Reitaku University Academic Repository / 麗澤大学学術リポジトリ
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An Empirical Analysis of Consumer Behaviors in Chinese Urban Areas
Get PDFUsing the model specification of Deaton-Muelbauer (1980), this empirical study analyzes two data sets, viz., a time series aggregated data on Chinese urban household disposable income and consumption expenditure on eight major items from 1992 to 2012 and a cross-sectional data collected from a questionnaire survey conducted in Beijing, Shanghai, Tianjin and Qingdao (BSTQ) with regard to isposable income and consumption expenditure in eight major items.
The analytical results of marginal propensity to consume suggest that in order to stimulate domestic private consumption in China, policy interventions in higher income groups, preferably on disposable income less than 67,000RMB are desirable. From the findings, it is interesting to note that notwithstanding that the provision of education is free from primary school to junior high school, the respondents from BSTQ with disposable income higher than 67,000RMB seem to emphasize on the quality of education of their children. In addition, the findings also suggest that policy for the provision of affordable housing in Chinese urban areas will need to focus on disposable income level of less than 67,000RMB. From the empirical evidences, the disposable income level of 26,000-48, 000RMB is not high enough to pay for adequate attention on medical and health services. Although the provision in medical and health services in China but it is a luxury item for the people in lower income group.
Regarding the compensated own-price elasticity of demand in lower income groups, the results showthat demand of “ food, ” “ clothing ” and “ medical ” is influenced positively by the changes in prices. It is worth noting that the rise in disposable income has a negative influence on “housing” for disposable income below 67,000RMB but it has a positive influenced for higher disposable income that is above 92,000RMB. Similarly, the demand for “medical” and “education and culture” also positively correlated to the rise of disposable income particularly for disposable income above 92,000RMB. Cross-price elasticity of demand of one expenditure item with another changes accordingly with the level of disposable income. A pair of net complementary goods changes to a pair of net substitute goods (e. g., “clothing” and “housing,” “housing” and “food”). Additionally this shift is also apparent with the rise of disposable income (e. g., “medical” and “housing”). The reverse, viz., the shift from a pair of net substitute goods to a pair of net complementary goods also occur (e. g., “housing” and “education”, “education” and “food”) when the disposable income increased
The Role of Real Estate Investment in a Portfolio for Investors with Various Risk Tolerances
Get PDFThis paper explores the role of real estate within a multi-asset class portfolio, assuming investors with different risk tolerances. Although the degree of diversification benefit varies by level of risk tolerance, it is proven that the asset class plays an important role as a risk diversifier within the portfolio especially in a period of financial turmoil
Dynamic optimization of real estate investment in the long-term portfolio selection considering illiquidity risk
Get PDFExisting studies pointed out that illiquidity of real estate operation in the long-term portfolio selection is caused mainly by three factors: non-i.i.d. characteristics of real estate return, high transaction cost and time-on-market (TOM). This paper explored a method of dynamic optimization of real estate investment in the long-term portfolio selection considering illiquidity risk especially from a view of high transaction cost. As a result it was found that the method of dynamic programming is useful for such a purpose as flexible simulation of illiquidcharacteristic dynamic system, and that level-holding of real estate is the best solution for real estate investment in some instances under the situation of risk-averting-investment. And also the method seems to have potential to incorporate non-i.i.d. characteristics and TOM
Analysis of policy options to address Japanʼs declining population, shrinking birthrate, and aging society
Get PDFBased on an analysis of the housing market, this study measures how Japanʼ s declining population and aging society influences its economic system in order to clarify empirically the effects of various policies to address these issues. Specifically, we simulate the decline in housing asset prices brought about by these population changes by 2040 and estimates the effects of three policies designed to suppress this decline: a) accepting more immigrants, b) raising the retirement age, and c) promoting the social advancement of women. The results obtained show that a) staving off the decline in asset prices would be impossible unless 40 million working-age immigrants were encouraged to migrate to Japan by 2040, that b) raising the retirement age to 70 or 75 would have a significant effect on maintaining residential price, and that c) promoting the social advancement of women would not have a significant effect despite incurring considerable social costs. We also extend our empirical model to a multinational-level data and show that some of the largest economies, such as China and Germany, would experience the aging of society in the next 30 years and those demographic changes will negatively impact on residential prices like Japan. This indicate that the findings of this study offer numerous suggestions not only for Japan but also for European and other Asian countries whose societies are expected to age at a greater rate in the future
日中における仙人像の差異について
Get PDF仙人とは捉えどころのない言葉である。神や仏と同様に超越的な存在を表す言葉ではあるが、神や仏に比べ、その範疇は曖昧で定義し難い言葉である。中国において仙人は道教と深く結びついた存在である。しかし、仙人は道教の定着していない日本においても身近な存在である。但し、中国と日本では同じ仙人という言葉を使ってはいても、その言葉が指し示す存在は同じであるとは限らない。中国と日本では異なった仙人像が形成されている
