|
on Urban and Real Estate Economics |
| By: | Boeing, Geoff (Northeastern University) |
| Abstract: | As the rental housing market moves online, the Internet offers divergent possible futures: either the promise of more-equal access to information for previously marginalized homeseekers, or a reproduction of longstanding information inequalities. Biases in online listings' representativeness could impact different communities' access to housing search information, reinforcing traditional information segregation patterns through a digital divide. They could also circumscribe housing practitioners' and researchers' ability to draw broad market insights from listings to understand rental supply and affordability. This study examines millions of Craigslist rental listings across the US and finds that they spatially concentrate and over-represent whiter, wealthier, and better-educated communities. Other significant demographic differences exist in age, language, college enrollment, rent, poverty rate, and household size. Most cities' online housing markets are digitally segregated by race and class, and we discuss various implications for residential mobility, community legibility, gentrification, housing voucher utilization, and automated monitoring and analytics in the smart cities paradigm. While Craigslist contains valuable crowdsourced data to better understand affordability and available rental supply in real-time, it does not evenly represent all market segments. The Internet promises information democratization, and online listings can reduce housing search costs and increase choice sets. However, technology access/preferences and information channel segregation can concentrate such information-broadcasting benefits in already-advantaged communities, reproducing traditional inequalities and reinforcing residential sorting and segregation dynamics. Technology platforms like Craigslist construct new institutions with the power to shape spatial economies, human interactions, and planners' ability to monitor and respond to urban challenges. |
| Date: | 2019–07–13 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:pqgw7&r=all |
| By: | Kelly, Robert (Central Bank of Ireland); Mazza, Elena (Central Bank of Ireland) |
| Abstract: | Macro-prudential policies such as the 2015 Irish mortgage measures have become increasingly utilised by central banks. These measures have implications for both lenders and borrowers given the prominence of mortgage debt on bank and household balance sheets. They transmit through the direct lending channel, whereby the level of bindingness alters the size and number of loans relative to a counterfactual with no measures. This Note provides a measure of bindingness by combining estimates of credit available and take-up for individual Irish borrowers. The proportion of borrowers drawing down more than 90 per cent of credit available to them rose from 29 to 46 per cent since the introduction of the measures. This suggests that the measures have become increasingly binding over time, consistent with the observed imbalance between demand and supply in the housing market, driving house prices to grow faster than incomes. In terms of distributional effects, the measures appear to be most binding for first time buyers in Dublin, given the high level of Dublin house prices relative to incomes compared to other parts of the country. |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:cbi:fsnote:12/fs/19&r=all |
| By: | Maczulskij, Terhi; Böckerman, Petri |
| Abstract: | Abstract We examine the economic determinants of interregional mobility. Using plant closures and mass lay-offs for identification, we show that there are obstacles in the labor market that prevent a more efficient reallocation of unemployed individuals and jobs. We find that displacement increases the migration probability by ~80 percent. Displaced workers mostly make migration decisions based on economic (dis)incentives, i.e., higher expected wages and lower expected housing prices outside the origin home location increase the probability of moving after a job loss. In contrast, proximity to family, home ownership and poorly functioning housing markets constitute severe constraints for migration. This outcome is concerning for employment prospects, as, among displaced workers, migration is positively linked to a strong attachment to the labor market. |
| Keywords: | Displacement, Internal migration, Housing markets, Expected income, Social capital, Labor market outcomes |
| JEL: | J31 J61 J63 |
| Date: | 2019–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:rif:wpaper:75&r=all |
| By: | Brooks, Matthew M (Penn State) |
| Abstract: | Affordable housing is an under researched area of residential attainment despite is importance and the potential consequences of households spending too much on housing—such as forced moves and financial instability. This study analyzes disparities in attainment of affordable housing between white, black, Hispanic, and Asian households using 2005-2017 American Community Survey microdata. Results show there are significant gaps between whites and the other groups regarding their attainment of affordable housing. Differential returns on socioeconomic status are also present, with Hispanics and Asians receiving lesser returns on education. Hispanics received significant benefits regarding immigrant status compared to other racial groups. When accounting for county-level ethnoracial composition there is clear evidence that black, Hispanic, and Asian households are more likely to benefit than white households if they live in a county with an increased coethnic population. |
| Date: | 2019–05–13 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:qnvjr&r=all |
| By: | Eric Chyn; Kareem Haggag |
| Abstract: | How does one's childhood neighborhood shape political engagement later in life? We leverage a natural experiment that moved children out of disadvantaged neighborhoods to study effects on their voting behavior more than a decade later. Using linked administrative data, we find that children who were displaced by public housing demolitions and moved using housing vouchers are 12 percent (3.3 percentage points) more likely to vote in adulthood, relative to their nondisplaced peers. We argue that this result is unlikely to be driven by changes in incarceration or in their parents' outcomes, but rather by improvements in education and labor market outcomes, and perhaps by socialization. These results suggest that, in addition to reducing economic inequality, housing assistance programs that improve one's childhood neighborhood may be a useful tool in reducing inequality in political participation. |
| Keywords: | political engagement, disadvantaged neighborhood, public housing demolitions, incarceration, Inequality |
| JEL: | D72 H75 I38 J13 R23 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2019-079&r=all |
| By: | Simon J. Berrebi; Kari E. Watkins |
| Abstract: | This paper uses stop-level passenger count data in four cities to understand the nation-wide bus ridership decline between 2012 and 2018. The local characteristics associated with ridership decline are evaluated in Portland, Miami, Minneapolis/St-Paul, and Atlanta. Poisson models explain ridership as a cross-section and the change thereof as a panel. While controlling for change in frequency, jobs, and population, the correlation with local socio-demographic characteristics are investigated using data from the American Community Survey. The effect of changing neighborhood socio-demographics on bus ridership are modeled using Longitudinal Employer Household Dynamics data. At a point in time, neighborhoods with high proportions of non-white, carless, and most significantly, high-school-educated residents are the most likely to have high ridership. Over time, white neighborhoods are losing the most ridership across all four cities. Places with high concentrations of residents with college education and without access to a car also lose ridership at a faster rate in two of the cities. The sign and significance of these results remain consistent even when controlling for intra-urban migration. Although bus ridership is declining across neighborhood characteristics, these results suggest that the underlying cause must be primarily affecting the travel behavior of white bus riders. Shifts in neighborhood socio-demographics, however, were found to be modest in most cities and unlikely to be causing the nation-wide ridership crisis. In Miami, the increasing proportion of white residents surrounding bus stops could be a factor aggravating the decline. |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2001.02200&r=all |
| By: | Circo, Giovanni M (University of New Haven); Wheeler, Andrew Palmer (University of Texas at Dallas) |
| Abstract: | Despite nation-wide decreases in crime, urban gun violence remains a serious and pressing issue in many cities. Victim survival in these incidents is often contingent on the speed and quality of care provided. Increasingly, new research has identified the role that specialized trauma care plays in victim survival from firearm-related injuries. Using nearly four years of data on shooting victimizations in Philadelphia we test whether distance to the nearest level 1 trauma center is associated with victim survival. We employ different distance measures based on street network distances, drive-time estimates, and Euclidean distance - comparing the predictive accuracy of each. Our results find that victims who are shot farther from trauma centers have an increased likelihood of death, and drive time distances provide the most accurate predictions. We discuss the practical implications of this research as it applies to urban public health. |
| Date: | 2019–08–06 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:cuhy9&r=all |
| By: | Paolo Emilio Mistrulli (Bank of Italy); Luca Antelmo (Bank of Italy); Maddalena Galardo (Bank of Italy); Iconio Garrì (Bank of Italy); Dario Pellegrino (Bank of Italy); Davide Revelli (Bank of Italy); Vito Savino (Bank of Italy) |
| Abstract: | In the aftermath of the Great Recession, the number of bank branches declined in most of developed countries. In this paper, we investigate how banks have downsized their branch networks in Italy, by comparing the pre and post crisis spatial distribution of branches. By using a detailed dataset that includes a wide set of controls for the characteristics of each bank branch, we estimate the probability of a branch being closed as a function of its distance from both proprietary and competitors’ branches. We find that banks are more prone to close branches in those areas where other proprietary branches are closer and also where competitors’ branches are closer. This indicates that, since the start of the crisis, banks have closed branches especially in those areas where their proprietary network was relatively more populated and competition was fiercer. |
| Keywords: | Bank Branch, Geographical Location, Market Structure |
| JEL: | G21 L10 R3 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_540_19&r=all |
| By: | takashi nakamura (Associate Professor, Tokyo City University); Daito Ishikawa (Suncoh Consultants Co.) |
| Abstract: | Japan has been facing problems related to decline of population and aging. Especially, many municipalities in local countryside area are continuously population decreasing. In spite of this, municipalities of the social growth of the population increase exist. This study targets social growth of the population at Japanese Local Countryside area. The study analyzed population social increase or decrease according to 1896 municipalities of all over Japan from 2010 to 2015. Thereafter, we squeezed the municipalities of social growth of the population without three major metropolitan areas (Tokyo, Nagoya and Osaka) and research the factor of social population increase. As a result the following points were demonstrated. A. There are many municipalities of the social growth of the populations around a local central city. These municipalities are characterized with a bedroom community to local central city. B. There are seen municipalities of the Social growth of the population at a resort and a sightseeing spot. There are many immigrants of the foreigner in such an area.C. There is a municipality of the social growth of the population by a company invitation with the creation of the industrial area.D. There are some local mountainous municipalities of social growth of the population by immigrant invitation measures such as cash supply for the marriage, delivery, the entrance to school, a little less than 5 million yen subsidy for house newly building, instruction by the expert to agriculture and forestry marine products industry beginner, etc. |
