Real Estate Prices, Borrowing

Real Estate Prices, Borrowing Constraints and Business Cycles -A Study of the Japanese Economy This file is part of IDEAS , which uses RePEc data [ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Help! ] Real Estate Prices, Borrowing Constraints and Business Cycles -A Study of the Japanese Economy Author info | Abstract | Publisher info | Download info | Related research | Statistics Author Info Suparna Chakraborty (University of Minnesota & Federal Reserve Bank of Minneapolis) Additional information is available for the following registered author(s): Suparna Chakraborty Abstract This paper investigates the causes of business cycle fluctuations that Japan experienced over the period 1980 to 2000. To this end, I build a dynamic general equilibrium model with endogenous borrowing constraints where business cycle fluctuations are the result of TFP fluctuations and investment frictions. I identify land tax changes since 1984 as a possible source of investment frictions, the idea being that given a strong preference for debt-financing and widespread use of land as collateral in Japan, land tax changes will cause fluctuations in land price that can potentially affect output and investment by affecting borrowing capacity of firms. Calibrating the model using Japanese data and feeding in observed TFP and land taxes one by one and in unison, I find that TFP and land tax fluctuations can significantly account for observed fluctuations in output, but cannot account for land price fluctuations unless agents expect land tax changes to be permanent. I further identify redistribution of land holding between commercial and residential uses in response to land tax and TFP changes as an important channel through which the effect of these external fluctuations on output gets amplified. Observed data of land use in Japan provides evidence of such redistribution. Download Info To download: If you experience problems downloading a file, check if you have theproper application toview it first. Information about this may be containedin the File-Format links below. In case of further problems read the IDEAS helpfile . Note that these files are not on the IDEASsite. Please be patient as the files may be large. File URL: http://econwpa.wustl.edu:80/eps/mac/papers/0504/0504012.pdf File Format: application/pdf File Function: Download Restriction: no Publisher Info Paper provided by Economics Working Paper Archive EconWPA in its series Macroeconomics with number 0504012. Download reference. The following formats are available: HTML , plain text , BibTeX , RIS , ReDIF Length: 60 pages Date of creation: 06 Apr 2005 Date of revision: Handle: RePEc:wpa:wuwpma:0504012 Keywords: Real estate, borrowing constraint, business cycle, japan Note: Type of Document - pdf; pages: 60 Contact details of provider: Web page: http://econwpa.wustl.edu Order Information: For technical questions: (EconWPA). Related research Other versions of this item: Find related papers by JEL classification: E - Macroeconomics and Monetary Economics This paper has been announced in the following NEP Reports : NEP-ALL-2005-04-17 (All new papers) NEP-MAC-2005-04-20 (Macroeconomics) NEP-SEA-2005-04-18 (South East Asia) NEP-URE-2005-05-02 (Urban & Real Estate Economics) References listed on IDEAS Please report citation or reference errors to : Carlstrom, Charles T & Fuerst, Timothy S, 1997." Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis ," American Economic Review ,American Economic Association, vol. 87(5), pages 893-910. [Downloadable!] Other versions: Charles T. Carlstrom & Timothy S. Fuerst, 1996." Agency costs, net worth, and business fluctuations: a computable general equilibrium analysis ," Working Paper 9602, Federal Reserve Bank of Cleveland. [Downloadable!] Ryo Kato, 2002." Matlab code for the Carlstrom-Fuerst AER (1997) model ," QM&RBC Codes 112, Quantitative Macroeconomics & Real Business Cycles. [Downloadable!] V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 2002." Accounting for the Great Depression ," Working Papers 619, Federal Reserve Bank of Minneapolis. [Downloadable!] Other versions: V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 2003." Accounting for the Great Depression ," Quarterly Review ,Federal Reserve Bank of Minneapolis, issue Spr. [Downloadable!] V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 2002." Accounting for the Great Depression ," American Economic Review ,American Economic Association, vol. 92(2), pages 22-27. [Downloadable!] Dekle, Robert & Kletzer, Kenneth, 2003." The Japanese banking crisis and economic growth: Theoretical and empirical implications of deposit guarantees and weak financial regulation ," Journal of the Japanese and International Economies ,Elsevier, vol. 17(3), pages 305-335. [Downloadable!] Other versions: Robert Dekle & Kenneth Kletzer, 2003." The Japanese Banking Crisis and Economic Growth: Theoretical and Empirical Implications of Deposit Guarantees