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on Urban and Real Estate Economics |
| By: | Philip Kofi Alimo; Abena Tweneboah Danso |
| Abstract: | Purpose - Although the largest proportion of the household budget is spent on housing and transportation (H+T), housing affordability estimates in Ghana have over the years treated housing as a mutually exclusive expenditure, thereby excluding the effects of transportation costs. This can result in under-reporting of the household burden, which ultimately affects planning and policymaking. To curtail under-reporting, the H+T affordability index incorporates transportation costs into the assessment of housing affordability. However, the H+T affordability index is yet to be explored in the real estate literature from Ghana. This study contributes a novel discussion of the H+T affordability index and how it can be applied in Ghana. Approach - Based on a systematic review of 9 peer-reviewed papers on the H+T affordability index, the main variables employed, the lessons, and policy implications have been discussed towards having a modified H+T affordability index that is suitable for Ghana. Findings - Generally, the addition of transportation costs to the housing burden significantly changes the dynamics of the housing burden. Besides, the H+T Affordability Index relies on accessible secondary H+T economic data. In cities where there is a low proportion of renters, the owners' equivalent rent is used as the rental value. The main variables and methodologies employed in past studies have been discussed. Research implications - Our research calls for researchers and real estate professionals in Ghana to consider developing robust housing, trip, spatial, and neighborhood databases to foster future H+T studies. Practical implications - This study contributes insights that can enhance debates on the H+T 21ST affordability index toward improved measurement tools for the household burden in Ghana. Originality/Value of work - This study is the first attempt to discuss how the H+T affordability index can be applied in Ghana's housing market. |
| Keywords: | Affordable Housing; Affordable transportation; Ghana; H+T affordability index; Housing burden; Transportation spending |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:2022-031&r=ure |
| By: | William D. Larson (Federal Housing Finance Agency) |
| Abstract: | This research examines the effects of mortgage interest rates on house prices in the 100 largest U.S. cities, with appreciation driven by both short-run dynamics and convergence towards long-run economic fundamentals. The nature of the long-run equilibrium depends on the elasticity of housing supply, and the speed of adjustment to this long-run equilibrium depends on the degree to which borrowers are near monthly debt service payment constraints. Accordingly, the pass-through of mortgage interest rates to house prices is location and time-varying. This has implications for our understanding of monetary policy transmission, systemic risk, and the role of household finances in the macroeconomy. |
| Keywords: | Asset Pricing, Household Finance, House Price Bubbles |
| JEL: | G21 G51 E43 R30 C23 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:hfa:wpaper:22-04&r=ure |
| By: | Murray, Cameron (The University of Sydney); Helm, Tim |
| Abstract: | This report assesses the impact that policy changes to increase (or decrease) development contributions (DCs) are likely to have on housing markets in the context of proposals by Auckland Council officers to include post-2031 infrastructure expenditure in DCs so as to better reflect the long-run public infrastructure costs caused by housing development. Development contributions (DCs) are a tax on converting property to more intensive uses, levied to fund infrastructure to support urban growth. They are long-established and commonly used in cities around the world. Questions of their economic incidence have been thoroughly examined. The size of the proposed DC changes in Drury is in line with changes happening elsewhere in high- growth and high-value cities like Toronto, Sydney, and Los Angeles. The analysis here shows that the common claim that DCs are passed through to house prices and rents is not supported by theory or evidence. Dwelling prices reflect the capitalised value of the housing services dwellings provide, as determined within larger housing markets, and so additional development costs cannot be passed forward to rents or prices but instead will be passed back to land in the form of lower land values. For the Drury-Opāheke investment priority area the proposed policy change is expected to increase DCs by around \$50,000 per dwelling to a total of \$84,500 per dwelling. Although this increase is significant in percentage terms, DCs around this level are not large enough to render housing development unviable given the high incremental value from changing properties in the area to residential use. The proposal is expected to have no impact on the pace of development across Auckland as a whole, though it may alter the sequence of sites taken up for new housing across the city. Whether development proceeds faster or slower in the areas subject to higher DCs depends on several factors. On the one hand, an additional cost to development may increase the return to holding land undeveloped – but on the other, earlier delivery of infrastructure funded by DCs is likely to accelerate development. Regardless, these local impacts are likely small relative to the influence of other market factors. The neutrality of DCs with respect to house prices is confirmed by the best empirical evidence available. The highest-quality econometric studies find no relationship between changes in DCs and prices, in accordance with established theory. An ongoing charge on property owners in the form of a targeted rate is economically equivalent if levied on the same base. If the base is changed from a per-dwelling rate to a per-land area rate, there may be small changes to incentives that bear on the size and style of dwellings constructed. |
| Date: | 2022–06–09 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:gjfdx&r=ure |
| By: | Woan Foong Wong; Simon Fuchs |
| Abstract: | The movement of goods from origin to destination takes place over multiple modes of transportation. Correspondingly, intermodal terminals play an important role in facilitating transportation over the multimodal network. This paper studies multimodal transport networks and their impact on infrastructure investments. We propose a tractable theory of transportation across domestic transportation networks with multiple modes of transportation by embedding multimodal routes into a spatial equilibrium model with endogenous stochastic route choice. We calibrate the model to US domestic freight flows using high-resolution geographic information system information and detailed data on traffic along road, rail, and international ports. We estimate the strength of intermodal port congestion from ship dwell times and its multimodal impact on railcar dwell times. We then employ the model to evaluate the welfare effects of terminal investments across the United States. We identify important bottlenecks in the US transportation system, with the reduction of the transportation cost by 1 percent in the most important nodes generating welfare gains equivalent to $US200–300 million of additional GDP (in 2012 USD). |
| Keywords: | infrastructure investments; multimodal transport; spatial equilibrium |
| JEL: | F11 R12 R42 |
| Date: | 2022–10–05 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedawp:95074&r=ure |
| By: | Battistini, Niccolò; Falagiarda, Matteo; Hackmann, Angelina; Roma, Moreno |
| Abstract: | This paper assesses the role of the housing market in the transmission of conventional and unconventional monetary policy across euro area regions. By exploiting a novel regional dataset on housing-related variables, a structural panel VAR analysis shows that monetary policy propagates effectively to economic activity and house prices, albeit in a heterogeneous fashion across regions. Although the housing channel plays a minor role in the transmission of monetary policy to the economy on average, its importance increases in the case of unconventional monetary policy. We also explore the determinants of the diverse transmission of monetary policy to economic activity across regions, finding a larger impact in areas with lower labour income and more widespread homeownership. An expansionary monetary policy can thus be effective in mitigating regional inequality via its stimulus to the economy. JEL Classification: D31, E32, E44, E52, R31 |
| Keywords: | business cycles, conventional and unconventional monetary policy, housing market, regional in-equality |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20222752&r=ure |
| By: | Stijn Van Nieuwerburgh |
| Abstract: | The covid-19 pandemic induced a major shift in the prevalence of remote and hybrid work arrangements. This article reviews the effects of this remote work revolution for residential and commercial real estate values and for the future of cities. It also discusses consequences for productivity, innovation, local public finance, and the climate, as well as potential policy responses. |
| JEL: | G12 H71 R12 R23 R31 R51 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:30662&r=ure |
| By: | Georgios TSIACHTSIRAS; Deyun YIN; Ernest MIGUELEZ; Rosina MORENO |
| Abstract: | This paper explores the effect of the High Speed Rail (HSR) network expansion on local innovation in China during the period 2008-2016. Using exogenous variation arising from a novel instrument - courier’s stations during the Ming dynasty, we find solid evidence that the opening of a HSR station increases cities’ innovation activity. We also explore the role of inter-city technology diffusion as being behind the surge of local innovation. To do it, we compute least-cost paths between city-pairs, over time, based on the opening and speed of each HSR line, and obtain that an increase in a city’s connectivity to other cities specialized in a specific technological field, through the HSR network, increases the probability for the city to specialize in that same technological field. We interpret it as evidence of knowledge diffusion. |
| Keywords: | high speed rail, innovation, technology diffusion, patents, specialization |
| JEL: | R40 O18 O30 O33 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:grt:bdxewp:2022-24&r=ure |
| By: | Jurva, Risto; Outila, Tarja; Matinmikko-Blue, Marja; Merisalo, Virve; Jutila, Johannes |
| Abstract: | Digitalization is transforming businesses and daily lives at an increasing rate. Cities and regions are going through a digital transformation process to develop and deploy a range of digital services covering most city functions and operations. The different operations are inter-dependent and are all constrained by new sustainability requirements. This paper investigates digital transformation in the context of future smart transportation systems in cities and regions and focuses on the situation in Finland. The paper analyses the current processes of urban design and planning, transportation planning, and digital infrastructure planning and brings them together towards a future process for smart transport system planning. The paper provides guidelines for the development of this interlinked future process for digital transformation and discusses related challenges. The integrated process highlights the importance of bringing together the traditionally separately considered urban design and planning, transport system planning and digital infrastructure planning processes by starting from shared values, goals and strategies that are built on sustainability principles. This requires the identification of a system owner, which has the overall responsibility of system development and operation. |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itse22:265637&r=ure |
| By: | Margaret M. Jacobson |
| Abstract: | Endogenously optimistic beliefs about future house prices can account for the path and standard deviation of house prices in the U.S. housing boom of the 2000s. In a general equilibrium model with incomplete markets and aggregate risk, agents form beliefs about future house prices in response to shocks to fundamentals. In an income expansion with looser credit conditions, agents are more likely to underpredict house prices and revise up their beliefs. Matching the standard deviation and steady rise in house prices results in homeownership becoming less affordable later in the boom as well as consumption dynamics that match the data. |
| Keywords: | Housing boom; Aggregate risk; Heterogeneous agents; Incomplete information |
| JEL: | E20 E30 C68 R21 |
| Date: | 2022–09–23 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2022-61&r=ure |
| By: | Sirikhan, Kulacha |
