publication . Preprint . 2007

Land Prices and Fundamentals

Koji Nakamura; Yumi Saita;
Open Access
  • Published: 01 Apr 2007
This paper examines the long-term relationship between macro economic fundamentals and the weighted-average land price indicators, which are supposed to be more appropriate than the official land price indicators when analyzing their impacts on the macro economy. In many cases, we find the cointegrating relationships between the weighted-average land price indicators and the discounted present value of land calculated based on the macro economic fundamentals indicators. We also find that the demographic factor has impacts on real land prices. The error-correction analysis using the cointegrating relationships shows that not only the changes in the discounted pre...
free text keywords: weighted-average land price indicators; discounted present value of land; cointegration analysis; error-correction model, jel:C32, jel:E39

10 15 20 25 30 Population share, SNA share (Note) The weights are calculated for 13 regions (average from 1980 to 1992): Hokkaido, Tohoku, Ibaraki-Tochigi-Gunma, Saitama-Chiba-Kanagawa, Tokyo, Yamanashi and Nagano, Chubu, Hokuriku, Kinki, Chugoku, Shikoku, Kyushu, and Okinawa.

0 1985 1990 1995 2000 SNA W eighted-average land prices Officially publis hed land prices

Any information missing or wrong?Report an Issue