nep-ure New Economics Papers
on Urban and Real Estate Economics
Issue of 2019‒11‒25
fifty-one papers chosen by
Steve Ross
University of Connecticut

  1. Commuting to diversity By David C. Maré; Jacques Poot
  2. Regional Spillovers in the Hungarian Housing Market: Evidence from a Spatio-Temporal Model By Gábor Márk Pellényi
  3. What is the impact of macroprudential regulations on the Swedish housing market? By Wilhelmsson, Mats
  4. Urban Growth Shadows By Cuberes, David; Desmet, Klaus; Rappaport, Jordan
  5. Rent Control, Market Segmentation, and Misallocation: Causal Evidence from a Large-Scale Policy Intervention By Andreas Mense; Claus Michelsen; Konstantin A. Kholodilin
  6. Regional concentration of university graduates: The role of high school grades and parental background By Eliasson, Kent; Haapanen, Mika; Westerlund, Olle
  7. The influence of bank branch closure on entrepreneurship sustainability By Sin Tian Ho, Cynthia; Berggren, Björn
  8. Trademarks as an indicator of regional innovation: Evidence from Japanese prefectures By Joern Block; Christian Fisch; Kenta Ikeuchi; Masatoshi Kato
  9. The Social Accounting Matrix (Sam) Approach to Measuring the Size and Linkages of the Real Estate in Gauteng, South Africa By Koech Cheruiyot
  10. Assessing students’ social and emotional skills through triangulation of assessment methods By Miloš Kankaraš; Eva Feron; Rachel Renbarger
  11. Has fiscal expansion inflated house prices in China? Evidence from an estimated DSGE model By Liu, Chunping; Ou, Zhirong
  12. The Scale and Nature of International Donor Assistance to Housing, Basic Services and Other Human-Settlements Related Projects By Sattwethwaite, David
  13. Trends for smart city strategies in Emerging Asia By Tadashi Matsumoto; Jonathan Crook; Kensuke Tanaka
  14. Local Capital Scarcity and Small Firm Growth: Evidence from Real Estate Booms in China By Harald Hau; Difei Ouyang
  15. Policy Uncertainty and Bank Mortgage Credit By Gazi Kara; Youngsuk Yook
  16. Containment and connectivity in Dutch urban systems: A network-analytical operationalization of the three-systems model. By Poorthuis, Ate; van Meeteren, Michiel
  17. Continental-scale urbanness predicts local-scale responses to urbanization By Callaghan, Corey Thomas; Major, Richard E.; Cornwell, William K.; Poore, Ailstair G. B.; Wilshire, John; Lyons, Mitchell
  18. Heterogeneous spillovers of housing credit policy By Myroslav Pidkuyko
  19. The Urban Challenge By Hjerppe, Reino; Berghall, Pii Elina
  20. Explaining the past, predicting the future: the influence of regional trajectories on innovation networks of new industries in emerging economies By Plechero, Monica; Mandar, Kulkarni; Chaminade, Cristina; Balaji, Parthasarathy
  21. Intermediary Segmentation in the Commercial Real Estate Market By David P. Glancy; John Krainer; Robert J. Kurtzman; Joseph B. Nichols
  22. Fintech Lending and Mortgage Credit Access By Jagtiani, Julapa; Lambie-Hanson, Lauren; Lambie-Hanson, Timothy
  23. Effects of Mandatory Energy Efficiency Disclosure in Housing Markets By Erica Myers; Steven L. Puller; Jeremy D. West
  24. Assortative matching with network spillovers By Bjerre-Nielsen, Andreas
  25. Transit Oriented Development Opportunities Among Failing Malls By Blanco, Hilda; Wikstrom, Alexander
  26. Flood Risk and Housing Prices – How Natural Hazard Impacts Property Markets By J. Hahn; J. Hirsch
  27. Accessibility of bank branches and new firm formation in Sweden By Sin Tian Ho, Cynthia; Wilhelmsson, Mats
  28. The Tale of the Two Italies: Regional Price Parities Accounting for Differences in the Quality of Services By Martina Menon; Federico Perali; Ranjan Ray; Nicola Tommasi
  29. Local Ties in Spatial Equilibrium By Michael A. Zabek
  30. Parental Proximity and Earnings After Job Displacements By Patrick Coate; Pawel Krolikowski; Michael A. Zabek
  31. Gender Aspects of Urban Economic Growth and Development By Chant, Sylvia
  32. Magnification of the ‘China Shock’ Through the U.S. Housing Market By Yuan Xu; Hong Ma; Robert C. Feenstra
  33. Empirical Evidence on the Performance of Real Estate Investment Trusts and Shareholders’ Wealth Effect Following Issuance of an Seo: The South African Context By O.D. Ajayi; O. Akinsomi
  34. A World Divided: Refugee Centers, House Prices, and Household Preferences By Martijn Dröes; Hans R.A. Koster
  35. Do Teaching Practices Matter for Cooperation? By Syngjoo Choi; Booyuel Kim; Minseon Park; Yoonsoo Park
  36. Intergenerational Health Mobility: Magnitudes and Importance of Schools and Place By Jason Fletcher; Katie M. Jajtner
  37. School Tracking and Mental Health By Petri Böckerman; Mika Haapanen; Christopher Jepsen; Alexandra Roulet
  38. Foreigners on holiday in Italy: tourism products, destinations and travelers� characteristics By Andrea Filippone; MAssimo Gallo; Patrizia Passiglia; Valentina Romano
  39. Using Kindergarten Entry Assessments to Measure Whether Philadelphia’s Students Are On-Track for Reading Proficiently By Jessica F. Harding; Mariesa Herrmann; Elias S. Hanno; Christine Ross
