沓澤 隆司

The inhabitants' concern for high education is rising, and they are likely to live in the school area with high school score. The demand of residential land with high score is rising and causes the rise of land price. It is necessary to inspect whether test scores influence land price of the neighborhood. In this study, I get the data of the test score of preparatory school in Tokyo and analyzed the influence of test score on land price by using panel data analysis and instrument variables. As a result, I conclude that high test score bring about high residential land price. The improvement of test score per standard deviation adds 0.17 % to land price.

After the reform of the Government Housing Loan Corporation (GHLC) in 2001, various types of housing loan have been supplied and adjustable rate loan and short time fixed rate loan is increasing in Japan. This paper examines how the mortgage choice between the adjustable rate loan (ARM; including short time fixed rate loan) and the fixed rate loan (FRM) is done and how the change of interest rate influences the choice and the demand for housing. We obtain the results that the mortgage choice is influenced not only by the difference between the rate of FRM and that of ARM but also risk aversion and that the housing demand is decreasing by about 1.63% if ARM rates are raised by 1%.

This paper examines how mortgage prepayment, refinancing and delay of payment occur by proportional hazard model and multinominal-logit model and makes the comparison of the models between the adjustable rate loan (ARM; including short time fixed rate loan) and the fixed rate loan (FRM) and estimate the effects on the prepayment and delay by interest rates and income. The results indicate that the mortgage prepayment and refinancing is influenced by the difference between the rate of FRM and that of ARM and borrowers' characteristics such as risk aversive attitude. Borrowers, for example tend to prepay FRM and change their FRM into ARM when housing loan rate is dropping and risk aversive borrowers tend to change ARM into FRM. The results also show that delay of payment is caused by loan to value and income to payment.