This paper empirically examines the relationship between income risk and mortgage instrument choice among Japanese households. Since theoretical predictions about the impact of income risks on mortgage choice are mixed, it is important to investigate empirically whether or not risky households...

Japanese Public Corporations (PCs) provide low-interest housing mortgages. However, some households are credit rationed, limiting their access to the PC loan market. Rationed households borrow from commercial banks when debt demand exceeds PC credit limits. Therefore, commercial bank lending is...

Japanese households accumulate wealth for downpayments at a high rate. Therefore, current wealth plays an important role in home acquisition as public loans whose direct mortgage lending is a strong support for home purchasers. We estimate the wealth effect on private mortgage debt as well as...

ERES:conference