  40. Who Pays for Municipal Governments? Pursuing the User Pay Model By Tedds, Lindsay M.
  41. The Impact of Internship Experience During Secondary Education on Schooling and Labour Market Outcomes By Neyt, Brecht; Verhaest, Dieter; Baert, Stijn
  42. Does long-term proactive agency matter for regional development? By Grillitsch, Markus; Asheim, Bjørn; Nielsen, Hjalti
  43. Education and economic development. The influence of primary schooling on municipalities in nineteenth-century France By Adrien Montalbo
  44. Correlation between Infrastructure Development and Land Values: A Case Study of Ogun State Property Investment Company Estate, Isheri, Ogun State By O. Folarin
  45. Promoting Publications in African Real Estate – Status Quo and Outlook By Karl-Werner Schulte; Jonas Hahn
  46. Modelling households’ financial vulnerability with consumer credit and mortgage renegotiations By Carmela Aurora Attinà; Francesco Franceschi; Valentina Michelangeli
  47. Book review: Urban environments in Africa - A critical analysis of environmental politics By Oliveira, Eduardo
  48. The Costs of Energy-related Linear Property on Local Governments in Canada and the Role of That Local Government Revenue Tool Can Play in Addressing these Costs By Tedds, Lindsay M.; Euper, Brock
  49. The long and winding road - Labour market integration of refugees in Norway By Hardoy, Inés; Zhang, Tao
  50. Trends in Household Portfolio Composition By Jesse Bricker; Kevin B. Moore; Jeffrey P. Thompson
  51. How Do NYPD Officers Respond to Terror Threats? By Steven F. Lehrer; Louis Pierre Lepage

  1. By: David C. Maré (Motu Economic and Public Policy Research); Jacques Poot (Vrije Universiteit)
    Abstract: Does commuting increase workers' exposure to difference and diversity? The uneven spatial distribution of different population subgroups within cities is well documented. Individual neighbourhoods are generally less diverse than cities as a whole. Auckland is New Zealand's most diverse city, but the impacts of diversity are likely to be less if interactions between different groups are limited by spatial separation. Studies of spatial sociodemographic diversity generally measure the diversity of local areas based on who lives in them. In this study, we examine measures of exposure to local cultural diversity based on where people work as well as where they live. Our measure of cultural diversity is based on country of birth, with ethnicity breakdowns for the New Zealand (NZ) born. The study also examines whether the relationship between commuting and exposure to diversity differs between workers with different skills or types of job. The study focuses on diversity and commuting patterns within Auckland, using 2013 census microdata, and using local diversity measures calculated for each census area unit. We find that commuters who self-identify as NZ-born Europeans and residents born in England (together accounting for close to half of all commuters) are, of all cultural groups, the least exposed to diversity in the neighbourhoods where they live. Overall, commuting to the workplace raises exposure to cultural diversity, and to the greatest extent for these two groups.
    Keywords: Cultural diversity; exposure to difference; exposure to diversity; residential segregation; commuting; Auckland
    JEL: J15 R23
    Date: 2019–11
  2. By: Gábor Márk Pellényi
    Abstract: This paper analyses housing market spillovers between Hungarian regions in a small, spatio-temporal model, which features both the house price and housing supply as endogenous variables. The paper estimates both the long-run relationship between housing variables and economic fundamentals, and the short-run adjustment path of the housing market towards the long-run equilibrium. Long-run elasticities are in line with previous studies. The size of spillovers between Hungarian regions is economically meaningful; therefore, region-specific developments such as the recent run-up of Budapest house prices can have significant aggregate effects.
    JEL: E32 R12 R21 R31
    Date: 2019–04
  3. By: Wilhelmsson, Mats (Department of Real Estate and Construction Management, Royal Institute of Technology)
    Abstract: Housing shortage and urbanization have led to higher housing prices and larger household debt. In order to control the growth of debts, Sweden's financial supervisory authority has introduced several borrower-based macroprudential tools in the last ten years. In 2010, a mortgage loan to value (LTV) ratio was introduced, and in 2016, amortization of 1 percent of the loan balance was mandated by the law if the mortgage was higher than 50 percent of the value of the property. Furthermore, in 2018, the amortization requirement was tightened as all households with a mortgage larger than 4.5 times the annual income was forced to amortize 1 percent of the loan balance. The question is whether the financial supervisory authority's use of macroprudential tools had the intended effect. We are combining a hedonic regression modeling approach with a regression discontinuity design in order to estimate the causal impact on house prices. The effect of the macroprudential tools is estimated on the single-family housing market as well as on the cooperative apartment market. We are using microdata of 1 million housing transactions over the period 2008 and 2019. Our estimates indicate that the amortization requirement in 2016 has a negative impact of around 7 percent on the Swedish housing market and a slightly lower impact of the 2018 amortization requirement. The 2010 LTV-ratio requirement did not have any impact on the prices of dwellings.
    Keywords: Macroprudential; house prices; regression discontinuity; design
    JEL: G10 G18 G38 R30
    Date: 2019–11–13
  4. By: Cuberes, David; Desmet, Klaus; Rappaport, Jordan (Federal Reserve Bank of Kansas City)
    Abstract: Does a location's growth benefit or suffer from being geographically close to large economic centers? Spatial proximity may lead to competition and hurt growth, but it may also generate positive spillovers and enhance growth. Using data on U.S. counties and metro areas for the period 1840–2017, we document this tradeoff between urban shadows and urban spillovers. Proximity to large urban centers was negatively associated with growth from 1840 to 1920, and positively associated with growth after 1920. Using a two-city spatial equilibrium model with intra-city and inter-city commuting, we show that the secular evolution of commuting costs can account for this and other observed patterns in the data.
    Keywords: Urban Shadows; Agglomeration Economies; Spatial Economics; Urban Systems; City Growth; United States 1840-2017
    JEL: N93 R12
    Date: 2019–11–18
  5. By: Andreas Mense; Claus Michelsen; Konstantin A. Kholodilin
    Abstract: This paper studies market segmentation that arises from the introduction of a price ceiling in the market for rental housing. When part of the market faces rent control, theory predicts an increase of free-market rents, a consequence of misallocation of households to housing units. We study a large-scale policy intervention in the German housing market in 2015 to document this mechanism empirically. To identify the effect we rely on temporal variation in treatment dates, combined with a difference-in-differences setup and a discontinuity-intime design. By taking a short-run perspective, we are able to isolate the misallocation mechanism from other types of spillovers. We find a robust positive effect on free-market rents in response to the introduction of rent control. Further, we document that rent control reduced the propensity to move house within rent controlled areas, but only among highincome households. Interpreted through the lens of our theoretical model, this spillover is a clear sign of misallocation. Further, we document that the spillover brings forward demolitions of old, ramshackle buildings.
    Keywords: Misallocation, price ceilings, rent control, spillovers
    JEL: D2 D4 R31
    Date: 2019
  6. By: Eliasson, Kent (Swedish Agency for Growth Policy Analysis, Östersund, Sweden. Umeå School of Business, Economics and Statistics, Umeå University, Sweden.); Haapanen, Mika (School of Business and Economics, University of Jyväskylä, Finland); Westerlund, Olle (Department of Economics, Umeå University)
    Abstract: In this paper, we analyse long-term changes in the regional distribution and migration flows of university graduates in Finland and Sweden. The study is based on detailed longitudinal population register data, including information on high school grades and parental background. We find a distinct pattern of skill divergence across regions in both countries over the last three decades. The uneven distribution of human capital has been reinforced by the mobility patterns among university graduates, for whom regional sorting by high school grades and parental background is evident. Our findings indicate that traditional measures of human capital concentration most likely underscore actual regional differences in productive skills.
