Land Price Fluctuations and their spread over metropolitan areas

在战后经济高速增长和快速城市化的过程中，日本经历了土地价格的通货膨胀。在回顾土地价格上涨的整个过程后，我们的分析集中在最近的土地价格上涨发生在20世纪80年代后半期。地价的上涨源于对东京CBD办公空间的需求，后来蔓延到东京郊区的住宅区以及其他主要大都市地区。这种变化被认为不仅是由对土地的实际需求引起的，而且是由通过极低的利率实现的投机需求引起的。因此，土地市场出现了所谓的“泡沫”。然后，从几十年前开始，土地急剧贬值。(1)本研究以东京和大阪都市圈为研究对象，建立了基于“地价公示”的地价数据集。(2)利用该数据集估计了土地价格梯度函数和扩散函数，并用于分析土地价格膨胀过程。(3)对于土地市场的泡沫现象，进行了理论分析。(4)运用hedonic方法，对交通等公共设施的改善对地价的影响进行了理论思考和实证研究。(5)实证研究了城市经济增长率与最高地价之间的关系。(6)最后，研究了最近旨在控制地价的政策，例如征收地价税等。

In the process of high economic growth followed by rapid urbanization after the war, Japan has experienced inflationary rises in land prices. After the whole process of land price inflations was looked back,our analysis focussed on the recent land price inflation occurred in the later half of 1980s. The increase in land prices emerged from the demands for office spaces in the CBD of Tokyo and later spread over residential areas in the suburbs of Tokyo as well as other major metropolitan areas. This change is thought to have been brought about not only by real demand for land but also by speculative demand materialized through extraordinarily low interest rate. As a result,so-called "bubbles" have occurred in the land market. Then the sharp devaluation of land is under way since the turn of decades.(1) For the study we have built the dataset of land prices based on the "Public Anuouncement of Land Prices" in the metropolitan areas of Tokyo and Osaka. (2) Using the dataset,the land price gradient functions and diffusion functions were estimated and used for the analysis of the process of land price inflation. (3) As to bubbles in the land market, theoretical analysis have been done. (4) The impact of the improvement of transportation and other public facilities on land prices has been theoretically considered and empirically studied, utilizing hedonic approach. (5) The relationship between economic growth rates and highest land prices in the cities has been empirically investigated. (6) Lastly, the recent policies for intending to control land prices, for example the introduction of land price tax etc., have been examined.