Reitaku University Academic Repository / 麗澤大学学術リポジトリ
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Structural and Temporal Changes in the Housing Market and Hedonic Housing Price Indices
Get PDFAn economic indicator faces two requirements. It should be timely reported and should not significantly be altered afterward to avoid erroneous messages. At the same time they should reflect changing market conditions constantly and appropriately. These requirements are particularly challenging for housing price indices, since housing markets are subject to large temporal/seasonal changes and occasional structural changes. In this study we estimate a hedonic price index of previously-owned condominiums of Tokyo 23 Wards from 1986 through 2006, taking account of seasonal sample selection biases and structural changes in a way it enables us to report the indexes timely which are not subject to change after reporting. Specifically, we propose an overlapping-period hedonic model (OPHM), in which a hedonic price index is calculated every month based on data in the “window” of a year ending this month (this month and previous eleven months). We also estimate hedonic housing price indexes under alternative assumptions: (i) no structural change (“structurally restricted”) and (ii) different structure for every moth (“structurally unrestricted”). Results suggest that the structure of the housing market, including seasonality, changes over time, and these changes occur continuously over time. It is also demonstrated that structurally restricted indices that do not account for structural changes involve a large time lag compared with indices that do account for structural changes during periods with significant price fluctuations
The Estimation of Owner Occupied Housing Indexes using the RPPI:The Case of Tokyo
Get PDFDramatic increases and decreases in housing prices have had an enormous impact on the economies of various countries. If this kind of fluctuation in housing prices is linked to fluctuations in the consumer price index (CPI) and GDP, it may be reflected in fiscal and monetary policies. However, during the 1980s housing bubble in Japan and the later U.S. housing bubble, fluctuations in asset prices were not sufficiently reflected in price statistics and the like. The estimation of imputed rent for owneroccupied housing is said to be one of the most important factors for this. Using multiple previously proposed methods, this study estimated the imputed rent for owner-occupied housing in Tokyo and clarified the extent to which the estimated imputed rent diverged depending on the estimation method. Examining the results obtained showed that, during the bubble’s peak, there was an 11-fold discrepancy between the Equivalent Rent Approach currently employed in Japan and Equivalent Rent calculated with a hedonic approach using market rent. Meanwhile, with the User Cost Approach, during the bubble period when asset prices rose significantly, the values became negative with some estimation methods. Accordingly, we estimated Diewert’s OOH Index, which was proposed by Diewert and Nakamura (2009). When the Diewert’s OOH Index results estimated here were compared to Equivalent Rent Approach estimation results modified with the hedonic approach using market rent, it revealed that from 1990 to 2009, the Diewert’s OOH Index results were on average 1.7 times greater than the Equivalent Rent Approach results, with a maximum 3-fold difference. These findings suggest that even when the Equivalent Rent Approach is improved, significant discrepancies remain
Reform of OTC Derivatives Regulations in the EU : The Implementation of Trade Repositories and the Tasks Ahead
Get PDFTrade repositories are key vehicles newly introduced in the EU legislation responsible for reporting obligations on OTC derivatives transactions. It is upon this information that competent authorities (ESMA and other national supervisory authorities within and/or outside of the EEA) are supposed to take appropriate policy measures to fulfill their duties on macro financial stability. Currently the European Commission is seeking further action for strengthening market monitoring and surveillance abilities under EMIR, adopted regulation, and MiFID accompanied with MiFIR, scheduled amendments in the coming year. This will be done by setting up trade depositories and introducing clearing obligations for OTC derivatives. This article discusses the current issues on trade repositories, including the ESMA agenda for implementation, legislative developments in the EC, market assessments and responses of market participants. It also recognizes tasks remaining toward full implementation and the implications of the introduction of trade repositories
異文化間ケアの現場におけるコミュニケーション：EPA 看護師候補者の事例から
Get PDF本研究では、経済連携協定(EPA)に基づいて看護師候補者として来日したフィリピン人ケアワーカーを対象に行った聞き取りデータから、彼女達が実際に経験したコミュニケーションの問題に焦点を当て、その中から５エピソードをピックアップし記述現象学的分析を試みた。その結果、ケアの現場における日常のコミュニケーションには、アイデンティティをめぐるストラグルが深く結びついていることがわかった。日本語がわからないせいで簡単な仕事さえも満足にできず、患者や同僚から信頼・尊重されていないと感じてしまう現在の自分と、来日前の有能な看護師だった自分とを比較し、そのギャップを埋めるために懸命に努力を重ねる外国人ケアワーカーたちの姿が見えてきた
