Abstract
AbstractThe problem of land with unknown ownership is becoming increasingly evident with Japan’s declining population, low birth rate and aging population. This paper examines the need for the titling system using perspectives from economics and considers what sorts of titling system works for which types of society and looks at ways to deal with the problem of land with unknown ownership. A series of previous researches such as Miceli et al. (Eur J Law Econ 6:305–323, 1998; J Urban Econ 47:370–389, 2000) categorize the titling systems used in many advanced countries as either registration systems or recording systems. In terms of broad categorization Japan’s titling system is categorized as a recording system. However, since the details of registered information are confirmed through various registration procedures, the system also has aspects that resemble a registration system. This can be interpreted as having selected the titling system’s strength that considerably lowers the level of litigation risk. In that case, transaction costs become very high. This could be the cause of the excessively small current level of Japanese real estate transactions. Furthermore, the result of selecting the recording system in Japan, which is a system with a very high strength, could explain why nobody takes insurance to cover the risk of title litigation. In Japan, it is highly likely that the full-fledged population decline, low birth rate and aging population will lower the profitability of land. In that case, a titling system with low strength is likely to be the best for society as indicated in the analysis above.
Highlights
The problem of land with unknown ownership has become a hot topic
Taking into consideration an increase in lands without readilyidentifiable owners due to a decline in population, examination on mid- and long-term issues including the registration system and the current state of land ownership will be swiftly initiated at relevant councils, etc., and results of the examination shall be reported to the Council on Economic and Fiscal Policy
A series of previous researches such as Miceli et al (1998, 2000) categorize the titling systems used in many advanced countries as either registration systems or recording systems and economic evaluations have been conducted for the two systems
Summary
The problem of land with unknown ownership has become a hot topic. The ‘Basic Policies for Economic and Fiscal Management and Reform 2017’ state, ‘Lands without readily-identifiable owners have been addressed as a common agenda when implementing public works projects and consolidating agricultural and forest lands. With the goal of proper utilization and management of these lands according to the conditions of individual areas, the relevant Ministries and Agencies will together examine the clarifying the requirements for agreement on managing common properties, establish a new system that enables a wide range of public use in response to local needs through the involvement of public bodies, and create measures to eliminate lands of which inheritance registration has not been made for a long term. They will aim at submitting a necessary bill to the ordinary session of the Diet.
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