PT  - JOURNAL ARTICLE
AU  - Ana I. Sanjuán
AU  - Philip J. Dawson
AU  - Lionel J. Hubbard
AU  - Sawako Shigeto
TI  - Rents and Land Prices in Japan: A Panel Cointegration Approach
AID  - 10.3368/le.85.4.587
DP  - 2009 Nov 01
TA  - Land Economics
PG  - 587--597
VI  - 85
IP  - 4
4099  - http://le.uwpress.org/content/85/4/587.short
4100  - http://le.uwpress.org/content/85/4/587.full
SO  - Land Econ2009 Nov 01; 85
AB  - 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)