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On farmland prices and rents in Japan

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  • Sawako Shigeto
  • Lionel Hubbard
  • Philip Dawson

Abstract

Historically, the Japanese farmland market has been strongly regulated, although fundamental changes in policy were introduced in 1967 and 1980. This article examines the relationship between farmland prices and rents in Japan for 1955–2000 using the cointegration procedure of Johansen et al. (2000), which admits structural breaks. Results show the presence of a cointegrating relationship with a significant break in 1980. There is Granger‐causality from prices to rents, which suggests that rents are determined within an institutional setting according to farmland prices. The rent–price elasticity is unity, which supports the notion of efficiency in the farmland market.

Suggested Citation

  • Sawako Shigeto & Lionel Hubbard & Philip Dawson, 2008. "On farmland prices and rents in Japan," Agricultural Economics, International Association of Agricultural Economists, vol. 39(1), pages 103-109, July.
    • Handle: RePEc:bla:agecon:v:39:y:2008:i:1:p:103-109
    DOI: 10.1111/j.1574-0862.2008.00318.x
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    References listed on IDEAS

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    1. Yoshihisa Godo, 2007. "The Puzzle of Small Farming in Japan," Asia Pacific Economic Papers 365, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
    2. Yoshihisa Godo, 2007. "The Puzzle of Small Farming in Japan," Development Economics Working Papers 21897, East Asian Bureau of Economic Research.
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    Cited by:

    1. Allan, Corey & Kerr, Suzi & Owen, Sally, 2020. "Over-valued or over-looked? A theoretical and empirical investigation of agricultural land values against profitability in Aotearoa New Zealand," Working Paper Series 21087, Victoria University of Wellington, School of Economics and Finance.
    2. Chen, Y. & Chen, K. & Zhong, F., 2018. "Farm Subsidy and Farmland Cash Rent under Rapid Urbanization: Evidence from Chinese Farm Household Panel 2004-2013," 2018 Conference, July 28-August 2, 2018, Vancouver, British Columbia 277513, International Association of Agricultural Economists.
    3. Allan, Corey & Kerr, Suzi & Owen, Sally, 2020. "Over-valued or over-looked? A theoretical and empirical investigation of agricultural land values against profitability in Aotearoa New Zealand," Working Paper Series 9129, Victoria University of Wellington, School of Economics and Finance.

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