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Residential Property and Household Stock Holdings: Evidence from Japanese Micro Data

Author

Listed:
  • Iwaisako, Tokuo
  • Ono, Arito
  • Saito, Amane
  • Tokuda, Hidenobu

Abstract

Using a unique survey dataset of Japanese households from 2000 to 2010, this paper examines the relationship between residential property and household stock holdings and finds the followings. First, the ratio of households owning residential property decreased during the 2000s, whereas the ratio of households owning stocks increased in the mid-2000s and remained the same thereafter. Second, households with higher ratios of residential property to gross total asset are less likely to own stocks. Third, conditional on owning stocks, households with higher ratios of residential property to gross total asset exhibit higher ratios of stocks to total financial assets. Our findings suggest that housing assets are important for household portfolio choice among financial assets.

Suggested Citation

  • Iwaisako, Tokuo & Ono, Arito & Saito, Amane & Tokuda, Hidenobu, 2015. "Residential Property and Household Stock Holdings: Evidence from Japanese Micro Data," Economic Review, Hitotsubashi University, vol. 66(3), pages 242-264, July.
    • Handle: RePEc:hit:ecorev:v:66:y:2015:i:3:p:242-264
    DOI: 10.15057/27516
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    Citations

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    Cited by:

    1. Kosuke Aoki & Alexander Michaelides & Kalin Nikolov, 2016. "Household Portfolios in a Secular Stagnation World: Evidence from Japan," Bank of Japan Working Paper Series 16-E-4, Bank of Japan.
    2. Chien-Wen Yang & Fang-Ni Chu & Wan-I Chen & Ming-Chi Chen, 2022. "Willingness to Purchase a House during Economic Lost Decades in Japanese Urban Housing Market," International Real Estate Review, Global Social Science Institute, vol. 25(3), pages 333-370.
    3. Iwaisako, Tokuo & 祝迫, 得夫 & Ono, Arito & Saito, Amane & Tokuda, Hidenobu, 2016. "Impact of population aging on household savings and portfolio choice in Japan," HIT-REFINED Working Paper Series 61, Institute of Economic Research, Hitotsubashi University.
    4. Tokuo Iwaisako & Arito Ono & Amane Saito & Hidenobu Tokuda, 2022. "Disentangling the effect of home ownership on household stockholdings: Evidence from Japanese micro data," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(1), pages 268-295, March.
    5. Yuichiro Ito & Yasutaka Takizuka & Shigeaki Fujiwara, 2017. "Portfolio Selection by Households: An Empirical Analysis Using Dynamic Panel Data Models," Bank of Japan Working Paper Series 17-E-6, Bank of Japan.

    More about this item

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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