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on Urban Economics and Policy |
| By: | Matthew Maltman; Ryan Greenaway-McGrevy |
| Abstract: | This paper studies a sequence of zoning reforms enacted in Lower Hutt, a constituent municipality of the wider Wellington metropolitan region of New Zealand. Beginning in the late 2010s, Lower Hutt independently implemented a sequence of widespread zoning changes to enable medium- and high-density housing in residential areas. Using a synthetic control to specify the policy counterfactual, we find that these zoning changes generated a three-fold increase in consents per capita and nearly tripled the number of housing starts over the six years subsequent to the onset of the reforms. Depending on how potential displacement effects are accounted for, the Lower Hutt reforms increased housing starts across the wider metropolitan region by approximately 10 to 18%. We also present evidence that the upzonings reduced rents by around 21% relative to the counterfactual. |
| Keywords: | Zoning Reform; Upzoning; Housing Supply; Policy Spillovers |
| JEL: | R14 R31 R52 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:cyc:wpaper:018 |
| By: | Jaerim Choi (Yonsei University); Hyoungchul Kim (University of Pennsylvania); Seung Hoon Lee (Yonsei University) |
| Abstract: | Using Korean administrative data spanning nearly two decades and covering the universe of bilateral migration flows across local labor markets, we examine how the China trade shock shapes internal migration. While prior studies rely on net population changes to measure labor adjustment, we exploit bilateral migration flows that separately capture in- and out-migration. We find that trade exposure primarily increases out-migration from adversely affected regions, with limited effects on in-migration, revealing asymmetric spatial adjustment. Decomposing the shock, export expansion reduces out-migration, whereas import competition increases it. Migration responses are strongest among prime working-age individuals and substantially weaker among younger and older cohorts. Single-person households are more responsive than multiperson households. Overall, bilateral data reveal substantial migration responses that conventional net population measures fail to detect, offering new insight into the "missing migration puzzle." |
| Keywords: | China trade shock, Labor adjustment, Internal migration, Korea |
| JEL: | F14 F16 J61 R23 |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:yon:wpaper:2026rwp-287 |
| By: | Juraj Å imÄ isko; Å tefan Rehák |
| Abstract: | Patenting is strongly concentrated in cities, and innovation-related outputs tend to scale superlinearly with urban population. Yet the interpretation of this relationship remains contested. This paper examines whether the superlinear scaling of patenting persists once the endogeneity of city size is addressed. Using across-section of 362 European Functional Urban Areas, we estimate the elasticity of patent output with respect to population using ordinary least squares and two-stage least squares. Contemporary population is instrumented by terrain ruggedness and historical rural population in 1770. The results confirm that patenting scales super-linearly with city size, and that instrumental-variable estimates are substantially larger than the corresponding OLS estimates. These findings suggest that the urban scaling of patenting in Europe is consistent with a positive e!ect of urban scaleon innovation. The paper contributes to the urban scaling literature by providing instrumental-variable evidence for the European context. |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:egu:wpaper:2604 |
| By: | Paolo Battaglia; Fiammetta Dedé Brugo; Michele Levi Minzi |
| Abstract: | Over the past decades, nominal wages in Italy have risen at a slower pace than consumer prices, resulting in a two-digit fall in real wages. Nationally, weak wage growth has broadly reflected weak productivity performance. However, regional patterns reveal a more nuanced picture. Previous studies have explored spatial differences in wage responses to economic fundamentals, often examining one or two factors at a time. This paper brings together unemployment, prices, and productivity in a single empirical framework, focusing on Italy’s regional wage dynamics from 2006 to 2023, a period marked by significant economic shocks and policy interventions. Our empirical analysis, using a wage benchmarking methodology, shows that wages only partially adjust to economic fundamentals, and that this adjustment is moderate in magnitude and slow, especially regarding inflation shocks. Slow wage adjustments reflect structural rigidities in Italy’s wage-setting framework that hinder alignment with local economic realities. These results underscore the need for more agile, locally tailored wage-setting mechanisms, including broader use of second-level bargaining, to better reflect regional heterogeneity and improve wages’ responsiveness to economic shocks.Taken within the broader Italian labour market context, this analysis highlights the need for structural reforms that more effectively align wages with regional economic conditions, while also improving the underlying factors required to foster productivity growth across regions. |