| Keywords: | Regional Development, Social Growth of the Population, Immigrant invitation measures |
| JEL: | O20 R58 Q01 |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:9711323&r=all |
| By: | Miles, David (Bank of England and Imperial College London); Monro, Victoria (Bank of England) |
| Abstract: | Real house prices in the UK have almost quadrupled over the past 40 years, substantially outpacing real income growth. Meanwhile, rental yields have been trending downwards — particularly since the mid‑90s. This paper reconciles these observations by analysing the contributions of the drivers of house prices. It shows that the rise in house prices relative to incomes between 1985 and 2018 can be more than accounted for by the substantial decline in the real risk‑free interest rate observed over the period. This is slightly offset by net increases in home‑ownership costs from higher rates of tax. Changes in the risk‑free real rate are a crucial driver of changes in house prices — the model predicts that a 1% sustained increase in index‑linked gilt yields could ultimately (ie in the long run) result in a fall in real house prices of just under 20%. |
| Keywords: | Housing; house prices; financial stability; interest rates |
| JEL: | R21 R31 |
| Date: | 2019–12–20 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0837&r=all |
| By: | Bednarek, Peter; te Kaat, Daniel Marcel; Ma, Chang; Rebucci, Alessandro |
| Abstract: | Capital flows and real estate are pro-cyclical, and real estate has a substantial weight in economies' income and wealth. In this paper, we study the role of real estate markets in the transmission of bank flow shocks to output growth across German cities. The empirical analysis relies on a new and unique matched data set at the city level and the bank-firm level. To measure bank flow shocks, we show that changes in sovereign spreads of Southern European countries (the so-called GIPS spread) can predict German cross-border bank flows. To achieve identification by geographic variation, in addition to a traditional supply-side variable, we use a novel instrument that exploits a policy assigning refugee immigrants to municipalities on an exogenous basis. We find that output growth responds more to bank flow shocks in cities that are more exposed to tightness in local real estate markets. We estimate that, during the 2009-2014 period, for every 100-basis point increase in the GIPS spread, the most exposed cities grow 15-2 basis points more than the least exposed ones. Moreover, the differential response of commercial property prices can explain most of this growth differential. When we unpack the transmission mechanism by using matched bank-firm-level data on credit, employment, capital expenditure and TFP, we find that firm real estate collateral as measured by tangible fixed assets plays a critical role. In particular, bank flow shocks increase the credit supply to firms and sectors with more real estate collateral. Higher credit supply then leads firms to hire and invest more, without evidence of capital misallocation. |
| Keywords: | BIS Cross-border flows,Capital Flows,Collateral,City Business Cycles,Credit,Germany,Misallocation,GIPS Spread,Real Estate,Tangible Assets |
| JEL: | F3 R3 E3 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:452019&r=all |
| By: | Wheeler, Andrew Palmer (University of Texas at Dallas); Riddell, Jordan R.; Haberman, Cory P. |
| Abstract: | Objectives: Near repeat patterns have been identified for a host of different crimes, but effective strategies to reduce near repeats have had more variable results. This study identifies near repeat crime patterns in Dallas, Texas and examines the effects of an arrest on reducing the probability of future crime. Method: Using open source crime data from the Dallas Police Department from July 2014 through June 2018, we identified near repeat patterns for shootings, interpersonal robberies, residential burglaries, and thefts from motor vehicles. Logistic regression models were used to test the effect of an arrest on reducing near repeat crimes; controls for geographic, demographic, and temporal factors were included in each model. Results: Near repeat calculations suggest violent crime clustered closely in time and space, with property crime dispersed over larger spatial and temporal dimensions. Across all four crime types, findings suggest arrests resulted in 20% to 40% reductions in a near repeat follow up crime. Conclusions: In line with past research on shootings, arrests reduced the likelihood of subsequent crimes. This suggests policing strategies to increase arrests may be a fruitful way to reduce near repeat crime patterns. Code to replicate the analysis can be found at: https://www.dropbox.com/sh/72q0i7wm60ndq ve/AABgFB8zwGHG6xjExvaD01EGa?dl=0. |
| Date: | 2019–07–25 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:7tazd&r=all |
| By: | Santos-Marquez, Felipe; Mendez, Carlos |
| Abstract: | This paper studies regional convergence and spatial dependence of homicides and personal injuries in Colombia. In particular, through the lens of both classical and distributional convergence frameworks, two spatial scales are contrasted: municipalities and states. For both homicides and personal injuries, sigma convergence is only found at the state level. In contrast, beta convergence is found at both state and municipal level. The distributional convergence framework highlights further contrasting patterns. For homicides at the state level, four convergence clusters are found, while two clusters are present at the municipal level. For personal injuries, at both spatial scales, two clusters are found. Moreover, significant and robust spatial autocorrelation is found only at the municipal level. Overall, these results re-emphasize the role of spatial disaggregation as well as spatial dependence when evaluating regional convergence and designing regional development policies. Lastly, a discussion of the previous results and their relation to current and future policies is also included. |
| Keywords: | convergence, distribution dynamics, spatial autocorrelation, homicide rates, social development, Colombia, crime. |
| JEL: | O15 O40 O47 |
| Date: | 2019–11–24 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:97093&r=all |
| By: | Dieter Pennerstorfer; Biliana Yontcheva (WU Wien) |
| Abstract: | This article presents a novel method of market delineation, which generates virtually isolated residential clusters using data on the spatial distribution of population. The performance of this approach is evaluated by contrasting it with traditional delineation techniques based on municipal boundaries. The estimation of simple entry models for five industries shows that markets defined using micro-level residence information perform better in terms of reducing cross-border spatial spillovers and predicting the equilibrium number of firms on the market more accurately. Additionally, the estimated entry threshold ratios using this method successfully reflect our expectations based on ex-ante knowledge about the investigated industries. |
| Keywords: | market definition, entry models, spatial competition |
| JEL: | L13 L11 R32 |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:jku:econwp:2019_17&r=all |
| By: | Olga Ivanova; d'Artis Kancs; Mark Thissen |
| Abstract: | This is the first study that attempts to assess the regional economic impacts of the European Institute of Innovation and Technology (EIT) investments in a spatially explicit macroeconomic model, which allows us to take into account all key direct, indirect and spatial spillover effects of EIT investments via inter-regional trade and investment linkages and a spatial diffusion of technology via an endogenously determined global knowledge frontier with endogenous growth engines driven by investments in knowledge and human capital. Our simulation results of highly detailed EIT expenditure data suggest that, besides sizable direct effects in those regions that receive the EIT investment support, there are also significant spatial spillover effects to other (non-supported) EU regions. Taking into account all key indirect and spatial spillover effects is a particular strength of the adopted spatial general equilibrium methodology; our results suggest that they are important indeed and need to be taken into account when assessing the impacts of EIT investment policies on regional economies. |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1912.07115&r=all |
| By: | Goodman, Christopher B (Northern Illinois University) |
| Abstract: | This paper analyzes the impact of local political fragmentation on long-run population, employment, and per capita money income growth in 314 U.S. metropolitan areas. The results suggest a positive relationship between fragmentation and long-run population growth; however, the type of fragmentation matters. Local government fragmentation in both the horizontal (cities) and vertical (special districts) are important. The results do not generalize to long-run employment or per capita money income growth. These findings partially support the hypothesis that governmental fragmentation can enhance local economic growth; however, taking into account the local context in the measurement of local political structure is important. |
| Date: | 2019–06–06 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:dx75m&r=all |
| By: | Karlis Vilerts (Bank of Latvia); Klavs Zutis (Bank of Latvia); Konstantins Benkovskis (Bank of Latvia) |
| Abstract: | In recent years, local government spending has drawn a lot of attention from policy makers and researchers alike. Scientific literature does not give a clear preference either to centralisation or decentralisation of the provision of public services. The present paper employs econometric methods to obtain evidence pointing to a negative correlation between the size of Latvia's municipalities (novads) in terms of population and municipal spending per capita. Namely, the smaller the municipality, the higher the per capita costs of providing local government services. This is an especially important conclusion, considering Latvia's demographical trends resulting in a particularly notable reduction in the population of small municipalities. We have estimated that, given the declining population, municipalities will be unable to continue fulfilling their functions at the current scope without additional financing. Estimates also suggest that concentration of local government services in administrative territorial units that are larger in terms of population could result in significant savings that could be spent to improve either the supply or quality of services provided by municipalities. |
| Keywords: | municipalities, local government spending, number of population, demographic trends |
| JEL: | R12 R23 R58 |
| Date: | 2019–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:ltv:dpaper:201901&r=all |
| By: | Boeing, Geoff (Northeastern University) |
| Abstract: | Urban planning and morphology have relied on analytical cartography and visual communication tools for centuries to illustrate spatial patterns, propose designs, compare alternatives, and engage the public. Classic urban form visualizations – from Giambattista Nolli’s ichnographic maps of Rome to Allan Jacobs’s figure-ground diagrams of city streets – have compressed physical urban complexity into easily comprehensible information artifacts. Today we can enhance these traditional workflows through the Smart Cities paradigm of understanding cities via user-generated content and harvested data in an information management context. New spatial technology platforms and big data offer new lenses to understand, evaluate, monitor, and manage urban form and evolution. This paper builds on the theoretical framework of visual cultures in urban planning and morphology to introduce and situate computational data science processes for exploring urban fabric patterns and spatial order. It demonstrates these workflows with OSMnx and data from OpenStreetMap, a collaborative spatial information system and mapping platform, to examine street network patterns, orientations, and configurations in different study sites around the world, considering what these reveal about the urban fabric. The age of ubiquitous urban data and computational toolkits opens up a new era of worldwide urban form analysis from integrated quantitative and qualitative perspectives. |