    Keywords: Human capital; university graduates; migration; school grades; parental education; local labour market areas
    JEL: J24 J61 R10 R12 R23
    Date: 2019–11–11
  7. By: Sin Tian Ho, Cynthia (Department of Real Estate and Construction Management, Royal Institute of Technology); Berggren, Björn (Department of Real Estate and Construction Management, Royal Institute of Technology)
    Abstract: We study the influence of bank branch closure on new firm formation in Sweden, with a panel database that captures the geographical locations of all the Swedish bank branches from 2000 to 2013. Using spatial econometric analysis at a municipal level, we show that bank proximity to firms is vital for entrepreneurship to thrive and sustain in Sweden. From the Fixed-Effects spatial models, the increase in distance to the banks due to bank branch closure is shown to affect new firm formation negatively. The further a firm is located away from the bank, the higher the monitoring cost is for the banks. The increase in distance also results in an increase in information asymmetries because of the banks’ eroded ability to collect soft information about the borrower firm. Due to high risks associated with the lack of information and uncertainty, banks might not be as willing to loan money to a distant firm compared to a nearby firm. Furthermore, the presence of neighbourhood spillover effects is evidenced through the Moran’s I statistics, which means that the omission of spatial effects in the analysis would have resulted in biased estimates.
    Keywords: bank branches; entrepreneurship; financing; new firm formation; Sweden
    JEL: C31 R10
    Date: 2019–11–14
  8. By: Joern Block (Faculty of Management, Trier University / Erasmus School of Economics (ESE) and Erasmus Institute of Management (ERIM), Erasmus University Rotterdam); Christian Fisch (Faculty of Management, Trier University / Erasmus School of Economics (ESE) and Erasmus Institute of Management (ERIM), Erasmus University Rotterdam); Kenta Ikeuchi (Research Institute of Economy, and Trade and Industry (RIETI)); Masatoshi Kato (School of Economics, Kwansei Gakuin University)
    Abstract: Regional science has long been concerned with measuring the spatial distribution of innovation activity. While patents are frequently used as an indicator of regional innovation, we introduce trademarks as an additional indicator. Specifically, we explore the spatial distribution of trademark applications using a detailed and comprehensive dataset of 47 Japanese prefectures from 1999 to 2012. In addition to mapping differences in trademarks across regions, we identify correlates at the regional level that provide initial insights into potential determinants of regional innovation. For example, regional trademark activity is positively associated with regional entrepreneurship and with strong private service and finance sectors. Overall, our results reveal associations unique to trademarks that patent-based measures of innovation cannot uncover. With these results, we contribute to research in regional science and to the evolving literature on trademarks of this discipline.
    Keywords: Trademarks; regional innovation; Japan; prefectures; spatial distribution; patents.
    JEL: L80 O34 O53 R12
    Date: 2019–11
  9. By: Koech Cheruiyot
    Abstract: South Africa boasts an advanced real estate market compared toot her African countries. A recent study showed that the real estate sector has strong linkages toot her leading sectors in Gauteng’s regional economy; its contribution through multiplier effects because of these inter-sectoral linkages is enormous. The real estate sector directly contributed substantially to economic development; constituting 17% of regional employment and 16.6% (159,968.1 million Rand) of the region’s total GVA (Vom Hofe and Cheruiyot 2018). Moreover, with past evidence, especially where initial shocks in the real estate markets–following the 2008/09 financial crisis–led to massive macro-economic instabilities and economic decline, motivate for a need to understand in more detail the size and inter-sectoral linkages of real estate sector if regional economies are continually to formulate economic resilient strategies. This paper will use Quantec economic data as well as employ principal component analysis to decompose Gauteng’s SAM to measure the size and identify inter-sectoral linkages of real estate sector. Possible policy recommendations will be suggested.
    JEL: R3
    Date: 2018–09–01
  10. By: Miloš Kankaraš; Eva Feron; Rachel Renbarger
    Abstract: Triangulation – a combined use of different assessment methods or sources to evaluate psychological constructs – is still a rarely used assessment approach in spite of its potential in overcoming inherent constraints of individual assessment methods. This paper uses field test data from a new OECD Study on Social and Emotional Skills to examine the triangulated assessment of 19 social and emotional skills of 10- and 15-year-old students across 11 cities and countries. This study assesses students’ social and emotional skills combining three sources of information: students’ self-reports and reports by parents and teachers. We examine convergent and divergent validities of the assessment scales and the analytical value of combining information from multiple informants. Findings show that students’, parents’ and teachers’ reports on students’ skills overlap to a substantial degree. In addition, a strong ‘common rater’ effect is identified for all three informants and seems to be reduced when we use the triangulation approach. Finally, triangulation provides skill estimates with stronger relations to various life outcomes compared with individual student, parent or teacher reports.
    Date: 2019–11–20
  11. By: Liu, Chunping (Nottingham Trent University); Ou, Zhirong (Cardiff Business School)
    Abstract: A canonical DSGE model for housing, extended to embrace government spending and government investment, is estimated on Chinese data to evaluate the impact of fiscal policy on house prices. Government spending substitutes for housing; a rise in government spending lowers house prices, but its impact is weak. Government investment generates a wealth effect, causing housing demand, and therefore prices, to rise; its variation had a substantial impact on the boom-bust cycles of house prices in the past decade. Both government spending and government investment are effective instruments for manipulating output. However, their different impacts on house prices would recommend policies to count more on spending if fiscal expansion is not to sacrifice the stability of house prices.
    Keywords: fiscal policy; housing price; China; DSGE model
    JEL: E62 R31
    Date: 2019–11
  12. By: Sattwethwaite, David
    Abstract: This paper describes the scale and nature of development assistance to projects that sought to improve housing and living conditions for low income groups, including housing-related infrastructure and services such as water supply, sanitation and drainage during the period 1980-93. It also considers the scale of development assistance to urban infrastructure (such as ports and airports), urban services (such as hospitals and higher education institutions) and urban management during this same period. The study concludes that (i) most donor agencies give a low priority to interventions that directly seek to improve housing conditions and basic services for low income groups, (ii) funding channelled through local organizations is often more effective at reaching low income groups with better housing conditions and service provision than donor agency 'projects' and (iii) that donor agencies should provide more support to local organizations (bottom-up initiatives) that give priority to primary health care, water supply, sanitation, drainage, basic education and micro-credit.
    Keywords: International Development
  13. By: Tadashi Matsumoto; Jonathan Crook; Kensuke Tanaka
    Abstract: Smart cities represent the future of urban development in Emerging Asia as more and more cities and countries resort to smart technologies to build more efficient and liveable urban environments, boost economic growth, foster well-being and facilitate citizen engagement. Policy makers in the region have adopted plans to develop and promote the use of technology to organise and run urban areas. Governments have also provided significant financial backing to smart city projects, acknowledging the importance of public support in this field. The development of smart cities offers significant prospects to tackle enduring issues faced by Emerging Asian cities in policy areas such as transport, the provision of public services, education, healthcare and utilities.