| JEL: | C33 J24 J31 J38 J50 J61 R10 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:euf:dispap:239 |
| By: | Christos Genakos; Eleni Kyrkopoulou; Elias Papaioannou |
| Abstract: | We use a unique natural experiment in which families were randomly selected to live in the Olympic Village, constructed for the 2004 Athens Olympic Games, to assess the impact of improved neighbourhood conditions on academic achievement. Comparing 12-17-year-old students who relocated and attended the new schools with non-selected applicants from the same origin schools across Attica, we find a positive, gender-neutral, and significant effect of moving on overall performance. Educational gains, primarily in language courses, are concentrated among students who previously performed poorly, indicating a "fresh start" effect. |
| Keywords: | social experiment, housing, neighborhoods, neighbourhoods, peer effects, education |
| Date: | 2026–04–30 |
| URL: | https://d.repec.org/n?u=RePEc:cep:cepdps:dp2175 |
| By: | Fernando E. Alvarez; David Argente; Joyce Chow; Diana Van Patten |
| Abstract: | Data centers are the physical infrastructure behind cloud computing, artificial intelligence, and enterprise software. The rapid diffusion of artificial intelligence (AI) is intensifying demand for compute, accelerating investment in data centers, and raising concerns about the local economic and environmental footprint of these facilities. Their expansion creates a local policy tradeoff. A data center can bring capital investment, construction activity, and specialized employment, but it can also increase demand for electricity, land, and grid capacity. This paper studies these effects at the U.S. county level. We assemble a facility-level panel of global data centers with precise coordinates, scale metrics, and annualized revenue. We map facilities to U.S. counties and combine them with County Business Patterns, county-level IRS income, county-level house prices, and electricity prices. To address endogenous siting, we instrument for data center growth using two shift-share instruments, which leverage pre-existing proximity to InterTubes long-haul fiber nodes and the 1980 county share of U.S. urban college population as shares, and both Chinese and rest-of-the-world data center revenue growth as shifts. The IV estimates show positive effects on total employment, data-processing employment, construction employment, establishments, house prices, and electricity prices at different horizons after data center growth. We also find positive effects on tax returns, adjusted gross income, and wages, while annual payroll responds less robustly. The results suggest that data centers create measurable local activity, increase house prices, and affect local electricity markets through higher prices. |
| JEL: | D8 O3 |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35194 |
| By: | Eduardo Amaral Haddad; Inácio F. Araújo; Geoffrey J.D. Hewings |
| Abstract: | Iraq is dependent on oil, but this dependence is felt unevenly. In 2013, oil accounted for nearly half of GDP, over 90% of exports, and almost all fiscal revenues, but less than 2% of jobs; benefits from oil were concentrated in Basra and Baghdad, and among wealthier households. Regional disparities are deep-rooted. The MRSAM shows that most governorates rely heavily on spillovers from Baghdad and Basra, with weak local absorptive capacity to translate income into growth. Distributional effects are regressive. Oil revenues primarily benefit capital owners and high-income households, leaving poorer households and labor with marginal gains, unless supported by redistributive policies. Policy action is critical. Iraq must use oil wealth to diversify its economy, build local capacity, strengthen social protection, and manage spatial inequalities. These challenges are technical but also deeply political. |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:ocp:pbecon:pb14_26 |
| By: | Ryan Greenaway-McGrevy |
| Abstract: | In 2016, Auckland, New Zealand upzoned approximately three-quarters of its residential land, allowing medium and high density housing to be built in areas previously zoned for low density. Permits for the construction of new dwellings subsequently reached record highs. We use a synthetic control method to evaluate the impact of this widespread zoning reform on housing starts. The synthetic control provides an estimate of outcomes under the counterfactual of no zoning reform and implies that the upzoning approximately doubled new dwelling permits per capita within five years of the reform becoming operational. Seven years on from the reform, cumulative permits issued exceed those of the synthetic control by approximately 52, 200, forty-six percent of the 112, 300 permits issued over this period. These findings suggest that zoning reform can be used to redress housing shortages in other jurisdictions. |
