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Author: Yukio Noguchi Publisher: University of Chicago Press ISBN: 0226590208 Category : Business & Economics Languages : en Pages : 280
Book Description
Although Japan and the United States are the world's leading economies, there are significant differences in the ways their wealth is translated into living standards. A careful comparison of housing markets illustrates not only how living standards in the two countries differ, but also reveals much about saving patterns and how they affect wealth accumulation. In this volume, ten essays discuss the evolution of housing prices, housing markets and personal savings, housing finance, commuting, and the impact of public policy on housing markets. The studies reveal surprising differences in housing investment in the two countries. For example, because down payments in Japan are much higher than in the United States, Japanese tend to delay home purchases relative to their American counterparts. In the United States, the advent of home equity credit may have reduced private saving overall. This book is the first comparison of housing markets in Japan and the United States, and its findings illuminate the effects of housing markets on productivity growth, business investment, and trade.
Author: Yukio Noguchi Publisher: University of Chicago Press ISBN: 0226590208 Category : Business & Economics Languages : en Pages : 280
Book Description
Although Japan and the United States are the world's leading economies, there are significant differences in the ways their wealth is translated into living standards. A careful comparison of housing markets illustrates not only how living standards in the two countries differ, but also reveals much about saving patterns and how they affect wealth accumulation. In this volume, ten essays discuss the evolution of housing prices, housing markets and personal savings, housing finance, commuting, and the impact of public policy on housing markets. The studies reveal surprising differences in housing investment in the two countries. For example, because down payments in Japan are much higher than in the United States, Japanese tend to delay home purchases relative to their American counterparts. In the United States, the advent of home equity credit may have reduced private saving overall. This book is the first comparison of housing markets in Japan and the United States, and its findings illuminate the effects of housing markets on productivity growth, business investment, and trade.
Author: Yukio Noguchi Publisher: University of Chicago Press ISBN: 0226590216 Category : Social Science Languages : en Pages : 216
Book Description
Japanese and American economists assess the present economic status of the elderly in the United States and Japan, and consider the impact of an aging population on the economies of the two countries. With essays on labor force participation and retirement, housing equity and the economic status of the elderly, budget implications of an aging population, and financing social security and health care in the 1990s, this volume covers a broad spectrum of issues related to the economics of aging. Among the book's findings are that workers are retiring at an increasingly earlier age in both countries and that, as the populations age, baby boomers in the United States will face diminishing financial resources as the ratio of retirees to workers sharply increases. The result of a joint venture between the National Bureau of Economic Research and the Japan Center for Economic Research, this book complements Housing Markets in the United States and Japan (1994) by integrating research on housing markets with economic issues of the aged in the United States and Japan.
Author: Ashok Bardhan Publisher: John Wiley & Sons ISBN: 1118144236 Category : Business & Economics Languages : en Pages : 576
Book Description
A global look at the reasons behind the recent economic collapse, and the responses to it The speculative bubble in the housing market began to burst in the United States in 2007, and has been followed by ruptures in virtually every asset market in almost every country in the world. Each country proposed a range of policy initiatives to deal with its crisis. Policies that focused upon stabilizing the housing market formed the cornerstone of many of these proposals. This internationally focused book evaluates the genesis of the housing market bubble, the global viral contagion of the crisis, and the policy initiatives undertaken in some of the major economies of the world to counteract its disastrous affects. Unlike other books on the global crisis, this guide deals with the housing sector in addition to the financial sector of individual economies. Countries in many parts of the world were players in either the financial bubble or the housing bubble, or both, but the degree of impact, outcome, and responses varied widely. This is an appropriate time to pull together the lessons from these various experiences. Reveals the housing crisis in the United States as the core of the meltdown Describes the evolution of housing markets and policies in the run-up to the crisis, their impacts, and the responses in European and Asian countries Compares experiences and linkages across countries and points to policy implications and research lessons drawn from these experiences Filled with the insights of well-known contributors with strong contacts in practice and academia, this timely guide discusses the history and evolution of the recent crisis as local to each contributor's part of the world, and examines its distinctive and common features with that of the U.S., the trajectory of its evolution, and the similarities and differences in policy response.