| Abstract: | This study aims to raise awareness of a viable collective transportation concept that yields the most sustainable and inclusive outcomes. The connected autonomous shared electric vehicle (CASE) has been proposed as a future enabler of collective mobility that emphasizes sharing vehicles among numerous passengers and endorses multi-modal public transportation. This study demonstrates the application of an integrated scenario building approach at both the generic and place-specific levels. Then, the plausible scenarios were developed that best fit the area-based context. The scientific research trends in bibliometric analysis and the discussion on urbanization problems in spatial analysis were synergized to identify critical uncertainties, which are the input in scenario building. The discussion on urbanization problems of mega-urban regions in the SEA context captures additional challenges from a compound of mobility inequalities such as limited accessibility and fragmented paratransit, which could fuel the ignorance of collective urban mobility usage. The plausible scenario quadrants shed light on long-term strategy planning requirements in response to various autonomous mobility deployments and their consequence on urban dynamics. |
| Keywords: | Autonomous Vehicles,The Connected Autonomous Shared Electric Vehicle,CASE,Scenario Building,Mega-Urban Regions,Southeast Asia,Bangkok,Ho Chi Minh City |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itse22:265670&r=ure |
| By: | Antonia Díaz (Instituto Complutense de Análisis Económico (ICAE), Universidad Complutense de Madrid (Spain).); Belén Jerez (Universidad Carlos III de Madrid (Spain).); Juan P. Rincón-Zapatero (Universidad Carlos III de Madrid (Spain).) |
| Abstract: | This paper shows that, when utility is imperfectly transferable and the search process is competitive (or directed), wealthier buyers pay higher prices to speed up transactions. This result is established in a dynamic model of the housing market where households save both to smooth consumption and to build a down payment. “Block recursivity” is ensured by the existence of risk-neutral housing intermediaries. The calibrated version of our benchmark economy features greater indebtedness and higher housing prices in the long run compared to a Walrasian model, especially when the elasticity of new housing supply is low. We also show that the long-run effect of greater credit availability on housing prices depends crucially on whether or not rental and real estate housing stocks are segmented. Under full segmentation, price effects are much larger, with and without search frictions. But, even if there is no segmentation, these effects are substantial in our search model when supply elasticity is low, being larger than in the Walrasian version of the model. The last result is reversed with full segmentation, when search frictions dampen the price effect of the credit expansion. |
| Keywords: | Competitive search; Wealth effects; Housing prices; Credit constraints; Housing supply elasticity; Rental market. |
| JEL: | D31 D83 E21 R21 R30 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ucm:doicae:2205&r=ure |
| By: | Hilmy, Masyhur (Asian Development Bank Institute) |
| Abstract: | Teacher quality is crucial to deliver good education. However, improving teacher quality in developing countries can be a tough problem. We investigate the impact of a teacher placement program that sends college graduates with a strong academic track record to teach in rural primary schools in Indonesia on student test scores. Using a difference-in-difference approach, we find that exposure to program teachers for a semester is associated with a 0.16 standard deviation increase in their students' average mathematics scores. The weakest students benefited more, with an increase in score by 0.20 standard deviation. Students receiving direct instructions from program teachers during scheduled classroom periods benefited even more. Attracting better talents to teach in rural schools could be an important pathway to improve the academic achievements of the weakest students at rural schools. |
| Keywords: | education; alternative teacher placement; Indonesia |
| JEL: | I21 I24 I25 O15 |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:1328&r=ure |
| By: | Hsi-Chuan Wang (University of Toronto) |
| Abstract: | Informal settlement growth across countries has led to distinctive actions that can enhance access for low-income populations to housing and basic services. This fact indicates the need to develop studies comparing countries and cities to identify policy learning opportunities. This paper is an experimental comparison between Accra, Ghana, and Buenos Aires, Argentina, investigating how policies on informal settlements have formed in the two countries. The two cities differ in the way that informal settlements are viewed by the public. In Argentina, the public often sees informal settlements (known as villas) as areas to be avoided, despite proactive policies to support and integrate low-income groups. In Accra, informal settlements may be viewed negatively or positively, depending on the characteristics and origin of their residents; some settlements are viewed as legitimate, ordinary communities that serve as transitional places despite their underdeveloped environment. Nevertheless, Buenos Aires, Argentina, demonstrates more inclusive policies for informal dwellers than Accra, Ghana. Argentina has chosen not to follow the market model, while Ghana maintains a neoliberal path. This difference is partly the result of a severe economic depression in Argentina in the early 21st century, coupled with institutional arrangements that give the city of Buenos Aires greater autonomy and leverage at the national level than Accra. In sum, Argentina could learn from Ghana about the way in which cultural barriers affect progress, while Ghana could learn from Argentina about removing structural and institutional barriers to improving the lives of those who live in informal settlements. |
| Keywords: | informal urban settlements, cultural variables, infrastructure, housing, comparative studies, Ghana, Argentina |
| JEL: | N90 H70 P25 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:mfg:wpaper:61&r=ure |
| By: | Kenneth Donkor-Hyiaman; Frank Gyamfi-Yeboah; Eric Tudzi; John Bugri |
| Abstract: | Green buildings are part of the global strategy to achieve sustainable development. Efforts towards this goal are however hampered by the lack of awareness and high illiteracy about green building. Focusing on the youth, this paper measures the level of green building literacy among Ghanaian tertiary education students, how it differs according to their demographics, and its relationship with their housing choice. Following a comprehensive literature review, we used a structured online questionnaire survey to gather data from 763 Ghanaian tertiary education students. Following statical tests, the study analysed the dataset principally using mean scoring, Chi-square test and regression techniques. The results suggest that most university students have no or basic knowledge in green buildings. This low level of green building literacy is attributable in part to their demographic features including age, gender, level of education, level of study, employment status, income level of respondents, and whether the person had previously lived in a house with green features. Further analyses show that male students and built environment students have higher knowledge about green buildings and are more likely to have lived in or are currently living in a building with green features, and also more likely to choose a house with green features in the future. Policy-wise, the study shows that educating the youth about green buildings could alter their housing outcomes and preferences in favour of sustainable ones and hence, contribute to achieving Sustainable development goal 11 – Sustainable Cities and Communities. |
| Keywords: | Green Buildings; sustainability; Sustainable Development Ghana; Green Building Literacy; housing choice |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:2022-026&r=ure |
| By: | Chris Cunningham; Kristopher S. Gerardi; Lily Shen |
| Abstract: | Despite the prevalence and high cost of real estate agents, there is limited empirical evidence as to the nature or efficacy of their services. In this paper we estimate real estate agents’ value-added when either selling or buying homes using data from three large multiple listing services (MLS). We find that homeowners who forgo a conventional real estate agent, but who list their homes on the MLS via a flat fee broker, sell for between 1 and 4 percent more before commission but take longer to sell and are less likely to complete a sale. However, these average effects mask a significant amount of real estate agent heterogeneity. Using a novel aspect of our data, which allows us to identify and track agents over time, we estimate the distributions of real estate agents’ fixed effects in both hedonic and time-on-the-market models. We find that exchanging a listing agent in the 25th percentile for one in the 75th would increase the final sales price by 5–6 percent, and a similar exchange for buying agents would lower purchase prices by 4–6 percent. The interquartile range of agent fixed effects from our model of time-on-the-market is 17–25 days. We do not find a significant trade-off between price and time-to-sell, however, as agents who obtain higher prices do not take longer to sell, suggesting that they are not simply setting higher reservation prices. We also show that agents who sell homes for more also appear to pay more for a home when serving as a buyer’s agent, indicating that the average agent does not possess exceptional negotiating skills or that such skills are overwhelmed by principal-agent problems. Finally agents do not appear to get better at bargaining; agents do sell faster with experience, but mostly by selling for lower prices. |
| Keywords: | real estate; housing; real estate agent; house prices |
| JEL: | R21 R31 G12 G20 |
| Date: | 2022–09–29 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedawp:95072&r=ure |
| By: | David Oluwatofun Akinwaminde; Olayiwola Oladiran; Jonas Hahn |
| Abstract: | A city can be termed smart when it is able to effectively apply ICT and other smart technologies in achieving intelligent solutions to everyday challenges posed by the city. In view of this, smart housing concept leverage on smart technologies and data to solve housing problems in smart city projects. In most African smart city projects, the problem lies with the numerous hindrances on techniques to the adopon of Smart housing solutions. The initiative of Nigeria Smart City Iniave (NSCI) is to transform Nigerian major urban centres from traditional dysfunctional cies to modern, efficient, responsive ones capable of satisfying the needs of present and future generations of Nigerians. Using Akwa Millennium City project in Nigeria, this study examines the barriers to the adoption of smart housing concepts in African smart city projects. Structured questionnaires were purposively administered to all the staff of Akwa Millennium City project while all retrieved questionnaires were found suitable for analysis. Descriptive stastics were employed to analyze the data collected from the respondents. Findings depicted that the major barriers could be classified as socio-economic, technical and policy hindrances in the delivery of smart housing in Akwa Millennium City project in Nigeria. It's noteworthy that smart housing concept could be unaffordable due to the most perceived barriers (such as limited consumer demand, retrofitting of existing homes and buildings, lack of financial and financing incentives, high cost of development, and smart technology as divisive, exclusive or irrelevant) in the development of African smart city projects. This study therefore recommends that developers should focus on socio-economic attributes in the adoption of smart housing concepts to achieve an effective planning of smart city projects in Nigeria and Africa at large. |
| Keywords: | Africa; Akwa Millennium City; Esg; SDGs11; Smart City; Smart Housing |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:2022-041&r=ure |
| By: | Katarzyna Kopczewska (Faculty of Economic Sciences, University of Warsaw) |
| Abstract: | This paper is a methodological guide on using machine learning in the spatial context. It provides an overview of the existing spatial toolbox proposed in the literature: unsupervised learning, which deals with clustering of spatial data and supervised learning, which displaces classical spatial econometrics. It shows the potential and traps of using this developing methodology. It catalogues and comments on the usage of spatial clustering methods (for locations and values, separately and jointly) for mapping, bootstrapping, cross-validation, GWR modelling, and density indicators. It shows details of spatial machine learning models, combined with spatial data integration, modelling, model fine-tuning and predictions, to deal with spatial autocorrelation and big data. The paper delineates "already available" and "forthcoming" methods and gives inspirations to transplant modern quantitative methods from other thematic areas to research in regional science. |
| Keywords: | spatial machine learning, clustering, spatial covariates, spatial cross-validation, spatial autocorrelation |
| JEL: | C31 R10 C49 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:war:wpaper:2021-16&r=ure |
| By: | Michelle Spiegel; Leah R. Clark; Thurston Domina; Vitaly Radsky; Paul Y. Yoo; Andrew Penner |
