HIT-REFINED Hitotsubashi Project on Real Estate, Financial Crisis, and Economic Dynamics


[ Working Paper Series | Publications ]

Working Paper Series

No. Name Title Date
67 Takayuki Mizuno
Takaaki Ohnishi
Tsutomu Watanabe
Stock market bubble detection based on the price dispersion among similar listed Firms 2017.4
66 Makoto Hazama
Iichiro Uesugi
Measuring the Systemic Risk in Interfirm Transaction Networks 2017.2
65 Yoshihiro Tamai
Chihiro Shimizu
Kiyohiko G. Nishimura
Aging and Property Prices: A Theory of Very Long Run Portfolio Choice and Its Predictions on Japanese Municipalities in the 2040s 2017.1
64 Chihiro Shimizu 空き家ゾンビは何人いるのか? -官民連携による空き家対策の進め方- (in Japanese) 2016.12
63 Tomohiro Hirano
Noriyuki Yanagawa
Asset Bubbles, Endogenous Growth, and Financial Frictions 2016.10
62 Takeshi Mizuta, Chihiro Shimizu
Iichiro Uesugi
How Inheritance Affects the Real Estate Market in an Aging Economy: Evidence from Transaction and Registry Data 2016.10
61 Tokuo Iwaisako, Arito Ono
Amane Saito, Hidenobu Tokuda
Impact of population aging on household savings and portfolio choice in Japan 2016.9
60 Takayuki Mizuno, Takaaki Ohnishi
Tsutomu Watanabe
Power law in market capitalization during Dot-com and Shanghai bubble periods 2016.7
59 Chihiro Shimizu Another Real Estate Bubbles? Past, Present and Future of the Real Estate Market (in Japanese) 2016.5
58 Hiroyasu INOUE, Kentaro NAKAJIMA
Yukiko Umeno SAITO
Localization of Collaborations in Knowledge Creation 2016.3
57 Daisuke Fujii, Kentaro Nakajima
Yukiko Umeno Saito
Determinants of Industrial Coagglomeration and Establishment-level Productivity 2016.3
56 Hirofumi Uchida, Iichiro Uesugi
Arito Ono, Kaoru Hosono
Daisuke Miyakawa
Financial Procurement of Firms in the Earthquake-hit Areas (in Japanese) 2016.3
55 Iichiro Uesugi, Hirokazu Ishise
Kentaro Nakajima, Hideaki Hirata
Kaoru Hosono, Daisuke Miyakawa
Capital Investment, Relocation, and Supply Chains of Firms in the Earthquake-hit Areas (in Japanese) 2016.3
54 Masahiko Egami, Kaoru Hosono How the Capital Market Evaluates the Risk of Securitize Assets: A Case of J-REIT (in Japanese) 2016.3
53 Makoto Hazama, Kaoru Hosono
Iichiro Uesugi
The Effect of Real Estate Prices on Banks’ Lending Channel 2016.3
52 Daisuke Miyakawa, Chihiro Shimizu
Iichiro Uesugi
Geography and Realty Prices: Evidence from International Transaction-Level Data 2016.3
51 Iichiro Uesugi, Hikaru Fukanuma
Arito Ono, Xu Peng
Tsuruta Daisuke, Tadanobu Nemoto
Daisuke Miyakawa, Yukihiro Yasuda
Nobuyoshi Yamori, Wako Watanabe
Hiromichi Iwaki
A Summary of the Survey on Firms’ Financial Conditions after the Expiration of the Financial Facilitatio (in Japanese) 2016.3
50 Daisuke Miyakawa, Kaoru Hosono
Taisuke Uchino, Arito Ono
Hirofumi Uchida, Iichiro Uesugi
Financial Shocks and Firm Exports: A Natural Experiment Approach with a Massive Earthquake 2016.3
49 Ryo Itoh, Kentaro Nakajima Impact of supply chain network structure on FDI: Theory and evidence 2016.3
48 Hiroyasu INOUE, Kentaro Nakajima
Yukiko Umeno SAITO
Innovation and collaboration patterns between research establishments 2016.3
47 Hiroyasu INOUE, Kentaro Nakajima
Yukiko Umeno SAITO
Localization of Knowledge-creating Establishments 2016.3
