A Research on Performance and Governance of the Housing Market led by Housing Stock Circulation

发达国家住房市场的特点是自住住房市场和住房存量流通的高增长。然而，这个成熟的市场存在显着的不稳定性和两极分化。为了阐明成熟住房市场存在的问题，本研究首先提出了一个假设来解释住房市场的不稳定性，然后利用该假设对英国、美国、德国和日本的住房市场进行了比较。住房政策现在面临着管理不稳定的住房市场的艰巨任务。因此，本研究最后探讨了日本房地产市场治理的一些政策问题。

Housing markets in advanced countries are characteristic of the high growth of owner-occupied housing markets and housing stock circulations. This mature market, however, involves remarkable instability and polarization. To elucidate the problematics of matured housing market, this study firstly posed a hypothesis to interpret the instability of housing market, and secondly, using the hypothesis, made a comparison of housing markets in Britain, the USA, Germany and Japan. Housing policy is now faced with a difficult task to manage unstable housing market. Therefore, this study lastly investigated some policy issues toward the governance of housing market in Japan.