|
on Urban and Real Estate Economics |
| By: | Nadine LEVRATTO (EconomiX, CNRS, University of Paris Ouest Nanterre, La Défense, Centre d’Etudes de l’Emploi, Kedge Business School) |
| Abstract: | This paper seeks to shed some light on the influence that the characteristics of the local context in a given area and in adjacent ones exert on the entrepreneurial process. In order to make a distinction between the purely local factors and the role played by the neighbourhood, we mobilize the so-called Exploratory spatial data analysis which determines the degree of spatial dependence and its consequence on entry rate. We empirically address this question by considering the case of French employment areas from 2006 to 2010 using spatial econometric models adapted to panel data. Our results show that financial, material, human and organisational resources locally available are far from being the unique geographical determinants of firm creation. Instead, the entry rate in a given area also strongly depends on the propensity to create firms in the adjacent places. Spillover effects taking their origin in adjacent areas should thus be considered in explaining the local determinants of firm creation. |
| Keywords: | Firm creation, spatial dependence, spatial matrix |
| JEL: | L26 R11 C21 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:rii:rridoc:40&r=ure |
| By: | Carlos AZZONI; Raul SILVEIRA-NETO |
| URL: | http://d.repec.org/n?u=RePEc:ekd:000238:23800008&r=ure |
| By: | Efthymios Pavlidis; Alisa Yusupova; Ivan Paya; David Peel; Enrique MartÃnez-GarcÃa; Adrienne Mack; Valerie Grossman |
| Abstract: | The detection of explosive behavior in house prices and the implementation of early warning diagnosis tests are of great importance for policy-making. This paper applies the GSADF test developed by Phillips et al. (2012) and Phillips et al. (2013), a novel procedure for testing, detection and date-stamping of explosive behavior, to the data from the Dallas Fed International House Price Database documented in Mack and MartÃnez-GarcÃa (2011). We discuss the use of the GSADF test to monitor international housing markets. We assess the international boom and bust cycle experienced during the past 15 years through this lens— with special attention to the United States, the United Kingdom, and Spain. Our empirical results suggest that these three countries experienced a period of exuberance in housing prices during the late 90s and the fi…rst half of the 2000s that cannot be attributed solely to the behavior of fundamentals. Looking at all 22 countries covered in the International House Price Database, we detect a pattern of synchronized explosive behavior during the last international house boom-bust episode not seen before. |
| Keywords: | House prices, Unit-root tests, Exuberance |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:lan:wpaper:52032583&r=ure |
| By: | Alpay Filiztekin |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002836:283600028&r=ure |
| By: | Ding, Lei (Federal Reserve Bank of Philadelphia); Nakamura, Leonard I. (Federal Reserve Bank of Philadelphia) |
| Abstract: | During the housing crisis, it came to be recognized that inflated home mortgage appraisals were widespread during the subprime boom. The New York State Attorney General’s office investigated this issue with respect to one particular lender and Fannie Mae and Freddie Mac. The investigation resulted in an agreement between the Attorney General’s office, the government-sponsored enterprises (GSEs), and the Federal Housing Finance Agency (the GSEs’ federal regulator) in 2008, in which the GSEs agreed to adopt the Home Valuation Code of Conduct (HVCC). Using unique data sets that contain both approved and nonapproved mortgage applications, this study provides an empirical examination of the impact of the HVCC on appraisal and mortgage outcomes. The results suggest that the HVCC has reduced the probability of inflated valuations and induced a significant increase in low appraisals. The HVCC also made it more difficult to obtain mortgages in the aftermath of the financial crisis. |
| Keywords: | Property Valuation; Mortgage; Regulation; Appraisal |
| JEL: | G21 G28 R38 |
| Date: | 2014–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedpwp:14-23&r=ure |
| By: | P.B. McLeod |
| URL: | http://d.repec.org/n?u=RePEc:uwa:wpaper:85-04&r=ure |
| By: | Basil M.H. SHARP; Oshadhi E. SAMARSHINGHE |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002841:284100034&r=ure |
| By: | Bezemer, Dirk J.; Zhang, Lu (Groningen University) |
| Abstract: | Based on newly collected data on 37 economies over 1970-2012, we provide a rich description of 187 credit booms, credit busts and other episodes. We explore the changing composition of bank credit over the credit cycle. In an event analysis we chart changes in capital flows, regulation, productivity and house prices over credit booms and busts. We also ask which credit boom eatures are connected to a subsequent credit growth contraction. We find that the interaction of mortgage credit growth and increasing house prices is a good predictor of a credit boom. Credit booms in which the share of mortgage credit in total bank credit increases more, are credit booms which are more likely to ?go bad?, leading to subsequent credit growth contractions. |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:rugsom:14025-gem&r=ure |