| Abstract: | Many educational policies hinge on the valid measurement of student poverty at the school level. However, recent research raises questions about widely used measures based on free and reduced-price lunch (FRPL) enrollment. Using unique data linking individual students to IRS tax records and other data housed at the U.S. Census Bureau, we provide the first comprehensive examination of how well different measures capture school poverty. We find that direct certification data provide the best widely available measure of poverty, both over time and across the distribution of school poverty. FRPL data quality varies, suggesting that in some contexts FRPL-based measures – including measures from the Urban Institute – perform relatively well. By contrast, neighborhood-based measures perform relatively poorly. |
| Keywords: | School Lunch; School Poverty; Measurement of Poverty; Validity; Low-income Students |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:cen:wpaper:22-50&r=ure |
| By: | Charles Ka Yui LEUNG |
| Abstract: | Until recently, the literature ignored the interactions between housing and macroeconomics. Thanks to many researchers' contributions, the macro-housing field is in development. This review complements previous research and highlights a few areas that have made significant progress lately. They are the rental market and related issues, housing affordability, people's beliefs and expectations, and the interactions between the aggregate and regional markets. Theoretical models have become increasingly realistic and hence can be solved only numerically. While the recent literature has provided essential policy lessons, it has yet delivered a "paradigm" for future research. There are also open questions that remain to be answered. |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:dpr:wpaper:1197&r=ure |
| By: | Emily Beam (University of Vermont); Priya Mukherjee (University of Wisconsin--Madison); Laia Navarro-Sola (Northwestern University) |
| Abstract: | We conduct a randomized controlled trial with households of secondary school students in Bangladesh to investigate how parents adjust their investments in response to three educational interventions: an informational campaign about an educational phone application, an internet data subsidy, and one-on-one phone learning support. We find that offering an educational service in a context where other barriers to take-up exist can still trigger parental educational investments by acting as a signal or nudge. These behavioral changes result in lasting learning gains concentrated among richer households, reflecting that the relevant behavior change--increased tutoring investment--is easier for them to implement. In contrast, when interventions do increase take-up, they have the potential to narrow the socioeconomic achievement gap. We observe that increased usage of the targeted educational service limits parental behavioral responses. This implies that learning gains in these cases are directly caused by the potential effectiveness of the services adopted. In our setting, remote one-to-one teacher support improves learning among students from poorer households, whereas receiving the free data package jointly with the app information has no impact on learning. |
| Keywords: | human capital, parental investments, educational technology, educational inequality |
| JEL: | C93 I21 I24 J13 O15 |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2022-030&r=ure |
| By: | Biao Yin (LVMT - Laboratoire Ville, Mobilité, Transport - ENPC - École des Ponts ParisTech - Université Gustave Eiffel); Fabien Leurent (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | A reliable public transport system is beneficial for people traveling in the metropolitan area. Transfer time in multimodal transit networks has been highlighted as one of the measures of public transport service quality. In this paper, we propose a novel method to estimate the passengers' transfer time between the transit modes (i.e., train, metro, and bus) based on the 2018 Household Travel Survey in the Paris region, France. The transit trips with a single transit leg are primarily studied, wherein average wait time and mode speeds are estimated through an integrated linear regression model. Based on these inferences, transfer time is deduced within the trips of multiple transit legs. The decomposition procedure of journey time facilitates the estimation of the time components, and reveals the transfer variability in mode, time, and space. From the results, we find that the transfer to the railway modes, especially to the metro, costs less time on average than the transfer to the bus in the study area. The transfer patterns in the morning and evening peak hours are different regarding the transfer duration and locations. Lastly, the results' reliability, method scalability, and potential applications are discussed in detail. |
| Keywords: | multimodal transit,average wait time,transit speed,transfer time,linear regression model |
| Date: | 2022–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03841390&r=ure |
| By: | Augusna Chiwuzie; Dabara Ibrahim Daniel; Musibau Lukuman; Olusegun Joseph Omotehinshe; Edith Mbagwu Prince |
| Abstract: | Property valuation is a capstone course for real estate professionals and an essenal component of core knowledge in real estate education. The prominence of real estate in the investment market and information asymmetries have created a demand for property valuation all around the world. However, anecdotal evidence suggests that real estate students rarely have positive attitudes toward property valuation. This condition can hinder understanding the contents and acquiring the requisite valuation skills as attitudes are critical for learning. It has been contended that developing positive attitudes should be the desired course goal. This study employs quantitive research designs to evaluate the attitudes of real estate students toward property valuation to determine whether the desired goal has been achieved. A self-administered questionnaire containing a modified SATS-36 studies assessment scale was distributed to all 87 Higher National Diploma (HND) I students after the first semester's valuation course. The findings suggested that the sampled students' attitudes toward property valuation were not negative. The students recognise the importance of property valuation for their careers, are ready to put up the effort to understand and acquire valuation skills, and believe they can learn property valuation. This study recommends that the pilot instrument used in this study be expanded to other polytechnics, universities, and nations in order to gather general data that may be used to guide the development of positive attitudes. |
| Keywords: | Achievement; Developing positive attitudes; Real estate valuation; teaching and learning. |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:2022-051&r=ure |
| By: | Gorina, Evgenia; Joffe, Marc; Maher, Craig (Mercury Publication) |
| Abstract: | We will collect audited financial and socioeconomic data for a large sample of local governments between 2008 and 2016 to create a fiscal scoring system for cities and counties based on our previous work, work done by Pew and the leading academics. City a |
| URL: | http://d.repec.org/n?u=RePEc:ajw:wpaper:07776&r=ure |
| By: | Umut Unal (Research Institute for Labour and Social Affairs (RILSA)); Bernd Hayo (Philipps-Universitaet Marburg); Isil Erol (Ozyegin University) |
| Abstract: | This paper provides an analysis of the convergence pattern of German housing prices and rents employing a new dataset that covers all the country’s administrative districts. In addition to conventional tests for 𠛽-convergence and 𠜎-convergence, we apply Phillips and Sul's (2007) approach so as to allow for the various heterogeneity and transitional dynamics across districts. Our results reveal no evidence of convergence across Germany or within states; rather, we discover widespread evidence of divergence, as well as evidence of inter-state convergence and support for the existence of convergence clubs. At the federal level, we identify club numbers ranging from 11 (for existing flat prices) to 5 (for new flat rents). At the state level, the estimated number of clubs is generally lower, ranging from 0 to 6. |
| Keywords: | Convergence; Germany; Housing prices; district-level data; convergence clubs |
| JEL: | R10 R30 R31 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:mar:magkse:202244&r=ure |
| By: | Apablaza, Mauricio; Sehnbruch, Kirsten; González, Pablo; Méndez, Rocío |
| Abstract: | This paper proposes a multidimensional synthetic index for measuring the quality of employment using the Alkire–Foster method. The results generated by this index highlight important differences between Chile's regions, but also a process of convergence, which has been mostly driven by regulatory changes and public policy rather than economic growth. The paper shows how much a synthetic index can contribute to regional analysis and how it can inform policymakers by focusing attention on the most vulnerable workers in regional labour markets. |
| Keywords: | labour markets; Latin America; quality of employment; regional convergence; regional studies; grant number GP1\100170 |
| JEL: | J40 J48 N56 R23 |
| Date: | 2022–10–13 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:117192&r=ure |
| By: | Aldeco Leo Lorenzo Rodrigo; Jurado Jose A.; Ramírez-Álvarez Aurora A. |
| Abstract: | This document studies the effect of the homicide rate on internal migration in Mexico. Reduced form evidence shows that net migration of skilled workers decreases into local labor markets where homicide rates increased after 2007, suggesting workers prefer destinations with lower homicide rates. This result is due to lower inflows, without effects on outflows, pointing to the existence of moving costs. To quantify the welfare cost of increasing homicides, we use workers' migration decisions and a spatial equilibrium model. Skilled workers' average willingness to pay to decrease the homicide rate by 1% is estimated at 0.58% of wages. The welfare cost is in the order of several points of GDP per year, depending on the assumptions. Workers who do not migrate bear the largest share of the overall welfare cost. |
| Keywords: | Internal Migration;Homicide Rates;Instrumental Variables;StructuralEstimation |
| JEL: | K42 O15 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:bdm:wpaper:2022-11&r=ure |
| By: | Alecia W. Cassidy; Elaine L. Hill; Lala Ma |
| Abstract: | The Resource Conservation and Recovery Act (RCRA) manages cleanup of hazardous waste releases at over 3,500 sites across the US, which covers approximately 17.5% of all developed land in the country. This paper evaluates the national housing market impacts of cleanups performed under RCRA and estimates the program's impacts on neighborhood change. We find that cleanups near residential properties yield significant, yet localized, increases in home prices, and that impacts are concentrated in the lower deciles of the price distribution. Importantly, we find no evidence of sorting along socio-demographic dimensions in response to cleanup. Our findings suggest that cleanup benefits accrue to the residents who are the original “hosts” of pollution and could correct pre-existing disparities in exposure to land-based contamination. |
| JEL: | Q51 Q52 Q53 Q58 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:30661&r=ure |
| By: | Stefania Fontana; Giorgio D'Agostino |
| Abstract: | This paper aims to evaluate the impact of the anti-mafia dismissal policy in municipal councils for mafia infiltration on the share of public goods in Italy. The implementation of policies aimed at reducing the mafia’s influence on local political bodies can improve the level of essential public goods that are relevant for social inclusion and regional development. The results suggest that during the years after a dismissal, municipalities devote more resources to public goods, with an estimated increase of approximately 5.3 pp. Notably, the effect seems to be driven by an increase in investment of approximately 5.4 pp, whereas the effect on consumption is uncertain. We therefore conclude that policies targeting the problem of criminal infiltration in local governments can improve socioeconomic conditions by enhancing the level of economically and socially relevant local public goods. |
| Keywords: | anti-mafia policies, mafia infiltration, public goods, local governments |
| JEL: | K42 H41 H75 D04 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:rtr:wpaper:272&r=ure |
| By: | Setthasuravich, Prasongchai; Sirikhan, Kulacha; Kato, Hironori |
| Abstract: | This study explores spatial patterns in the digital divide and its determinants at a sub-district level in Thailand. This study's design is based on the Spatially Aware Technology Utilization Model, which is used to construct a conceptual model of the digital divide from a geospatial perspective in Thailand. A spatial econometric approach was used to analyze the data set of basic household necessities information from 2021 provided by the Community Development Department of Thailand. The results show a positive spatial autocorrelation of the household internet access divide (HIAD) across Thailand's sub-districts. This spatial clustering tended to be high-high in the sub-districts located in the northeastern and northern regions, with low-low agglomerations in the central region of Thailand. In addition, the spatial econometric analysis results indicated that the HIAD may be influenced by demographic, economic, educational, government ICT prioritization, social capital, transportation, and disaster-related variables of neighboring sub-districts in Thailand. This study provides both theoretical and policy implications to enrich geographic knowledge of the digital divide, specifically in the context of developing countries. |