| Date: | 2019–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:vhrdc&r=all |
| By: | KONDO Keisuke |
| Abstract: | This study provides novel insights on the hypothesis of tougher demand competition in larger cities, focusing on the accommodation sector. In recent years, Japan has experienced a sudden increase in foreign tourists, which has increased the room occupancy rates of hotels, especially in large cities, such as Tokyo and Osaka. Large cities also attract domestic visitors from across the country, meaning that the inbound tourism boom results in a situation where hotel demand of Japanese visitors is in direct competition with that of foreign visitors. This study finds that the increase in hotel demand of foreign visitors has increased the difficultly for Japanese visitors to find vacant rooms (vice versa) since the beginning of inbound tourism boom around 2013, especially in both business and city hotels in large cities, suggesting that visitors to larger cities face higher costs of searching for vacant rooms. |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:19106&r=all |
| By: | Luisa Dörr; Florian Dorn; Stefanie Gäbler; Niklas Potrafke |
| Abstract: | We examine how new airport infrastructure influences regional tourism. Identification is based on the conversion of a military air base into a regional commercial airport in the German state of Bavaria. The new airport opened in 2007 and promotes travelling to the touristic region Allgäu in the Bavarian Alps. We use a synthetic control approach and show that the new commercial airport increased tourism in the Allgäu region over the period 2008-2016. The positive effect is especially pronounced in the county where the airport is located. Our results suggest that new transportation infrastructure promotes regional economic development. |
| Keywords: | Airports, tourism, regional development, transportation infrastructure, synthetic control method |
| JEL: | O18 Z38 L93 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ifowps:_318&r=all |
| By: | Steven Bond-Smith (Bankwest Curtin Economic Centre, Curtin University); Philip McCann (Faculty of Spatial Sciences, University of Groningen) |
| Abstract: | This article builds an understanding of regional innovation specialization by developing a multi-sector model with endogenous growth through quality improving innovations and spillovers from related technologies. The model provides an approach to incorporate the relatedness literature within the mainstream theoretical frameworks of endogenous growth and economic geography. Each firm’s technology sector and the location of other firms play a role in each firm’s ability to improve its own technology. As a result, firms prefer to co-locate in technologically compatible clusters. Without relying on scale assumptions, the model for the first time coherently links related variety knowledge spillovers to mainstream urban economic frameworks and demonstrates that clustering is possible in both core and peripheral areas. |
| Keywords: | Innovation; endogenous growth; knowledge spillovers; relatedness; clusters |
| JEL: | R11 O41 |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:ozl:bcecwp:wp1903&r=all |
| By: | Arunav Gupta; Lucas Nguyen; Camille Dunning; Ka Ming Chan |
| Abstract: | This report explores the use of Zillow's housing metrics dataset to investigate the effects of the 2008 US subprime mortgage crisis on various US locales. We begin by exploring the causes of the recession and the metrics available to us in the dataset. We settle on using the Zillow Home Value Index (ZHVI) because it is seasonally adjusted and able to account for a variety of inventory factors. Then, we explore three methodologies for quantifying recession impact: (a) Principal Components Analysis, (b) Area Under Baseline, and (c) ARIMA modeling and Confidence Intervals. While PCA does not yield useable results, we ended up with six cities from both AUB and ARIMA analysis, the top 3 "losers" and "gainers" of the 2008 recession, as determined by each analysis. This gave us 12 cities in total. Finally, we tested the robustness of our analysis against three "common knowledge" metrics for the recession: geographic clustering, population trends, and unemployment rate. While we did find some overlap between the results of our analysis and geographic clustering, there was no positive regression outcome from comparing our methodologies to population trends and the unemployment rate. |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1912.11341&r=all |
| By: | IWATA Shinichiro; KONDO Keisuke |
| Abstract: | This study evaluates the compact city policy of Toyama city, Japan, focusing on retail revitalization. To address future population aging and population decline, the "Toyama compact city model" aims at residential concentration in the city center and multiple areas in suburbs, with a public transport system that connects them. On the basis of the economics of density, retail revitalization is also expected from the residential and economic concentration in areas targeted by Act on Vitalization in City Center and Residential Promotion for Surrounding Public Transportation. Using matching estimation and difference-in-differences estimation with the panel data of incumbent retailers located in the targeted areas, which correspond to a treatment group, this study finds that the current framework of the "Toyama compact city model" does not produce the expected results for retail revitalization. |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rdpsjp:19069&r=all |
| By: | Amez, Simon; Vujić, Sunčica; De Marez, Lieven; Baert, Stijn |
| Abstract: | To study the causal impact of smartphone use on academic performance, we collected—for the first time worldwide—longitudinal data on students’ smartphone use and educational performance. For three consecutive years we surveyed all students attending classes in eleven different study programmes at two Belgian universities on general smartphone use and other drivers of academic achievement. These survey data were merged with the exam scores of these students. We analysed the resulting data by means of panel data random effects estimation controlling for unobserved individual characteristics. A one standard deviation increase in overall smartphone use results in a decrease of 0.349 points (out of 20) and a decrease of 2.616 percentage points in the fraction of exams passed. |
| Keywords: | smartphone use,academic performance,longitudinal data,causality |
| JEL: | I23 J24 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:438&r=all |
| By: | Gaffney, Edward (Central Bank of Ireland) |
| Abstract: | I show that lenders respond to Ireland’s macroprudential mortgage measures by reducing lending and leverage to households seeking high loan-to-income ratios. Applying a bunching estimator to supervisory mortgage records in Ireland, it is shown that at least one in eight owner-occupier borrowers in 2018 took on less debt than they would have if there were no loan-to-income limit. The total reduction is at least one-half of one per cent of all new mortgage lending. Households at the limit earn less than other borrowers and are more likely to be single-income, two characteristics that have been associated historically with higher credit risk. These households reduce leverage by committing more gifts and non-earned deposits than other borrowers. The results suggest that due to the loan-to-income regulation, households with high credit-risk characteristics tend to borrow less, easing their burdens of leverage and debt service. |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:cbi:fsnote:11/fs/19&r=all |
| By: | Jason Fletcher; Jinho Kim; Jenna Nobles; Stephen Ross; Irina Shaorshadze |
| Abstract: | The multi-decade growth and spatial dispersion of immigrant families in the United States has shifted the composition of US schools, reshaping the group of peers with whom students age through adolescence. US-born students are more likely to have foreign-born peers and foreign-born students are more likely to be educated outside of enclaves. This study examines the short-term and long-term impact of being educated with immigrant peers, for both US-born and foreign-born students. We leverage a quasi-experimental research design that uses across-grade, within-school variation in cohort composition for students in the Add Health study. We describe effects on a broad set of education, social, and health outcomes. For US-born students, we find little evidence that having immigrant peers affects a wide array of outcomes, either in adolescence or in adulthood. For foreign-born students, attending school with other immigrant students is protective against risky health behaviors and social isolation, relative to native born students. However, foreign-born students’ language skills measured with Picture-Vocabulary Test scores are negatively affected by attending school with a larger share of other immigrant students. The negative effect on vocabulary scores persists through young adulthood but does not translate into reductions in most longer-run socioeconomic outcomes, including earnings or the economic status of their residential neighborhoods. |
| Keywords: | immigration, adolescents, health behaviors, social isolation |
| JEL: | J61 I24 I14 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2019-082&r=all |
| By: | Simon Amez; Suncica Vujic; Lieven De Marez; Stijn Baert (-) |
| Abstract: | To study the causal impact of smartphone use on academic performance, we collected—for the first time worldwide—longitudinal data on students’ smartphone use and educational performance. For three consecutive years we surveyed all students attending classes in eleven different study programmes at two Belgian universities on general smartphone use and other drivers of academic achievement. These survey data were merged with the exam scores of these students. We analysed the resulting data by means of panel data random effects estimation controlling for unobserved individual characteristics. A one standard deviation increase in overall smartphone use results in a decrease of 0.349 points (out of 20) and a decrease of 2.616 percentage points in the fraction of exams passed. |
| Keywords: | smartphone use, academic performance, longitudinal data, causality |
| JEL: | I23 J24 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:rug:rugwps:19/986&r=all |
| By: | Andrés Rodríguez-Pose; Roberto Ganau |
| Abstract: | Europe has witnessed a considerable labour productivity slowdown in recent decades. Many potential explanations have been put forward to try to address this so-called productivity ‘puzzle’. However, how the quality of local institutions influences labour productivity in different parts of Europe has been, so far, overlooked by the literature. This paper addresses this gap in our knowledge by evaluating how the quality of local institutions affects changes in labour productivity at a regional level, across 248 European regions during the period between 2003 and 2015. The results indicate that institutional quality plays a crucial role in determining different regional labour productivity trajectories. This role is both direct – as improvements in institutional quality have a substantial impact on productivity growth – as well as indirect – as the returns of investments in human capital and local innovative capacity rise significantly as the quality of government increases. |
| JEL: | E24 J24 O47 R11 |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:euf:dispap:116&r=all |
| By: | Giuseppe Albanese (Bank of Italy); Guido de Blasio (Bank of Italy); Andrea Locatelli (Bank of Italy) |
| Abstract: | Total Factor Productivity (TFP) explains most of the differences in income levels between territories. A major policy issue is whether place-based policies are capable of promoting TFP growth in backward areas. We provide some evidence of the effect of the European Regional Development Fund (ERDF) on local TFP growth in Southern Italy. Although TFP growth is on average rather unresponsive to EU programs, we provide some evidence of a positive effect for ERDF infrastructure investments and for areas with higher institutional quality and population density. |
| Keywords: | ERDF programs, TFP, manufacturing firms |
| JEL: | R58 O47 D24 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1253_19&r=all |