| By: | Vifill KARLSSON |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002841:284100023&r=ure |
| By: | Juha-Pekka Konttinen |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002836:283600048&r=ure |
| By: | Caroline SCHAERER; Andrea BARANZINI |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002841:284100033&r=ure |
| By: | Harry H. Kelejian (Department of Economics, University of Maryland); Gianfranco Piras (Regional Research Institute, West Virginia University) |
| Abstract: | In this paper we suggest a J-test in a spatial panel framework of a null model against one or more alternatives. The null model we consider has fixed effects, along with spatial and time dependence. The alternatives can have either fixed or random effects. We implement our procedure to test the specifications of a demand for cigarette model. We find that the most appropriate specification is one that contains the average price of cigarettes in neighboring states, as well as the spatial lag of the dependent variable. Along with formal large sample results, we also give small sample Monte Carlo results. Our large samples results are based on the assumption N ? 8 and T is fixed. Our Monte Carlo results suggest that our proposed J-test has good power, and proper size even for small to moderately sized samples. |
| Keywords: | spatial panel models, fixed effects, time and spatial lags, non-nested j-test |
| JEL: | C01 C12 |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:rri:wpaper:2013wp03&r=ure |
| By: | Gianfranco Piras (Regional Research Institute, West Virginia University) |
| Abstract: | In the present note we demonstrate how to implement the Lee and Yu (2010) procedure for fixed effects spatial panel data models available from the R (R Development Core Team 2012) package splm (Millo and Piras 2012). Additionally, we also show how to compute the impact estimates introduced by Kelejian, Tavlas, and Hondroyiannis (2006) and formalized in LeSage and Pace (2009). Unlike Matlab (MATLAB 2011), there was no R function specific to static panel data models for the calculation of the impact measures. After receiving numerous requests from the users of splm, we decided to extend the cross sectional functions available from spdep (Bivand 2013) to spatial panel data models. |
| Keywords: | spatial panel data models, R, computational methods, impact measures |
| JEL: | C4 C6 C21 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:rri:wpaper:2013wp05&r=ure |
| By: | Ebru Kerimoglu; Hale Ciraci |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002836:283600044&r=ure |
| By: | Andrea Bonfiglio; Roberto Esposti; Francesco Pagliacci; Franco Sotte; Beatrice Camaioni |
| Abstract: | A major objective of this study is to analyse the evolutionary patterns of regional linkages and disparities across the EU space, especially those related to rural and peripheral/remote regions. In particular, this report assesses the economy-wide effects, in terms of GDP and employment, induced, at the European level, by the 2007-2011 CAP payments and by the possible future scenarios concerning the next programming period (2014-2020). A multiregional closed I-O approach applied at a NUTS-3 level is adopted. Particular attention focuses on the (re-) distributive effects produced by spatial and sectoral relationships. In defining regional policy, the knowledge of spillover effects is particularly strategic in that it can assist policy makers in better calibrating allocation of funds among regions and evaluating distribution of final policy effects more correctly. With reference to the next programming period, three main scenarios are analysed. Two are based on different and extreme shares of funds apportioned to basic payments. They are in turn divided into sub-scenarios based on three different criteria of regional distribution of funds devoted to basic payments: utilized agricultural area, agricultural value added and historical payments. A third scenario assumes the suppression of the actual framework based on two pillars and the transfer of all available funds to rural development policy. Results indicate that intersectoral and interregional linkages, which characterise the EU economic space, redirect a large part of effects, for any policy framework and scenario considered, from rural regions and from primary and secondary sectors (representing the main targets of policy) to urban and tertiary sectors, respectively. Moreover, they reveal that the best option for MSs in allocating basic payments among regions would be a criterion based on eligible hectares, which is the general principle on which the new CAP is based, since it would produce higher and more balanced distribution of effects among all regions. They also suggest that a total rethinking of the CAP by introducing only a single co-financed policy would lead to higher contribution to reduction in differences between rural and urban regions. Finally, the analysis shows that the policy decision taken for the 2014-2020 programming period to redistribute funds in favour of poorer regions not only is fair from an equity point of view but can also produce economic advantages for the regions directly penalised by a fund reallocation. |
