| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7254 |
| 来源ID | Working Paper 7254 |
| Distortionary Taxation, Excessive Price Sensitivity, and Japanese Land Prices | |
| Kiyohiko G. Nishimura; Fukujyu Yamazaki; Takako Idee; Toshiaki Watanabe | |
| 发表日期 | 1999-07-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | Japan has experienced turbulent behavior of land prices after World War II, especially after 1985. This paper first examines the explanatory power of a simple present-value model and shows its limitation. We then investigate two additional (not mutually exclusive) factors affecting the Japanese land price behavior: distortionary inheritance and capital-gains taxation, and excessive price sensitivity due to the non-Walrasian structure of the land market. Empirical results show that distortionary taxation is a major culprit of high residential land price, and that the non-Walrasian price behavior magnifies the effect of underlying change in the market fundamentals. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w7254 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564786 |
| 推荐引用方式 GB/T 7714 | Kiyohiko G. Nishimura,Fukujyu Yamazaki,Takako Idee,et al. Distortionary Taxation, Excessive Price Sensitivity, and Japanese Land Prices. 1999. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7254.pdf（491KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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