| By: | Joshua S. Goodman; Michael Hurwitz; Christine Mulhern; Jonathan Smith |
| Abstract: | We study within-family spillovers in college enrollment to show college-going behavior is transmissible between peers. Because siblings’ test scores are weakly correlated, we exploit college-specific admissions thresholds that directly affect older but not younger siblings’ college options. Older siblings’ admissibility substantially increases their own four-year college enrollment rate and quality of college attended. Their improved college choices in turn raise younger siblings’ college enrollment rate and quality of college chosen, particularly for families with low predicted probabilities of college enrollment. Some younger siblings follow their older sibling to the same campus but many upgrade by choosing other colleges. The observed spillovers are not well-explained by price, income, proximity or legacy effects, but are most consistent with older siblings transmitting otherwise unavailable information about the college experience and its potential returns. The importance of such personally salient information may partly explain persistent differences in college-going rates by income, geography and other characteristics that define a community. |
| Keywords: | college enrollment, peer effects, siblings, admissions, regression discontinuity |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_7974&r=all |
| By: | Kelly, Jane (Central Bank of Ireland); Mazza, Elena (Central Bank of Ireland) |
| Abstract: | The Central Bank of Ireland regulates Loan to Income (LTI) ratios. The aim is to strengthen both bank and borrower resilience and to reduce the likelihood and impact of a credit-house price spiral emerging. However, the Central Bank also monitors many other measures of household vulnerability, including mortgage service to income ratios (MSTI). Using Irish micro data, we illustrate that mortgage service burdens vary for similar LTI levels due to underlying differences in origination interest rates and mortgage terms.We highlight the variation in origination servicing burdens through the interest rate cycle even within narrow LTI bands.We also show that servicing burdens on loans above the LTI limits are generally more sensitive to interest rate shocks than those below the limits. |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:cbi:fsnote:13/fs/19&r=all |
| By: | Mauricio Rodrigo Talassino and Marcos Herrera (CONICET-IELDE/UNSa) |
| Abstract: | This paper analyzes different convergence models for Argentina using spatial econometrics tools. The spatial analysis allows the results to be broken down between direct effects, net of spatial dependence, and indirect effects, caused by contagion between regions. Our research detects that the lack of convergence in the results is a product of spatial contagion, canceling the effect of net convergence. This result provides clues about the causes of non-convergence detected in similar investigations, highlighting the importance of spatial interactions in convergence models and in the design of regional economic policies, beyond those designed at the local and / or provincial level. The research includes an analysis of the process of spatial diffusion before regional shocks for the whole country. |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:slt:wpaper:20&r=all |
| By: | Kennedy, Gerard (Central Bank of Ireland); Myers, Samantha (Central Bank of Ireland) |
| Abstract: | Over the past five years, the cost of housing services has risen faster than incomes. It appears that the supply of housing has shifted since the crisis, leading to lower quantities being produced at any given price. There is no single element that is identifiable as the primary driver of this supply shift, however it appears that it may, at least partially, be due to the direct and indirect costs of construction. As a result of the muted supply response and strong growth in demand the gap between total demand and the size of the current housing stock has risen. Rent-to-income and house price-to-income ratios have increased as a result, both in absolute terms and relative to other markets, impacting the ability of individuals to save to purchase a home. More work is needed to determine the underlying causes of the supply shift. |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:cbi:fsnote:16/fs/19&r=all |
| By: | Goodman, Christopher B (Northern Illinois University) |
| Abstract: | Special districts are a numerous and unique form of local government in the United States. Unlike cities, counties, and towns, special districts are created and dissolved often. Using tools from the industrial organizations literature, this analyses examines patterns in creation and dissolution of special districts using Census of Governments data from 1972 to 2012. Overall, the rate of entry (creation) has been declining over time while the rate of exit (dissolution) has remained steady. New districts tend to be small relative to existing districts and and exhibit slow growth over time. Lastly, special districts do not appear susceptible to the "liability of newness" or exhibit high levels of infant organizational mortality that is common in the private sector. |
| Date: | 2019–06–06 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:zwgjh&r=all |
| By: | Battiston, Diego |
| Abstract: | This paper shows that brief social interactions can have a large impact on economic outcomes when they occur in high-stakes decision contexts. I study this question using a high frequency and detailed geolocalized dataset of matched immigrants-ships from the age of mass migration. Individuals exogenously travelling with (previously unrelated) higher quality shipmates end up being employed in higher quality jobs at destination. Several findings suggest that shipmates provide access and/or information about employment opportunities. Firstly, immigrants' sector of employment and place of residence are affected by those of their shipmates' contacts. Secondly, the baseline effects are stronger for individuals travelling alone and with fewer connections at destination. Thirdly, immigrants are affected more strongly by shipmates who share their language. These findings underline the sizeable effects of even brief social connections, provided that they occur during critical life junctures. |
| Keywords: | immigration; social interactions; networks, ships |
| JEL: | J01 J24 J61 N3 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:97151&r=all |
| By: | Cumming, Fergus (Bank of England); Hubert, Paul (Sciences Po) |
| Abstract: | This paper investigates how the transmission of monetary policy to the real economy depends on the distribution of household debt. Using an original loan‑level dataset covering the universe of UK mortgages, we assess the effect of monetary shocks on aggregate consumption by exploiting time variation in a measure of the proportion of households close to their borrowing constraint. We find that monetary policy is most potent when there is a large share of constrained households. In contrast, we find no evidence that the average level of borrowing relative‑to‑income of the household sector affects the transmission of monetary policy. |
| Keywords: | Heterogeneity; distributions; mortgage debt; state-dependence |
| JEL: | E21 E52 E58 |
| Date: | 2019–12–20 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0836&r=all |
| By: | Wisuwat Chujan; Weerachart T. Kilenthong |
| Abstract: | This paper evaluates the short-term impact of an early childhood curriculum intervention on child development. Teachers in rural childcare centers in northeastern Thailand were encouraged to employ the new curriculum, which is based primarily on the HighScope approach. We overcome the endogenous decision of teachers to adopt the new curriculum by using the randomization of additional teachers as an instrument. We find that the new curriculum significantly improved child development in several dimensions, including gross motor, fine motor, expressive language, and personal and social skills, with an effect size of roughly 0.54 standard deviations for the benchmark case. The results are robust with regards to various estimation methods, child development measures, and sample selections. We also find that the impact of the new curriculum is quite homogeneous across sub-groups except in some dimensions, notably parental absence and teacher's job status. |
| Keywords: | early childhood education, early childhood curriculum intervention, HighScope, Child Development, developing countries, rural development, impact evaluation |
| JEL: | I21 J13 J24 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2019-077&r=all |
| By: | Sudarshan Kumar; Tiziana Di Matteo; Anindya S. Chakrabarti |
| Abstract: | Large scale networks delineating collective dynamics often exhibit cascading failures across nodes leading to a system-wide collapse. Prominent examples of such phenomena would include collapse on financial and economic networks. Intertwined nature of the dynamics of nodes in such network makes it difficult to disentangle the source and destination of a shock that percolates through the network, a property known as reflexivity. In this article, a novel methodology is proposed which combines vector autoregression model with an unique identification restrictions obtained from the topological structure of the network to uniquely characterize cascades. In particular, we show that planarity of the network allows us to statistically estimate a dynamical process consistent with the observed network and thereby uniquely identify a path for shock propagation from any chosen epicenter to all other nodes in the network. We analyze the distress propagation mechanism in closed loops giving rise to a detailed picture of the effect of feedback loops in transmitting shocks. We show usefulness and applications of the algorithm in two networks with dynamics at different time-scales: worldwide GDP growth network and stock network. In both cases, we observe that the model predicts the impact of the shocks emanating from the US would be concentrated within the cluster of developed countries and the developing countries show very muted response, which is consistent with empirical observations over the past decade. |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2001.01518&r=all |
| By: | Kelly, Jane (Central Bank of Ireland); Mazza, Elena (Central Bank of Ireland) |
| Abstract: | Mortgage affordability can be measured in various ways including on the basis of the monthly serviceability of the mortgage relative to income (MSTI). Using Irish micro data, we show that the resilience of borrowers has improved on this basis, especially lower income borrowers who no longer have the highest mortgage service burdens relative to net income, in contrast to the pre-crisis period.We find that higher MSTI levels are generally correlated with higher default rates, especially among lower income groups. When measuring mortgage instalments relative to residual income after reasonable living expenses, we again see a big reduction relative to 2008, with lower income borrowers exhibiting the biggest improvement in affordability. |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:cbi:fsnote:15/fs/19&r=all |
| By: | Nguyen, Ha Trong; Connelly, B. Luke; Le, Huong Thu; Mitrou, Francis; Taylor, L. Catherine; Zubrick, R. Stephen |
| Abstract: | Children of Asian immigrants in most English-speaking destinations have better academic outcomes, yet the underlying causes of their advantages are under-studied. We employ panel time-use diaries by two cohorts of children observed over a decade to present new evidence that children of Asian immigrants begin spending more time than their peers on educational activities from school entry; and, that the ethnicity gap in the time allocated to educational activities increases over time. By specifying an augmented value-added model and invoking a quantile decomposition method, we find that the academic advantage of children of Asian immigrants is attributable mainly to their allocating more time to educational activities or their favorable initial cognitive abilities and not to socio-demographics or parenting styles. Furthermore, our results show substantial heterogeneity in the contributions of initial cognitive abilities and time allocations by test subjects, test ages and points of the test score distribution. |
| Keywords: | Migration,Test Score Gap,Time Use Diary,Quantile Regression,Second-generation Immigrants,Australia |