| Keywords: | Demographic change, Ecological innovation, Economic growth path, EU integration, New technologies, Social capital as growth driver, Socio-ecological transition, Sustainable growth |
| JEL: | O18 Q01 R11 R58 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:feu:wfewop:y:2014:m:9:d:0:i:66&r=ure |
| By: | Yih-Luan CHYI; Kuei-Yen LIAO |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002596:259600039&r=ure |
| By: | F. Harrigan; P. McGregor; J. Swales |
| URL: | http://d.repec.org/n?u=RePEc:uwa:wpaper:91-12&r=ure |
| By: | Elena Claudia Meroni; Giovanni Abbiati |
| Abstract: | This paper investigates the short-term effects on achievement, study behaviours and attitude of an intervention providing extra instruction time to students in lower secondary schools in southern Italy. We use a difference-in-differences strategy and compare two contiguous cohorts of students enrolled in the same class for two consecutive years. We control for sorting of students and teachers across classes using the fact that, due to a recent reform, the group of teachers assigned to each class is stable over time. We find that the programme increased performances in mathematics but found no effect for Italian language test scores; the programme increased positive attitudes towards both subjects. We investigate the heterogeneity of the effects focusing on the gender dimension and find that boys and girls react differently to the intervention: girls use the extra instruction time as a complement to regular home study, while boys use it as a substitute. |
| Date: | 2014–06 |
| URL: | http://d.repec.org/n?u=RePEc:don:donwpa:064&r=ure |
| By: | Tom Downes; Keiran M. Killeen |
| Abstract: | We examine changes in the use of nontax revenues for education finance from 1991-2010. Beyond the summary of usage over time, we ask whether non- traditional revenues like fees accentuate or mitigate the impact of downturns. More generally, we examine the extent to which school districts have responded to fiscal pressures by turning to nontax revenues. We also document the extent to which the use of nontax revenues varies across according to student poverty status. We show that alternative revenues continue to be a small source of local revenues and have increased quite little since the early 1990s. There was at most a minimal shift to nontax revenues in downturns, though there is evidence of greater use of these revenues among school districts facing more permanent fiscal pressures like tax limits. Differential access to fee revenues and other alternative revenues during downturns may slightly accentuate inequities in K-12 education spending. |
| URL: | http://d.repec.org/n?u=RePEc:tuf:tuftec:0784&r=ure |
| By: | Fairlie, Robert |
| Abstract: | Using a recently released confidential dataset from the National Center for Educational Statistics (NCES), we find some evidence of "white flight" from public schools into private schools partly in response to minority schoolchildren. We also examine whether "white flight" is from all minorities or only from certain minority groups, delineated by race or income. We find that white families are fleeing public schools with large concentrations of poor minority schoolchildren. In addition, the clearest flight appears to occur from poor black schoolchildren. The results for "white flight" from Asians and Hispanics are less clear. |
| Keywords: | Education, Social and Behavioral Sciences, education, race, minorities, inequality, white flight, private schools |
| Date: | 2014–09–23 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:ucscec:qt1t22r4zp&r=ure |
| By: | Milan Viturka |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002836:283600104&r=ure |
| By: | Guido Signorino |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002836:283600088&r=ure |
| By: | Patrizio LECCA; Giorgio GARAU |
| URL: | http://d.repec.org/n?u=RePEc:ekd:000238:23800076&r=ure |
| By: | Josef APFELBECK; Marco HUIGEN; Tatjana KRIMLY |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002841:284100004&r=ure |
| By: | Joao Lopes; J. F. Amaral; J. Dias |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002836:283600057&r=ure |
| By: | Alexandra Petermann Reifschneider |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002836:283600072&r=ure |
| By: | STROOMBERGEN Adolf; STUART George |
| URL: | http://d.repec.org/n?u=RePEc:ekd:003307:330700141&r=ure |
| By: | Ricardo Ruiz; Bernardo Alves Furtado |
| URL: | http://d.repec.org/n?u=RePEc:ekd:000239:23900079&r=ure |
| By: | Guillaume Monchambert (ENS Cachan - École Normale Supérieure de Cachan - École normale supérieure (ENS) - Cachan); André De Palma (ENS Cachan - École Normale Supérieure de Cachan - École normale supérieure (ENS) - Cachan) |
