Rents and Land Prices in Japan: A Panel Cointegration Approach

被引：4
|
作者：
Sanjuan, Ana I.
Dawson, Philip J. [1 ]
Hubbard, Lionel J. [1 ]
Shigeto, Sawako [2 ]
机构：
[1] Newcastle Univ, Sch Agr Food & Rural Dev, Newcastle Upon Tyne NE1 7RU, Tyne & Wear, England
[2] Res Inst Sci & Technol Soc, Tokyo, Japan
来源：
LAND ECONOMICS | 2009年 / 85卷 / 04期
关键词：
PRESENT VALUE MODEL; FARMLAND PRICES; STRUCTURAL BREAKS; TESTS;
D O I：
10.3368/le.85.4.587
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The Japanese farmland market is strongly regulated, although partial deregulation and decentralization are evident. This paper examines the relationship between farmland rents and prices in Japan using recent panel cointegration methods, which admit structural breaks. Results shou, the presence of a cointegrating relationship with significant breaks that increased the rent/price ratio by 9% in 1967 and by 15% in 1980: prices cause rents, which supports an institutional rent-formation hypothesis; and the farmland market is inefficient. (JEL C51, Q15)
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页码：587 / 597
页数：11
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