Current Wealth, Housing Purchase, and Private Housing Loan Demand in Japan
Current Wealth, Housing Purchase, and Private Housing Loan Demand in Japan
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日本当前的财富、住房购买和私人住房贷款需求
DOI：
10.1023/a:1007813403967
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发表时间：
2000
期刊：
影响因子：
--
通讯作者：
Y. Moriizumi
中科院分区：
文献类型：
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作者：
Y. Moriizumi
日本家庭为首付积累财富的比率很高。因此，目前的财富在购房和公共贷款中发挥着重要作用，公共贷款的直接抵押贷款是对购房者的有力支持。我们通过应用一个模型来估计财富对私人抵押贷款债务和住房消费的影响，其中抵押贷款债务需求是由购房决策得出的，并与住房消费共同决定。我们使用联立方程的托比特估计方法。财富对私人抵押贷款债务、借款可能性和住房消费的影响不是弹性的。另一方面，住房消费的变化对弹性借款的可能性的影响远远大于借款人的私人抵押贷款金额。住房和私人抵押贷款市场随着抵押贷款市场参与者的数量而波动非常密切。因此，房屋开工数量与私人抵押贷款市场密切相关。
Japanese households accumulate wealth for down payments at a high rate. Therefore, current wealth plays an important role in home acquisition as well as public loans whose direct mortgage lending is a strong support for home purchasers. We estimate the wealth effect on private mortgage debt as well as housing consumption by applying a model where mortgage-debt demand is derived from house-purchase decisions and is determined jointly with housing consumption. We use a simultaneous equation Tobit estimation method. Wealth effects on private mortgage debt, likelihood of borrowing, and housing consumption are not elastic. On the other hand, a change in housing consumption affects the likelihood of borrowing elastically much more than the private mortgage amount of borrowers. Housing and private mortgage markets fluctuate very closely with the number of participants in the mortgage market. Therefore, the number of housing starts is linked strongly to the private mortgage market.