| Keywords: | Digital divide,Digital inequality,Spatial analysis,Internet use,Determinant,Cluster,Thailand,Sub-district |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itse22:265668&r=ure |
| By: | García Ana Laura; González Juan Pedro; Velázquez Jhasua |
| Abstract: | Housing is the greatest asset held by most households, and it is an important determinant of their financing and consumption decisions. Despite the fact that measuring housing wealth is crucial for understanding households' economic behavior, this indicator is currently unavailable in Mexico due to the lack of data commonly required for its estimation. This paper proposes a more flexible methodology, based on the quantity times price approach and the perpetual inventory method, that eases data requirements while still meeting international guidelines. Our results suggest housing wealth in Mexico has followed an upward trend as percentage of GDP since 2005, reaching around 187% and 202% of GDP in 2020. In addition, our measure enables the calculation of other popular indicators concerning households, such as housing equity and household total net worth. |
| Keywords: | Housing;house hold wealth;perpetual inventory method;quantity times price approach |
| JEL: | R2 G51 E21 E22 R31 O18 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:bdm:wpaper:2022-12&r=ure |
| By: | García-Suaza, Andrés; Gallego, Juan Miguel; Mayorga, Juan D.; Mondragón-Mayo, Angie; Sepúlveda, Carlos; Sarango Iturralde, Alexander |
| Abstract: | The increase in global immigration phenomena has impacted local labor markets. The process of social and economic assimilation is crucial to ensure the well-being of both natives and immigrants. This article analyzes the impacts of immigration from Venezuela to Colombia, differentiating the effects of recent and long-term immigration on natives and immigrants. We find that immigration has decreased employment and hourly wages; and increased informality, while the impact on unemployment is null. These effects are higher among immigrants in comparison with the native population. Our results show that even when adverse effects on labor market outcomes are estimated, there is evidence of adaptability to the immigration shock and that an assimilation process is taking place. |
| Keywords: | Migration; labor market; Assimilation; Colombia |
| JEL: | F22 O15 R23 J61 |
| Date: | 2022–12 |
| URL: | http://d.repec.org/n?u=RePEc:rie:riecdt:99&r=ure |
| By: | Lewis Abedi Asante; Emmanuel Kofi Gavu |
| Abstract: | It is a great privilege to welcome you to the 21st AfRES Annual conference taking place at the Accra Marriott Hotel in Ghana. We are grateful to our sponsors, partners, presenters and attendees without who the conference would not have been possible. We are very positive that the discussions during the conference will be of immense benefit to attendees. The theme chosen for the 2022 conference is “Redefining the future of Real Estate in Africa”. Undoubtedly the real estate industry plays a major role in the development mix in many economies. The recent global health pandemic has been an unprecedented disruptor in the world s social and economic fabric. The housing market has slowed down due to a decline in economic activities, employment and household incomes. The home office has become a crucial extension of the office space in many organisations. Real estate professionals have had to adopt digital tools such as Skype, Google Meet and Zoom to conduct house inspection in order to minimize the risk of infection. The implications of these dynamics will redefine the future of real estate in Africa and the rest of the world. The 2022 conference brings together real estate professionals, academics and other allied groups to discuss the changing dynamics of the real estate market, the emerging implications and the policy recommendations for governments, businesses and households. This year we a high number of submitted abstracts at 85 abstracts and 30 papers for refereeing. We appreciate the Chair of the Scientific/ Technical Committee, as well as his team for their work in reviewing the submitted abstracts and papers. The feedback to the authors was very helpful in developing the papers and finalizing them in the format presented. The peer-reviewed papers were double-blind reviewed to ensure high standards and international comparability, and also provide some guidance to authors. Some abstracts were declined as they were not appropriate for this conference. The West African AfRES chapter is grateful to all those who assisted and contributed in bringing this conference together and making it happen. We are eternally indebted to the hardworking members of the local organising committee who took the task upon themselves and worked assiduously to ensure a successful conference. We say thank you and we appreciate your efforts and commitment to AfRES. |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:2022-000&r=ure |
| By: | Radchenko Darya (Russian Presidential Academy of National Economy and Public Administration); Makarov Andrey (Russian Presidential Academy of National Economy and Public Administration); Rostislav Kirill (Russian Presidential Academy of National Economy and Public Administration); Belyakova Natalia (Russian Presidential Academy of National Economy and Public Administration); Sosnin Dmitry (Russian Presidential Academy of National Economy and Public Administration); Maksimov Andrey (Russian Presidential Academy of National Economy and Public Administration); Ponomarev Yuriy (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | In the Russian Federation 75% of the population live in cities and the quality of life cannot be considered separately from the quality of life of citizens. Modern cities and urban agglomerations act as development centers, accumulating factors that are the driving force of the innovation economy: financial resources, innovative technologies, infrastructure and qualified personnel. |
| Keywords: | financial resources, innovative technologies, infrastructure and qualified personnel |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:s21158&r=ure |
| By: | Jan Gromadzki; Przemysław Siemaszko |
| Abstract: | In recent decades, the number of people disclosing their LGBTQ identity has increased substantially. We investigate the role of peer effects in coming out decisions using a model of a game social learning via networks. We use newly collected data from two waves of a spontaneous Twitter coming out campaign to test the prediction that observing peers coming out increases the probability of an individual disclosing their LGBTQ identity. We combine data on users' pre-campaign networks with the information on the exact time of costly coming out actions to construct a time-varying measure of the exposure to peers coming out as LGBTQ. A one standard deviation increase in the exposure increases the probability of coming out by almost 20%. We also exploit the non-overlapping network structure of users' peers groups as an exogenous source of variation, and we confirm the baseline results. We argue that the estimated effects are due to changes in beliefs about the costs of disclosure. |
| Keywords: | LGBTQ; social networks; peer effects; social media; cultural change |
| JEL: | J15 D85 D74 P16 Z13 |
| Date: | 2022–10 |
| URL: | http://d.repec.org/n?u=RePEc:ibt:wpaper:wp062022&r=ure |
| By: | Gopal, Sucharita; Fischer, Manfred M. |
| Abstract: | This paper employs a spatial Durbin panel data model, an extension of the cross-sectional spatial Durbin model to a panel data framework, to estimate the impact of a set of demographic and economic factors on state-level opioid-related mortalities in the US. The empirical model uses a pool of US states over six years from 2014 to 2019 and a nearest-neighbor matrix that represents the topological structure between the states. Calculation of direct (own state) and indirect (cross- state spillovers) effects estimates -- based on Bayesian estimation and inference -- reflects a proper interpretation of the marginal effects for our nonlinear model that involves lags of the dependent variable vector. The study provides evidence for the existence of spatial effects working through the dependent variable vector and points to the importance of larger indirect effects of Asian and Hispanic/Latino minorities on the one side and the population age groups 35-44 years and 65 years and older on the other. This finding echoes the first law of geography that "everything is related to everything else, but near things are more related than distant things" (Tobler 1970). Space -- largely neglected in previous research -- matters for gaining a valid and better understanding of why and how neighboring states contribute to opioid- related mortality in the states. |
| Keywords: | Spatial Durbin panel data model; Bayesian econometrics; Markov Chain Monte Carlo; direct (own state) effects; indirect (cross-state spatial spillover) effects; inferential statistics |
| Date: | 2022–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:wiw:wus046:31653118&r=ure |
| By: | Miller, Tracy; Hansen, Megan (Mercury Publication) |
| Abstract: | Recent trends suggest that the federal role in funding highways is likely to decline in the future. As a result, state and local governments will likely shoulder a larger portion of the costs of building and maintaining roads and highways. Like the federa |
| URL: | http://d.repec.org/n?u=RePEc:ajw:wpaper:06846&r=ure |
| By: | Khrystyna Huk; Ayaz Zeynalov |
| Abstract: | This research is devoted to assessing regional economic disparities in Ukraine, where regional economic inequality is a crucial issue the country faces in its medium and long-term development, recently, even in the short term. We analyze the determinants of regional economic growth, mainly industrial and agricultural productions, population, human capital, fertility, migration, and regional government expenditures. Using panel data estimations from 2004 to 2020 for 27 regions of Ukraine, our results show that the gaps between regions in Ukraine have widened last two decades. The disparities can be explained by natural resource distribution, agricultural and industrial productions, government spending, and migration. We show that regional government spending is highly concentrated in Kyiv, and the potential of the other regions, especially the Western ones, has not been used sufficiently. Moreover, despite its historical and economic opportunity, the East region did not perform significant development during the last two decades. The inefficient and inconsistent regional policies played a crucial role in these disparities. |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2211.05666&r=ure |
| By: | Petra E. Todd; Weilong Zhang |
| Abstract: | This paper develops and estimates a spatial general equilibrium job search model to study the effects of local and universal (federal) minimum wage policies on employment, wages, job postings, vacancies, migration/commuting, and welfare. In the model, workers, who differ in terms of location and education levels, search for jobs locally and in a neighboring area. If they receive remote offers, they decide whether to migrate or commute. Firms post vacancies in multiple locations and make offers subject to minimum wage constraints. The model is estimated using multiple databases, including the American Community Survey (ACS) and Quarterly Workforce Indicators (QWI), and exploiting minimum wage variation across state borders as well as time series variation (2005-2015). Results show that local minimum wage increases lead firms to post fewer wage offers in both local and neighboring areas and lead lower education workers to reduce interstate commuting. An out-of-sample validation finds that model forecasts of commuting responses to city minimum wage hikes are similar to patterns in the data. A welfare analysis shows how minimum wage effects vary by worker type and with the minimum wage level. Low skill workers benefit from local wage increases up to $10.75/hour and high skill workers up to $12.25/hour. The greatest per capital welfare gain (including both workers and firms) is achieved by a universal minimum wage increase of $12.75/hour. |
| JEL: | D04 D5 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:30668&r=ure |
| By: | Leonardo Rosa; Raphael Bruce; Natália Sarellas |
| Keywords: | school day length, public health, youth homicide rate |
| Date: | 2022–06–17 |
| URL: | http://d.repec.org/n?u=RePEc:amc:wpaper:16&r=ure |
| By: | Cletus Moobelaa; Nalumino Akakandelwab; Mutale Katyokac; David Manased; Wilfred Matipae; Dingayo Mzyechef; Victor Samwingag; Sambo Zuluh |
