An Empirical Analysis of Land and Housing Markets in Japan

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We explored the dynamics of real house prices by estimating serial correlation and mean reversion coefficients from a panel data of 29 prefectures for 1994 to 2003 in China. The serial correlation and mean reversion parameters were shown to vary cross-sectionally with population growth and real income growth. These parameters were also shown to vary cross-sectionally with changes in real user costs and real construction costs.We examined the differences between the workings of housing markets in China, Japan, Sweden and the USA. We emphasized that as financial institutions vary dramatically across countries, we have to carefully take into consideration these differences when we analyze households' housing decisions.A new mode of housing tenure in Japan, rental housing with a fixed rental term, was introduced in March 2000 with the revision of the Japanese Tenant Protection Law. We examined the implications of this new system by analyzing the determinants of the choices by households among the three types of housing tenure in Japan; owned housing, general rental housing, and rental housing with a fixed rental term and calculating the estimated compensated variation.We examined the scale effect of city size and the cost advantage of railway over automobile use for a simple park-and-ride commuter system based on the location theory.