| Abstract: | This paper addresses the two-way implication between punctuality level of public transport and commuter behavior. We consider a modal competition between public transport and an alternative mode. Commuters may choose different strategies to minimize their journey cost. In particular, when the bus becomes less punctual, more potential bus users arrive late at the bus stop. We show that punctuality increases with the alternative mode fare through a price effect. This specificity can be viewed as an extension of the Mohring effect. In the general case, the punctuality of a bus is lower at equilibrium than at optimum. According to the alternative mode operating cost, the bus attracts too many (small cost) or too few (large cost) customers. |
| Keywords: | public transport; reliability; duopoly; welfare; Mohring e ect; schedule delay |
| Date: | 2014–02–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-00827972&r=ure |
| By: | BAUSSOLA Maurizio |
| URL: | http://d.repec.org/n?u=RePEc:ekd:003307:330700009&r=ure |
| By: | Burhan Can KARAHASAN; Ebru KERIMOGLU |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002596:259600087&r=ure |
| By: | Jesús López-Rodríguez; J. Andrés Faíña |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002836:283600060&r=ure |
| By: | Mikel Buesa; Thomas Baumert; Joost Heijs; Monica Martinez Pellitero |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002836:283600017&r=ure |
| By: | P.J. Hemmings |
| URL: | http://d.repec.org/n?u=RePEc:uwa:wpaper:89-26&r=ure |
| By: | Ansgar BELKE; Jens H. HEINE |
| URL: | http://d.repec.org/n?u=RePEc:ekd:003306:330600020&r=ure |
| By: | Enrique LOPEZ-BAZO; Elisabet MOTELLON |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002596:259600107&r=ure |
| By: | T. Takayama; J. Williams |
| URL: | http://d.repec.org/n?u=RePEc:uwa:wpaper:94-05&r=ure |
| By: | Luttmer, Erzo G. J. (Federal Reserve Bank of Minneapolis) |
| Abstract: | Randomness in individual discovery tends to spread out productivities in a population, while learning from others keeps productivities together. In combination, these two mechanisms for knowledge accumulation give rise to long-term growth and persistent income inequality. This paper considers a world in which those with more useful knowledge can teach those with less useful knowledge, with competitive markets assigning students to teachers. In equilibrium, students who are able to learn quickly are assigned to teachers with the most productive knowledge. The long-run growth rate of this economy is governed by the rate at which the fastest learners can learn. The income distribution reflects learning ability and serendipity, both in individual discovery and in the assignment of students to teachers. Because of naturally arising indeterminacies in this assignment, payoff irrelevant characteristics can be predictors of individual income growth. Ability rents can be large when fast learners are scarce, when the process of individual discovery is not too noisy, and when overhead labor costs are low. |
| Keywords: | Knowledge diffusion; Growth; Inequality; |
| JEL: | L20 O30 O40 |
| Date: | 2014–09–16 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedmwp:715&r=ure |
| By: | Michael Nadler; Christian von Malottki |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002836:283600066&r=ure |
| By: | Maurizio BAUSSOLA; Laura BARBIERI |
| URL: | http://d.repec.org/n?u=RePEc:ekd:003306:330600017&r=ure |
| By: | Qazanfar Suleymanov; Suleymanov Qazanfar; Bakhishov Azar; Akhmadova Akima; Agayeva Khanim |
| Abstract: | In this article, both the global and local economic development has been studied on the basis of international experience in the use of industrial clusters . The study is based on the use of natural features and built-in facilities for industrial cluster efficiency of the economy , there are both positives and negatives to both . The efficiency of the industrial clusters in certain areas of their activities during the creation process manifests itself.To this end, the article, the negative effects of industrial clusters isifadənin - enhance the value of the labor, the rise in the price of land and real estate, environmental impacts , etc. izomorizm technology has been well studied . As a result, increases the role of the regional economic integration process and the country into one of the world's leading economic developed. |
| Keywords: | Azerbaijan, Socio-economic development, Socio-economic development |
| Date: | 2014–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:ekd:006666:7553&r=ure |
| By: | Geoffrey J.D. HEWINGS; Seryoung PARK |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002841:284100019&r=ure |
| By: | James Foreman-Peck; Laurian Lungu; Patrick Minford |
| URL: | http://d.repec.org/n?u=RePEc:ekd:002836:283600029&r=ure |
| By: | Ying Jin; Richard Bullock; Wanli Fang |
| Keywords: | Transport Economics Policy and Planning Water Resources - Water and Industry Economic Theory and Research Roads and Highways Private Sector Development - E-Business Transport Macroeconomics and Economic Growth |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:20137&r=ure |