| Abstract: | The paper investigates the main barriers and success factors to the adoption and implementation of Real Estate Investment Trusts (REITs) in African real estate markets. From their inception in the US more than half a century ago, REITs have seen steady growth across the globe as a distinct label in real estate investment markets Between 1990 and 2021, REITs have grown in both number and market capitalisation from 120 listed REITs in two countries to over 800 in more than 40 countries. Their continued growth has been buoyed by the manifold benefits associated with this investment option, including increased access to the real estate investment markets, improved stock liquidity, steady access to capital, greater opportunities for portfolio diversification and stability, strong record of performance, to name a few. Despite these benefits, the reality is that the REIT regime is predominantly limited to the developed countries, mainly the US and Europe while other countries are still trailing. Africa, in particular, is lagging behind other regions of the world with only a few countries - South Africa, Nigeria, Ghana, Rwanda, Morocco, Tanzania and Kenya - registering considerable success stories. To investigate the main barriers and success factors, the paper is informed by a thematic literature review on REITs in general, and those of African region in particular. The major obstacles revolve around the inertia in legislating REITs, inadequately developed capital markets, and the level of property market maturity. Lessons learnt, particularly from South Africa and Nigeria, offer some insights on overcoming these barriers including the providence of the enabling environment for increased market transparency. |
| Keywords: | Barriers; REITs; Success Factors |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:2022-030&r=ure |
| By: | Lisa Leschnig; Guido Schwerdt; Katarina Zigova |
| Abstract: | Central exams are often hypothesized to favorably affect incentive structures in schools. Indeed, previous research provides vast evidence on the positive effects of central exams on student test scores. But critics warn that these effects may arise through the strategic behavior of students and teachers, which may not affect human capital accumulation in the long run. Exploiting variation in examination types across school systems and over time, we provide the first evidence that central exams positively affect adult skills. However, estimated effects on skills are small and we find no significant average effect on earnings. |
| Keywords: | Central exams, adult skills, earnings, PIAAC |
| JEL: | I20 J24 J31 |
| Date: | 2022–07 |
| URL: | http://d.repec.org/n?u=RePEc:iso:educat:0199&r=ure |
| By: | Paul Goldsmith-Pinkham; Matthew T. Gustafson; Ryan C. Lewis; Michael Schwert |
| Abstract: | Municipal bond markets begin pricing sea level rise (SLR) exposure risk in 2013, coinciding with upward revisions to worst-case SLR projections and accompanying uncertainty around these projections. The effect is larger for long-maturity bonds and is not solely driven by near-term flood risk. We use a structural model of credit risk to quantify the implied economic impact and distinguish the effects of underlying asset values and uncertainty. The SLR exposure premium exhibits a different trend from house prices and is unaffected by house price controls. Taken together, our results highlight the importance of climate uncertainty in driving municipal bond prices. |
| JEL: | G1 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:30660&r=ure |
| By: | Nicolò Gatti (Università della Svizzera Italiana); Fabrizio Mazzonna (Università della Svizzera Italiana); Raphaël Parchet (Università della Svizzera Italiana); Giovanni Pica (Università della Svizzera Italiana (USI) and CSEF.) |
| Abstract: | This paper investigates the impact of opening the labor market to qualified immigrants who hold fully equivalent diplomas as natives and share the same mother tongue. Leveraging the 2002 opening of the Swiss labor market to qualified workers from the European Union, we show that the policy led to a large inflow of young immigrants with highly heterogeneous effects on the wages and employment status of qualified natives. While incumbent natives experienced a wage gain and a decrease in the likelihood of becoming inactive, the opposite happened for young natives entering the labor market after the policy change. |
| Keywords: | qualified immigration, wage effects, worker substitutability, experience. |
| JEL: | F22 J08 J31 J61 |
| URL: | http://d.repec.org/n?u=RePEc:sef:csefwp:656&r=ure |
| By: | Claire Océane Chevallier (Université du Luxembourg (Extramural Research Fellow)); Sarah El Joueidi (American University of Beirut and Université du Luxembourg (Extramural Research Fellow)) |
| Abstract: | This paper develops a dynamic general equilibrium model in innite ho- rizon, with an endogenous banking sector, market sensitive regulatory con- straints, and in which deterministic rational housing bubbles may emerge. We are interested in the conditions under which housing bubbles may emerge and their impact on the economy. We show that 1) when agents face a LTV regulation, two dierent equilibria may emerge and coexist: a bubbleless and a housing bubble equilibria; 2) housing bubbles increase banks' size; 3) when banks face operational costs, housing bubbles reduce welfare. In an extension of the model we introduce a stochastic banking bubble and show that the combination of two market sensitive macroprudential regu- lations, LTV and VaR regulations, allows housing and banking bubbles to arise simultaneously. Their interaction amplies banks' balance sheet size. The welfare impact is positive. |
| Keywords: | "Banking bubble; Dynamic general equilibrium; Housing bubbles; Innitely lived agents; Loan-to-Value; Market sensitive regulations." |
| JEL: | E44 E60 G1 G21 G21 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:luc:wpaper:22-09&r=ure |
| By: | Ebba Mark; Ryan Rafaty; Moritz Schwarz |
| Abstract: | The United States, much like other countries around the world, faces significant obstacles to achieving a rapid decarbonization of its economy. Crucially, decarbonization disproportionately affects the communities that have been historically, politically, and socially embedded in the nation's fossil fuel production. However, this effect has rarely been quantified in the literature. Using econometric estimation methods that control for unobserved heterogeneity via two-way fixed effects, spatial effects, heterogeneous time trends, and grouped fixed effects, we demonstrate that mine closures induce a significant and consistent contemporaneous rise in the unemployment rate across US counties. A single mine closure can raise a county's unemployment rate by 0.056 percentage points in a given year; this effect is amplified by a factor of four when spatial econometric dynamics are considered. Although this response in the unemployment rate fades within 2-3 years, it has far-reaching effects in its immediate vicinity. Furthermore, we use cluster analysis to build a novel typology of coal counties based on qualities that are thought to facilitate a successful recovery in the face of local industrial decline. The combined findings of the econometric analysis and typology point to the importance of investing in alternative sectors in places with promising levels of economic diversity, retraining job seekers in places with lower levels of educational attainment, providing relocation (or telecommuting) support in rural areas, and subsidizing childcare and after school programs in places with low female labor force participation due to the gendered division of domestic work. |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2211.12619&r=ure |
| By: | Anna Maria Mayda; Gianluca Orefice; Gianluca Santoni |
| Abstract: | This paper analyses the impact of skilled migrants on the innovation (patenting) activity of French firms between 1995 and 2010, and investigates the underlying mechanism. We present district-level and firm-level estimates and address endogeneity using a modified version of the shift-share instrument. Skilled migrants increase the number of patents at both the district and firm level. Large, high-productivity and capital-intensive firms benefit the most, in terms of innovation activity, from skilled immigrant workers. Importantly, we provide evidence that one channel through which the effect works is task specialization (as in Peri and Sparber, 2009). The arrival of skilled immigrants drives French skilled workers towards language-intensive, managerial tasks while foreign skilled workers specialize in technical, research-oriented tasks. This mechanism manifests itself in the estimated increase in the share of foreign inventors in patenting teams as a consequence of skilled migration. Through this channel, greater innovation is the result of productivity gains from specialization. |
| Keywords: | Skilled Immigration;Innovation;Patents |
| JEL: | F22 J61 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:cii:cepidt:2022-11&r=ure |
| By: | Benoit Faye (Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - UB - Université de Bordeaux) |
| Abstract: | Sharing economy-based accommodations has grown dramatically worldwide. Given the crucial role of pricing, academics have used hedonic methods to estimate a large number of implicit prices and accommodation characteristics. It is now time to question our estimation methods. Based on the hedonic methodological literature, this article outlines five proposals to improve model performance: extended specification of attributes, flexible specification of functional forms, market segmentation, and treatment of time and spatial heterogeneities. Each proposal is tested on 13,991 Airbnb listings in Bordeaux, one of the world's top urban tourism destinations. Findings offer significant guidelines for future studies and more relevant information to market players but also suggest that low performance on specific segments is not due to technical problems. © 2020 Elsevier Ltd |
| Keywords: | France,Econometrics,Heterogeneity,Bordeaux,Gironde,Hedonic Analysis,Market System,Nouvelle-Aquitaine,Price Determination,Segmentation,Tourism Economics,Tourism Market,Tourist Destination |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03407540&r=ure |
| By: | Samuel Swanzy-Impraim; Prince Ameyaw Donkor; Gideon Kwame Otchere |
| Abstract: | Over the years, Ghana's real estate industry has seen tremendous growth and expansion. The increased participation of locally based property developers and foreign real estate firms in core real estate development is impressive. However, real estate education and skills have not matched up to the growth and expectations of the industry. This paper is an inial study exploring the gaps between the industry's growth and real estate education in Ghana. It adopts a systematic literature review approach with informal discussions with key informants to juxtapose the real estate industry's growth and education gaps. It finds that few universities offer real estate courses at the undergraduate and postgraduate levels. Graduates seeking further studies tend to travel to advanced countries for such opportunities. Although foreign education builds global networks and provides broader perspectives, most graduates do not return to practice in Ghana after their studies. The paper concludes that the limited number of universities offering specialised real estate degree programs in Ghana constitutes a significant determinant of the skills gaps between industry growth and education and worsens the industry's brain drain challenge. Furthermore, the curricula of real estate courses must inculcate the trends in the industry, including blockchain technology, artificial intelligence, and building information modelling. It recommends that real estate education be prioritised for funding opportunities and offered at the top-er universities to help retain high-performing graduates in Ghana. The universities must also liaise with industry partners to promote productivity, problem-solving and organisational change. To bridge skills gaps, internship-based programs and experiential learning strategies must be restructured to improve hands-on training on property, valuation practice and employability. |
| Keywords: | brain drain; experiential learning; Ghana; Real Estate Education; skills gaps |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:2022-018&r=ure |
| By: | Myroslav Pidkuyko (Bank of Spain) |
| Abstract: | Online appendix for the Review of Economic Dynamics article |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:red:append:21-100&r=ure |
| By: | Andrea Civilini; Vito Latora |
| Abstract: | We propose a dynamical model of price formation on a spatial market where sellers and buyers are placed on the nodes of a graph, and the distribution of the buyers depends on the positions and prices of the sellers. We find that, depending on the positions of the sellers and on the level of information available, the price dynamics of our model can either converge to fixed prices, or produce cycles of different amplitudes and periods. We show how to measure the strength of competition in a spatial network by extracting the exponent of the scaling of the prices with the size of the system. As an application, we characterize the different level of competition in street networks of real cities across the globe. Finally, using the model dynamics we can define a novel measure of node centrality, which quantifies the relevance of a node in a competitive market. |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2211.07412&r=ure |