and Weak Financial Regulation ," Santa Cruz Center for International Economics, Working Paper Series 1002, Center for International Economics, UC Santa Cruz. [Downloadable!] Robert Dekle & Kenneth Kletzer, 2003." The Japanese Banking Crisis and Economic Growth: Theoretical and Empirical Implications of Deposit Guarantees and Weak Financial Regulation ," CIRJE F-Series CIRJE-F-225, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!] Bernanke, Ben & Gertler, Mark, 1989." Agency Costs, Net Worth, and Business Fluctuations ," American Economic Review ,American Economic Association, vol. 79(1), pages 14-31. [Downloadable!] Pedro Amaral & James C. MacGee, 2002." The Great Depression in Canada and the United States: A Neoclassical Perspective ," Review of Economic Dynamics ,Academic Press for the Society for Economic Dynamics, vol. 5(1), pages 45-72. [Downloadable!] Other versions: Pedro Amaral & James Macgee, 2002." Data Appendix to The Great Depression in Canada and the United States: A Neoclassical Perspective ," Technical Appendices amaral02, Review of Economic Dynamics. [Downloadable!] Michael D. Bordo & Christopher J. Erceg & Charles L. Evans, 1997." Money, sticky wages, and the great depression ," International Finance Discussion Papers 591, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!] Burnside, Craig & Eichenbaum, Martin & Rebelo, Sergio, 1993." Labor Hoarding and the Business Cycle ," Journal of Political Economy ,University of Chicago Press, vol. 101(2), pages 245-73. [Downloadable!] Other versions: Craig Burnside & Martin Eichenbaum & Sergio Rebelo, 1993." Labor Hoarding and the Business Cycle ," NBER Working Papers 3556, National Bureau of Economic Research, Inc. [Downloadable!] Michael D. Bordo & Christopher J. Erceg & Charles L. Evans, 1997." Money, sticky wages, and the Great Depression ," Working Paper Series, Macroeconomic Issues WP-97-2, Federal Reserve Bank of Chicago. [Downloadable!] Ben Bernanke & Mark Gertler, 1987." Financial Fragility and Economic Performance ," NBER Working Papers 2318, National Bureau of Economic Research, Inc. [Downloadable!] Other versions: Bernanke, Ben & Gertler, Mark, 1990." Financial Fragility and Economic Performance ," The Quarterly Journal of Economics ,MIT Press, vol. 105(1), pages 87-114. [Downloadable!] Takeo Hoshi & Anil Kashyap, 1999." The Japanese Banking Crisis: Where Did It Come From and How Will It End? ," NBER Working Papers 7250, National Bureau of Economic Research, Inc. [Downloadable!] Woo, David, 1999." In Search of "Capital Crunch" - Supply Factors Behind the Credit Slowdown in Japan ," IMF Working Papers 99/3, International Monetary Fund. [Downloadable!] McGrattan, Ellen R., 1996." Solving the stochastic growth model with a finite element method ," Journal of Economic Dynamics and Control ,Elsevier, vol. 20(1-3), pages 19-42. [Downloadable!] Other versions: Ellen R. McGrattan, 1993." Solving the stochastic growth model with a finite element method ," Staff Report 164, Federal Reserve Bank of Minneapolis. [Downloadable!] Bernanke, B. & Gertler, M., 1995." Inside the Black Box: The Credit Channel of Monetary Policy Transmission ," Working Papers 95-15, C.V. Starr Center for Applied Economics, New York University. Other versions: Ben S. Bernanke & Mark Gertler, 1995." Inside the Black Box: The Credit Channel of Monetary Policy Transmission ," NBER Working Papers 5146, National Bureau of Economic Research, Inc. [Downloadable!] Bernanke, Ben S & Gertler, Mark, 1995." Inside the Black Box: The Credit Channel of Monetary Policy Transmission ," Journal of Economic Perspectives ,American Economic Association, vol. 9(4), pages 27-48. [Downloadable!] Harold L. Cole & Lee E. Ohanian, 1999." The Great Depression in the United States from a neoclassical perspective ," Quarterly Review ,Federal Reserve Bank of Minneapolis, issue Win, pages 2-24. [Downloadable!] Backus, David K & Kehoe, Patrick J & Kydland, Finn E, 1992." International Real Business Cycles ," Journal of Political Economy ,University of Chicago Press, vol. 100(4), pages 745-75. [Downloadable!] Other versions: David K. Backus & Patrick J. Kehoe & Finn E. Kydland, 1991." International real business cycles ," Staff Report 146, Federal Reserve Bank of Minneapolis. [Downloadable!] Nobuhiro Kiyotaki & John Moore, 1995." Credit Cycles ," NBER Working Papers 5083, National Bureau of Economic Research, Inc. [Downloadable!] repec:fip:fedmqr:y:1999:i:wint:p:2-24:n:v.23no.1 is not listed on IDEAS anymore repec:nbr:nberre:1794 is not listed on IDEAS anymore Michael D. Bordo & Christopher J. Erceg & Charles N. Evans, 1997." Money, Sticky Wages, and the Great Depression ," NBER Working Papers 6071, National Bureau of Economic Research, Inc. [Downloadable!] Fullreferences Statistics Access and download statistics Did you know? About 450 journals are listed on RePEc . This page was last updated on 2005-12-27. This information is provided to you by IDEAS at UConn Economics using RePEc data