| JEL: | C21 I20 J13 J15 J22 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:209628&r=all |
| By: | Loren Brandt; Gueorgui Kambourov; Kjetil Storesletten |
| Abstract: | Labor productivity in manufacturing differs starkly across regions in China. We document that productivity, wages, and start-up rates of non-state firms have nevertheless experienced rapid regional convergence after 1995. To analyze these patterns, we construct a Hopenhayn (1992) model that incorporates location-specific capital wedges, output wedges, and entry barriers. Using Chinese Industry Census data we estimate these wedges and examine their role in explaining differences in performance and growth across prefectures. Entry barriers explain most of the differences. We investigate the empirical covariates of these entry barriers and find that barriers are causally related to the size of the state sector |
| Keywords: | Chinese economic growth; SOEs; firm entry; entry barriers; capital wedges; output wedges; SOE reform. |
| JEL: | O11 O14 O16 O40 O53 P25 R13 D22 D24 E24 |
| Date: | 2020–01–05 |
| URL: | http://d.repec.org/n?u=RePEc:tor:tecipa:tecipa-652&r=all |
| By: | Kylo-Patrick Hart (Texas Christian University) |
| Abstract: | With regard to American movies about HIV/AIDS, what has long been clear is that the vast majority of all such offerings created and released during the first two decades of the AIDS pandemic feature one or more U.S. cities as a noteworthy component of their narratives. What has been less clear over time, however, is the ideological messages that the regular inclusion of these urban places communicate to the viewers of such works. This presentation endeavors to expand the scholarly attention paid to this topic. From the earliest days of motion pictures to the present, typical representations of urban places have focused alternately on both their attractive and repulsive attributes. Perhaps unsurprisingly, therefore, common representations of urban spaces and places in AIDS movies have followed the same pattern, with cities simultaneously being socially constructed as welcoming spaces for gay men (and otherwise queer individuals) and, as a direct result, as places of AIDS dystopia. Accordingly, this presentation explores the social construction of urban spaces and places as an AIDS dystopia in representative AIDS movies made and released in the United States during the decade of the 1990s. It demonstrates how the typical message communicated in such offerings is that while urban gay ghettos serve as supportive spaces for their queer residents, those who live in them are at constant risk of attack from disapproving outsiders as well as the ravages of HIV/AIDS. |
| Keywords: | cities, dystopia, film, gay men, HIV/AIDS, ideology, media, representation, social constructionism |
| JEL: | I10 L82 N90 |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:9711903&r=all |
| By: | Hollingsworth, Alex; Rudik, Ivan (Cornell University) |
| Abstract: | Leaded gasoline is still widely used in the United States for aviation and automotive racing. Exploiting regulatory exemptions and a novel quasi-experiment, we find that leaded gasoline increases ambient lead concentrations, elevated blood lead rates, and elderly mortality. The estimated effects indicate the social cost of a gram of lead added to gasoline is over $1,100. Our results are the first causal estimates linking adult mortality to leaded gasoline, highlight the historic value of banning on-road leaded gasoline, demonstrate the costs of continued regulatory exemptions, and provide policy-relevant cost estimates of lead emissions at the lowest ambient levels to date. |
| Date: | 2019–09–23 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:rdy6g&r=all |
| By: | Andrea Ascani; Luca Bettarelli; Laura Resmini; Pierre-Alexandre Balland |
| Abstract: | A large academic consensus exists on the idea that successful innovative processes are geographically bounded within regions. Nevertheless, the ability of regions to capture and re-use external knowledge is also regarded as a fundamental element to sustain and refine the local profile of specialisation and competitiveness. The present article combines these views to investigate the sources of the regional innovation process, by analysing data on Italian regions over the period 2007-2012. We define regional external networks based on all the foreign subsidiaries of local multinational enterprises identifiable as global ultimate owners. Our main results suggest that both the internal specialisation and the outward networks can generate indigenous innovation, but the role of the networks varies substantially according to its density, its degree of complementarity with the specialisation profile, its geographical spread and the specific location of the foreign subsidiaries. Our results, then, support a view of the regional innovation as an interactive process whereby valuable knowledge resources are not only generated within the reach of the local economy, but they are also integrated with external inputs. This contrasts with recent anti-globalisation views according to which the increase in the foreign operations of national companies impoverishes the local economy. |
| Keywords: | outward foreign direct investment, innovation, specialisation, networks, relatedness |
| JEL: | O3 F23 R10 F60 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:egu:wpaper:2002&r=all |
| By: | Giuliana, Raffaele (Central Bank of Ireland) |
| Abstract: | Several countries that have introduced macroprudential limits in the mortgage market apply differential limits to first time buyers relative to second and subsequent buyers. From a financial stability perspective, a key reason for such differentiation stems from a systematic observed difference in the probability of default across these different groups of borrowers. Kelly et al. (2015) already show that, in Ireland, FTBs were significantly less likely to default to the end of 2013. In order to further investigate whether FTBs are inherently less exposed to default, and to confirm that a key rationale of the calibration of the LTV restrictions under the Irish mortgage measures continues to hold, this paper provides two main contributions using Irish loan-level data. First, I show that the evidence of lower default probability among FTBs is consistent over time from 2013 to 2017. Second, in order to address a potential persistency bias, I implement a “default flow analysis” confirming that FTBs default less than SSBs. |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:cbi:fsnote:14/fs/19&r=all |
| By: | Barajas, Jesus |
| Abstract: | Car use is critical to improving access to opportunities, especially for low-wage immigrants whose jobs are dispersed and when transit service is minimal. But many states have restricted the ability of undocumented immigrants to obtain drivers licenses, making it potentially difficult for them to improve their economic standing. The effects of these laws have been tested for their association with traffic safety but not on mode choice itself. Using the two most recent versions of the National Household Travel Survey, I fit a series of difference-in-difference models to estimate the effect of permissive immigrant driver licensing on travel outcomes. Permissive licensing increased the rate of giving rides by about 13% and increased the rate of getting a ride by about 6.5%, but changes to driving alone were insignificant. Results suggest permissive licensing has beneficial accessibility impacts for all immigrants in addition to positive safety and economic externalities documented elsewhere. |
| Date: | 2019–12–22 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:sw7rp&r=all |
| By: | Wheeler, Andrew Palmer (University of Texas at Dallas); Gerell, Manne; Yoo, Youngmin |
| Abstract: | We assess the positional accuracy of address based geocoding of shooting incidents relative to the location recorded via acoustic gun-shot detection technology. This provides a test of the accuracy of typical address based geocoding methods used in crime analysis, as well as provides evidence for how much accuracy one gains when using sensors. Examining over 1,000 shooting incidents in Wilmington, North Carolina, we find that the majority of address-based incidents are quite accurate, on average within 60 feet of the actual location (using a street centerline geocoder), or within 90 feet (using Google rooftop geocoding). However, based on the incident narrative we identify a subset of transcription errors in over 10% of the cases that increases the distance between the true shooting location and that geocoded using address data. This suggests mechanisms to prevent human errors may be more frugal than those relying on sensors in geocoding shooting incidents. Data to replicate the analysis can be downloaded from https://www.dropbox.com/sh/bceyldwgj84zt lw/AABdQBnjKGdO3GUxWM0ZMd3Ya?dl=0. |
| Date: | 2019–04–19 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:hrtcf&r=all |
| By: | Karadja, Mounir; Prawitz, Erik (Research Institute of Industrial Economics) |
| Abstract: | We study the political effects of mass emigration to the United States in the nineteenth century using data from Sweden. To instrument for total emigration over several decades, we exploit severe local frost shocks that sparked an initial wave of emigration, interacted with within-country travel costs. Our estimates show that emigration substantially increased the local demand for political change, as measured by labor movement membership, strike participation, and voting. Emigration also led to de facto political change, increasing welfare expenditures as well as the likelihood of adopting more inclusive political institutions. |
| Date: | 2019–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:y4wgm&r=all |
| By: | Novalia, Desi; Dewi, Aminar Sutra |
| Abstract: | The overall economic slowdown has impacted the property sector, which caused the decline in property sector sales due to the lack of public interest to make the demand for property loans slow down. This study aims to test whether the Investment Decision and Decision of the Pendaanaan affect the Value Company. Population in this research is company of property & real estate sector listed in BEI period 2013-2016. The sample in this study using purposive sampling technique amounted to 41 companies studied. Data analysis used in this research is classical assumption test and for hypothesis test using multiple regression analysis with the help of E-VIEWS 8. The result of this research indicates that Investment Decision has positive and significant effect to Company Value. while the Funding Decision also has a positive and significant impact on Corporate Value. |
| Date: | 2019–01–16 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:ncd8s&r=all |
| By: | Steven Bond-Smith (Bankwest Curtin Economic Centre, Curtin University) |
| Abstract: | Increasing returns to scale is now fundamental to both economics and economic geography. But first generation theories of endogenous growth imply an empirically-refuted scale effect. This scale effect and assumptions to negate the scale effect both imply unintentional spatial consequences. A review of the broad economic geography literature reveals the widespread use and misuse of first generation and semi-endogenous growth techniques despite these distortions. Techniques are suggested for avoiding these unintended spatial consequences. Crucially, the scale-neutral Schumpeterian branch of endogenous growth theory enables research in economic geography to focus on the distinctly spatial mechanisms that define the spatial economy. |
| Keywords: | endogenous growth, scale effects, increasing returns, innovation, economic geography |
| JEL: | E10 L16 O41 |
| Date: | 2019–11 |
| URL: | http://d.repec.org/n?u=RePEc:ozl:bcecwp:wp1904&r=all |
| By: | Dario Frascaria (VU Amsterdam); Neil Olver (London School of Economics and Political Science); Erik T. Verhoef (VU Amsterdam) |
| Abstract: | Hypercongestion - the phenomenon that higher traffic densities can reduce throughput - is well understood at the link level, but has also been observed in a macroscopic form at the level of traffic networks; for instance, in morning rush-hour traffic into a downtown core. In this paper, we show that macroscopic hypercongestion can occur as a purely emergent effect of dynamic equilibrium behaviour on a network, even if the underlying link dynamics (we consider Vickrey bottlenecks with spaceless vertical queues) do not exhibit hypercongestion. |