    Keywords: China, India, innovation, megatrend, smart cities, Southeast Asia, technology, territorial approach, urban policy
    JEL: F68 O14 O33 O38 P25 R11 R58
    Date: 2019–11–20
  14. By: Harald Hau; Difei Ouyang
    Abstract: In geographically segmented credit markets, local real estate booms can deteriorate the funding conditions for small manufacturing firms and undermine their competitiveness. Using exogenous variation in the administrative land supply across 172 Chinese cities, we show that higher predicted real estate prices cause higher borrowing costs for small manufacturing firms, reduce their bank lending, lower their investment rate and labor productivity, and reduce their output and TFP growth by economically significant magnitudes. These effects are absent in large and listed companies with access to the national capital market. The evidence highlights the benefits of financial market integration.
    Keywords: factor price externalities, real estate booms, firm growth, financial constraints
    JEL: D22 D24 R31
    Date: 2019
  15. By: Gazi Kara; Youngsuk Yook
    Abstract: We document that banks reduce supply of jumbo mortgage loans when policy uncertainty increases as measured by the timing of US gubernatorial elections in banks' headquarter states. The reduction is larger for more uncertain elections. We utilize high-frequency, geographically granular loan data to address an identification problem arising from changing demand for loans: (1) the microeconomic data allow for state/time (quarter) fixed effects; (2) we observe banks reduce lending not just in their home states but also outside their home states when their home states hold elections; (3) we observe important cross-sectional differences in the way banks with different characteristics respond to policy uncertainty. Overall, the findings suggest that policy uncertainty has a real effect on residential housing markets through banks' credit supply decisions and that it can spill over across states through lending by banks serving multiple states.
    Keywords: Bank Mortgage Credit ; Gubernatorial Elections ; Housing Market ; Policy Uncertainty
    JEL: G28 G21
    Date: 2019–09–05
  16. By: Poorthuis, Ate; van Meeteren, Michiel
    Abstract: This paper discusses central methodological issues with nodalizing interaction data of urban networks to produce a state-of-the-art settlement geography of the Netherlands. We operationalize the three-systems model that understands functional settlement geographies through the interaction between the daily urban system, the central place system and the export base system. We utilize theoretically-informed selections of spatial interactions derived from travel survey data at the finely-grained postcode level. After examining the methodological challenge of the node-inclusivity dilemma, we estimate the causal mechanisms that geographically structure each system and determine which spatial interactions should be assigned to nodes (containment) and edges (connectivity). The three systems produce different regionalizations that are neither mutually exclusive nor perfectly nested. Further analysis of the multiplexity of the three systems reveals the importance of the imbricated boundaries between the urban subsystems. We argue that these interplaces deserve more attention as they are particularly sensitive to changes in urbanization trends.
    Date: 2019–11–10
  17. By: Callaghan, Corey Thomas; Major, Richard E.; Cornwell, William K.; Poore, Ailstair G. B.; Wilshire, John; Lyons, Mitchell
    Abstract: Understanding species-specific relationships with their environment is essential for ecology, biogeography, and conservation biology. Moreover, understanding how these relationships change with spatial scale is critical to mitigating potential threats to biodiversity. But methods which measure inter-specific variation in responses to environmental parameters, generalizable across multiple spatial scales, are lacking. We used broad-scale citizen science data, over a continental scale, integrated with remotely-sensed products, to produce a measure of response to urbanization for a given species at a continental-scale. We then compared these responses to modelled responses to urbanization at a local-scale, based on systematic sampling within a series of small cities. For 49 species which had sufficient data for modelling, we found a significant relationship (R2 = 0.51) between continental-scale urbanness and local-scale urbanness. Our results suggest that continental-scale responses are representative of small-scale responses to urbanization. We also found that relatively few citizen science observations (~250) are necessary for reliable estimates of continental-scale urban scores to predict local-scale response to urbanization. Our method of producing species-specific urban scores is robust and can be generalized to other taxa and other environmental variables with relative ease.
    Date: 2019–03–26
  18. By: Myroslav Pidkuyko (Banco de España)
    Abstract: We study the spillovers from government intervention in the mortgage market on households’ consumption using the household survey data from the US. After an expansionary mortgage market operation, the increase in consumption of homeowners with mortgage debt is large and significant, while the consumption response of homeowners without the mortgage debt is small and insignificant. Non-homeowners also increase their consumption but less than mortgagors. We also find that expansionary policy significantly increases the consumption inequality of mortgagors. We explain these facts through the lens of a lifecycle model with incomplete markets and endogenous housing choice. Reduction in credit rates creates extra wealth for the mortgagors while a reduction in interest rates shifts this wealth towards consumption. An increase in wealth is bigger for those with a larger mortgage- this exacerbates consumption inequality.
    Keywords: mortgage debt, life-cycle models, government-sponsored enterprises, credit policy
    JEL: E21 E44 R38 G28
    Date: 2019–11
  19. By: Hjerppe, Reino; Berghall, Pii Elina
    Abstract: Since the early 1960s, urbanization and industrialization have been one of the main engines of economic and social change in developed and developing countries alike. Even though the growth rate of cities has somewhat declined during the past decades, the spread and speed of urbanization remains unprecedented. Cities grow basically because they generate favourable conditions for economic development. With growing decentralization, the political role of cities has also gained in importance in many areas compared to the nation state.
    Keywords: International Development
  20. By: Plechero, Monica (University of Florence); Mandar, Kulkarni (International Institute of Information Technology); Chaminade, Cristina (Lund University); Balaji, Parthasarathy (International Institute of Information Technology)
    Abstract: Economic geographers have recently made important contributions to the relationship between regional transformation, industrial specialisation and innovation networks in the emergence of new industries. However, most contemporary research has focused on the influence of networks on regional trajectories, paying lip service to how regional trajectories also influence network configurations. Furthermore, international comparative research on how specific regional innovation system (RIS) trajectories may shape innovation networks in new industrial sectors is underdeveloped. The paper investigates how the trajectories of Bangalore and Beijing RISs influence the objectives and geographical configuration of innovation networks in the new media industry. The coevolution of the different elements of the RIS trajectory points to the unfolding of politically and institutionally driven trajectory in Beijing and cognitively driven trajectory in Bangalore. These trajectories lead to specific barriers and opportunities for the development of innovation networks in new industries.
    Keywords: RIS trajectories; Innovation networks; New media industry; Beijing; Bangalore
    JEL: O19 O30 R50
    Date: 2019–11–13
  21. By: David P. Glancy; John Krainer; Robert J. Kurtzman; Joseph B. Nichols
    Abstract: Banks, life insurers, and commercial mortgage-backed securities (CMBS) lenders originate the vast majority of U.S. commercial real estate (CRE) loans. While these lenders compete in the same market, they differ in how they are funded and regulated, and therefore specialize in loans with different characteristics. We harmonize loan-level data across the lenders and review how their CRE portfolios differ. We then exploit cross-sectional differences in loan portfolios to estimate a simple model of frictional substitution across lender types. The substitution patterns in the model match well the observed shift of borrowers away from CMBS when CMBS spreads rose in 2016.