46 Kentaro Nakajima, Yukiko Umeno Saito
Iichiro Uesugi
The Localization of Inter rm Transaction Relationships and Industry Agglomeration 2016.3
45 Yoshifumi Tahira, Takayuki Mizuno Amount of news before stock market fluctuations 2016.3
44 Jiro Yoshida Structure Depreciation and the Production of Real Estate Services 2016.3
43 Arito Ono, Kosuke Aoki
Shinichi Nishioka, Kohei Shintani
Yosuke Yasui
Long-term interest rates and bank loan supply: Evidence from firm-bank loan-level data 2016.3
42 Mitsukuni Nishida First-Mover Advantage through Distribution: A Decomposition Approach 2016.2
41 Arito Ono, Hirofumi Uchida
Gregory F. Udell, Iichiro Uesugi
Lending Pro-Cyclicality and Macro-Prudential Policy: Evidence from Japanese LTV Ratios 2016.2
40 Arito Ono, Yukiko Saito
Koji Sakai, Iichiro Uesugi
Does Geographical Proximity Matter in Small Business Lending? Evidence from Changes in Main Bank Relationships 2016.2
39 Iichiro Uesugi, Koji Sakai Credit Reallocation in Japan (in Japanese) 2016.2
38 Takayuki Mizuno, Takaaki Ohnishi
Tsutomu Watanabe
Structure of global buyer-supplier networks and its implications for conflict minerals regulations 2016.2
37 Takayuki Mizuno, Takaaki Ohnishi
Tsutomu Watanabe
The structure of global inter- firm networks 2016.2
36 Tomohiro Hirano, Noriyuki Yanagawa Asset Bubbles, Endogenous Growth, and Financial Frictions 2016.2
35 Chihiro Shimizu, Satoshi Imai
Erwin Diewert
Alternative Approaches to Housing Services and Japanese CPI: -Bias from Nominal Rigidity of Rents- 2016.2
34 Chihiro Shimizu, Koji Karato Property Price Index Theory and Estimation: A Survey 2016.2
33 Chihiro Shimizu, Yongheng Deng
Yasuhito Kawamura, Kiyohiko Nishimura
Analysis of policy options to address Japan’s declining population, shrinking birthrate, and aging society 2016.2
32 W. Erwin Diewert, Chihiro Shimizu Hedonic Regression Models for Tokyo Condominium Sales 2016.2
31 Kiyohiko G. Nishimura Three “Seismic Shifts” in the Global Economy and Policy Challenges 2016.1
30 Makoto Hazama, Iichiro Uesugi Heterogeneous Impact of Real Estate Prices on Firm Investment 2015.10
29 Yoshiaki Ogura, Ryo Okui
Yukiko Umeno Saito
Network-Motivated Lending Decisions 2015.10
28 Thomas Lambert Lobbying on Regulatory Enforcement Actions: Evidence from Banking 2015.6
27 Mathias Hoffmann, Iryna Stewen Holes in the Dike: the global savings glut, U.S. house prices and the long shadow of banking deregulation 2015.6
26 CHRISTHOPH BASTEN, CATHÉRINE KOCH Higher Bank Capital Requirements and Mortgage Pricing: Evidence from the Countercyclical Capital Buffer (CCB) 2015.6
25 Teng Wang Bank Entry Mode, Labor Market Flexibility and Economic Activity 2015.6
24 Viral V. Acharya, Björn Imbierowicz
Sascha Steffen, Daniel Teichmann
Does Lack of Financial Stability Impair the Transmission of Monetary Policy? 2015.6
23 Mary M. Everett International liquidity and the European sovereign debt crisis: Was euro area unconventional monetary policy successful? 2015.6
22 Martin Brown, Ralph De Haas
Vladimir Sokolov
Regional Inflation and Financial Dollarization 2015.6
21 Andrea Bellucci, Alexander Borisov
Germana Giombini, Alberto Zazzaro