| Keywords: | Upzoning; Land Use Regulations; Redevelopment; Housing Starts; Synthetic Controls |
| JEL: | R14 R31 R52 |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:cyc:wpaper:017 |
| By: | Ayoub Bourass (Hassan II University of Casablanca, Morocco.); Naima Aba (Hassan II University of Casablanca, Morocco.) |
| Abstract: | This study examines the relationship between fiscal equalisation and regional inequality in Morocco over the period 2017–2022, using a simultaneous equation model and data covering the country's twelve regions. During this time, Morocco implemented various intergovernmental fiscal transfer mechanisms intended to address spatial disparities and promote balanced regional development. The analysis, estimated using OLS, 2SLS, and GMM methods, reveal that existing equalisation policies have not substantially reduced territorial inequalities. On the contrary, fiscal transfers appear to disproportionately benefit more economically and administratively efficient regions – such as Casablanca-Settat, whilst disadvantaged and peripheral areas continue to lag. These findings suggest structural limitations in the current allocation criteria, which may inadvertently reinforce regional imbalances. To improve equity and cohesion, future reforms should aim to redesign equalisation frameworks, taking into account the structural needs and development capacities of larginalized regions. |
| Keywords: | fiscal decentralisation, intergovernmental fiscal transfer, regional inequalities, fiscal equalisation, territorial disparity |
| Date: | 2026–03–23 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05565085 |
| By: | Bloom, Aretousa; Penny, Joe |
| Abstract: | Asset managers, private equity firms and other institutional investors have assumed an increasingly important role in the ownership and management of housing and infrastructure since the Global Financial Crisis. This article analyses how social housing in London is being transformed into a financial asset through an analysis of ‘income strip’ leases, long‐term contractual arrangements between institutional investors and local authorities. Building on insights from urban political economy and the social studies of finance, we explore the moral politics, temporal logics and forms of obligation and risk embedded in these financial arrangements. We situate the rise of income strips within a longer arc of state–market entanglements and argue that they exemplify a recursive and cyclical tendency in the local state's experimentation with private finance. At the level of the contract and the asset, we show how value and risk are distributed and negotiated, and how income strips produce hierarchies of obligation and indebtedness. While institutional investment into social housing is narrated as a ‘common sense’ policy solution that promises to fill the ‘housing gap’ and secure returns for workers’ retirement savings, we show how income strips erode security of tenure, increase rents and entangle states and tenants in new forms of financial obligation, foreclosing alternative political imaginaries. |
| Keywords: | social housing; temporality; asset managers; financialization; risk; obligation |
| JEL: | F3 G3 |
| Date: | 2026–04–19 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:138139 |
| By: | Faguet, Jean-Paul; Matajira, Camilo; Sánchez, Fabio |
| Abstract: | The Spanish encomienda, a colonial forced-labour institution that lasted three centuries, killed many indigenous people and caused others to flee into nomadism. What were its long-term effects? We digitize a great deal of historical data from the mid-1500s onwards, impute prehispanic populations at municipal level, and reconstruct the Spanish conquerors’ route through Colombia using detailed topographical features to calculate their least-cost path. We show that Colombian municipalities with encomiendas in 1560 enjoy better outcomes today across multiple dimensions of development than those without: higher municipal GDP per capita, tax receipts, and educational attainment; lower infant mortality, poverty, and unsatisfied basic needs; larger populations; and superior fiscal performance and bureaucratic efficiency, but also higher inequality. Why? Mediation analysis using data on local institutions, populations and racial composition in 1794 shows that encomiendas affected development primarily by helping build the local state. Deep historical evidence fleshes out how encomenderos founded local institutions early on in the places they settled. Places lacking encomiendas also lacked local states, often for centuries. Local institutions mobilized public investment in ways that doubtless suited encomenderos, but, over time, spurred greater economic and human development. |
