Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/230480
Authors: 
Horioka, Charles
Niimi, Yoko
Year of Publication: 
2020
Series/Report no.: 
ISER Discussion Paper No. 1075
Abstract: 
This paper shows, using data from the Family Income and Expenditure Survey, that housing credit has become increasingly available over time in Japan, especially since 2000, and that this has made it easier for Japanese households to purchase housing and enabled them to do so at an earlier age. However, it also shows that the greater availability of housing credit has increased households' housing loan repayment burden, which has resulted in their cutting back on their other consumption expenditures and created the potential for retirement insecurity. Another concern is that the increasing availability of housing credit has been accompanied by a pronounced shift from fixed-rate to variablerate housing loans. This is cause for concern given the low level of financial literacy that prevails among the Japanese population and the likelihood that interest rates on variablerate housing loans will be raised sooner or later as monetary policy is tightened.
Subjects: 
Homeownership
Housing credit
Housing loans
Mortgages
Householddebt
Household liabilities
JEL: 
D14
E21
R21
Document Type: 
Working Paper

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