Collateral and Local Lending: Testing the Lender-Based Theory 2015.6
20 Charles W. Calomiris, Mauricio Larrain
José Liberti, Jason Sturgess
How Collateral Laws Shape Lending and Sectoral Activity1 2015.6
19 Tomohiro Hirano, Masaru Inaba
Noriyuki Yanagawa
Asset Bubbles and Bailouts (Forthcoming in Journal of Monetary Economics) 2015.5
18 Iichiro Uesugi, Hirofumi Uchida
Hiromichi Iwaki
How non-collateralized loans affect firms’ credit availability and performance: Evidence from a program by a government-affiliated financial institution (in Japanese) 2015.4
17 Tokuo Iwaisako, Arito Ono
Amane Saito, Hidenobu Tokuda
Residential Property and Household Stock Holdings: Evidence from Japanese Micro Data (in Japanese) 2014.12
16 Iichiro Uesugi, Makoto Hazama
Kaoru Hosono
“Bank Lending Channel of Real Estate Prices” (in Japanese) 2014.12
15 Hirofumi Uchida, Daisuke Miyakawa
Iichiro Uesugi, Arito Ono
Kaoru Hosono
“Collateral Value and Financial Constraint: Analysis Using Corporate Data after the Tohoku Earthquake” (in Japanese) 2014.12
14 Iichiro Uesugi, Hirofumi Uchida
Yuta Mizusugi
“Effects of Transaction Relationships with Japan Finance Corporation on Firm Performance” (in Japanese) 2014.9
13 Erwin W. Diewert, Kevin J. Fox
Chihiro Shimizu
”Commercial Property Price Indexes and the System of National Accounts” 2014.9
12 Chihiro Shimizu ”How Are Property Investment Returns Determined?∗” 2014.9
11 Arito Ono, Daisuke Miyakawa
Kaoru Hosono, Hirofumi Uchida
Taisuke Uchino, Iichiro Uesugi
”Transaction Partners and Firm Relocation Choice: Evidence from the Tohoku Earthquake*” 2014.9
10 Hirofumi Uchida, Daisuke Miyakawa
Kaoru Hosono, Arito Ono
Taisuke Uchino, Iichiro Uesugi
Natural Disaster and Natural Selection 2014.9
9 Chihiro Shimizu, Shinya Yasumoto
Yasushi Asami, Terry Nichols Clark
”Do Urban Amenities Drive Housing Rent?∗” 2014.9
8 Erwin Diewert, Chihiro Shimizu ”Alternative Approaches to Commercial Property Price Indexes for Tokyo” 2014.9
7 Franz Fuerst, Chihiro Shimizu ”Green Luxury Goods? The Economics of Eco-Labels in the Japanese Housing Market∗” 2014.9
6 Arito Ono, Iichiro Uesugi ”SME Financing in Japan during the Global Financial Crisis: Evidence from Firm Surveys” 2014.2
5 SK Wong, KW Chau
K Karato, C Shimizu
”Separating the Age Effect from a Repeat Sales Index: Land and Structure Decomposition” 2013.12
4 Erwin Diewert, Chihiro Shimizu ”A Conceptual Framework for Commercial Property Price Indexes” 2013.12
3 Erwin Diewert, Chihiro Shimizu ”Residential Property Price Indexes for Tokyo” 2013.12
2 Yumi Saita, Chihiro Shimizu
Tsutomu Watanabe
”Aging and Real Estate Prices:Evidence from Japanese and US Regional Data” 2013.12
1 Kaoru Hosono, Daisuke Miyakawa ”Do Bank Shocks Affect Firm Activities? A Survey” 2013.11


No. Name Title Date
2 David Geltner, Chihiro Shimizu
Koji Karato, Hirofumi Uchida
Daisuke Miyakawa, Iichiro Uesugi
Arito Ono, Kaoru Hosono
Tokuo Iwaisako, Amane Saito
Hidenobu Tokuda, Makoto Hazama
“Real Estate Market and the Macro Economy ”(in Japanese) Click here for more information 2015.7
1 WATANABE Tsutomu, UESUGI Iichiro
ONO Arito
“The Economics of Interfirm Networks” Click here(Springer) for more information 2015.6
[ Working Paper Series | Publications ]