瀬古美喜-seko miki -website

My Research

Major Books:
 14.  NEWHousing Markets and Household Behavior in Japan
Springer, Advances in Japanese Business and Economics, forthcoming.
A brief summary

This book addresses essential questions about housing by building theoretical models based on various real world problems in Japan and testing these models using econometric methods. Almost all related empirical analyses use Japanese household longitudinal data. Accordingly, the author analyzes whole aspects of the data, based on an understanding of the actual situation, theory, and empirical analysis, to directly derive a vision of a future housing policy.

Why are houses expensive and difficult to obtain in Japan? Why do people have to live in small houses? Why do people not relocate frequently? Why is the earthquake insurance subscription rate so low, particularly in an earthquake-prone country such as Japan, even after such a catastrophic event as the Great East Japan Earthquake of 2011? How do existing housing finance and tax policies or laws relate to these real world problems? To answer these questions, the book clarifies the unique criteria that characterize housing problems in Japan and presents a vision of future housing policy.

The short answers are that existing housing finance and tax policies that adopt criteria based on the floor space of houses create incentives for people to live in even smaller houses. Furthermore, the Japan Rental Act, which affects people renting homes, reduces residential mobility. The incidence of underinsurance against earthquake risk is a result of earthquake insurance market imperfections such as crude and rough geographical risk ratings.

The book elaborates on these factors in four parts and will be of interest to all readers who are concerned with the housing market and household behavior in Japan.

13. NEWNihon no Jūtaku Shijō to Kakei Kōdō (Housing Markets and Household Behavior in Japan) (in Japanese), University of Tokyo Press,2014,
(2014 Nikkei Prize for Economics Books). 

 (Book Review) Nihon no Jūtaku Shijō to Kakei Kōdō (Housing Markets and Household Behavior in Japan),Keiichi SATO/Senshu University, Social Science Japan Journal | Oxford Academic,July, 20, 2016.
12. An Econometric Analysis of Land and Housing in Japan (in Japanese), Sobunsha, 1998.

 (1999 Japanese Real Estate Science Award)

Abstract

Why houses are expensive and difficult to obtain. Why people have to live in small houses. We clarify reasons that characterize unique structures of housing problems in Japan and present a vision of future housing policy.

Existing housing finance / tax policies which adopt criterions based on floor spaces of houses result in accelerating people having to live in further smaller houses. In addition, high mobility costs due to housing market imperfections impair relocation. On the other hand, intergenerational (two generations or three generations) co-residences are common in Japan and these function as the younger generation takes care of the older generation thus supporting the society of the aged.

This book consists of building theoretical models based on these various real world problems and tests these models using the most forefront econometric methods such as nonlinear econometric analysis.

We analyze whole aspects based on the understanding of the actual situation, the theory and the empirical analysis and try to directly give an answer of a housing vision on the basis of plentiful living in the 21st century. This is the achievement of this book.

11. Dynamism of Household Behavior in Japan, Vol.IX (Coeditor) (in Japanese), Keio University Press, 2013.
10. Dynamism of Household Behavior in Japan, Vol.VIII (Coeditor) (in Japanese), Keio University Press, 2012.
9. Macroeconomics after the Financial Crisis, (Coeditor) (in Japanese), University of Tokyo Press, 2011.
8. Dynamism of Household Behavior in Japan, Vol. VII, (Coeditor) (in Japanese), Keio University Press, 2011.
7. Dynamism of Household Behavior in Japan, Vol. VI, (Coeditor) (in Japanese), Keio University Press, 2010.
6. Dynamism of  Household Behavior in Japan, Vol.V, (Coeditor) (in Japanese) ,Keio University Press, 2009.
5. M. Fukuoka's Introductory Economics Study Guide,3nd edition (Coauthor) (in Japanese), Nihonkeizaishinbunsha, 2009.
4. Dynamism of  Household Behavior in Japan, Vol.IV, (Coeditor) (in Japanese) ,Keio University Press, 2008.
3. Dynamism of  Household Behavior in Japan, Vol.III, (Coeditor) (in Japanese) ,Keio University Press, 2007.
2. M. Fukuoka's Introductory Economics Study Guide,2nd edition (Coauthor) (in Japanese), Nihonkeizaishinbunsha, 2000.
1. Principles of Economics: Third Edition (Coauthor) (in Japanese), Chuoukeizaisha, 1996.
 Major Articles:
 25.  "Does Female Representation in the Board Influence Firm Performance?: Evidence from Japan," (with H. Niikura)
Mita Journal of Economics, Vol.110, No. 1, April,2017, pp.1-20 (in Japanese) (Abstract).
24.  "The Rent Term Premium for Cancellable Leases," (with Jiro Yoshida and Kazuto Sumita)
Journal of Real Estate Finance and Economics, 52(4). Pp.480-511, May, 2016.(refereed).

