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Housing Market Imperfections and Distortions Resulting from Criteria Based on House Floor Space

In: Housing Markets and Household Behavior in Japan

Author

Listed:
  • Miki Seko

    (Musashino University)

Abstract

This is the first study to apply to Japanese housing data the econometric analysis of piecewise-linear budget constraintsPiecewise-linear budget constraints arising from space-linked subsidized interest ratesSpace-linked subsidized interest rates . The floor-space demand model employed is the classical Hausman-type with random preferences and optimization errors. We estimate that if the Government Housing Loan Corporation (GHLC) loan system operated like a private lending institution, it would eliminate the current excess burdenExcess burden per household of approximately 9% of the average GHLC credit subsidy of a home. That is, existing housing finance that adopts criteria based on the floor space of houses creates incentives for people to live in even smaller houses.

Suggested Citation

  • Miki Seko, 2019. "Housing Market Imperfections and Distortions Resulting from Criteria Based on House Floor Space," Advances in Japanese Business and Economics, in: Housing Markets and Household Behavior in Japan, chapter 0, pages 33-61, Springer.
    • Handle: RePEc:spr:advchp:978-981-13-3369-9_3
    DOI: 10.1007/978-981-13-3369-9_3
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