Economic Analysis of Land and Stock Prices

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Based on theoretical analysis of the effects of land taxation, Kanemoto showed that the lock-in effect of a tax on realized capital gains is small and that the effect of the property tax on the supply of residential land is also small.Nishimura analyzed the historical patterns of land price changes in Japan and examined whether or not they can be explained by fundamentals. The results are negative for a rapid appreciation of land price between 1986 and 1988.Kanemoto wrote a paper which summarizes the institutional background, the tax system, historical experiences, and the current problems of the Japanese residential and land markets.Kanemoto analyzed the qualitative and quantitative effects of taxed on land price, property value, vacant land, and realized capital gains in a dynamic model of land development.Nishimura wrote a paper which investigated imperfectly competitive firms' investment such as acquisition of land for new factories. The result shows that investment is quite volatile when firms are faced with uncertainty about future.Nishimura investigated whether or not the Japanese land market is efficient, and found that the market for farm land is likely to be efficient, although the market for residential, commercial and industrial land is not.