23. "Mortgage Market, Character and Trends: Japan," (with Kazuto Sumita),
in International Encyclopedia of Housing and Home, Vol. 4, 2012, pp.465-473. Elsevier Limited.

22. "Earthquake Risk in Japan: Consumers' Risk Mitigation Responses after the Great East Japan Earthquake," (with Michio Naoi and Takuya Ishino).
The Journal of Economic Issues, June, 2012, 46(2),pp.519-530.(refereed)

21. "The Recent Financial Crisis and the Housing Market in Japan," (with K.Sumita and M.Naoi) in Bardhan, A., R. Edelstein and C. Kroll (eds.),
Global Housing Markets: Crises, Policies, and Institutions, John Wiley & Sons, Inc. 2011.

20. "Remembrance of Professor Paul Samuelson",
Mita Journal of Economics,Vol.103, No.2, pp. 97-100, July,2010 (in Japanese).

19.

"Residential Mobility Decision in Japan: Effects of Housing Equity Constraints and Income Shocks under the Recourse Loan System," (with Kazuto Sumita and Michio Naoi),
Journal of Real Estate Finance and Economics,  2012,45(1), pp.63-87.(refereed)
(Best Paper Award for the 14th AsRES-AREUEA 2009 Joint International Conference)


18. "Estimating Consumer's Valuation of Earthquake Risk: Evidence from Japanese Housing Markets," (with Michio Naoi and Kazuto Sumita),
International Real Estate Review, Vol.13, No.2, pp.117-133,2010(refereed).

17. "Does Introducing Income Tax Deduction System Linked to Capital Losses Increase Homeowners' Mobility in Japan?,"(with Kazuto Sumita),
in Taxation, Tax Policies and Income Taxes, pp.115-122, Nova Publishers. 2010. 

16. "Community Rating, Cross Subsidies and Underinsurance: Why So Many Households in Japan Do Not Purchase Earthquake Insurance? ," (with Michio Naoi and Kazuto Sumita),
Journal of Real Estate Finance and Economics, 40(4),pp.544-561,2010(refereed) ,(KESDP No.09-1, 2009.)

15. "Earthquake Risk and Housing Prices in Japan: Evidence Before and After Massive Earthquakes," (with Michio Naoi and Kazuto Sumita),
Regional Science and Urban Economics, Vol.39(6), pp.658-669,2009(refereed), (KESDP No.09-2, 2009).

14. "Does Earthquakes Risk Influence the Quality of Life in Japan?," (with Michio Naoi and Kazuto Sumita),
in Housing: Socioeconomic, Availability, and Development Issues, pp.167-174, Nova Publishers, 2009.  

13. "Does Introducing Rental Housing with Fixed Rental Terms Improve Welfare in Japan?"(with Kazuto Sumita),
in Welfare Economics, Nova Publishers, pp.3-11,2009.

12. "Transforming Housing Finance in Japan in the 21st Century," in D. Ben-Shahar, C. K. Y. Leung and S.W. Ong (eds.),
in Mortgage Markets Worldwide, Blackwell Publishing,  pp.69-88, 2008.

