The housing question in Japan

Kanemoto, Yoshitsugu

doi:10.1016/s0166-0462(96)02168-0

Cited by 42 publications

(36 citation statements)

References 5 publications

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“…Similarly, a change in marital status due to marriage or divorce may also exert some influence. Because of the unique feature of a bequest tax system in Japan, people have a strong incentive to hold real assets instead of financial assets until their death (Ito 1994;Kanemoto 1997). Socioeconomic factors include educational background and occupation type (Table 3).…”

Section: Dependent Variablesmentioning

confidence: 99%

Determinants of Tenure Choice in Japan: What Makes You a Homeowner?

Aizawa

Helble

2016

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in Asian Development Bank InstituteThe Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI's working papers reflect initial ideas on a topic and are posted online for discussion. ADBI encourages readers to post their comments on the main page for each working paper (given in the citation below). Some working papers may develop into other forms of publication. Toshiaki Aizawa is a research associate at the Asian Development Bank Institute (ADBI).Matthias Helble is a research economist at ADBI.The views expressed in this paper are the views of the authors and do not necessarily reflect the views or policies of ADBI, ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.Working papers are subject to formal revision and correction before they are finalized and considered published.Asian Development Bank Institute Kasumigaseki Building, 8th Floor 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo 100-6008, JapanTel:+81-3-3593-5500 Fax:+81-3-3593-5571 URL:www.adbi.org E-mail: info@adbi.org AbstractDespite Japan's highly developed housing market, little is known about the determinants of renter-to-homeowner tenure transition. Exploiting the Japanese longitudinal household data of the Keio Household Panel Survey (2004-2013, this paper aims to close this gap. Our results show that income level and increase in family size are the strongest determinants for homeownership in Japan. We find that although both rural and urban households with higher incomes are more likely to transition to homeownership, access in rural areas is more equally distributed over various income groups. Since most of the previous empirical studies on tenure choice pay little attention to wealth as a measure of purchasing power, possibly due to data limitation, we draw attention to it and its relative levels. We find that household wealth levels matter, particularly in urban areas, whereas in rural areas homeownership is more equally distributed. Nonetheless, given the relatively low levels of household wealth among renters, our results suggest that income is a more important determinant of successful tenure transition.

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Section: Dependent Variablesmentioning

confidence: 99%

Determinants of Tenure Choice in Japan: What Makes You a Homeowner?

Aizawa

Helble

2016

SSRN Journal

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“…As mentioned in Section 1, one of the reasons that gifts are provided by the parent is the exchange motive: the child devotes services s, e.g., nursing care, in exchange for g. However, the level of services provided by the child cannot be observed from our data. To avoid this problem, assume that 6 Kanemoto (1997), however, demonstrated that the condition of owner-occupied housing in Japan is not bad compared with the US and European countries, using other statistics such as housing prices, ‡oor space, the share of housing expenditure in total national expenditure, and so on. 7 In December 2010 , the Japan Tax Commission announced their proposed 2011 tax reform.…”

Section: The Modelmentioning

confidence: 99%

Strategic interaction between inter vivos gifts and housing acquisition

Yukutake

Iwata

Idee

2015

Journal of the Japanese and International Economies

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To consider the policy event of a gift tax reduction earmarked for housing acquisition, the interdependence of parental gifts and children's housing investments is modeled, considering an informal care issue behind such decision making. The empirical results, which use a sample of households who purchased a house in Japan, demonstrate that such a tax cut would appear to have the following limited e¤ects on boosting housing investment in equilibrium. First, even though transfers are encouraged, they consequently reduce housing investment because the housing investment function is negatively related to gifts. Second, increments in housing investment are further discouraged because the slopes of the gift and housing investment functions have opposite signs.JEL classi…cation: D11, D12, H14, J14, R21

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“…There are various fees in housing markets including real estate acquisition tax, the national registration tax, stamp duty, capital gains tax if the sales are for replacement, brokerage fees, as well as the opportunity costs for sellers mentioned above. Additionally, Kanemoto (1997) points out that the favorable loan treatment for homebuyers of newly constructed houses by the Japan Housing Loan Corporation increases the relative cost of purchasing aged housing. 14 Nevertheless we maintain the assumption that the secondary market is perfect.…”

Section: The Secondary Marketsmentioning

confidence: 99%

Deflation in Durable Goods Markets: An Empirical Model of the Tokyo Condominium Market

Tanaka¹

2013

Structural Econometric Models

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Throughout the 1990s, the supply of new condominiums in Tokyo significantly increased while prices persistently fell. This paper investigates whether the market power of condominium developers is a factor in explaining the outcome in this market and whether there is a relationship between production cost trend and the degree of market power that the developers were able to exercise. In order to respond to these questions, a dynamic durable goods oligopoly model of the condominium market-one incorporating time-variant costs and a secondary marketis constructed and structurally estimated using a nested GMM procedure. On the basis of estimates and counterfactual experiments using the estimated model, the following results are obtained. First, the data provide no evidence that firms in the primary market have substantial market power in this industry. Second, the counterfactual experiment provides evidence that inflationary and deflationary expectations on production cost trends have asymmetric effects to the market power of condominium producers: the increase in their markup when cost inflation is anticipated is significantly higher than the decrease in the markup when the same magnitude of cost deflation is anticipated.

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The housing question in Japan

Cited by 42 publications

References 5 publications

Determinants of Tenure Choice in Japan: What Makes You a Homeowner?

Determinants of Tenure Choice in Japan: What Makes You a Homeowner?

Strategic interaction between inter vivos gifts and housing acquisition

Deflation in Durable Goods Markets: An Empirical Model of the Tokyo Condominium Market

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