| By: | Nicolò Gatti (Istituto di Economia Politica (IdEP), Facoltà di Scienze Economiche, Università della Svizzera Italiana, Svizzera); Fabrizio Mazzonna (Istituto di Economia Politica (IdEP), Facoltà di Scienze Economiche, Università della Svizzera Italiana, Svizzera); Raphaël Parchet (Istituto di Economia Politica (IdEP), Facoltà di Scienze Economiche, Università della Svizzera Italiana, Svizzera); Giovanni Pica (Istituto di Economia Politica (IdEP), Facoltà di Scienze Economiche, Università della Svizzera Italiana, Svizzera) |
| Abstract: | This paper investigates the impact of opening the labor market to qualified immigrants who hold fully equivalent diplomas as natives and share the same mother tongue. Leveraging the 2002 opening of the Swiss labor market to qualified workers from the European Union, we show that the policy led to a large inflow of young immigrants with highly heterogeneous effects on the wages and employment status of qualified natives. While incumbent natives experiences a wage gain and a decrease in the likelihood of becoming inactive, the opposite happened for young natives entering the labor market after the policy change. |
| Keywords: | iqualified immigration, wage effects, worker substitutability, experience |
| JEL: | F22 J08 J31 J61 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:lug:wpidep:2201&r=ure |
| By: | Aparicio Fenoll, Ainoa (University of Turin) |
| Abstract: | The "healthy immigrant effect" refers to the well-documented fact that immigrants are healthier than natives upon arrival, but their health level converges to that of natives over time. Unfortunately, little is known about whether environmental, institutional, or selective return migration mechanisms are behind the convergence. In this paper, I test whether immigrants' naturalization influences health convergence speed. Using restricted-access Spanish health data from the National and European Health Surveys, I estimate the impact of naturalization on health by exploiting that naturalization is possible after two years of residence for Latinoamerican immigrants and after ten years for all other immigrants. I find that naturalization worsens immigrants' health and thus accelerates the speed of convergence to natives' health. In particular, naturalization increases the propensity to suffer from varicose veins, cervical problems, lower back pain, constipation, depression, and anxiety. Changes in dietary habits and increases in employment are potential mechanisms behind these effects. |
| Keywords: | naturalization, immigrants' health, healthy immigrant effect |
| JEL: | J15 J61 I14 |
| Date: | 2022–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp15659&r=ure |
| By: | Mathias Fjaellegaard Jensen; Alan Manning |
| Abstract: | On average, children born in Denmark with immigrant parents (first-generation locals) have lower earnings, higher unemployment, less education, more welfare transfers, and more criminal convictions than children with local-born parents. This is different from the US where first-generation locals often have better unconditional outcomes. However, like the US, when we condition on parental socio-economic characteristics, first-generation locals generally perform as well or better than the children of locals. There is little distinctive about being a child of immigrants, other than the fact that they are more likely to come from deprived backgrounds. |
| Keywords: | Immigration, Denmark, first-generation, deprived background |
| Date: | 2022–10–17 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepdps:dp1880&r=ure |
| By: | Stark, Oded; Pang, Yu; Fan, Simon |
| Abstract: | We study a developing countries setting in which agglomeration efficiency of urban production attracts rural-to-urban migration, whereas urban pollution deters rural-to-urban migration. By means of a general equilibrium model we study the formation of policies aimed at striking a socially optimal balance between supporting efficient levels of urban agglomeration and mitigating urban pollution in the presence of endogenous rural-to-urban migration. We show that without government intervention, although rural-to-urban migration contributes to agglomeration economies, it does not improve social welfare because it also exacerbates environmental degradation. We also show that urban pollution problems cannot be resolved by means of environmental regulation alone: for example, an emissions tax aimed at curbing urban pollution can backfire as and when it increases the appeal of rural-to-urban migration. A policy of emissions tax in conjunction with a subsidy to rural individuals is an effective means of enhancing urban productivity while reducing urban pollution. |
| Keywords: | Environmental Economics and Policy, Labor and Human Capital, Public Economics |
| Date: | 2022–11–30 |
| URL: | http://d.repec.org/n?u=RePEc:ags:ubzefd:329522&r=ure |
| By: | Degrande, Thibault; Vannieuwenborg, Frederic; Verbrugge, Sofie; Colle, Didier |
| Abstract: | To date, the European Commission is working hard on amending Directive 2010/40/EU, in which a new, technologyneutral framework for Cooperative Intelligent Transportation Systems (C-ITS) is proposed. C-ITS promise to reduce traffic congestion, lessen the environmental impact of transportation, and reduce the number of traffic mortalities. To realize those societal goals, adoption of C-ITS in passenger cars is essential. As passenger cars are no fast-moving consumer goods and the European fleet is subject to principles such as production cycles, traditional adoption models are not suitable to estimate expected penetration of C-ITS the fleet. Therefore, this paper provides a model to simulate penetration rates of C-ITS equipped cars in the European passenger car fleet, allowing simulation of both ITS-G5 and C-V2X technology diffusion separately. The model enables the assessment of the impact of policies such as a mandate, market decisions, and other scenarios, on the penetration of CITS in the European fleet. Insights into C-ITS penetration are valuable for a number of stakeholders, such as national and local governments, road authorities, car manufacturers and (network) technology providers, to appraise policy and business decisions. Lastly, the model can also be used to estimate penetration of other new technologies in passenger cars. |
| Keywords: | techno-economic,adoption,cooperative intelligent,transport systems |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itse22:265619&r=ure |
| By: | Asadullah, M. Niaz (Asian Development Bank Institute) |
| Abstract: | Governments around the world have introduced a variety of programs aimed at facilitating distance learning in the home setting during school closures due to COVID-19. However, given the cross-country variations in state capacity, these programs differ significantly in terms of design, delivery, and coverage. Between-country variations in poverty and home conditions also create added challenges for home schooling programs. Therefore case studies examining country-specific programs are necessary. We examine the Pengajaran dan Pembelajaran di Rumah (PdPR) in Malaysia, an upper-middle-income country with high internet coverage and a low level of extreme poverty. Data come from a purposefully designed nationwide social media survey on secondary school children conducted during January 2021. Under the PdPR scheme, the government created various technology-based platforms to ensure online learning. By way of studying children’s participation in educational activities during school closures, we present a descriptive assessment of the PdPR program. More specifically, we first develop a conceptual framework to summarize the PdPR initiative. Then we examine PdPR in three aspects: the regularity of online lessons offered by school authorities; the extent of the use of specific components and the medium of access of the PdPR scheme by learners; their subjective evaluation of, and difficulties faced with, online schooling. Data confirm a significant socioeconomic divide by income and location in access to edtech as well as home support provisions. Most importantly, not only are online lessons irregular, but a significant proportion of students found online programs difficult to follow. Given the dissatisfaction, the majority prefer to return to on-site education once schools reopen. |
| Keywords: | COVID-19; EdTech; learning crisis; home-based education; school closure |
| JEL: | D10 I21 J22 Q50 |
| Date: | 2022–05 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:1318&r=ure |
| By: | Chiara Lodi (Department of Economics, Society, Politics, University of Urbino Carlo Bo and SEEDS); Giovanni Marin (Department of Economics, Society, Politics, University of Urbino Carlo Bo and SEEDS); Marco Modica (Gran Sasso Science Institute) |
| Keywords: | Floods, Fiscal Policy of Local Governments, Resilience, Vulnerability |
| JEL: | H2 H72 Q54 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:fem:femwpa:2022.34&r=ure |
| By: | Gerard Turley (University of Toronto) |
| Abstract: | Property taxes are common in countries around the world. While Ireland is no exception in its current tax treatment of real property, the background to its local taxes on non-residential and residential properties is unusual in that the former dates back more than 400 years while the latter, at least in its current configuration, has been in existence for less than 10 years. This research paper outlines the rationale, history, features, and administration of commercial rates (the “old”) and the residential Local Property Tax (the “new”). The purpose is to highlight, from a political economy and public policy perspective, improvements in the design and implementation of both taxes. While both taxes have some common features, the Local Property Tax has a number of unusual characteristics, including self assessment and valuation bands. While recognizing country-specific circumstances, the paper draws potential lessons from the Irish experience, identifies future opportunities, and explores challenges for policymakers. The Local Property Tax experience shows the importance of tax administration and the role of the central tax collection agency, and, in terms of design, the principle of simplicity combined with a tailored approach to suit local circumstances. Challenges include the relative tax burdens on non-residential and residential properties, the long-term sustainability of both tax regimes arising from legacy issues, the effects of current global trends and future revaluations, and, finally, the need for frequent property tax reform because of political and taxpayers’ opposition to a highly visible, unpopular, but good local tax. |
| Keywords: | local property taxes, municipal finance, property tax reform, Ireland |
| JEL: | H70 H71 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:mfg:wpaper:62&r=ure |
| By: | Loyd Sungirirai; Henry Gurajena; Grace Gaolawole |
| Abstract: | Botswana's housing finance sector has undergone substantial transformations and growth over the past two decades from a relatively small banking sector dominated by commercial banks to ten commercial banks, four investment banks, two state-owned development finance organisations and one building society. The main aim of this research is to investigate available options for raising housing finance for low-income earners in Botswana. The study of this nature is important for the housing finance sector which is mostly represented by the banking sector as the formal system of housing finance, mostly through mortgage finance (Tomlison, 2006). According to (Tomlison, 2006) those that cannot afford a mortgage loan will at least be able to house themselves incrementally through the construction of houses. The study target population constituted the formally registered SACCOS and a sample from Gaborone was drawn for the semi-structured questionnaire which was utilised. The quantitive research approach used descriptive statistics to analyse the findings of this study. The research findings supports the noon that non-bank and informal finance systems provide small loans and small savings for housing finance. The informal systems include group-based savings collections such as Savings and Credit Cooperative Society (SACCOS), Internal Savings and Lending Schemes (ISLES) and microfinance firms that cover a wide range of community needs. ISLES serve economic and social purposes.SACCOS are an extension of Rotang Savings and Credi tAssociaon (ROSCAS). In Botswana, ISLES exist in various names depending with the community they are commonly popular amongst all and are referred to as motshelo, mahodisano in Setswana, and stokvels - membership is by individual periodic payments which can be weekly or monthly payment with an arrangement of peer lending and is different from microcredit but operate almost in the same way. This arrangement provide a safe financial inclusion especially for those in informal employment. |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:2022-024&r=ure |
