令和元年度 第8回 近畿大学経済研究会 12/11開催
日 時：令和元年12月11日（水） 16：45～18：15
場 所：B館 10階 MM会議室（マルチメディア会議室）
講演者：山崎 潤一（神戸大学大学院経済学研究科 助教）
論 題：From Samurai to Skyscrapers:How Historical LotFragmentation Shapes Tokyo
論文の概要：Skyscrapers can enhance agglomeration benefits, but the construction of a tall building involves a large footprint. Assembling fragmented lots to construct tall buildings may not be achieved in the presence of transaction costs. We study how lot fragmentation shapes urban development in the long run. We exploit Tokyo's unique land-use history as a natural experiment that induced variations in lot size. Before the Meiji Restoration of 1868, 20\% of the land in the central Tokyo was occupied by local lords' estates (Daimyo Yashiki), with a much larger lot size compared with other areas. After 1868, local lords were forced to release their estates to the private market. We find that, today, the areas with a higher share of local lords' estates before 1868 have a larger average lot size, taller buildings, more floor space, and higher land prices. Moreover, the effects are present in our spatial regression discontinuity design, which exploits a historical zoning boundary for local lords' estates. By contrast, before WWII, local lords' estates had larger lots but lower land prices. The relationship between land prices and the number of lots today is present only in business areas, and when the number of lots is relevant for the footprint of skyscrapers. Our results cannot be explained by land regulations, transportation infrastructure, or bombings during WWII. Together, these results suggest that the cost of lot fragmentation increases with the rise of the knowledge economy and the development of construction technology.