WEKO3
アイテム
Household Portfolios in Japan: Interaction between Equity and Real Estate Holdings over the Life Cycle
http://hdl.handle.net/10086/14406
http://hdl.handle.net/10086/144064c26e5f6-677a-463d-90a1-37a3dc01c501
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
pie_dp58.pdf (599815 bytes)
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| アイテムタイプ | デフォルトアイテムタイプ（フル）その２(1) | |||||||||||
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| 公開日 | 2017-05-20 | |||||||||||
| タイトル | ||||||||||||
| タイトル | Household Portfolios in Japan: Interaction between Equity and Real Estate Holdings over the Life Cycle | |||||||||||
| 言語 | en | |||||||||||
| 作成者 |
祝迫, 得夫
× 祝迫, 得夫
NRID
1000090292523
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| 寄与者 | ||||||||||||
| 寄与者タイプ | Editor | |||||||||||
| 姓名 | 世代間問題研究プロジェクト（世代間利害調整） = Setting Options for Fair Distribution of Well-being among Different Generations, Project on Intergenerational Equity | |||||||||||
| 言語 | en | |||||||||||
| アクセス権 | ||||||||||||
| アクセス権 | open access | |||||||||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||||||||
| 内容記述 | ||||||||||||
| 内容記述タイプ | Other | |||||||||||
| 内容記述 | First draft: March 2001; This Draft: February 2002 | |||||||||||
| 言語 | en | |||||||||||
| 内容記述 | ||||||||||||
| 内容記述タイプ | Other | |||||||||||
| 内容記述 | 37315 | |||||||||||
| 内容記述 | ||||||||||||
| 内容記述タイプ | Abstract | |||||||||||
| 内容記述 | I study the relationship between portfolio choice and age for the Japanese households by means of micro data and by paying particular attention to the interaction between decisions to hold stocks and real estate. The major findings are: First, equity shares in financial wealth (S/FW) increase with age among young households, peaking in the fifties age group, then becoming constant. This peak comes in a much later stage of the life cycle compared with Amerkis and Zeldes (2001) report about U.S. households. Second, we observe exactly the same age-related pattern for real estate shares in household total wealth (RE/TW). Third, with respect to both shares, S/FW and RE/TW, the age-related patterns are mostly explained by the decision to hold or not to hold stocks/real estate. Fourth, no age-related pattern in equity holding is observed for households that do not own real estate. These findings suggest that the age-related pattern observed in stock holding will be mostly explained by household's tenure choice of housing. Households who are to purchase and have just purchased houses cannot take risky positions in financial investment because they are saving for down payments or taking heavily leveraged positions by taking out housing loans. Therefore any serious attempt at modeling Japanese households' dynamic portfolio choice should incorporate the effect of housing tenure choice. In the second half of the paper, we draw some policy implications from these findings. | |||||||||||
| 出版者 | ||||||||||||
| 出版者 | Institute of Economic Research, Hitotsubashi University | |||||||||||
| 日付 | ||||||||||||
| 日付 | 2002-02 | |||||||||||
| 日付タイプ | Issued | |||||||||||
| 言語 | ||||||||||||
| 言語 | eng | |||||||||||
| 資源タイプ | ||||||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||||||||
| 資源タイプ | technical report | |||||||||||
| 出版タイプ | ||||||||||||
| 出版タイプ | VoR | |||||||||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||||||||
| 関連情報 | ||||||||||||
| 関連タイプ | isPartOf | |||||||||||
| 関連名称 | Discussion Paper ; No. 58 | |||||||||||
| 収録物識別子 | ||||||||||||
| 収録物識別子タイプ | NCID | |||||||||||
| 収録物識別子 | AA11851730 | |||||||||||
| ページ数 | ||||||||||||
| ページ数 | 37 | |||||||||||
| Sponsorship | ||||||||||||
| 値 | 科学研究費補助金（特定領域研究） = Grant-in-Aid for Scientific Research on Priority Areas | |||||||||||
