アジアにおける地価形成, Land Price Formation in Asia

Satoru Kanoh

Economic Review, 2003, vol. 54, issue 4, 327-335

Abstract: わが国では，土地はリスクの少ない，値上がりが確実な資産とみなされてきた．土地を資産と考えると，そこには通常の資産にはない選択権が付随していることがわかる．この選択権は，わが国の地価変動を説明する重要な要因と考えられる．アジア諸国においては，国民の土地に対する考え方が似ており，わが国同様土地を有利な資 産とみなし好んで所有する結果，その地価形成にも似たメカニズムが働いているのではないだろうか．これに対し，アジア以外の国々では土地の利用が重視されるため，地価の動きも異なるのではないだろうか．本稿ではこのような推測に基づき，東アジアの諸都市における地価動向の類似性を実証的に検討する．, In Japan, "land" has been regarded as a risk free asset whose price never falls. Land, when considered as an asset, has the unique characteristic of having an implicitly attached "option". This option is considered to play an important role in determining the land price movements in Japan. In Asian countries where people seen to have a similar concept of land, such option mechanism may also take place in their land price formation. On the contrary, in countries other than Asia where the use of land is considered more important than its ownership, a different type of price movement may be seen. Based on these premises, this paper empirically investigates the similarities of land price movements in East Asian countries.

Date: 2003
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