By Yukio Noguchi, James M. Poterba
Even though Japan and the U.S. are the world's best economies, there are major ameliorations within the methods their wealth is translated into dwelling criteria. A cautious comparability of housing markets illustrates not just how dwelling criteria within the nations fluctuate, but in addition finds a lot approximately saving styles and the way they impact wealth accumulation.In this quantity, ten essays talk about the evolution of housing costs, housing markets and private discounts, housing finance, commuting, and the influence of public coverage on housing markets. The reports show unbelievable variations in housing funding within the nations. for instance, simply because down funds in Japan are a lot larger than within the usa, eastern are inclined to hold up domestic purchases relative to their American opposite numbers. within the usa, the arrival of domestic fairness credits could have diminished inner most saving overall.This publication is the 1st comparability of housing markets in Japan and the U.S., and its findings remove darkness from the results of housing markets on productiveness development, enterprise funding, and exchange.
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Extra resources for Housing Markets in the United States and Japan (National Bureau of Economic Research Conference Report)
Method for calculating theoretical price is described in footnote 8. 7 Prices of Selected Residential Sites in Japan Location Areas bordering on the Chuo Line Yotsuya Nakano Ogikubo Kichijoji Musashi-Koganei Areas bordering on the Toyoko Line Shoto Nakameguro Jiyugaoka Hiyoshi Theoretical Price (Y10,000/m2) Market Price (Y1O,OOO/mz). 2 71 51 46 36 64 73 49 "Market price represents GBMPs reported in 1987 (residential land within the radius of one kilometer from the nearby railway stations). bEstimated rents for apartments are based on advertisements carried by Shukan Jufaku Joho (Weekly housing news), September 1987 (those units located within a distance of fifteen minutes' walk from nearby stations).
This implies that the supply of space for urban use is not particularly low as compared to other countries. To summarize, Japan, contrary to widespread belief, still has a surplus of land. This suggests that if the degree of land utilization is raised, many, if not all, of the problems associated with land will evaporate. 2 Distortions in the Tax System The above argument suggests that what matters are social and economic factors rather than physical or natural factors. The most important is that people regard land as an asset.
7. Again, the actual price is about twice as high as the theoretical price. From these findings, we can conclude that land is valued considerably above its theoretical value. The difference between the theoretical and the market prices can be interpreted only as arising from excessive expectations for capital gains, namely, a speculative bubble. 4 Estimation of the Bubble Using a Regression Model Another way to examine the existence and the magnitude of the bubble is to estimate a land price equation and to regard the difference between the estimated and the actual price as the bubble.
Housing Markets in the United States and Japan (National Bureau of Economic Research Conference Report) by Yukio Noguchi, James M. Poterba