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Aging and Real Estate Prices : Evidence from Japanese and US Regional Data
http://hdl.handle.net/2261/55510
http://hdl.handle.net/2261/55510425f7810-9e94-4895-b95f-c90e372bedc0
| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2016-01-12 | |||||
| タイトル | ||||||
| タイトル | Aging and Real Estate Prices : Evidence from Japanese and US Regional Data | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL Classification Number: G12; J11 | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | aging | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | dependency ratio | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | declining population | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | real estate prices | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| アクセス権 | ||||||
| アクセス権 | metadata only access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
| 著者 |
Saita, Yumi
× Saita, Yumi× Shimizu, Chihiro× Watanabe, Tsutomu |
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| 著者所属 | ||||||
| 著者所属 | Hitotsubashi University | |||||
| 著者所属 | ||||||
| 著者所属 | Reitaku University | |||||
| 著者所属 | ||||||
| 著者所属 | University of British Columbia | |||||
| 著者所属 | ||||||
| 著者所属 | Graduate School of Economics, University of Tokyo | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | In this paper, we empirically investigate how real estate prices are affected by aging. We run regional panel regressions for Japan and the United States. Our regression results show that, both in Japan and the U.S., real estate prices in a region are inversely correlated with the old age dependency ratio, i.e. the ratio of population aged 65+ to population aged 20-64, in that region, and positively correlated with the total number of population in that region. The demographic factor had a greater impact on real estate prices in Japan than in the U.S. Based on the regression result for Japan and the population forecast made by a government agency, we estimate the demographic impact on Japanese real estate prices over the next 30 years. We find that it will be -2.4 percent per year in 2012-2040 while it was -3.7 percent per year in 1976-2010, suggesting that aging will continue to have downward pressure on land prices over the next 30 years, although the demographic impact will be slightly smaller than it was in 1976-2010 as the old age dependency ratio will not increase as much as it did before. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 2012～2016年度科学研究費補助金[基盤研究(S)]「長期デフレの解明」(研究代表者 東京大学経済学研究科・渡辺努, 課題番号：24223003) | |||||
| 書誌情報 |
JSPS Grants-in-Aid for Scientific Research (S) Understanding Persistent Deflation in Japan Working Paper Series 巻 028, 発行日 2013-12 |
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| 出版者 | ||||||
| 出版者 | UTokyo Price Project | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.price.e.u-tokyo.ac.jp/researchdata/ | |||||