Texas Land Trusts Top

TPWD: News Release — Nov. 24, 2003/Texas Land Trusts Top 1-Million Mark in Acres Conserved Maincontent Local Navigation print friendly search Regulations Publications Outdoor Learning Kids Game Warden Grants Get Involved Shop FAQ Calendar Español Experience Texas Fishing & Boating State Parks & Destinations Hunting & Wildlife Land & Water Doing Business Home Land & Water Land Private Tltc News Articles Links: What's a Lone Star Land Steward? Preserving Texas's Cultural Heritage Turning Brownfields Green Private Landowners Wildlife/Agricultural Tax Exemption Nov. 24, 2003 Texas Land Trusts Top 1-Million Mark in Acres Conserved AUSTIN, Texas -- Private landowners working with Texas land trusts have now conserved more than 1,307,681 acres of land, according to new statistics from the Texas Land Trust Council. The new acreage total sets another record, an increase from last year’s record total of 995,122 acres, a figure roughly comparable to the size of the entire Texas State Parks system. There are 39 land trusts in Texas. Some are national organizations with active Texas chapters, such as The Nature Conservancy and the Trust for Public Land. But most are regional groups unique to Texas, such as the Katy Prairie Conservancy and the Valley Land Fund. “Land trusts have sometimes been behind-the-scenes players, working quietly but effectively to protect open space and wildlife habitat,” said Robert L. Cook, TPWD executive director. “But today the visibility and conservation role of land trusts in our state is growing. These organizations are increasingly important to private landowners who are looking for help to address our biggest threat to wildlife, which is loss of habitat.” According to the Natural Resource Conservation Service’s 1997 National Resources Inventory, Texas led the nation during the 1990s in converting rural prairies, forests and coastline into shopping centers and houses, farms and factories. Texas loses about 283 square miles of rural open space to development each year. Land trusts join ranchers and other landowners together to combat these threats, and they represent the fastest growing conservation movement today, according to Carolyn Vogel, who works with the Texas Land Trust Council at the Texas Parks and Wildlife Department. “With Texans searching for ways to address conservation at the local level, the number of land trusts has multiplied with 22 new land trusts established in Texas in the past 12 years,” she said. The Protected Lands Inventory Survey asked Texas land trust members about acres conserved in their operating area, conservation methods used, and conservation purposes such as providing wildlife habitat or protecting water quality. Lands conserved include cactus-studded deserts, mile-high mountains, sunny coasts and dense forests. “Today Texas has close to 21 million people,” said John Hamilton, Texas Land Trust Council board president. “In 25 years, the population is expected to grow by 50 percent to more than 30 million people. Our open spaces are under tremendous stress that is only going to multiply.” For a directory of Texas land trusts, plus information about tools such as conservation easements and links to other resources, see the Texas Land Trust Council Web pages ( http://www.tpwd.state.tx.us/landwater/land/private/tltc/ ). TH 11/24/2003 Contact Us | Help | Accessibility | Media | Site Policies | Complaints | Intranet | State of Texas | TRAILS Search | TexasOnline | Compact with Texans Texas Parks and Wildlife Department , 4200 Smith School Road, Austin, TX 78744 Toll Free: (800) 792-1112, Austin: (512) 389-4800 Content of this site © Texas Parks and Wildlife Department unless otherwise noted. Last modified: October 12, 2005, 12:46 pm

Home For Sale

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Real Estate Brokerage: A

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investment property abroad can

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