    Keywords: Commercial real estate ; Life insurers ; Segmentation
    JEL: G21 G22 G23 R33
    Date: 2019–11–15
  22. By: Jagtiani, Julapa (Federal Reserve Bank of Philadelphia); Lambie-Hanson, Lauren (Federal Reserve Bank of Philadelphia); Lambie-Hanson, Timothy (Federal Reserve Bank of Philadelphia)
    Abstract: Following the 2008 financial crisis, mortgage credit tightened and banks lost significant mortgage market share to nonbank lenders, including to fintech firms recently. Have fintech firms expanded credit access, or are their customers similar to those of traditional lenders? Unlike in small business and unsecured consumers lending, fintech mortgage lenders do not have the same incentives or flexibility to use alternative data for credit decisions because of stringent mortgage origination requirements. Fintech loans are broadly similar to those made by traditional lenders, despite innovations in the marketing and the application process. However, nonbanks market to consumers with weaker credit scores than do banks, and fintech lenders have greater market shares in areas with lower credit scores and higher mortgage denial rates.
    Keywords: fintech; mortgage lending; homeownership; online mortgages; credit access
    JEL: G20 G21 G28 R20 R30
    Date: 2019–11–18
  23. By: Erica Myers; Steven L. Puller; Jeremy D. West
    Abstract: Mandatory disclosure policies are increasingly prevalent despite sparse evidence that they improve market outcomes. We study the effects of requiring home sellers to provide buyers with certified audits of residential energy efficiency. Using similar nearby homes as a comparison group, we find this requirement increases price capitalization of energy efficiency and encourages energy-saving residential investments. We present additional evidence characterizing the market failure as symmetrically incomplete information, which is ameliorated by government intervention. More generally, we formalize and provide empirical support for seller ignorance as a motivation for disclosure policies in markets with bilaterally incomplete information about quality.
    JEL: D83 K32 L15 Q48 R31
    Date: 2019–11
  24. By: Bjerre-Nielsen, Andreas
    Abstract: This paper investigates endogenous network formation by heterogeneous agents. The agents' types determine the value of linking and we incorporate spillovers as utility from indirect connections. We provide sufficient conditions for a class of networks with sorting to be stable for low to moderate spillovers; with only two types these networks are the unique pairwise stable ones. We also show that this sorting is suboptimal for moderate to high spillovers despite otherwise obeying the conditions for sorting in Becker 1973. This shows that in our sorted networks a tension between stability and efficiency is present. We analyze a policy tool to mitigate suboptimal sorting.
    Date: 2019–09–12
  25. By: Blanco, Hilda; Wikstrom, Alexander
    Abstract: Transit Oriented Development (TOD) typically follows a common construction sequence that begins with transit infrastructure, followed by changing land use designations and densities. TODs are then built around transit stations or lines. An alternative approach is to turn failing shopping malls with their large footprints into mixed-use housing, then provide or enhance transit to these redevelopment projects. This approach could result in successful TODs: housing and mixed uses at appropriate densities to support transit. This policy brief summarizes findings from the white paper which reviewed the literature and provided the rationale for such redevelopments. View the NCST Project Webpage
    Keywords: Business, Social and Behavioral Sciences, Feasibility analysis, Policy analysis, Public private partnerships, Public transit, Redevelopment, Shopping centers, Transit oriented development, Zoning
    Date: 2019–11–01
  26. By: J. Hahn; J. Hirsch
    Abstract: While properties face diverse risks from extreme weather events, flood depicts one of the most destructive natural forces, causing damages in the billion-dollar range every year. Property owners therefore may face the challenge of potential value losses or other down sides at the time of sale. Even tenants may be affected in terms of property damage if an extreme weather event occurs. The question arises whether these expected financial losses are actually reflected in market behavior. Therefore, this contribution discusses appropriate methodology and deploys Generalized Additive Models (GAMs) for estimating the impact of existing flood risk on property prices. Both rental as well as sales markets are investigated empirically, on the basis of approximately 16,000 observations from a local housing market in Germany. The study finds substantial evidence that market participants actually do incorporate potential damage from flood risk into their pricing consideration and behavioral patterns. The paper concludes with recommendations as how to transfer the methodology to African real estate markets and summarizes related data requirements, as utilized in the presented study and in preparation of a potential study on African commercial property or housing markets.
    JEL: R3
    Date: 2018–09–01
  27. By: Sin Tian Ho, Cynthia (Department of Real Estate and Construction Management, Royal Institute of Technology); Wilhelmsson, Mats (Department of Real Estate and Construction Management, Royal Institute of Technology)
    Abstract: Drawing on location theory, the local relationships between new firm formation and its determinants are explored in 290 municipalities across Sweden. From the robust geographically weighted regression (GWR) models, mostly positive relationships with new firm formation are shown for firm density, human capital level, industry diversification level and percentage of immigrants living in the area. In contrast, mostly negative relationships are shown for weighted mean distance to the nearest bank branches, establishment size, unemployment rate, industry specialization. Spatially constrained multivariate clustering is also applied to group municipalities with similar conditions. Patterns in the industry composition and the location attributes are then analysed for each cluster.
    Keywords: GWR; new firm formation; entrepreneurship; Sweden
    JEL: C31 G21 M13 R50
    Date: 2019–11–14
  28. By: Martina Menon (Department of Economics (University of Verona)); Federico Perali (Department of Economics (University of Verona)); Ranjan Ray (Monash University); Nicola Tommasi (CIDE, University of Verona)
    Abstract: This study estimates regional price parities (RPP) in Italy based on household budget data and estimated “pseudo” unit values to compare living standards between Italian regions. The simultaneous consideration of spatial variation in prices and in quality of services between regions is a distinctive feature of this study. The study makes a methodological contribution by proposing a quality adjustment procedure to spatial price calculations whose appeal extends beyond Italy to the international context of cross-country PPP calculations. The average difference in the “true” cost of living between North and South is about 30-40 percent depending on the regions selected for comparison. Such a divide in cost of living and in market efficiency, probably one of the highest differentials in the world, is the traditional incipit of the tale of the two Italies. The estimations of RPP allows us to investigate the policy conundrum of why Italians, and dependent workers in particular, do not migrate towards the South given the much lower cost of living there. The answer, which takes us closer to the end of the tale, lies partly in the superior quality of services in the North and partly in the severe restriction on job opportunities in the South, especially for female earners.
