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Rents and Land Prices in Japan: A Panel Cointegration Approach

Lookup NU author(s): Dr Ana Sanjuan, Dr Philip Dawson, Dr Lionel Hubbard, Sawako Shigeto


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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)

Publication metadata

Author(s): Sanjuán AI, Dawson PJ, Hubbard LJ, Shigeto S

Publication type: Article

Publication status: Published

Journal: Land Economics

Year: 2009

Volume: 85

Issue: 4

Pages: 587-597

ISSN (print): 0023-7639

ISSN (electronic): 1543-8325

Publisher: University of Wisconsin Press