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New Estimates for the Price of Housing in the Japanese CPI

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Part of the Advances in Japanese Business and Economics book series (AJBE, volume 11)

Abstract

Throughout their histories most advanced nations have experienced abrupt increases and subsequent decreases in asset prices, especially housing prices. These fluctuations have had substantial impact on the financial system, often leading to a stagnation of economic activity. The most representative examples are Japan and Sweden in the 1990s and, more recently, the global financial crisis triggered by the sub-prime problem in the United States. Reinhart and Rogoff (2008) conducted an exhaustive, long-term, comparative time series analysis of economic data from numerous countries which made it clear that the incidence of various economic phenomena is a common factor underlying banking crises. It has been noted that one of these phenomena is a significant increase in asset prices, and property prices in particular, compared to rents.

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Copyright information

© Springer Japan KK, part of Springer Nature 2020

Authors and Affiliations

  1. 1.University of British ColumbiaVancouverCanada
  2. 2.National Graduate Institute for Policy Studies (GRIPS)TokyoJapan
  3. 3.Nihon University & The University of TokyoTokyoJapan
  4. 4.The University of TokyoTokyoJapan

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