Titman, Sheridan; Nagano, Mamoru; Yeom, Dong-Ho - In: International Review of Finance 14 (2014) 1, pp. 105-139
We investigate determinants of household leverage in Japan, which did not experience the sharp rise in real estate prices and dramatic securitized mortgage market developments in the 2000s, and prove that these determinants are not universal. We employ household sample data collected during...