Impacts of high-speed rail construction on land prices in urban agglomerations: Evidence from Kyushu in Japan

High-speed rail integrates regions and cities, and thus can possibly have significant impacts on the distribution of economic activities. Using the opening and extensions of a high-speed rail, Shinkansen, in Kyushu, Japan, we examine its effects on land prices in urban agglomerations, which would re...

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Bibliographic Details
Published in:Journal of Asian economics 2021-10, Vol.76, p.101364, Article 101364
Main Authors: Okamoto, Chigusa, Sato, Yasuhiro
Format: Article
Language:English
Subjects:
Agglomerations
Hedonic approach
High-speed rail
Land price
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Summary:High-speed rail integrates regions and cities, and thus can possibly have significant impacts on the distribution of economic activities. Using the opening and extensions of a high-speed rail, Shinkansen, in Kyushu, Japan, we examine its effects on land prices in urban agglomerations, which would reflect changes in the distribution of economic activities across urban agglomerations. We estimate hedonic price equations to conduct a difference-in-differences analysis. We find that the large metropolitan areas gained from the high-speed rail by experiencing increases in land prices, whereas small metropolitan areas located between them lost by experiencing decreased land prices. However, such positive effects are shown to be limited to areas close to Shinkansen stations.
ISSN:1049-0078
1873-7927
DOI:10.1016/j.asieco.2021.101364