Author: Miki Seko Publisher: Springer ISBN: 9811333696 Category : Business & Economics Languages : en Pages : 291
Book Description
This book addresses essential questions about housing by building theoretical models based on various real world problems in Japan and testing these models using econometric methods. Almost all related empirical analyses use Japanese household longitudinal data. Accordingly, the author analyzes whole aspects of the data, based on an understanding of the actual situation, theory, and empirical analysis, to directly derive a vision of a future housing policy. Why are houses expensive and difficult to obtain in Japan? Why do people have to live in small houses? Why do people not relocate frequently? Why is the earthquake insurance subscription rate so low, particularly in an earthquake-prone country such as Japan, even after such a catastrophic event as the Great East Japan Earthquake of 2011? How do existing housing finance and tax policies or laws relate to these real world problems? To answer these questions, the book clarifies the unique criteria that characterize housing problems in Japan and presents a vision of future housing policy. The short answer is that existing housing finance policy that adopts criteria based on the floor space of houses creates incentives for people to live in even smaller houses. Furthermore, the Japan Rental Act, which affects people renting homes, reduces residential mobility. The incidence of underinsurance against earthquake risk is a result of earthquake insurance market imperfections such as crude and rough geographical risk ratings. The book elaborates on these factors in four parts and will be of interest to all readers who are concerned with the housing market and household behavior in Japan.
Author: Keiko Nosse Hirono Publisher: Springer Nature ISBN: 9811949255 Category : Business & Economics Languages : en Pages : 127
Book Description
This book analyzes housing policy in terms of the quality of housing, theoretically and empirically. The analysis is prompted by the Japanese government’s success in increasing the volume of housing through interest rate policy, as is shown by Vector Autoregession (VAR) analysis in this book; consequently, the focus of housing policy in Japan is now the quality of housing. This is the first book to analyze and propose housing monetary policy and housing subsidy policy to improve the quality of housing, which increase the number of houses that are barrier-free and earthquake resistant. This book is also the first to focus on appropriate valuation of housing using hedonic price function and the quality of houses. Using the method of valuation developed and proposed in this book, market clearing prices of houses can be calculated without analytical and theoretical error. Toward this end, the disclosure of information – the offer prices and attributes – of houses is proposed as a housing policy. In addition, in this research the author has developed a method to estimate the hedonic price index and rent index using the quality of houses for the first time in Japan. With hedonic price and rent functions, the author shows the extent to which differences in home ownership investment are caused by differences in information about the property. This finding shows the need to explore an appropriate method of valuation of houses. The propositions of this book can help companies benefit from the use of the hedonic housing valuation and hedonic price and rent indexes.
Author: Tomoko Kubo Publisher: Springer ISBN: 9811379203 Category : Science Languages : en Pages : 186
Book Description
This book explores how Japanese cities have transformed since the 1950s by describing housing and urban planning policies, urbanization processes, and maps with GIS analysis. It also discusses how housing vacancies have increased in shrinking Japanese cities, with case studies in Tokyo, Kyoto, Hiroshima, and Utsunomiya, and examines public–private partnerships and civil engagement to revitalize cities. Providing examples of how Japanese cities have addressed the issues of aging populations and urban shrinkage, it contributes to better decision-making by politicians, planners, local authorities, NPOs, and local communities in many rapidly urbanizing and potentially aging regions such as Asia. In the era of urban shrinkage, Japanese cities have struggled with aging populations, low fertility, population loss, and a decline in the economic base over decades. In particular, shrinkage in metropolitan suburbs and large cities (e.g., sites of prefectural government with 300 000–400 000 inhabitants) has caused serious social problems owing to the huge aging population and large areas covered. One typical problem that has emerged is an increase in vacancies in now empty and abandoned housing.
Author: P. Arestis Publisher: Springer ISBN: 0230246982 Category : Business & Economics Languages : en Pages : 283
Book Description
Housing finance structures and Institutional and regulatory/fiscal aspects in housing have changed significantly in recent years. This book examines the development in housing markets in Europe and the US, and looks at ways to make housing more affordable and housing market developments more stable.
Author: Yukio Noguchi
Author: Yukio Noguchi
Author: Yukio Noguchi
Author: Ashok Bardhan
Author: 
Author: Miki Seko
Author: Keiko Nosse Hirono
Author: Tomoko Kubo
Author: United States. Congress. Joint Economic Committee
Author: 
Author: P. Arestis