| Keywords: | Hypercongestion, Vickrey bottlenecks, Spaceless vertical queues, Arbitrary networks, Homogeneous users, Optimal (first-best) pricing |
| JEL: | D62 R41 R48 |
| Date: | 2020–01–06 |
| URL: | http://d.repec.org/n?u=RePEc:tin:wpaper:20200002&r=all |
| By: | Van den Berghe, Karel; Dąbrowski, Marcin; Ersoy, Aksel; Wandl, Alexander; van Bueren, Ellen |
| Abstract: | This paper underlines the importance of space for the transition towards the circular economy (CE). Policy-makers and industry give most attention to closing material flows, largely ignoring the important spatial implications. The CE requires (re)producing and consuming as locally as possible to avoid problem displacement. This clashes with the general urban land use policy to externalize (re)manufacturing activities. This paper proposes a methodology that combines territorial and network perspectives to understand this conflict. Our results show the importance of place to foster the CE as re-emerging industry combining existing and new activities, offering insights for planning and policy. |
| Date: | 2019–12–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:tgvzj&r=all |
| By: | Koima, Josephat |
| Keywords: | Resource /Energy Economics and Policy, Community/Rural/Urban Development |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaae19:295851&r=all |
| By: | Ley, Sandra; Ibarra-Olivo, J. Eduardo; Meseguer, Covadonga |
| Abstract: | We explore the role of workers’ remittances in supporting vigilante organisations in Mexico. Research on remittances posits both a positive and a negative effect on collective action from the reception of remittances. On one hand, remittances sent by relatives abroad provide extra resources for political action at home. On the other hand, the reception of remittances makes recipients less prone to protesting, through a reduction in grievances. As a result, remittances can be associated with both an increase and a decrease of collective political activity. In this paper, we claim that both effects can co-exist and that the predominance of one mechanism or the other depends on the degree of penetration of remittances at the municipal level. Using data on the existence of vigilante organisations, we find that in most remittance-receiving municipalities, through a resource effect, remittance inflows increase the probability of observing self-defense organisations, but this probability declines at high rates of remittance penetration at the local level. Nonetheless, we observe an activation effect in a majority of remittance receiving municipalities. The paper contributes both to our understanding of international social networks as determinants of civilian action and to the research agenda on how workers’ remittances shape political behaviour in home countries. |
| Keywords: | Vigilantism; family remittances; collective mobilisation; Mexico |
| JEL: | N0 |
| Date: | 2019–07–03 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:101114&r=all |
| By: | Christa Thornhill (Cape Peninsula University of Technology) |
| Abstract: | The Teacher Standards in South Africa for Second Languages, other than English (DHET, 2018), expect graduate teachers to demonstrate that they understand the knowledge, skills and processes required to teach one or more of the other ten South African languages as a Second Language. According to these standards newly qualified teachers should demonstrate knowledge of home language acquisition and second language learning theories and related research findings. Teachers of Second Language should be able to recognize the reciprocal relationships between learners? languages as resources for learning and development and also have a sound knowledge of, and proficiency in, the Second Language. Graduate teachers should possess knowledge of how sounds, vocabulary and grammar of the Second Language are taught and demonstrate the ability to use a range of instructional strategies and methods to support the development of literacy in the target language. Finally, the Second Language teachers should be able to source, design and use appropriate resources. These standards are aligned with Shulman?s (1987) seven major types of knowledge which should form part of any teacher?s repertoire. Bachman and Palmer (1996) argue that the second language teacher should have some level of linguistic proficiency in the target language. With the emphasis on the Fourth Industrial Revolution language teachers should also know how to facilitate computer-assisted language learning (CALL). The purpose of this study is to investigate final year Intermediate Phase (gr 4 ? gr 6) student teachers? perceptions of their own readiness, skills and knowledge to effectively teach Afrikaans, the second most spoken second language in the Western Cape province of South Africa. The study is a work in progress using a qualitative case study within an interpretivist paradigm. It is guided by Garrison, Anderson and Archer?s Community of Inquiry as theoretical framework. The preliminary findings point to some gaps in the current curriculum and student teachers? knowledge. There is also a need to improve the student teachers? proficiency in the target language. |
| Keywords: | Second Language Teaching, Teacher Knowledge, Teacher Standards |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:9712047&r=all |
| By: | Bencek, David; Schneiderheinze, Claas |
| Abstract: | Comparing the emigration rates of countries at different stages of economic development, an inverse u-shape emerges. Although merely based on cross-sectional evidence, the 'migration hump' is often treated as a causal relationship. Since the peak is located at rather high per capita incomes of 6000-10 000 USD policy makers in rich destination countries worry that supporting economic development in poor origin countries might increase migration. In this paper we systematically test whether the migration hump holds up to more scrutiny, finding that the crosssectional pattern is misleading. Using 35 years of migration flow data from 198 countries of origin to OECD destinations, we successfully reproduce the hump-shape in the cross-section. However, more rigorous fixed effects panel estimations that exploit the variation over time consistently show a negative association between income and emigration. This result is independent of the level of income a country starts out at and thus casts doubt on any causal interpretation of the migration hump. |
| Keywords: | international migration,economic development,development assistance |
| JEL: | F22 F63 O15 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkwp:2145&r=all |
| By: | Yerik Afrianto Singgalen (Halmahera University); Gatot Sasongko (Satya Wacana Christian University); Pamerdi Giri Wiloso (Satya Wacana Christian University) |
| Abstract: | This study aims to describe the community participation in regional tourism development from the perspective of Arnstein's theory through ladder of participation in Pitu Beach as the top Tourist Destination of North Halmahera Regency, Indonesia. The primary data used in this study were obtained from the representatives of local government (district-subdistrict-village), youth organization, local entrepreneur community and stakeholders who involved in regional tourism development of North Halmahera. While the secondary data were obtained from the Public Works Office of North Halmahera Regency. The results show that community participation in regional tourism development showed the existence of the control society in tourism planning, implementing and evaluating the development program. Thus it could be proofed that community-based tourism approach had been successfully implemented in the context of North Halmahera, Indonesia. |
| Keywords: | community participation,regional tourism development,North Halmahera Regency |
| Date: | 2019–12–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02342716&r=all |
| By: | Oginni, Oluwaseun Clement |
| Keywords: | Consumer/Household Economics, Community/Rural/Urban Development |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaae19:295929&r=all |
| By: | Irena Gao; Marynia Kolak |
| Abstract: | When it comes to preventive healthcare, place matters. It is increasingly clear that social factors, particularly reliable access to healthy food, are as determinant to health and health equity as medical care. However, food access studies often only present one-dimensional measurements of access. We hypothesize that food access is a multidimensional concept and evaluated Penchansky and Thomas's 1981 definition of access. In our approach, we identify ten variables contributing to food access in the City of Chicago and use principal component analysis to identify vulnerable populations with low access. Our results indicate that within the urban environment of the case study site, affordability is the most important factor in low food accessibility, followed by urban youth, reduced mobility, and higher immigrant population. |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1912.11351&r=all |
| By: | Cumming, Fergus (Bank of England); Dettling, Lisa (Federal Reserve Board of Governors) |
| Abstract: | This paper examines whether monetary policy pass-through to mortgage rates affects household fertility decisions. Using administrative data on UK mortgages and births, our empirical strategy exploits variation in the timing of when families were eligible for a rate adjustment, coupled with the large reductions in interest rates that occurred during the Great Recession. We estimate that each 1 percentage point drop in the policy rate increased birth rates by 2%. In aggregate, this pass-through of accommodative monetary policy to mortgage rates was sufficiently large to outweigh the headwinds of the Great Recession and prevent a ‘baby bust’ in the UK, in contrast to the US. Our results provide new evidence on the nature of monetary policy transmission and suggest a new mechanism via which mortgage contract structures can affect aggregate demand and supply. |
| Keywords: | Mortgages; monetary policy; birth rates; fertility; natality; interest rates |
| JEL: | E43 E52 J13 |
| Date: | 2019–12–20 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0835&r=all |
| By: | Christian Tilk (Johannes Gutenberg University Mainz); Michael Forbes (The University of Queensland St Lucia) |
| Abstract: | This paper studies the active-passive vehicle-routing problem (APVRP).The APVRP coversarange of logistics applications where pickup-and-delivery requests necessitate a joint operation of active vehicles (e.g., trucks) and passive vehicles (e.g., loading devices such as containers). It supports a flexible coupling and decoupling of active and passive vehicles at customer locations in order to achieve a high utilization of both resources. This flexibility raises the need to synchronize the operations and the movements of active and passive vehicles in time and space. The contribution of the paper is twofold. First, we present a branch-and-cut algorithm for the exact solution of the APVRP that is based on Benders decomposition. Second, our approach can be generalized to deal with other vehicle-routing problems with timing aspects and synchronization constraints. Especially for the more complicated cases in which completion time or duration of routes is part of the objective, we show how stronger optimality cuts can be deï¬ ned by identifying minimal responsible subset. Computational experiments show that the proposed algorithm outperforms the previousstate-of-the-artfortheAPVRPandcomputeoptimalsolutionsformorethan70previously unsolved benchmark instances. |
| Keywords: | Routing, synchronization, branch-and-cut, Benders decomposition, truck and trailer |
| Date: | 2019–12–09 |
| URL: | http://d.repec.org/n?u=RePEc:jgu:wpaper:1915&r=all |
| By: | Tomasz Żylicz (Faculty of Economic Sciences, University of Warsaw) |
| Abstract: | I look at the urban greenery management as a principal-agent (PA) problem. In the case analysed in this paper the city mayor (the higher level) wants to maximize the pollution-mitigation capacity of trees planted, while the greenery manager (the lower level) wants to maximize the municipal budget devoted to planting trees subject to some constraints on the outcome of this activity. While the higher level wants certain services to be delivered in the future actually, the lower level is interested in potential benefits provided by the most attractive tree species, even though they will be delivered only partially and probably not in the long run. As a result, the theoretical "residual claimancy" condition required for so-called incentive compatibility does not hold, and the species composition of trees planted is different from what it would have been if the PA model implemented was incentive compatible. |