| By: | Dorian BALVIR |
| Keywords: | , Policy diffusion, Bayesian SAR probit model, Imitation, Spatial auto-correlation, Strategic complements, Fiscal Rules |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:leo:wpaper:2961&r=ure |
| By: | Durongkaveroj, Wannaphong (Asian Development Bank Institute) |
| Abstract: | Over the past few decades, Thailand has made progress in expanding access to basic education, resulting in an increase in literacy rates and narrowing gaps in school attendance between socio-economic groups. We survey recent developments in Thailand’s basic education with an emphasis on the learning outcomes of Thai students, the determinants of such outcomes, and the challenges faced by the basic education system. We find that despite the significant amount of resources spent on education and the fact that the quality of the workforce is crucial for the country’s current stage of economic development, students’ learning outcomes are low and have not improved significantly in either national or international assessments. The performance of junior secondary school students in the national examinations has declined, especially in mathematics and science. While the performance of senior secondary school students has improved slightly over the same period, the mean results for core subjects (mathematics, science, and English) were less than 50. This worrying figure is worsened by inequality in education quality across regions, since the performance of secondary school students is lower in poorer, remote regions. In addition, according to the results of the international assessments, Thai students are performing below the international average in core subjects. We argue that such poor learning outcomes are presumably due to two main reasons: the role of small school, and inefficient resource allocation for education in public spending. Key challenges in Thailand’s basic education include the need to expand the supply of human capital to avoid the middle-income trap and the aging society. This is a pivotal period in Thailand’s economic development. Educational reform is needed to ensure high-quality basic education for all. |
| Keywords: | basic education; learning outcomes; Thailand |
| JEL: | I21 I25 I28 |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:1322&r=ure |
| By: | David Oluwatofun Akinwaminde; Jonas Hahn; Partson Paradza; Oluwatosin Miracle Atewologun |
| Abstract: | Climate change and its associated impact on the environment has been a topical issue globally. Considering the “E” of the Environment, Social, Governance (ESG), building climate intelligence is central to value creation and strategic differenation in the real estate industry. This study therefore examines the perception of real estate professionals on the risks of climate change and its effect on real estate investment in Edo State, Nigeria. Structured questionnaires were purposively administered to 75 selected Estate Surveyors and Valuers in Benin Metropolis while all retrieved questionnaires were found suitable for analysis. Descriptive statistics was employed to analyze the data collected from the respondents. The results depicted that more frequent and intense extreme weather events, extreme rainfall, gradually changing climate (e.g., temperature, precipitation), flooding, and rising fuel prices were the most perceived risks of climate change in the study area. Furthermore, higher construction cost (due to adaptation), infrastructural damage, health hazard, loss of income, deterioration, reduction in property life span, increase in maintenance cost, and obsolescence were the perceived effects of climate change on real estate investment. It is therefore imperative for real estate players (such as investors, professionals, regulatory bodies etc.) to understand the climate risks (both physical and transition) in real estate market and adopt a mitigative strategies (such as green building initiave) to avert the effects on real estate investment in Nigeria. |
| Keywords: | Climate Change; Esg; Nigeria; SDGs 13; Environment, Real Estate Investment |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:2022-003&r=ure |
| By: | Andrew B. Bernard; Yuan Zi |
| Abstract: | Firm-to-firm connections in domestic and international production networks play a fundamental role in economic outcomes. Firm heterogeneity and the sparse nature of firm-to-firm connections implicitly discipline network structure. We find that a large group of well-established statistical relationships are not useful in improving our understanding of production networks. We propose an "elementary" model for production networks based on random matching and firm heterogeneity and characterize the families of statistics and data generating processes that may raise underidentification concerns in more complex models. The elementary model is a useful benchmark in developing "instructive" statistics and informing model construction and selection. |
| Keywords: | firm-to-firm networks, model selection, balls-and-bins, buyer-seller matching, underidentification |
| Date: | 2022–10–17 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepdps:dp1879&r=ure |
| By: | Bruno Conte; Klaus Desmet; Esteban Rossi-Hansberg |
| Abstract: | A unilateral carbon tax trades off the distortionary costs of taxation and the future gains from slowing down global warming. Because the cost is local and immediate, whereas the benefit is global and delayed, this tradeoff tends to be unfavorable to unilateral carbon taxes. We show that this logic breaks down in a world with trade and migration where economic geography is shaped by agglomeration economies and congestion forces. Using a multisector dynamic spatial integrated assessment model (S-IAM), this paper predicts that a carbon tax introduced by the European Union (EU) and rebated locally can, if not too large, increase the size of Europe’s economy by concentrating economic activity in its high-productivity non-agricultural core and by incentivizing immigration to the EU. The resulting change in the spatial distribution of economic activity improves global efficiency and welfare. A unilateral carbon tax with local rebating introduced by the US generates similar global welfare gains. Other forms of rebating can dilute or revert this positive effect. |
| JEL: | F18 H23 O13 O44 Q56 R11 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:30678&r=ure |
| By: | Choi, Jaedo; Shim, Younghun |
| Abstract: | We study how the adoption of foreign technology and local spillovers from such adoption contributed to late industrialization in a developing country during the postwar period. Using novel historical firm-level data for South Korea, we provide three empirical findings: direct productivity gains to adopters, local productivity spillovers of the adoption, and complementarity in firms' adoption decisions. Based on these findings, we develop a dynamic spatial model with firms' technology adoption decisions and local spillovers. The spillovers induce dynamic complementarity in firms' technology adoption decisions. Because of this complementarity, the model potentially features multiple steady states. Temporary adoption subsidies can have permanent effects by moving an economy to a new transition path that converges to a higher-productivity steady state. We calibrate our model to the microdata and econometric estimates. We evaluate the effects of the South Korean government policy that temporarily provided adoption subsidies to heavy manufacturing firms in the 1970s. Had no adoption subsidies been provided, South Korea would have converged to a less industrialized steady state in which the heavy manufacturing sector’s share of GDP would have been 15 percentage points lower and aggregate welfare would have been 10% lower compared to the steady state with successful industrialization. Thus, temporary subsidies for technology adoption had permanent effects. |
| Keywords: | Technology adoption, industrialization, knowledge spillover, path dependence, big push |
| JEL: | O14 O33 O53 R12 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:115438&r=ure |
| By: | Kahilu Kajimo-Shakantu; Kgodisho Tshwane; Timothy O. Ayodele |
| Abstract: | The gains of green buildings are replete in literature. However, the role of the property valuer in the valuation of green buildings still remains unclear. The study aims to assess the barriers and factors influencing the implementation of green building valuation in the residential property sector of South Africa. The research employs a quantitative methodology. The study utilised a closed-ended questionnaire to collect data from professionally registered Valuers at the South African Council for the Property Valuers Profession, in the Gauteng province. Statistical techniques such as frequency count, percentages and mean item score were employed in analysing the data. The result showed that the majority of the respondents agreed that the initial cost of green buildings is higher than conventional buildings. Though, the operational costs often tend to offset this initial cost in the long run. Furthermore, the study found that water and energy efficiency features and materials used for construction are key inputs in the valuation of green buildings. Also, the major challenges to green building valuation are the few numbers of the residential green building stock and the lack of cost data on green buildings. The study concludes on the need for collaboration among various stakeholders such as developers, valuers and green-certifying organizations to make cost data available to property valuers and create a sharing platform where such information can be accessed and used by valuers to arrive at credible value opinions on green buildings. Also, the role of property valuers is germane towards ensuring that the value of properties reflects the green building element, therefore their knowledge of sustainability becomes critical. |
| Keywords: | Green Building; Market Value; property valuers; Residential Property; sustainability |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:2022-037&r=ure |
| By: | Rachel M. Hantman; Anja Zgodic; Jan M. Eberth; Alexander C. McLain |
| Abstract: | In this study, we implement small-area estimation to assess the prevalence of child health outcomes at the county, state, and regional levels, using national survey data. |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:cen:wpaper:22-48&r=ure |
| By: | Berentsen, Aleksander; Markheim, Marina |
| Abstract: | Tokenization refers to the process of creating a virtual representation of a real asset by creating fungible tokens which enables fractional ownership. If such tokens are created on a public and permissionless blockchain such as the Ethereum blockchain, they are immediately tradeable worldwide 24/7. Established token standards and immediate settlement are further benefits of this novel technology. Tokenization has the potential to remedy the illiquidity problems of real estate investments. However, outdated regulatory frameworks and regulatory uncertainties currently still limit a broad adoption of the technology. |
| Keywords: | blockchain technology, smart contracts, fractional ownership, tokenization of real estate, security token, token regulation |
| JEL: | G19 R31 R32 R39 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:115307&r=ure |
| By: | Guzi, Martin; Kahanec, Martin; Mýtna Kureková, Lucia |
| Abstract: | Across European Union (EU) labor markets, immigrant and native populations exhibit disparate labor market outcomes, signifying widespread labor market hierarchies. While significant resources have been invested in migration and integration policies, it remains unclear whether these contribute to or mitigate labor market hierarchies between natives and immigrants. Using a longitudinal model based on individual-level EU LFS and country-level DEMIG POLICY and POLMIG databases, we explore variation in changes of immigration and integration policies across Western EU member states to study how they are associated with labor market hierarchies in terms of unemployment and employment quality gaps between immigrant and native populations. Our findings imply that designing less restrictive policies may help mitigate immigrant-native labor market hierarchies by reducing existing labor market disadvantages of immigrants and making the most of their potential. |
| Keywords: | decomposition,immigrant-native gaps,labor market,DEMIG POLICY database,immigrant integration,hierarchies |
| JEL: | J15 J18 J61 K37 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:1198&r=ure |
| By: | Yoshino, Naoyuki (Asian Development Bank Institute); Siregar, Tifani Husna (Asian Development Bank Institute); Agarwal, Deepanshu (Asian Development Bank Institute); Seetha Ram, KE (Asian Development Bank Institute); Azhgaliyeva, Dina (Asian Development Bank Institute) |
