2014 Fiscal Year Final Research Report
Long-term perspectives on the housing price and financial system in Japan
Project/Area Number |
24530365
|
Research Category |
Grant-in-Aid for Scientific Research (C)
|
Allocation Type | Multi-year Fund |
Section | 一般 |
Research Field |
Public finance/Monetary economics
|
Research Institution | Nishogakusha University |
Principal Investigator |
TABATA Katsushi 二松學舍大學, 国際政治経済学部, 教授 (40277702)
|
Co-Investigator(Kenkyū-buntansha) |
KAWAGUCHI Yuichiro 早稲田大学, 商学学術院, 教授 (30245162)
|
Project Period (FY) |
2012-04-01 – 2015-03-31
|
Keywords | 住宅価格 / 金融 / 地価 / 不動産 / 動学的一般均衡 / 人口減少 / 高齢化 / 長期景気停滞論 |
Outline of Final Research Achievements |
Our study noted that the real estate transaction in Japan played a special role in the economic growth. Notably, it runs the risk of under-investment due to soaring property.Real estate prices are increasing too high, it is attributable to investment inhibitory effect. As a result, capital formation will be deferred, it will cause the demise and the slowdown in growth. This low-investment phenomenon can be found in Asian countries. Asian countries need to create the systematic land policy. Japan should take full advantage of their knowledge and experience. We obtained findings about long-term depression and the recent advances in computer technology of Japan. Among the environmental changes, such as employment adjustment with the declining birthrate and aging and technological innovation, economic stabilization function does not work well. We are suggesting the long-term policy in order to offset the demand-reducing effect by a new technology.
|
Free Research Field |
金融経済
|