Housing in a Wealth-Based Economy

Miki Seko ()

Japanese Economy, 1994, vol. 22, issue 2, 65-92

Abstract: The disparities in wealth that exist among different households in Japan have been recently discussed in many places as a problem of a wealth-based economy. For example, a look at recent white papers (e.g., White Paper on the Japanese Economy, White Paper on the National Life, Construction White Paper, etc.) reveals various indices of disparities in financial assets and land assets that are calculated on the basis of various premises. While these indices show macrotrends as they are calculated on the basis of aggregated data, most of them do not really take into sufficient consideration the disparities among individual households. This article analyzes the role that household assets (financial assets such as savings and physical assets such as land) play in acquiring a home based on microdata on home purchasers from 1984 to 1985. It also touches on issues concerning housing financing in search of a solution.

Date: 1994
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DOI: 10.2753/JES1097-203X220265

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