| Keywords: | Principal-agent models, urban trees |
| JEL: | H49 Q53 Q57 R59 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:war:wpaper:2019-21&r=all |
| By: | D. Mark Anderson; Kerwin Kofi Charles; Daniel I. Rees; Tianyi Wang |
| Abstract: | According to Troesken (2004), efforts to purify municipal water supplies at the turn of the 20th century dramatically improved the relative health of blacks. There is, however, little empirical evidence to support the Troesken hypothesis. Using city-level data published by the U.S. Bureau of the Census for the period 1906-1938, we explore the relationship between water purification efforts and the black-white infant mortality gap. Our results suggest that, while water filtration was effective across the board, adding chlorine to the water supply reduced mortality only among black infants. Specifically, chlorination is associated with an 11 percent reduction in black infant mortality and a 13 percent reduction in the black-white infant mortality gap. We also find that chlorination led to a substantial reduction in the black-white diarrhea mortality gap among children under the age of 2, although this estimate is measured with less precision. |
| Keywords: | municipal water supply, Health, water filtration |
| JEL: | I18 J11 J15 N30 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2019-075&r=all |
| By: | Erel Segal-Halevi |
| Abstract: | Rental Harmony is the problem of assigning rooms in a rented house to tenants with different preferences, and simultaneously splitting the rent among them, such that no tenant envies the bundle (room+price) given to another tenant. Different papers have studied this problem under two incompatible assumptions: the miserly tenants assumption is that each tenant prefers a free room to a non-free room; the quasilinear tenants assumption is that each tenant attributes a monetary value to each room, and prefers a room of which the difference between value and price is maximum. This note shows how to adapt the main technique used for rental harmony with miserly tenants, using a variant of Sperner's lemma, to rental harmony with quasilinear tenants. This implies that some recent results derived for miserly tenants apply to quasilinear tenants too. Moreover, the proof is valid even for some classes of non-linear preferences. |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1912.13249&r=all |
| By: | Meriem Mengi Elayoubi (CREG - Centre de recherche et d'études en gestion - UPPA - Université de Pau et des Pays de l'Adour) |
| Abstract: | Social networks stimulate business growth by creating opportunities, reducing transaction costs and develops knowledge exchange (Cavallo et al. 2018). However, conceptual and empirical research on the importance of the regional network on entrepreneurial decisions is still rather limited. Therefore, the purpose of this research is to explore the perception of local ecosystem through the lens of business founders. An exploratory study is conducted in order to better understand entrepreneurs behavior within their environment. Fifteen qualitative interviews reveal that local networking is systematically considered as playing an important role in the start-up creation. Therefore, communication among actors of entrepreneurial ecosystem is perceived as a key variable that actually creates conditions for network dynamism. This research concludes by discussing the main results obtained and focuses on the importance of interactions between local actors, through a communicative ecosystem. |
| Keywords: | network,communication,territory,regional,local,entrepreneurial ecosystem. |
| Date: | 2019–11–28 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02388485&r=all |
| By: | Nima Golshani; Ehsan Rahimi; Ramin Shabanpour; Kouros Mohammadian; Joshua Auld; Hubert Ley |
| Abstract: | Public transit disruption is becoming more common across different transit services, which can have a destructive influence on the resiliency and reliability of the transportation system. Utilizing a recently collected data of transit users in the Chicago Metropolitan Area, the current study aims to analyze how transit users respond to unplanned service disruption and disclose the factors that affect their behavior. |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2001.01718&r=all |
| By: | Natalya Selivanova-Fyodorova (Daugavpils University); Vera Komarova (Daugavpils University); Jelena Lonska (Rezekne Academy of Technologies); Iveta Mietule (Rezekne Academy of Technologies) |
| Abstract: | The aim of the article is to study safety and sustainability of differentiation of performance of internal regions (NUTS 3) in the EU countries measured by the Sub-national Human Development Index (SHDI). The authors examine differentiation of the SHDI of internal regions in the EU countries by means of correspondence of distribution of this indicator [SHDI] of regional performance to Gauss curve, as well as by analyzing the SHDI of internal regions in the EU countries with the help of the coefficient of variation. As follows from the research, the authors proved that differentiation of regional performance in the EU over the last three decades were not chaotic but they were subjected to certain regularities: the distribution of performance of internal regions is normal, with metropolitan areas almost always being leaders of regional performance; regional differences in the area that is now the EU were increasing during the collapse of the Eastern European Socialist Bloc in the early 1990s, and they were declining later, as the regions adapted to the new conditions. So, identified regularities in performance of internal regions (NUTS 3) in the EU countries-normal distribution and spatial convergence-have been considered by the authors as safe and sustainable for further development of the whole EU and its countries. |
| Keywords: | EU countries,internal regions,differentiation,normal distribution,spatial convergence |
| Date: | 2019–12–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02342725&r=all |
| By: | Leonardo Gambacorta (Bank for International Settlements and CEPR); Luigi Guiso (EIEF and CEPR); Paolo Emilio Mistrulli (Bank of Italy); Andrea Pozzi (EIEF and CEPR); Anton Tsoy (Bank of Italy) |
| Abstract: | We build a model of the mortgage market where banks attain their optimal mortgage portfolio by setting rates and “steering” customers. “Sophisticated” households know which mortgage type is best for them, while “naïve” ones are susceptible to steering by their banks. Using data on the universe of Italian mortgages, we estimate the model and quantify the welfare implications of steering. The analysis shows that banks’ steering activity could generate distortions, with welfare effects that vary between households depending on their degree of sophistication. However, the introduction of measures to restrict the scope for banks to steer their customers would not necessarily increase household welfare, because such activities, even if potentially distortive, may also contain useful information. By contrast, a financial literacy campaign always has a beneficial effect on the welfare of naïve households, which are proportionately more exposed to the risk of taking inappropriate financial decisions. |
| Keywords: | steering, financial advice, mortgage market, consumer protection |
| JEL: | G21 D18 D12 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1252_19&r=all |
| By: | Fabio Mariani (IRES/LIDAM, UCLouvain; IZA, Bonn); Marion Mercier (CNRS, Universite Paris-Dauphine PSL, LEDa-DIAL, Paris; IZA, Bonn) |
| Abstract: | Contrarily to popular perception, empirical evidence suggests that immigrants do not commit more crimes than natives, in spite of having lower legitimate earning opportunities. To make sense of this, we propose a novel theoretical framework based on a predator/prey model of crime, where endogenous migration decisions and career choices (between licit and illicit activities) are jointly determined. In this setting, we show that the involvement of migrants in crime crucially depends on self-selection into migration, as well as productivity and institutional quality in the host economy. We also nd that stricter immigration policies may induce an adverse selection of migrants, and eventually attract more foreign-born criminals. Finally, a dynamic extension of our model can account for the higher crime rates of second-generation immigrants and, based on the interplay between crime and institutions, highlights the critical role of immigration and assimilation for the long-run evolution of crime and the rule-of-law in host countries. |
| Keywords: | Migration; Crime. |
| JEL: | F22 K42 O17 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:dia:wpaper:dt201914&r=all |
| By: | Bermperoglou, Dimitrios; Deli, Yota; Kalyvitis, Sarantis |
| Abstract: | This paper studies how investment tax incentives stimulate output in a medium-scale DSGE model, which allows for a variety of fiscal financing mechanisms. We find that the horizon following a positive shock in investment tax incentives is crucial. The shock is highly expansionary in the long run, with the relevant fiscal multiplier substantially exceeding 1, but this effect only becomes visible after two to three years. Our analysis indicates that a rise in the marginal product of labor and the demand for labor trigger this expansion, which is an effect that partial equilibrium studies ignore. The results suggest that investment tax incentives are even more effective when nominal wages adjust faster. |
| Keywords: | private investment incentives,investment tax credit,fiscal multipliers |
| JEL: | E32 E62 H29 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkwp:2143&r=all |
| By: | Yiwan Ye (University of California, Davis); Larissa Saco (University of California, Davis) |
| Abstract: | The present study explores how household arrangement influences parental engagement in children’s elementary education among mothers in U.S. urban settings. Using two waves of panel data from the Fragile Families and Child Wellbeing Study (N = 2,982), the present paper compares the difference in educational engagement between coupled (married or cohabiting) and single mothers. Logistic regression models are utilized to examine the impacts of household arrangement on the possibility of enrolling children in tutoring, initiating a conversation with teachers, and frequent book reading with children. After controlling for household structure, financial factors, and mother and child characteristics, results suggest that, compared with mothers who live with partners, single mothers who consistently live alone at waves 4 and 5 are just as likely to hire a tutor but less likely to initiate conversations with teachers. The results also suggest no differences in after-school tutoring enrollment and frequent book reading across household arrangements. This paper also discusses some racial disparities found for parental engagement outcomes. Black mothers are more likely to hire tutors and, like single mothers in general, are less likely to initiate discussions with teachers compared to their White counterparts. Hispanic mothers read with their children less frequently than non-Hispanic mothers, which could possibly be explained by the lesser availability of children’s literature written in the Spanish language compared with the English language. The findings of this paper have important implications for understanding both the engagement strategies employed and obstacles faced by single mothers in urban areas, and suggest new hypotheses for future study of racial gaps in parental engagement in children’s education. |
| JEL: | J12 J15 I21 |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:pri:crcwel:wp19-11-ff&r=all |
| By: | Gauthier, Nicolas (University of Arizona) |