| Keywords: | Encomienda; institutions; forced labor; state capacity; extraction; colonialism; development; Colombia |
| JEL: | N36 N96 O10 |
| Date: | 2026–03–30 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:128579 |
| By: | Jacob Arendt; Anders Holm |
| Abstract: | This study examines the impact of private school attendance on segregation and student achievement in compulsory school in Denmark. We show that increased private school attendance is driven by students from high socio-economic groups. Leveraging variation across municipalities, grade and calendar years and instrumental variables based on private school openings, we find that higher private school enrollment is associated with higher segregation of disadvantaged children. From event study models of the private school openings and a mover design that controls for student parental background, peer parental background, past achievement and non-cognitive scores, we find small achievement effects of private school attendance. |
| Keywords: | Private schools; socio-economic and ethnic segregation; student achievement |
| JEL: | I21 I24 J15 R28 |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:crm:wpaper:26133 |
| By: | Brehm, Margaret E.; Brehm, Paul A.; Cassidy, Alecia; Cassidy, Traviss |
| Abstract: | Using a natural experiment in Indonesia, we estimate the separate economic effects of natural resource booms and shared resource revenue. Contrary to Dutch disease concerns, oil and gas booms promote manufacturing growth, and shared revenue does not harm local manufacturing firms. Shared revenue significantly raises local non-oil GDP, but resource booms do not. Supply-side factors help explain the results: shared revenue increases local population and firm entry, while resource booms do not. Oil and gas booms thus benefit local economies largely through shared revenue. Where the revenue is spent matters more for local growth than where the resources are extracted. |
| Keywords: | Growth, resource booms, decentralization, manufacturing firms, Indonesia, Dutch disease |
| JEL: | H77 O13 O14 Q32 Q33 |
| Date: | 2024–07–09 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:128970 |
| By: | Margaret M. Jacobson |
| Abstract: | This paper shows that expected capital gains in several MSAs were higher for relatively lower-priced, rather than higher-priced, houses during the U.S. boom of the 2000s. Because buyers of lower-priced houses tend to be more sensitive to credit conditions than buyers of higher-priced houses, this paper documents patterns that are consistent with an interaction of beliefs and loose credit conditions in a time period where direct evidence on house price beliefs is scarce. Documenting this interaction is important for unifying beliefs and credit conditions as joint, instead of competing, explanations for the U.S. housing boom of the 2000s. |
| Keywords: | real estate market; subprime lending; consumer finance |
| JEL: | D14 D91 R21 R31 |
| Date: | 2026–05–04 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgfe:103195 |
| By: | Lisa Chauvet; Abel Francois; Jean Lacroix |
| Abstract: | How do conflicts shape territories in the long run? To answer this question, this paper dissects population dynamics within Normandy throughout the 20th century. Despite the destruction caused by the 1944 Allied Landings, Normandy reversed the demographic decline it had experienced until 1940 — a dynamic at odds with previous literature showing a negative or neutral effect of conflicts. Using a difference-in-differences estimator, we confirm that within Normandy, combat duration dampened population growth in the short run. In the medium run, areas exposed to combat recovered and later overshot the population levels implied by their initial trend. An analysis of a comprehensive inventory of all dwelling units 25 years after WWII suggests that the post-war reconstruction effort explains this counterintuitive pattern. These results evidence the importance of reconstruction policies after conflicts. Beyond geographic fundamentals and random factors, they carve the spatial distribution of economic activities. |
| Keywords: | conflict, World War II, reconstruction, economic geography |
| JEL: | N44 N94 R12 J10 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12658 |
| By: | Koppelman, Carter |
