Rents and Land Prices in Japan: A Panel Cointegration Approach
用面板协整方法研究日本农地租金与价格的关系，发现存在结构性断点使租价比上升，价格引导租金，市场无效。
The Japanese farmland market is strongly regulated, although partial deregulation and decentralization are evident. This paper examines the relationship between farmland rents and prices in Japan using recent panel cointegration methods, which admit structural breaks. Results show the presence of a cointegrating relationship with significant breaks that increased the rent/price ratio by 9% in 1967 and by 15% in 1980; prices cause rents, which supports an institutional rent-formation hypothesis; and the farmland market is inefficient. <i></i>