EAN: 9789811333682

HOUSING MARKETS AND HOUSEHOLD BEHAVIOR IN JAPAN...

This book addresses essential questions about housing by building theoretical models based on
various real world problems in Japan and testing these models using econometric methods. Almost
all related empirical analyses use Japanese household longitudinal data. Accordingly  the
author analyzes whole aspects of the data  based on an understanding of the actual situation 
theory  and empirical analysis  to directly derive a vision of a future housing policy.Why are
houses expensive and difficult to obtain in Japan? Why do people have to live in small houses?
Why do people not relocate frequently? Why is the earthquake insurance subscription rate so low
particularly in an earthquake-prone country such as Japan  even after such a catastrophic event
as the Great East Japan Earthquake of 2011? How do existing housing finance and tax policies or
laws relate to these real world problems? To answer these questions  the book clarifies the
unique criteria that characterize housing problems in Japan and presents a vision of future
housing policy.The short answer is that existing housing finance policy that adopts criteria
based on the floor space of houses creates incentives for people to live in even smaller
houses. Furthermore  the Japan Rental Act  which affects people renting homes  reduces
residential mobility. The incidence of underinsurance against earthquake risk is a result of
earthquake insurance market imperfections such as crude and rough geographical risk ratings.The
book elaborates on these factors in four parts and will be of interest to all readers who are
concerned with the housing market and household behavior in Japan.

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