THE EFFECT OF INFLATION ON JAPANESE HOMEOWNERSHIP RATES: EVIDENCE FROM TIME-SERIES
1991 年 42 巻 2 号 p. 155-163
詳細
1991 年 42 巻 2 号 p. 155-163
This paper develops and estimates a model of Japanese aggregate homeownership rates using annual data for 1958-78 to study the determinants of owner-occupancy rates as well as the effect of inflation on housing tenure choice.
We construct the relative prices of owned and rented housing based on the Japanese system.
The estimated results suggest that the capital market is imperfect and also that changes in the Japanese aggregate homeownership rates after 1958 are greatly influenced by demographic and social factors.