    Keywords: Price Parities, Cost of Living, Quality of Public Services, Unit Values
    JEL: D12 I31 J3
    Date: 2019–11
  29. By: Michael A. Zabek
    Abstract: If someone lives in an economically depressed place, they were probably born there. The presence of people with local ties - a preference to live in their birthplace - leads to smaller migration responses. Smaller migration responses to wage declines lead to lower real incomes and make real incomes more sensitive to subsequent demand shocks, a form of hysteresis. Local ties can persist for generations. Place-based policies, like tax subsidies, targeting depressed places cause smaller distortions since few people want to move to depressed places. Place-based policies targeting productive places increase aggregate productivity, since they lead to more migration.
    Keywords: Migration ; Decline ; Economic development, technological change, and growth ; Labor and demographic economics ; Local labor markets
    JEL: J61 R23 E62 R58 H31 D61 J11
    Date: 2019–11–18
  30. By: Patrick Coate; Pawel Krolikowski; Michael A. Zabek
    Abstract: The earnings of young adults who live in the same neighborhoods as their parents completely recover after a job displacement, unlike the earnings of young adults who live farther away, which permanently decline. Nearby workers appear to benefit from help with childcare since grandmothers are less likely to be employed after their child's job displacement and since the earnings benefits are concentrated among young adults who have children. The result also suggests that parental employment networks improve earnings. Differences in job search durations, transfers of housing services, and geographic mobility, however, are too small to explain the result.
    Keywords: Adult children ; Childcare ; Family ties ; Job loss ; Parents ; Transfers
    JEL: J61 J64 R23
    Date: 2019–08
  31. By: Chant, Sylvia
    Abstract: The urbanization process is frequently shaped by prevailing constructions of gender. The recognition of this phenomenon is vital both in diagnosis and policy terms. This paper aims at illustrating the importance of gender in three major related aspects of urban growth and development: (i) transformations in household structure; (ii) shifts in household survival strategies and; (iii) changing patterns of employment. The paper concludes that although urbanization is gendered in all parts of the developing world, variability in patterns and outcomes in different countries makes it difficult to identify particular ways in which policy interventions might diminish gender inequalities in urban environments. Besides this, the paper concludes that unless gender inequalities are attenuated in rural settings there is little scope to effect major improvements in existing disparities. Although the 1980s and 1990s have seen an increasing acknowledgement of women's contribution to development, so far, policies which incorporate women into the development process have shown little concern about empowering women themselves.
    Keywords: International Development
  32. By: Yuan Xu; Hong Ma; Robert C. Feenstra
    Abstract: The ‘China shock’ operated in part through the housing market, and that is an important reason why the China shock was as big as it was. If housing prices had not responded at all to the China shock, then the total employment effect of the China shock would have been reduced by more than one-half. Housing prices in the United States did respond to the China shock, however, so the independent employment effect of the China shock is reduced by about 20–30%, with that remainder reflecting exogenous changes in housing prices.
    JEL: F14 R31
    Date: 2019–11
  33. By: O.D. Ajayi; O. Akinsomi
    Abstract: The purpose of the paper is to examine and analyze the performance of South African Real Estate Investment Trusts (SAREITs) with a view to enhancing investment decision making and ultimately shareholders’ wealth. Unbalanced data (2007 – 2017) of 37 listed SAREITs will be retrieved and analyzed from the I-Net (BFA) McGreggor database using the Abnormal Returns, Cumulative Average Abnormal Return (CAAR); and Buy and Hold Abnormal Returns (BHAR) over a 101-day event window period. This paper intends to add to the international REIT research and literature by exploring new evidence behind performance of REITs following issuance of Secondary Equity Offerings (SEOs). The analysis covers a period of ten (10) years; as such, becomes robust for potential investment decision making
    Keywords: REITs; Secondary Equity Offerings (SEOs); shareholder wealth effect
    JEL: R3
    Date: 2018–09–01
  34. By: Martijn Dröes (Universiteit van Amsterdam); Hans R.A. Koster (Vrije Universiteit Amsterdam)
    Abstract: The number of refugees around the world has increased substantially in the last decade. To cope with refugee flows, many countries have built refugee centers (RCs) for refugees to await the outcome of their asylum procedure. The opening of such centers often leads to considerable opposition from the local population. Using detailed housing transactions data from the Netherlands over the period 1990-2015, we examine locals' attitudes towards immigration by investigating households' willingness to pay (WTP) to avoid living near RCs. Comparing the price developments of opened RCs and those that are planned, we show that the opening of an RC decreases house prices within 2km by 3-6%. Using micro-data on home buyers' characteristics and employing a non-parametric hedonic pricing method, we identify households' individual preferences. We show that attitudes of higher income households towards RCs tend to be more negative, while those of foreign-born households are more positive. The WTP is also more negative for larger RCs. These results imply that when opening RCs, it is advisable to keep them relatively small and locate them in more ethnically diverse areas.
    Keywords: immigration, house prices, refugee centers, household preferences
    JEL: R31 E02 O18
    Date: 2019–11–16
  35. By: Syngjoo Choi; Booyuel Kim; Minseon Park; Yoonsoo Park
    Abstract: This paper investigates the impact of a student-centered teaching pedagogy program on cooperative behaviors of 610 students in five middle schools. We combine the school- level program of changing teaching practice with laboratory experiments, implemented before and after the program, measuring changes of students¡¯ cooperation. We show that the program increased students¡¯ voluntary contributions in a linear public goods experiment and raised teamwork performance in a real-effort task where members pursue a common interest. Our findings support the idea that teaching practices stimulating interpersonal interaction among students affect the formation of cooperative norms among students.
    Keywords: teaching practices; project-based learning; cooperation; field experiment; laboratory experiments
    JEL: C91 C92 C93 I21
    Date: 2018–08
  36. By: Jason Fletcher; Katie M. Jajtner
    Abstract: Nascent research suggests intergenerational health mobility may be relatively high and non-genetic factors may make room for policy intervention. This project broadens this direction by considering heterogeneous intergenerational health mobility in spatial and contextual patterns. With 14,797 parent-child pairs from a school-based representative panel survey of adolescents (Add Health), this study finds large spatial variation in intergenerational health mobility in the United States. On average relative mobility in this sample is approximately 0.17 and expected health rank for children of parents at the 25th percentile of parent health is 47. These metrics however mask substantial spatial heterogeneity. In cases of low health mobility, rank-rank slopes can approach 0.5 or expected child health rank may only be the 34th percentile. Descriptive school- and contextual-level correlates of this spatial variation indicate localities with higher proportions of non-Hispanic blacks, school PTAs, or a school health education requirement may experience greater health mobility.