| Abstract: | Using gender-targeted housing subsidies, Brazil’s Minha Casa Minha Vida (MCMV) program has significantly expanded homeownership among low-income women. However, the latter often face unexpectedly high costs upon becoming homeowners. While existing research shows that burdensome housing costs have adverse socio-economic impacts on beneficiaries of MCMV and similar subsidy programs, this article looks ethnographically at their gendered and disciplinary effects. Drawing on participant observation and interviews in an MCMV-subsidized housing estate in São Paulo, it reveals three effects of cost-burdened homeownership. First, high costs produced deep anxieties and necessitated new budgeting and income-generating practices, augmenting homeowners’ existing burdens of paid and unpaid labor. Second, management of housing costs was experienced as a specifically gendered burden, conferred on women by an avowedly ‘pro-female’ state policy. Third, rather than critique MCMV for imposing high costs, women invoked maternalist state discourses to frame payment as a legitimate obligation that made them respectable citizens and responsible mothers. Bridging the feminist sociology of welfare states with recent work on the disciplinary role of housing policy, this study reveals how programs promoting women’s homeownership can both expand and legitimize unequal gendered burdens. |
| Keywords: | housing costs; homeownership; social housing; citizenship; gender; Brazil |
| JEL: | R21 R38 I38 J16 D12 |
| Date: | 2026–04–24 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:138131 |
| By: | Corwin, Julia |
| Abstract: | Urban scholarship consistently discusses improvisation and heterogeneity as central to urban life in the global South. In this article, I bring together scholarship on urban improvisation and the digital world of smart cities to understand the city as analog. In response to conceptions of the smart city as an uncontested space of technical expertise and efficiency, the analog city recognizes the city as being made and remade through analog labor: hands‐on, relational work responsive to the city around it. I use the example of maintenance and repair work to explore the analog nature of cities, building on years of ethnographic research on electronics repair in Delhi. I follow this labor along two seemingly different scales: local electronics repair in informal shops, and the maintenance of data centers for India's smart cities. Drawing on the north Indian term ‘jugaad’, used to describe circumstances in which nonelite strategies intervene to fix things, I argue that the analog city recognizes a world of things with which we can negotiate and work, but never control. I conclude by reflecting on the importance of embodied relationality to the analog city and speculate on an urban futurity focused on the openness of possibilities for urban life. |
| Keywords: | repair; smart cities; labor; improvisation; urban life; jugaad; India |
| JEL: | R14 J01 |
| Date: | 2026–04–01 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:137251 |
| By: | Suyama, Masaki |
| Abstract: | Industrial diversity is widely held to buffer urban economies against economic shocks, yet evidence remains mixed and the operative mechanisms poorly understood. Using establishment-count data for 131 wards across nine Japanese designated cities and Tokyo (2016--2021), we apply Bayesian spatial error models to examine how three diversity dimensions---within-ward breadth ($\alpha$-diversity), between-ward compositional heterogeneity ($\beta$-diversity), and related/unrelated variety---independently predict ward-level resilience during the COVID-19 shock. Related diversity is robustly protective while unrelated diversity is harmful---a sign reversal relative to long-run growth studies that we attribute to the sector-discriminating character of the pandemic: cross-sector portfolio breadth provides no hedging mechanism when proximity-dependent industries collapse simultaneously. Shannon entropy's positive association with resilience masks this opposition between related and unrelated variety. $\alpha$-diversity and sectoral concentration (HHI) exhibit mutual suppression, implying that industrial breadth confers resilience specifically when organised around an anchor sector, while $\beta$-diversity proves to reflect spatial clustering of the information and communications technology sector rather than general compositional heterogeneity. These results imply that the policy-relevant target is strategic \emph{related} diversification---broadening within-sector-family portfolios---rather than maximising generic industrial breadth, and that the operative diversity mechanism depends critically on the type of shock a city faces. |
| Date: | 2026–05–07 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:7hfyr_v2 |
| By: | Ryan Greenaway-McGrevy; James Allan Jones |
| Abstract: | We extend the monocentric model to examine the effects of character protections on household welfare. Protections indirectly generate amenity values for residents but require floor area ratio (FAR) restrictions on housing development, presenting a trade-off between welfare-increasing amenities and welfare-decreasing floorspace constraints. Welfare effects become negative when the associated FAR restrictions of character protections are sufficiently tight. This is more likely when protections apply to neighbourhoods that have high demand due to proximity to non-character amenities or employment locations. Calibrating the model to Auckland, we find negative welfare effects, equivalent to a reduction in representative household income of $391 to $1, 375 per year. |
