Abstract
This is the first study to apply to Japanese housing data the econometric analysis of piecewise-linear budget constraints arising from space-linked subsidized interest rates. The floor space demand model employed is the classical Hausman-type with random preferences and optimization errors. We estimate that if the Japan Housing Loan Corporation (JHLC) loan system operated like a private lending institution, it would eliminate the current excess burden per household of approximately 9% of the average JHLC credit subsidy of a home.
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