    JEL: I1 I12 I14 J62
    Date: 2019–11
  37. By: Petri Böckerman; Mika Haapanen; Christopher Jepsen; Alexandra Roulet
    Abstract: We examine the effects of a comprehensive school reform on mental health. The reform postponed the tracking of students into vocational and academic schools from age 11 to age 16. The reform was implemented gradually across Finnish municipalities between 1972 and 1977. We use difference-in-differences variation and administrative data. Our results show that there is no discernible effect on mental health related hospitalizations on average even though the effect is precisely estimated. Heterogeneity analysis shows that, after the reform, females from highly-educated families were more likely to be hospitalized for depression.
    Keywords: tracking age, comprehensive school, mental health, depression, hospitalization
    JEL: I12 I26 I28
    Date: 2019
  38. By: Andrea Filippone (Bank of Italy); MAssimo Gallo (Bank of Italy); Patrizia Passiglia (Bank of Italy); Valentina Romano (Bank of Italy)
    Abstract: The work analyses the recent trends in trips by foreigners on holiday in Italy, distinguishing among different types of holidays offered and the related destinations, classified according to the degree of urbanization and the endowment of cultural heritage. It also studies the characteristics of the travellers who are associated with them. Since 2010, the trend in international arrivals for leisure tourism in Italy has been similar to the global trend thanks to the sustained growth of cultural tourism, which now represents half of all overnight stays by foreigners on holiday in Italy. The artistic and cultural heritage of the country exerts a great power of attraction and enriches Italy�s other relevant tourist products, such as rural and seaside vacations. Since the great cities of art are the main attraction, especially for those who visit Italy for the first time, it follows that there is an increase in the concentration of tourists in the main national urban areas. Tourists who decide to come back to Italy tend to visit smaller towns more frequently.
    Keywords: holiday trips, cultural tourism
    JEL: L83 Z31
    Date: 2019–07
  39. By: Jessica F. Harding; Mariesa Herrmann; Elias S. Hanno; Christine Ross
    Abstract: The purpose of this study was to identify an indicator that the School District of Philadelphia (SDP) could use to measure the percentage of entering kindergarteners who are on-track to read on grade level by the end of grade 3.
    Keywords: Kindergarten, reading proficiency, indicator, threshold, Philadelphia, Pennsylvania
  40. By: Tedds, Lindsay M.
    Abstract: It is undeniable that the goods, services, and privileges that municipalities provide are vital for Canadians’ well-being and that municipalities are facing increasing pressure to provide more infrastructure and services to more Canadians at a higher level of service. In order to provide this infrastructure and these services, however, municipalities have to increasingly find a way to pay for them. The key challenge then becomes, how do cities pay for these services and infrastructure? How do cities raise enough revenue to deliver these high-quality public services that will attract and retain businesses and residents in a way that does not undermine their competitive advantage and that is fair, accountable, equitable, and within their authorities? As it turns out the answer to this question is “wherever possible, charge.” That is, where possible, the direct users should pay the cost of providing municipal services. The rest of this chapter will outline what are the two main funding choices, property taxes and user levies, for Canadian municipalities and why. If the choices for municipalities for its own source revenues are between property taxes and user levies, what are these instruments? If the choice then is between user levies and property taxes, what has been the take up of these revenue instruments by municipalities in Canada and what might be driving these decisions? Finally, which revenue tool is preferred and why, using the principles tax fairness, tax accountability, and tax equality? In essence, it boils down to establishing a strong link between expenditures and revenues, leading to a preference for user levies.
    Keywords: Municipal Public Finance, User Fees, Regulatory Charges, Proprietary Charges, Municipal Revenue, Benefits Received, Tax Fairness
    JEL: H21 H27 H71 H77
    Date: 2019–10
  41. By: Neyt, Brecht; Verhaest, Dieter; Baert, Stijn
    Abstract: The literature on workplace learning in secondary education has mainly focussed on vocational education programmes. In this study, we examine the impact of internship experience in secondary education on a student’s schooling and early labour market outcomes, by analysing unique, longitudinal data from Belgium. To control for unobserved heterogeneity, we model sequential outcomes by means of a dynamic discrete choice model. In line with the literature on vocational education programmes, we find that internship experience has a positive effect on labour market outcomes that diminishes over time, although within the time window of our study, we find no evidence for a null or negative effect over time.
    Keywords: internship,transitions in youth,education,labour
    JEL: I21 I26 J21 J24
    Date: 2019
  42. By: Grillitsch, Markus (Lund University); Asheim, Bjørn (University of Stavanger); Nielsen, Hjalti (Lund University)
    Abstract: Agency is concerned with the ways and the extent to which individuals, groups of individuals and organisations shape regional development within and beyond the corset of historically developed pathways. Linking the time horizon of agency to the exploration-exploitation trade-off in regional development and the recent literature on industrial path development, we argue that agency becomes more powerful with a long-term perspective. In the long-run knowledge, networks, and institutions can be moulded in a strategic manner, whereas in the short-term these are highly rigid. We illustrate our arguments with an in-depth case study of a labour market in Western Norway, which, over the past 20 years, was subject to two crises and one remarkable growth phase. We show that long-term agency with a focus on innovation shaped the development opportunities and identity of the region. Conversely, short-term agency was mainly about exploiting existing opportunities, often associated with entrepreneurship. The unintended consequence of short-term agency was an increasing vulnerability of the regional economy to changes in demand. This has far-reaching policy implications because short-term pressures and policy cycles often undermine long-term perspectives.
    Keywords: Change agency; exploration exploitation; new industrial path development; regional development; innovation
    JEL: O18 O30 P48 R11 R58
    Date: 2019–11–13
  43. By: Adrien Montalbo (PSE - Paris School of Economics, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique)
    Abstract: The impact of education on growth or individual earnings has been vastly studied in economics. However, much remains to know about this association before the mid-20th century. In this article, I investigate the effect of primary schooling on the economic devel- opment of French municipalities during the 19th century and up to World War I. Before the Guizot Law of 1833, no national legislation on primary schooling existed in France. Therefore, I evaluate if the municipalities with higher educational achievements before this law grew more than their counterparts during the following years. To do so, I exploit first the fact that the Guizot Law forced municipalities over 500 inhabitants to open and fund a primary school for boys. I implement a regression discontinuity around this cut-off on municipalities with no primary school in 1833. Second, I instrument educational achieve- ment, namely enrolment rates and schooling years, by the proximity of municipalities to printing presses established before 1500. Each method returns a positive impact of edu- cation on development. Education quality also mattered in this perspective. A matching estimation on municipalities with a school in 1833 indicates a positive impact of better teaching conditions provided by public grants on the subsequent growth of municipalities. Primary schooling is therefore an important factor which favoured the development of French municipalities during the century of industrialisation and modernisation.