| Keywords: | Character Protections; Land Use Regulations; Redevelopment; House Prices |
| JEL: | R14 R31 R52 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:cyc:wpaper:014 |
| By: | Tonnarelli, Francesco; Weaver, Jonathan |
| Abstract: | This study explores evidence-based urban planning (EBUP) within three secondary cities in the Global South—eThekwini, Khorog, and Bosaso—emphasizing public sector capacity to utilize data in urban management. Amidst the proliferation of data and advanced analytical tools, many local administrations struggle with effective data use due to limited resources, technology, and governance frameworks. This paper examines how urban planners mobilize, integrate, and apply data to create actionable evidence for city planning, considering the socio-political and technological landscapes that influence these processes. By analyzing qualitative data from interviews and case studies, this research highlights the challenges and potential of EBUP to address urban issues in data-scarce environments. The concept of good enough evidence is explored, advocating for practical, adaptable, and locally tailored planning efforts that prioritize immediate urban needs over exhaustive data collection. This approach seeks to balance ambition with practicality, offering a pragmatic pathway for cities facing constraints in resources and capabilities. |
| Keywords: | data governance; evidence-based urban planning; global south; secondary cities; sustainable development |
| JEL: | R14 J01 |
| Date: | 2026–04–01 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:137945 |
| By: | Blanc, Corin |
| Abstract: | In response to rising urban air pollution, European cities have adopted Low Emission Zones (LEZs), restricting the most polluting vehicles. While effective in improving air quality, these policies remain controversial due to concerns over fairness and acceptability. This paper examines the impact of London’s 2021 and 2023 Ultra Low Emission Zone (ULEZ) expansions on subjective well-being (SWB). Using panel data from the UK Household Longitudinal Study and a staggered difference-in-differences design with individual and year fixed effects, we compare changes in life satisfaction among residents inside and outside the affected areas. We find that the 2021 expansion led to a decline in life satisfaction by approximately 0.4 points – which doubles for low-income households – with no evidence of pre-existing differential trends. We do not detect statistically significant effects within the available post-treatment window on Londoners living in the expanded zone in 2023. We explore the mechanisms driving this decline and find that the well-being loss is fundamentally mediated by car dependency and transport mode availability. While the policy increased reliance on public transport, we show that a higher accessibility to public transport reduces the well-being decline of Londoners. These findings suggest that LEZs can generate short-term welfare costs despite achieving behavioural change, highlighting the need for complementary measures to enhance social acceptability. |
| Keywords: | Subjective well-being, Air pollution, Low-emission zones, Difference-in-differences |
| Date: | 2026–04 |
| URL: | https://d.repec.org/n?u=RePEc:cpm:docweb:2601 |
| By: | Claudio Barbieri (European Central Bank); Mattia Guerini (Università di Brescia; Fondazione ENI Enrico Mattei); Mauro Napoletano (Université Côte d'Azur, CNRS, GREDEG, France; Sciences Po, OFCE, France; Institute of Economics, Sant'Anna School of Advanced Studies, Pisa) |
| Abstract: | We investigate the structure and evolution of credit growth across Italian provinces. Using an econometric approach based on Random Matrix Theory, we decompose regional credit dynamics into common and idiosyncratic components. We use a longitudinal dataset of credit at the provincial level (NUTS-3 regions) covering the period 2000–2020 and document substantial heterogeneity in the synchronization of credit growth across local economies. Our results suggest that, while aggregate credit growth is largely driven by a strong common component, substantial heterogeneity emerges across disaggregated credit categories. Household mortgage lending displays strong and persistent co-movement across provinces, whereas corporate mortgages and unsecured credit are characterized by higher dispersion and relatively weaker common dynamics. Regional divergence intensifies sharply between 2010 and 2014, coinciding with the European sovereign debt crisis, suggesting a fragmentation of local credit supply and demand. Importantly, divergence does not display any clear geographical pattern, underscoring the role of non-spatial factors in shaping regional credit dynamics. |
| Keywords: | Credit growth, Regional heterogeneity, Local credit markets, Synchronization |
| JEL: | C38 E51 G21 R12 |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:gre:wpaper:2026-13 |