is important.
Sixthly, as for public housing, we showed the possibility of welfare competition among prefectural and city governments, and that a certain involvement of national government is needed such as adjustment subsidy mock-Lindahl mechanism.
Seventhly, we examined foreign cases of urban renewal. As for symbiosis urban renewal policy, we clarified that the contributing factors for a success of such a policy are formation of public spaces in inner city district, utilization of resources of the region, selection of environmental technology.
Eighthly, we explored the way to disclose information as for housing using IT to promote circulation of housing.
Ninthly, we showed that recession of our nation in 1990s was asset based recession, and that asset based policy adopted in Sweden in the past was effective. Moreover, we proposed asset based welfare policy, showed reason to adopt this policy and explained an example of this policy such as child trust fund. Less
|
