Issues in securitization of real estate under the Japanese economy in transition

Since the end of the Bubble Economy of 1992, Japan has been suffering from the severest and the longest lasting recession it has experienced in the 50 years following the World War II. In this thesis, the true implications of real estate securitization and its potential contribution to the recovery of the Japanese economy are examined. Repairing real estate market is one of the keys to reversing the economic downtrend. The results show that real estate securitization will contribute significantly to the effort to save the Japanese economy. However, it is important to reform the practices, systems, and infrastructure of the real estate market to carry out successful securitization. The major positive implications of real estate securitization include diversification of financing and investment opportunities, the reduction of liquidity risk of real estate, the expansion of the real estate market by increasing the numbers of transactions, promotion of direct financing rather than indirect, use of widened techniques for managing Japanese individual assets, the identification of new business opportunities, and finally, by promotion of reform of a land evaluation method to meet a global standard.

Department dc:contributor.department

Massachusetts Institute of Technology. Department of Urban Studies and Planning

Grantor dc:publisher

Massachusetts Institute of Technology

Year dc:date.issued

1999

Author dc:creator

• Ando, Megumi, 1973-

Advisor dc:contributor.advisor

• Frank Levy.

• Urban Studies and Planning

Statement dc:rights

• M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission.

Licence dc:rights.uri

• http://dspace.mit.edu/handle/1721.1/7582

Language dc:language.iso

eng

Handle dc:identifier.uri

http://hdl.handle.net/1721.1/62939

OAI identifier oai:identifier

oai:dspace.mit.edu:1721.1/62939