    Keywords: Primary instruction,Economic development,Nineteenth-century France
    Date: 2019–09
  44. By: O. Folarin
    Abstract: The purpose of this research was to ascertain the correlation between infrastructure development and land values within the study area. The land values for ten years period was used for the research study. The descriptive research that was employed was the quantitative design method. A sample size of one hundred and fifty - four (154) respondents of the Ogun State Property Investment Company (OPIC) was employed which included; employees, residents of the estates, property brokers and others. Analysis of data was by the use of percentages, frequencies, mean score, rank correlation and Pearson’s correlation coefficient. From the analysis it showed that infrastructure had improved within the last ten years. Furthermore results showed that the state of infrastructure within the study area was most improved in the year 2013 and also ranked the highest in the level of infrastructure development. The research findings revealed that the development of the roads did have a positive impact by increasing land values. This study hereby recommends that the Government should further invest and improve the level of infrastructure as it would be beneficial to the economy at large.
    Keywords: Development; Infrastructure; Land Values; Roads and Drainages
    JEL: R3
    Date: 2018–09–01
  45. By: Karl-Werner Schulte; Jonas Hahn
    Abstract: The body of knowledge in the context of African Real Estate is growing constantly. The research discipline has attracted increased interest and thereby, the number of available publications has augmented. And while it becomes more and more difficult to keep track of the various research directions and contemporary research output in African Real Estate as the discipline progresses, new media provide viable solutions to the problem. This contribution outlines concepts for promoting research on African Real Estate, exemplified by the Research Database, and gives an outlook on scaling the list of available publications into a dynamic web-based system for supporting both authors and researchers on the quest for information and data. The contributional so makes suggestions on how to involve relevant stake holders into the promotional activities regarding African Real Estate research output.
    JEL: R3
    Date: 2018–09–01
  46. By: Carmela Aurora Attinà (Bank of Italy); Francesco Franceschi (Bank of Italy); Valentina Michelangeli (Bank of Italy)
    Abstract: Strong growth in consumer credit and widespread recourse to mortgage renegotiations observed since 2015 have affected households’ ability to repay their loans. In this paper we explore a novel way of accounting for these trends, by extending the Bank of Italy microsimulation model of households’ financial vulnerability. The extension provides a more accurate assessment of the financial stability risks stemming from the household sector. Consumer credit growth drives an increase in the share of vulnerable households, but has limited effects on the overall debt at risk. Mortgage renegotiations contribute to a decrease in households’ vulnerability.
    Keywords: vulnerability, consumer credit, mortgage renegotiations
    JEL: C1 G2
    Date: 2019–11
  47. By: Oliveira, Eduardo (Université catholique de Louvain)
    Abstract: By 2030, the fastest rates of population growth and urbanisation will be witnessed in sub-Saharan Africa, followed by India and parts of Southeast Asia (Nagendra et al., 2018). Academic literature (Shoffner et al., 2018) as well as policy documents (UNDP, 2018) have been acknowledging that urbanisation is a global phenomenon with strong environmental sustainability implications and cities have become central to ensuring a sustainable future (Acuto et al., 2018). In ‘Urban Environments in Africa’, Garth Myers deconstructs the criticisms of urban political ecology (UPE) and investigates African environmentalism from different ontological and epistemological points of view.
    Date: 2019–07–15
  48. By: Tedds, Lindsay M.; Euper, Brock
    Abstract: This chapter focuses solely on the various costs that ERLP brings to local governments, the evidence regarding these costs, and the tools that a local government can employ to recover these costs. Given that local governments across Canada are generally constrained to raising revenues through property taxes and various user levies, including those associated with regulation, this paper will focus on the application of local property taxes on ERLP as well as discuss the likelihood of charges that can be levied pursuant to local government regulatory powers, via rights-of-way by-laws, and fees pursuant to local government powers to enter bilateral rights agreements. Overall, the chapter finds that there are options available to local governments to not only take actions to minimize the costs imposed by ERLP but also to recoup the identified costs. Each option not only to minimize costs but also to recoup costs has areas of strengths and weaknesses, suggesting that no only a multipronged approach will be necessary, conditional on the specific jurisdictional characteristics, but also that these tools may not be able to minimize or recoup all the specific costs incurred.
    Keywords: Energy related linear Property, Local Government Authorities, Local Government Revenue, Property Tax, User Fees, Regulatory Charges
    JEL: H24 H27 H71 H77
    Date: 2019–06
  49. By: Hardoy, Inés (Institute of Social Research); Zhang, Tao (Ragnar Frisch Centre for economic research)
    Abstract: Large waves of refugees have arrived in Europe on a regular basis in recent decades. We know little about the impact of labour market policies intended to improve the labour market integration of refugees and their reunited family members. Using rich longitudinal data from Norway of the past 30 years, we study the impact of different labour market programs for refugees and their reunited families. We find no lock-in effects while the program is in process. On the contrary, program participation seems to function as a springboard to working life. Work practice seems to be particularly suitable for refugees to enhance employability while training enhances ordinary education. Wage subsidies do not seem to have the desired impact and can be an indication that it may have been used too early in the integration process.
    Keywords: refugees; labour market programs; effect evaluation; time-of-event analysis
    JEL: C41 J22 J61 J68
    Date: 2019–09–02
  50. By: Jesse Bricker; Kevin B. Moore; Jeffrey P. Thompson
    Abstract: We use data from the Survey of Consumer Finances (SCF) to explore how household asset portfolios in the United States have evolved from 1989 to 2016. Throughout this period, two key assets—housing and financial market assets—have driven the aggregate household balance sheet evolution. However, aggregates mask great heterogeneity in balance sheet composition across the wealth distribution, and most families hold a relatively small share of assets in financial markets and larger shares in housing and other nonfinancial assets. We also describe the typical life cycle asset accumulation processes among low, middle, and high-income families which—though varying dramatically by level—are quite similar. Finally, we use household balance sheets to describe how financial vulnerability has changed over time.
    Keywords: Distribution of wealth ; Household finance ; Household wealth
    Date: 2019–09–20
  51. By: Steven F. Lehrer; Louis Pierre Lepage
    Abstract: Using data from the New York City Police Department's Stop-and-Frisk program, we evaluate the impact of a specific terrorist attack threat from Al Qaeda on policing behavior in New York City. We find that after the Department of Homeland Security raised the alert level in response to this threat, people categorized as "Other" by the NYPD, including Arabs, were significantly more likely to be frisked and have force used against them yet no more likely to be arrested. These individuals were in turn less likely to be frisked or have force used against them immediately after the alert level returned to its baseline level. Further, evidence suggests that these impacts were larger in magnitude in police precincts that have a higher concentration of mosques. Our results are consistent with profiling by police officers leading to low-productivity stops, but we cannot rule out that it constitutes efficient policing given important differences between deterrence of terrorism versus other crimes.
    JEL: C33 J15 K42
    Date: 2019–11

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