An Empirical Analysis of Land and Housing Markets in Japan

本文利用1994 - 2003年中国29个地市的面板数据，通过估计序列相关系数和均值回归系数，研究了真实的房价的动态变化。序列相关性和均值回归参数随人口增长和真实的收入增长而变化。这些参数也被证明是不同的横截面的变化，在真实的用户成本和真实的construction costs.We检查在中国，日本，瑞典和美国的住房市场的运作之间的差异。我们强调指出，各国的金融制度差异很大，在分析家庭的住房决策时，必须认真考虑这些差异。2000年3月，随着《房客保护法》的修订，日本引进了新的住房保有模式--固定租期的租赁住房。我们通过分析日本家庭在三种住房保有权类型中选择的决定因素，研究了这一新制度的含义;自有住房、一般租赁住房、和租赁房屋，并计算估计的补偿变化。我们研究了城市规模的规模效应和铁路比汽车使用的成本优势，对于一个简单的公园和-基于区位论的乘车通勤系统。

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.