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AN00234610-20070701-0071.pdf
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:2.0 MB
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:Nov 16, 2021 |
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Total downloads since Nov 16, 2021 : 1046
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| Title |
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地価と日本の景気循環
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| Kana |
チカ ト ニホン ノ ケイキ ジュンカン
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| Romanization |
Chika to Nihon no keiki junkan
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Land prices and business fluctuations in Japan
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| Creator |
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櫻川, 昌哉
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サクラガワ, マサヤ
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Sakuragawa, Masaya
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| Affiliation |
慶應義塾大学経済学部教授
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櫻川, 幸恵
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サクラガワ, ユキエ
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Sakuragawa, Yukie
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| Affiliation |
跡見学園女子大学マネジメント学部准教授
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慶應義塾経済学会
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| Kana |
ケイオウ ギジュク ケイザイ ガッカイ
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| Romanization |
Keio gijuku keizai gakkai
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2007
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三田学会雑誌
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Keio journal of economics
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| Volume |
100
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| Issue |
2
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| Year |
2007
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| Month |
7
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| Start page |
507(71)
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| End page |
529(93)
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| Abstract |
本稿では, 1975年-2004年を対象に, 産出, 地価, 貸出, 投資, 金利の5変数を用いたVAR分析をおこなっている。分析の結果, 地価の変動が貸出と投資にプラスの持続的な影響を与えることが確認され, 土地の担保価値の上昇が借入制約を緩和して投資を促進させる波及過程が存在したと考えられる。この結果は, 産出の変数としてTFP（全要素生産性）を用いた場合も維持される。なお, 1995年以降に期間を限定すると, 貸出や投資に対する土地の重要性は観察されなくなる。
This paper conducts a vector autoregressive (VAR) analysis using five variables: production output, land prices, loans, investment, and interest.
Over the period of 1975-2004, the analysis confirms that changes in land prices have a lasting positive impact on investment and lending, and that a spillover process through increased collateral value of the land also promotes investment by relaxing borrowing constraints.
This result is maintained when total factor productivity (TFP) is used instead of production output.
In addition, when limiting the sample period to 1995 onwards, the importance of land to loans and investment is not observed.
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| History |
| Jun 4, 2014 | | フリーキーワード, 本文 を変更 |
| Jul 24, 2015 | | 抄録, 版, 本文 を変更 |
| Nov 16, 2021 | | JaLCDOI を変更 |
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