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Efficiency in housing finance: a comparative study of mortgage instruments in Japan

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Author Info
Piyush Tiwari
Yoko Moriizumi

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Abstract

Home ownership is the most desired form of housing tenure around the world for reasons of security and certainty. Owning a house presents a struggle for families virtually everywhere: for example, in Tokyo a typical house can cost around five to six times the yearly earnings of a family. Many families simply do not possess sufficient funds to purchase a house with equity. A universal alternative to equity-based financing for outright purchase before taking possession of a house is through debt financing. Debt in total housing finance in Japan is around 60-70%. Housing finance systems struggle to create instruments that will efficiently finance the purchase of owner-occupied housing. Design of mortgages depends on the nature of the housing system, the allocation of risk and the economic and institutional factors in a country. The present paper focuses on housing finance arrangements in Japan. Mortgage loan funding in Japan is characterized by heavy dependence on government treasury investment, which is based on subsidies. The last decade virtually eroded the capital base of financial institutions due to non-performing loans and forced them to restructure their business models from lending to industrial enterprises to financing home purchases. Coupled with the price crash in property markets, after the bubble era, debate on the current housing finance system has emerged. Currently Japan is restructuring its housing finance institutions by redefining the role for the public sector. This paper contributes by analyzing the efficiency with which the mortgage market delivers mortgage credit to home-buyers in Japan.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal European Journal of Housing Policy.

Volume (Year): 3 (2003)
Issue (Month): 3 (December)
Pages: 267-288
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Handle: RePEc:taf:eurjhp:v:3:y:2003:i:3:p:267-288

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Related research
Keywords: Housing Finance; Efficiency; Japan;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May. [Downloadable!] (restricted)
  2. Hylleberg, S. & Engle, R. F. & Granger, C. W. J. & Yoo, B. S., 1990. "Seasonal integration and cointegration," Journal of Econometrics, Elsevier, vol. 44(1-2), pages 215-238. [Downloadable!] (restricted)
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  3. Piyush Tiwari, 2001. "Home Mortgage Risk: A Case for Insurance in India," International Real Estate Review, Asian Real Estate Society, vol. 4(1), pages 57-79. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Veronica Cacdac Warnock & Francis E. Warnock, 2007. "Markets and Housing Finance," NBER Working Papers 13081, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Veronica Cacdac Warnock & Francis E. Warnock, 2008. "Markets and Housing Finance," Working Papers 032008, Hong Kong Institute for Monetary Research. [Downloadable!]
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This page was last updated on 2009-11-25.

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