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Books > Business & Economics > Finance & accounting > Finance > Property & real estate
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Housing Markets in the United States and Japan (Hardcover, 2nd ed.)
Loot Price: R2,092
Discovery Miles 20 920
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Housing Markets in the United States and Japan (Hardcover, 2nd ed.)
Series: (NBER) National Bureau of Economic Research Conference Reports
Expected to ship within 12 - 17 working days
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Although Japan and the United States are the world's leading
economies, there are significant differences in the ways their
wealth is translated into living standards. For example, average
per capita living space in the United States is more than 50
percent greater than in Japan, and many more American homes are
equipped with modern plumbing. Yet housing in Japan costs seven
times the average Japanese income, while in the United States the
cost is three times the average U.S. income. A careful comparison
of housing markets illustrates not only how living standards in the
two countries differ, but also reveals much about saving patterns
and how they affect wealth accumulation. Ten essays, by Japanese
and American scholars, discuss the evolution of housing prices, the
link between housing markets and personal saving behavior,
commuting, housing finance, and the impact of public policy on
housing markets. The first pair of papers analyzes the source of
the house price increase in Japan during the 1980s, and the
corresponding determinants of house price fluctuations in the
United States. The second pair discusses mortgage financing in
Japan and explains the relationships between mortgages and other
financial markets in the United States. The third pair examines how
housing market conditions affect commuting decisions. These essays
find that because housing in Tokyo is scarce, workers are forced to
commute from homes in the suburbs to jobs in the city. In America,
however, increasingly workers are driving from homes in one suburb
to jobs in another. The fourth pair analyzes the effects of housing
prices on saving. In Japan, increasing housing prices have
discouraged people from saving fordown payments, while in the
United States a similar increase has led to more saving by renters
and more spending by homeowners. The final two papers review the
impact of tax policies on housing markets. One essay finds that
Japanese tax policies that discourage the conversion of
agricultural land to housing create a scarcity of available land
for housing, and thus drive up housing prices. An essay on the
United States reviews the effects of tax reforms, inflation, and
low-income housing policies since the 1970s. The first comparison
of housing in the world's leading economies, this study will be
useful for policymakers, economists, urban planners, housing
experts, and others concerned with Japanese economy and society.
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