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Book/Printed Material Unlocking housing equity in Japan

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Title

  • Unlocking housing equity in Japan

Summary

  • "Prior literature on asset patterns among the elderly often overlooks housing wealth as a determinant of retiree wealth, particularly in the Japanese context. Yet releasing equity in housing may be a natural mechanism to boost consumption, reduce public pension liability, and mitigate the demand for long-term care facilities in Japan. Our study evaluates what might be needed to implement reverse mortgages (RMs) in this country. Policies could include exempting RMs from capital gains tax and transactions tax, along with mechanisms to make annuity income flows nontaxable, along with interest rate accruals for RMs. In addition, housing market reforms to enhance information flows would be needed, particularly regarding new and existing housing trades, which could permit the securitization of housing loans and lines of credit. Other improvements in capital markets could also help, including the establishment of reinsurance mechanisms to help lenders offer these reverse mortgages while having some protection against crossover risk. In the Japanese case, demand for RMs will be dampened by declining residential housing values as well as low interest rates and long life expectancies. Nevertheless, we conclude that RMs might be a good way to finance elderly consumption in Japan, particularly against the backdrop of governmental financial stringencies"--National Bureau of Economic Research web site.

Names

  • Mitchell, Olivia S.
  • Piggott, John (John R.)
  • National Bureau of Economic Research

Created / Published

  • Cambridge, MA : National Bureau of Economic Research, c2004.

Headings

  • -  Equity--Japan
  • -  Housing--Japan
  • -  Older people--Housing--Japan

Notes

  • -  Title from PDF file as viewed on 1/19/2005.
  • -  Includes bibliographical references.
  • -  Also available in print.
  • -  Mode of access: World Wide Web.
  • -  System requirements: Adobe Acrobat Reader.

Call Number/Physical Location

  • HB1

Digital Id

Library of Congress Control Number

  • 2005615774

Rights Advisory

  • This is non-restricted, fully open content that may be accessed on and off of the Library of Congress campus, with no restrictions, by an unlimited number of users

Access Advisory

  • Unrestricted online access

Online Format

  • image
  • pdf

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Citations are generated automatically from bibliographic data as a convenience, and may not be complete or accurate.

Chicago citation style:

Mitchell, Olivia S, John Piggott, and National Bureau Of Economic Research. Unlocking housing equity in Japan. Cambridge, MA: National Bureau of Economic Research, 2004. Pdf. https://aj.sunback.homes/item/2005615774/.

APA citation style:

Mitchell, O. S., Piggott, J. & National Bureau Of Economic Research. (2004) Unlocking housing equity in Japan. Cambridge, MA: National Bureau of Economic Research. [Pdf] Retrieved from the Library of Congress, https://aj.sunback.homes/item/2005615774/.

MLA citation style:

Mitchell, Olivia S, John Piggott, and National Bureau Of Economic Research. Unlocking housing equity in Japan. Cambridge, MA: National Bureau of Economic Research, 2004. Pdf. Retrieved from the Library of Congress, <aj.sunback.homes/item/2005615774/>.