11. "Earthquakes and the Quality of Life in Japan," (with Michio Naoi and Kazuto Sumita )
Journal of Property Research, Vol.24, Issue 4, pp.313-334, 2007(refereed).  (Best Paper in Real Estate Economics, 2007:  ERES/ Journal of Property Research Prize Paper,2007)

10. "Japanese Housing Tenure Choice and Welfare Implications After the Revision of the Tenant Protection Law,"(with Kazuto Sumita), 
Journal of Real Estate Finance and Economics(refereed), Vol.35, No.3, pp.357-383,2007

9. "Effects of Government Policies on Residential Mobility in Japan: Income Tax Deduction System and the Rental Act," (with Kazuto Sumita), 
Journal of Housing Economics,  Vol.16, No.2, pp.167-188,2007(refereed). 

8. "Housing Demand: An International Perspective," in R.J. Arnott and D.P. McMillen(eds.),
in A Companion to Urban Economics, Blackwell Publishing,  pp.179-196, 2006.  

7. "Nonlinear Budget Constraints and Estimation: Effects of Subsidized Home Loans on Floor         Space Decisions in Japan,"
Journal of Housing Economics, Vol.11, No.3, pp.280-299, 2002(refereed). 

6.  "Housing Demand in Germany and Japan: Paper in memoriam of Stephen Mayo," Axel Borsch-Supan, Florian Heiss and Miki Seko,
Journal of Housing Economics, Vol. 10, No.3, pp.229-252,  2001(refereed).

5. "Property Taxation and the Demand for Floor Space in Japan,"
  International Real Estate Review, Vol.2, No.1, pp.35-48, 1999(refereed).

4. "Housing Finance in Japan," in Y. Noguchi and J. Poterba (eds.),
Housing Markets in the United States and Japan The University of Chicago Press, pp.49-64, 1994.,

3. "Housing in a Wealth-Based Economy: The Case of Japan," Japanese Economic Studies 22(2), March-April, pp.65-92, 1994.

2. "Effects of Subsidized Home Loans on Housing Decisions and Efficiency in Japan: Tradeoff between Quality and Quantity,"
Journal of Real Estate Finance and Economics, Vol.6, No.1, pp.5-23, 1993(refereed).

1. "The Effect of Inflation on Japanese Homeownership Rates: Evidence from Time-Series," Economic Studies Quarterly, Vol.42, No.2, pp.155-163, 1991(refereed).
Book Review:
 "Accelerating Japan's Economic Growth:  Resolving Japan's Growth Controversy by F.Gerald Adams,   Lawrence R. Klein, Yuzo Kumasaka, and Akihiko Shinozaki", Journal of Economic Literature, XLVII(3), pp.847-848,  2009/09.
Recent Unpublished Papers:
2. "Residential Mobility Decision in Japan: Identifying the Effects of Housing Equity Constraints and Income Shocks under the Recourse Loan System," (with Kazuto Sumita and Michio Naoi), Paper presented at the 2009 AsRES-AREUEA Joint international Conference in Los Angeles,  USA, July 12, 2009 (received Best Paper Award for the Maury Seldin Advanced Stidies Institute,the 2009 AsRES-AREUEA Joint International Conference).,(KESDP No.09-3, 2009)

1. "Housing and Land: Policies and Markets," Presidential Address, Asian Real Estate Society Sixth Annual Conference in Tokyo, Japan,  August 1, 2001.
   
Recent Working Papers:
 2.  ”The Effect of Housing Inheritance on Heir's Tenure Choice, Consumption and Savings in Japan," (with Takuya Ishino, Kazuto Sumita and Michio Naoi), Paper presented at the 2017 AsRES Fellow Forum in Taichung, Taiwan, July, 12, 2017.
   
1. "Subjective Belief, Risk Information and Earthquake Insurance Purchase," (with Michio Naoi and Takuya Ishino), December, 2016.
Translation:
1. Denise DiPasquale and William C. Wheaton's Urban Economics and Real Estate Markets Prentice Hall) (Joint translator, Tatsuaki Kuroda) (in Japanese) Sobunsha, 2001.