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

2016 Fiscal Year Final Research Report

• 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
• 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

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.

Free Research Field

経済学