| Abstract: | Archaeological settlement patterns are the physical remains of complex webs of human decision-making and social interaction. Entropy-maximizing spatial interaction models are a means of building parsimonious models that average over much of this small-scale complexity, while maintaining key large-scale structural features. Dynamic social interaction models extend this approach by allowing archaeologists to explore the co-evolution of human settlement systems and the networks of interaction that drive them. Yet, such models are often imprecise, relying on generalized notions of settlement "influence" and "attractiveness" rather than concrete material flows of goods and people. Here, I present a dis-aggregated spatial interaction model that explicitly resolves trade and migration flows and their combined influence on settlement growth and decline. I explore how the balance of costs and benefits of each type of interaction influence long-term settlement patterns. I find trade flows are the strongest determinant of equilibrium settlement structure, and that migration flows play a more transient role in balancing site hierarchies. This model illustrates how the broad toolkit for spatial interaction modeling developed in geography and economics can increase the precision of quantitative theory building in archaeology, and provides a road-map for connecting mechanistic models to the empirical archaeological record. |
| Date: | 2019–09–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:trbf8&r=all |
| By: | Baris Yildiz; Hande Yaman Paternotte; Oya Ekin Karasan |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:ete:kbiper:639284&r=all |
| By: | Iconio Garrì (Bank of Italy) |
| Abstract: | This paper studies the effects of bank branch closures on individual business borrowers, using a sample of events that occurred in Italy between 2010 and 2014. I find that a branch closing down increases the probability of a credit relationship terminating. The impact is weaker the shorter the distance from an alternative branch of the bank, the longer the duration of the relationship and the greater the bank’s share of loans to the firm. However, branch closure is not generally associated with a decrease in the total amount of credit available for the firms formerly served by the closed branch. A temporary shrinkage of loans only occurs for small borrowers and short-term credit lines. |
| Keywords: | bank branch, closures, lending relationship, matching |
| JEL: | G21 D82 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1254_19&r=all |
| By: | Sharon Teitler-Regev (Department of Economic and Management, Yezreel Valley College,); Shlomit Hon Snir (Department of Economic and Management, Yezreel Valley College,) |
| Abstract: | Tourism is a major industry with a growing share in most countries economics. A growing part of the tourism industry is the urban tourism. UNWTO describes urban tourism as trips to cities or places with high population density. Several researchers have tried to develop a framework for understanding urban tourism, which is highly important to cities' economies but also requires significant urban infrastructures. In Europe, urban tourism increased by 4.3% representing over 65% of total bedights (235.1 million in 2014).The current research focuses on testing the effect of residence on the number of domestic vacations and on vacations abroad and on the selected type of vacation (nature or urban). The dependent variable is preferences for nature vs. urban destination, measured on a Likert scale. The independent variables include socio-demographic variables, type of residential setting?city or other type of setting. The data were collected using questionnaires distributed between March and June 2018 in different locations in Israel. 46 percent of the respondent were male, the average age was 28 and 75 percent leave in cities.The results indicate that there is no significant correlation between the type of residence and the number of vacations abroad, however those who do not live in a city take significantly more domestic vacations. The regression results indicate that when traveling abroad: Urban tourism is more preferred by those that live in cities and by younger tourists. Similar results are obtained for domestic tourism.The results can help policymakers adapt their marketing efforts to the right tourist. For example, if they want to market urban tourism to international tourists they should address their marketing efforts to those who live in cities and to younger people. Further research should consider the effects of factors such as length of stay, potential travel companions, and other characteristics of the destination (modern or developed country) on destination preferences. |
| Keywords: | vacation, tourism, place of residance |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:9711823&r=all |
| By: | Michael Poyker (Columbia University) |
| Abstract: | Prisoners employed in manufacturing constitute 4.2% of total U.S. manufacturing employment in 2005; they produce cheap goods, creating labor demand shock. I study the economic externalities of convict labor on local labor markets and firms. Using newly collected panel data on U.S. prisons and convict-labor camps from 1886 to 1940, I calculate each county`s exposure to prisons. I exploit quasi-random variation in county`s exposure to capacities of pre-convict-labor prisons as an instrument. I find that competition from cheap prison-made goods led to higher unemployment, lower labor-force participation, and reduced wages (particularly for women) in counties that housed competing manufacturing industries. The introduction of convict labor accounts for 0.5 percentage-point slower annual growth in manufacturing wages during 1880– 1900. At the same time, affected industries had to innovate away from the competition and thus had higher patenting rates. I also document that technological changes in affected industries were capital-biased. |
| Keywords: | Convict Labor, Labor Competition, Patenting, Technology Adoption |
| JEL: | J23 J31 J47 N31 N32 N71 N72 O33 R12 |
| Date: | 2019–02 |
| URL: | http://d.repec.org/n?u=RePEc:thk:wpaper:91&r=all |
| By: | Nikita Jacob (Centre for Health Economics, University of York, UK); Luke Munford (School of Health Sciences, University of Manchester, UK); Nigel Rice (Centre for Health Economics, University of York, UK); Jennifer Roberts (Department of Economics, University of Sheffield) |
| Abstract: | Governments around the world are encouraging people to switch away from sedentary modes of travel towards more active modes, including walking and cycling. The aim of these schemes is to improve population health and to reduce emissions. There is considerable evidence on the latter, yet relatively little on the former. This paper investigates the impact of mode choice on measures of physical and mental health as well as satisfaction with health. Using data from the UK Household Longitudinal Study from 2009-2016, our empirical strategy exploits changes in the mode of commute to identify health outcome responses. Individuals who change modes are matched with those whose mode remains constant. Overall we find that mode switches affect both physical and mental health. Specifically we find an increase in physical health for women and an increase in mental health for both genders, when switching from car to active travel. In contrast, both men and women who switch from active travel to car are shown to experience a significant reduction in their physical health and health satisfaction, and a decline in their mental health when they change from active to public transport. |
| Keywords: | Commuting mode; health; panel data econometrics |
| JEL: | C1 I1 |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:shf:wpaper:2019023&r=all |
| By: | Hermawan, Hary (Sekolah Tinggi Pariwisata AMPTA Yogyakarta, Indonesia) |
| Abstract: | Research on the effects of economic development of rural tourism to the local community is a kind of descriptive qualitative research. This research was conducted in the village of Nglanggeran, District Pathuk, Gunung Kidul, Yogakarta. The survey results revealed that the development activities of the Tourism Village Nglanggeran considered quite good, the main indicator is the average increase in tourist arrivals sizeable year-on-year. The readiness of local communities in terms of education, knowledge, and level of community involvement in the development of rural tourism shows that the public has been sufficiently prepared to deal with potential impacts that arise. The level of development of tourism which generates high frequency level of interaction between local communities and the frequent travelers, which is an average of more than 5 times the interaction per 3 months. The results showed that developing a tourist village bring a positive impact to the economic development of local communities in the village Nglanggeran, including: increased public income; increase employment and business opportunities; increase ownership and control of local communities; increase government revenues through travel levy. While indications of a negative impact on the local economy in the form of rising prices of goods can not be found. |
| Date: | 2017–11–20 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:xhkwv&r=all |
| By: | Alisa Yusupova; Nicos G. Pavlidis; Efthymios G. Pavlidis |
| Abstract: | Dynamic model averaging (DMA) combines the forecasts of a large number of dynamic linear models (DLMs) to predict the future value of a time series. The performance of DMA critically depends on the appropriate choice of two forgetting factors. The first of these controls the speed of adaptation of the coefficient vector of each DLM, while the second enables time variation in the model averaging stage. In this paper we develop a novel, adaptive dynamic model averaging (ADMA) methodology. The proposed methodology employs a stochastic optimisation algorithm that sequentially updates the forgetting factor of each DLM, and uses a state-of-the-art non-parametric model combination algorithm from the prediction with expert advice literature, which offers finite-time performance guarantees. An empirical application to quarterly UK house price data suggests that ADMA produces more accurate forecasts than the benchmark autoregressive model, as well as competing DMA specifications. |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1912.04661&r=all |
| By: | Calzada, Igor |
| Abstract: | The hegemonic ‘smart city’ approach in the European H2020 institutional framework is slowly evolving into a new citizen-centric paradigm called the ‘experimental city’. While this evolution incorporates social innovations—including urban co-operative platforms that are flourishing as (smart) citizens are increasingly considered decision-makers rather than data providers—certain underlying ethical and democratic issues concerning the techno-politics of data remain unresolved. To cite this article: Calzada, I. (2018), Deciphering Smart City Citizenship: The Techno-Politics of Data and Urban Co-operative Platforms. RIEV, Revista Internacional de Estudios Vascos/International Journal on Basque Studies 63(1-2):42-81. DOI: 10.13140/RG.2.2.24498.35524/6. |
| Date: | 2019–12–19 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:ucbja&r=all |
| By: | Lambert, Thomas |
| Abstract: | Zhang (2019) has written that variations in research design have led to conflicting or mixed reviews of many local economic development policies that are based on the enterprise zone concept. She mentions a study and an article (Lambert 1997, Lambert and Coomes 2001) on the Louisville, Kentucky enterprise zone (EZ) and implies the time horizon used to evaluate it was too short. This research note points out that the Louisville EZ went through multiple transformations and expansions over its history from 1983 to 2003, and as noted in the first of two studies, the original zone showed virtually no progress from 1983 to 1990. Several other unpublished papers pointed out the same results when the original EZ and other parts of the expanded EZ were analyzed up to the last years of the 20th Century. Finally, this paper argues that and provides reasons for the methodology employed by Lambert and Coomes (2001) is a superior way of analyzing the Louisville EZ when compared to the methods employed by Zhang (2015). The main reason why Zhang (2015) shows success in the EZ is because she evaluates it in its final form in the late 1990s after it had annexed many sections of Jefferson County which were not as nearly economically disadvantaged as the original Louisville EZ established in 1983. |
| Keywords: | economic development, enterprise zones, industrial incentives, research design |
| JEL: | R11 R38 R52 R53 R58 |
| Date: | 2019–12–17 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:97740&r=all |