HOME HELP FEEDBACK SUBSCRIPTIONS ARCHIVE SEARCH TABLE OF CONTENTS		QUICK SEARCH:   [advanced] Author: Keyword(s): Year:  Vol:  Page:

This Article Abstract Full Text (PDF) Alert me when this article is cited Alert me if a correction is posted Citation Map Services Email this article to a friend Similar articles in this journal Alert me to new issues of the journal Download to citation manager Citing Articles Citing Articles via Google Scholar Google Scholar Articles by Sanjuán, A. I. Articles by Shigeto, S. Search for Related Content

Rents and Land Prices in Japan: A Panel Cointegration Approach

	Abstract

TOP Abstract References

 
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 show 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)

	References

TOP Abstract References

 

Burt, O. R. 1986. "Econometric Modeling of the Capitalization Formula for Farmland Prices". American Journal of Agricultural Economics 68 (1): 10–26.[Abstract/Free Full Text]

Canning, D., and P. Pedroni 2008. "Infrastructure, Long Run Economic Growth and Causality Tests for Cointegrated Panels". Manchester School 76 (5): 504–27.

Egaitsu, N., and S. Shogenji 1995. A New Proposal for Enrichment of Japan’s Agricultural Industry [in Japanese]. Tokyo: Ieno Hikari Association.

Engle, R. F., and C. W. J. Granger 1987. "Cointegration and Error Correction: Interpretation, Estimation and Testing". Econometrica 66 (2): 251–76.

Falk, B. 1991. "Formally Testing the Present Value Model of Land Prices". American Journal of Agricultural Economics 73 (1): 1–10.[Medline]

Featherstone, A. M., and T. G. Baker 1987. "An Examination of Farm Sector Real Asset Dynamics". American Journal of Agricultural Economics 69 (3): 532–46.[Abstract/Free Full Text]

Godo, Y. 1998. "Agricultural Land Issues and Japanese Agriculture." In Economic Analysis of Agricultural Problems [in Japanese], eds. M. Okuno and M. Honma Tokyo: Nihon Keizai Shimbun.

Godo, Y. 2006. Food and Agriculture in Japan [in Japanese]. Tokyo: NTT Publishing Co. Ltd.

Godo, Y. 2007. The Puzzle of Small Farming in Japan. Asia Pacific Economic Papers No. 365. Canberra: Australia-Japan Research Centre, Australian National University.

Gutierrez, L., J. Westerlund, and K. Erickson 2007. "Farmland Prices, Structural Breaks and Panel Data". European Review of Agricultural Economics 34 (2): 161–79.[Abstract/Free Full Text]

Honma, M. 1994. Political Economy of Agricultural Problems [in Japanese]. Tokyo: Nihon Keizai Shimbun, Inc.

Japan Real Estate Institute. 2003. Survey on Farmland Prices and Farm Rents . Tokyo: JREI.

Johansen, S., R. Mosconi, and B. Nielsen 2000. "Cointegration Analysis in the Presence of Structural Breaks in the Deterministic Trend". Econometrics Journal 3 (2): 216–49.

Koppel, B. and D. Y. Kim, eds. 1993. Land Policy Problems in East Asia: Toward New Choices—A Comparative Study of Japan, Korea and Taiwan . Honolulu, HI: East-West Center; and Kyounggi-Do, Republic of Korea: Korea Research Institute for Human Settlements.

Kusakari, H. 1998. "Japanese Rice Farming and the Development of Rice Policy." In Economic Analysis of Agricultural Problems [in Japanese], ed. M. Okuno and M. Honma, 115–41. Tokyo: Nihon Keizai Shimbun.

Kwiatkowski, D., P. C. B. Phillips, P. J. Schmidt, and Y. Shin 1992. "Testing the Null Hypothesis of Stationarity against the Alternative of a Unit Root". Journal of Econometrics 54 (4): 159–78.

Lence, S. H., and D. J. Miller 1999. "Transactions Costs and the Present Value Model of Farmland: Iowa, 1900–1994". American Journal of Agricultural Economics 81 (2): 257–72.[Abstract/Free Full Text]

Lloyd, T. A. 1994. "Testing Present Value Model of Agricultural Land Values". Oxford Bulletin of Economics and Statistics 56 (2): 209–23.

Lloyd, T. A., A. J. Rayner, and C. D. Orme 1991. "Present-Value Models of Land Prices in England and Wales". European Review of Agricultural Economics 18 (2): 141–66.[Abstract/Free Full Text]

Pedroni, P. 2001. "Purchasing Power Parity Tests in Cointegrated Panels". Review of Economics and Statistics 83 (4): 727–31.

Pedroni, P. 2002. "Fully Modified OLS for Heterogeneous Cointegrated Panels." In Recent Developments in the Econometrics of Panel Data , ed. B. H. Baltagi, Chap. 20. Cheltenham: Edward Elgar.

Shigeto, S., L. J. Hubbard, and P. J. Dawson 2008. "On Farmland Prices and Rents in Japan". Agricultural Economics 39 (1): 103–9.

Westerlund, J. 2006. "Testing for Panel Cointegration with Multiple Structural Breaks". Oxford Bulletin of Economics and Statistics 68 (1): 101–32.

Westerlund, J., and D. L. Edgerton 2007. "A Panel Bootstrap Cointegration Test". Economic Letters 97 (3): 185–90.

This Article Abstract Full Text (PDF) Alert me when this article is cited Alert me if a correction is posted Citation Map Services Email this article to a friend Similar articles in this journal Alert me to new issues of the journal Download to citation manager Citing Articles Citing Articles via Google Scholar Google Scholar Articles by Sanjuán, A. I. Articles by Shigeto, S. Search for Related Content