Residential mobility decision in Japan : identifying the effects of housing equity constraints and income shocks under the recourse loan system

Material type: 文書・図像類

Author: 瀬古, 美喜ほか

Publisher: Keio Economic Society, Keio University

Publication date: 2009

Material Format: Digital

Capacity, size, etc.: -

NDC: -

View All

Notes on use

Note (General)：: type:textThis paper draws on five waves of Japanese household longitudinal data (Keio Household Panel Survey, KHPS) and estimates a conditional fixed ...

Search by Bookstore

Holdings of Libraries in Japan

This page shows libraries in Japan other than the National Diet Library that hold the material.

List of Cooperating Institutions and Databases

Please contact your local library for information on how to use materials or whether it is possible to request materials from the holding libraries.

other

Keio Associated Repository of Academic resources
Digital
You can check the holdings of institutions and databases with which 学術機関リポジトリデータベース（IRDB）（機関リポジトリ） is linked at the site of 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）.
Keio Associated Repository of Academic resources

Search by Bookstore

Bibliographic Record

You can check the details of this material, its authority (keywords that refer to materials on the same subject, author's name, etc.), etc.

Digital

Material Type: 文書・図像類
Title: Residential mobility decision in Japan : identifying the effects of housing equity constraints and income shocks under the recourse loan system
Author/Editor: 瀬古, 美喜
隅田, 和人
直井, 道生
Author Heading: 瀬古, 美喜
隅田, 和人
直井, 道生
Publication, Distribution, etc.: Keio Economic Society, Keio University
Publication Date: 2009
Publication Date (W3CDTF): 2009
Periodical title: Keio Economic Society discussion paper series
No. or year of volume/issue: 09 3
Volume: 09
Issue: 3
Text Language Code: eng
Subject Heading: Residential mobility,housing equity constraint,conditional fixed effects logit model,tax deduction,loan-to-value ratio,debt-to-income ratio,Japan,recourse loan
Target Audience: 一般
Note (General): type:text
This paper draws on five waves of Japanese household longitudinal data (Keio Household Panel Survey, KHPS) and estimates a conditional fixed effects logit model to investigate the effects of housing equity constraints and income shocks on owner-to-owner residential moves in Japan. By looking at contemporaneous extended Loan-to-Value (ELTV) and extended Debt-to-Income (EDTI) ratios under the recourse loan system, we examine whether housing equity constraints and negative income shocks deter owner-to-owner residential mobility and whether government policy aimed at addressing equity constraints under the recourse loan system has an impact on residential moves. The specific policy we examine is the implementation of the income tax deduction system that permits the carrying over of capital losses for owner-occupied households. These tax policies were devised to cope with the severe equity constraints that followed the bursting of Japan's asset Bubble in the early 1990s. Simulation analysis of relaxing tax deduction conditions shows that changing the required years the household must live in the residence to qualify for the tax break before selling from 5 years to 1 year greatly enhances the mobility for both positive and negative equity households. Finally, simulation analysis of switching from the present recourse loan system to the non-recourse loan system shows an increase in the owners' mobility to another owner-occupied housing, especially for positive equity households.
Source: https://koara.lib.keio.ac.jp/xoonips/modules/xoonips/download.php?koara_id=AA10715850-00000903-0001
https://koara.lib.keio.ac.jp/xoonips/modules/xoonips/download.php?koara_id=AA10715850-00000903-0001
Access Restrictions: 限定公開
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 慶應義塾大学 : 慶應義塾大学学術情報リポジトリ