| Abstract: | The COVID-19 pandemic highlights the importance of information and communication technology (ICT) not only for the economy but also for human well-being. However, the investment gap in ICT infrastructure has been growing and is expected to reach more than $30 billion by 2040. We argue that one of the ways to attract private sector involvement in ICT infrastructure is by creating a steady stream of income for the investors. We quantify the spillover effects of mobile network on tax revenues, using annual state-level data for 2005 to 2016 from India across all states. Using simple fixed effect (FE) as well as fixed effect (FE) two-stage least-squares (2SLS) estimations, we show that the rise in the number of mobile network subscribers is associated with an increase in the amount of regional tax revenues. On average, an increase in the number of the Global System for Mobile Communications (GSM) subscribers per capita by 1 percentage point is expected to raise annual state tax revenues per capita by ₹134 (3% of average annual state tax revenue per capita in 2016). The number of GSM subscribers affect tax revenues through increased economic activities, as shown by our 2SLS estimation results. The results of this study justify our proposal to share the increased tax revenues with the investors to create a steady stream of income for investors. The findings of this study also support the increased support for the development of digital and physical infrastructure in the national budget of India for 2022–2023. |
| Keywords: | infrastructure; spillover effect; information and communication technology; tax revenue |
| JEL: | H20 H54 O18 Q48 |
| Date: | 2022–07 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:1330&r=ure |
| By: | Naburi Ayub; Ametefe Frank |
| Abstract: | One of the primary objectives of investment policies for retirement benefits funds especially DC schemes is to maximize the returns on investments within the risk constraints and levels acceptable to the board of trustees. Investments into the real estate sector by DC schemes has been growing over the last couple of years. This study addresses three critical questions. What is the growth rate of Real Estate Portfolios owned by DC Pension Schemes? What are the returns from Real Estate Porolios owned by DC Pension Schemes? Is the growth of Real Estate Portfolios based on return on investment? Descriptive statistics will be performed on the data to summarize the variable data, therefore, facilitang its understanding. The descriptive statistics selected for this study include the mean, standard deviation, frequencies, maxima and minima. The analysis of trends in the composition of real estate portfolios in annual valuations of pension funds and annualized total returns of property portfolios will be conducted. The total annual returns consist of rental yield and capital appreciation (obtained from fair market value gain). An annualized total return is the geometric average of the amount of money earned by a portfolio each year over a given time period. The Weighted Average Annualized Property Porolio Returns from 2012 to 2021 will then be computed in order to answer the three research questions. The results will redefine the future trends in property investments by DC pension schemes and consequently the larger real estate industry given the significant role of pension schemes in the economy. This study will provide information to trustees and fund managers to guide the real estate portfolio selection and allocation in order to optimize the returns on investments in DC pension funds. |
| Keywords: | Allocation & Selecon; DC Pension Schemes; Real Estate Portfolio; Return on Investment |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:2022-004&r=ure |
| By: | Afonso, Alexandre (Leiden University); Negash, Samir; Wolff, Emily Anne |
| Abstract: | Abstract. In this chapter, we review existing research analysing the relationship between immigration and welfare states. This relationship is analysed in both directions, namely how immigration affects the welfare state, and how the welfare state affects migration. The chapter focuses on 5 prominent research questions in the field, namely 1) how different welfare regimes accommodate immigrants 2) how immigration may affect political support for the welfare state 3) the fiscal effects on immigration on the welfare state 4) welfare magnets and 5) welfare chauvinism. The chapter then draws on available evidence to highlight two relevant research agendas for the future. |
| Date: | 2022–06–15 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:my64b&r=ure |
| By: | Means, Tom; Estill, Jack (Mercury Publication) |
| Abstract: | The term “fiscalization of land use†is often used to describe the motivations of local government with respect to land use decisions. Land development can lead to increased government revenues in terms of up-front fees and provide long-term cash flows f |
| URL: | http://d.repec.org/n?u=RePEc:ajw:wpaper:09526&r=ure |
| By: | Taro Kumano (Yokohama National University, Department of Economics); Morimitsu Kurino (Keio University, Faculty of Economics) |
| Abstract: | In designing priority-based matching problems, such as school choice, the quota of each school is, to some extent, a design variable for a market designer. We define an ex-post student-optimal stable matching (ESOSM) as a matching that is stable at some implementable quota distribution, and is not Pareto dominated by any stable matching among all implementable quota distributions. A simple question is whether the total resources subject to several constraints are optimally distributed in the above sense. As optimal quota distributions vary depending on students f preferences realized, no predetermined quota distribution is optimal for all of the students f preferences. This requires a new matching mechanism design for the variable quota distributions. We propose the novel mechanism called quota adjustment process (QAP), which endogenously finds an ESOSM and the corresponding optimal quota distribution for any preferences and any initial quota distribution. To put this into practice, we proposed the QAP in the process of admission reform at the University of Tsukuba in Japan. Our proposal was officially approved and implemented at the University of Tsukuba in 2021. |
| Keywords: | quota adjustment process;stability;deferred acceptance mechanism;effciency;quota-adjustment stable improvement cycles |
| JEL: | C78 D47 D78 I21 |
| Date: | 2022–11–22 |
| URL: | http://d.repec.org/n?u=RePEc:keo:dpaper:2022-016&r=ure |
| By: | Guivis Zeufack Nkemgha (University of Bamenda, Bamenda, Cameroon); Tii N. Nchofoung (University of Dschang, Dschang, Cameroon); Fabien Sundjo (University of Bamenda, Bamenda, Cameroon) |
| Abstract: | Examining the value-added link between infrastructure and industrialization is fundamental to achieving Sustainable Development Goal (SDG) 9, which consists of building resilient infrastructure, promoting inclusive and sustainable industrialization and fostering innovation. The objectives of this paper are to analyse the effect of infrastructures on industrialisation and how financial development and human capital modulate this effect in 33 African countries during the period 2003-2019 through the system GMM methodology. The results show that infrastructural development has a direct enhancing effect on industrialisation in Africa. When the indirect effect regressions through the modulating effects of financial development and human capital are considered, the net effects are equally positive though the results vary across the different specifications of infrastructure and the specific transmission channel considered. For instance, the indirect effect through the interaction of electricity and transport infrastructures with financial development and human capital produced a negative net effect. The thresholds of financial development and human capital required to nullify these negative effects are provided and practical policy implications are discussed. |
| Keywords: | infrastructures, industrialization, financial development, human capital |
| JEL: | H54 L60 O55 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:22/091&r=ure |
| By: | Gordon H. Hanson; Pia Orrenius; Madeline Zavodny |
| Abstract: | The share of US residents who were born in Latin America and the Caribbean plateaued recently, after a half century of rapid growth. Our review of the evidence on the US immigration wave from the region suggests that it bears many similarities to the major immigration waves of the 19th and early 20th centuries, that the demographic and economic forces behind Latin American migrant inflows appear to have weakened across most sending countries, and that a continued slowdown of immigration from Latin America post-pandemic has the potential to disrupt labor-intensive sectors in many US regional labor markets. |
| JEL: | F20 J6 O15 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:30666&r=ure |
| By: | Gruber, Jonathan; Huttunen, Kristiina; Kosonen, Tuomas |
| Abstract: | We study the impacts of a policy designed to reward mothers who stay at home rather than join the labor force when their children are under age three. We use regional and over time variation in child home care allowance to show that home care allowance decreases maternal employment in both the short and long term, with almost three-quarters of the supplement amount offset by lost labor income. The effects are large enough for the existence of home care benefit system to explain the higher child penalty in Finland than comparable nations. Home care benefits also negatively affect the early childhood cognitive test results of children at the age of five, increase the likelihood of choosing vocational rather than academic secondary education track, and increase youth crimes. We confirm that the mechanism of action is changing work/home care arrangements by studying a a day care fee (DCF) reform had the opposite effect of raising incentives to work. We find that this policy increased the labor force participation of mothers and participation of children to day care, and improved child early test and schooling outcomes. This parallel set of findings suggests that on average in Finland, shifting child care from the home to the market increases labor force participation and improves child outcomes. |
| Keywords: | home care allowance, employment, child development, schooling, Social security, taxation and inequality, J13, J21, J38, fi=Koulutus|sv=Utbildning|en=Education|, fi=Sosiaaliturva|sv=Social trygghet|en=Social security|, fi=Työmarkkinat|sv=Arbetsmarknad|en=Labour markets|, |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:fer:wpaper:151&r=ure |
| By: | Paola Tubaro (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique, CNRS - Centre National de la Recherche Scientifique, ENSAE - Ecole Nationale de la Statistique et de l'Analyse Economique - Ecole Nationale de la Statistique et de l'Analyse Economique, IP Paris - Institut Polytechnique de Paris) |
| Abstract: | The recent emergence of digital platforms as labor market intermediaries disrupts collective work practices, fostering fragmentation and individualized subcontracting. In these environments where isolation dominates, how do social networks operate, and how do they support social resilience? And how can we, as researchers, apprehend them? To address these questions, this chapter reviews insights from socioeconomic studies of networks, discusses their applicability to platforms, compares and contrasts them to existing evidence on platform work. The analysis confirms that overall, technologyenabled platform intermediation restrains sociability and limits interactions, but specific cases where networking has been possible highlight the fundamental advantages it may have for workers, and suggest directions for future research and policy action. |
| Keywords: | Labor markets,digital platforms,decent work,economic networks,formal/informal networks,multi-level networks |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03850444&r=ure |
| By: | Laura Wisneth; Jonas Hahn |
| Abstract: | Housing is one of the most important basic needs for people. However, in Sub-Saharan Africa, the housing shortage is still increasing. The affordable housing sector, in particular, is reliant on alternatives to conventional house building to address the housing shortage. One approach is to implement innovative building materials and technologies (IBMT) for faster construction at lower cost. There are already a large number of IBMT in Africa, which could reduce the housing shortage. However, uptake in African countries is still low and conventional materials are still used to a large extent. Various causes can play a role here. For instance, developers will not exert efforts to implement IBMT without potential buyers. Thus, it is crucial whether the consumer accepts the materials used in construction. Therefore, the aim of this thesis is to identify which IBMT already exist in Africa as well as to understand the desires and requirements that the consumers and stakeholders have towards new materials, and thereby identify on which acceptance criteria their decision depends. We conducted a qualitative study examining the experiences of experts regarding IBMT in Africa. Based on interviews with highly established multipliers from the field of construction, project development and financing, we contrast findings from existing studies to current insights of the experts. The result of the work shows that obstacles such as developers and banks must be overcome first, i.e. to convince them of the innovative construction method, before the acceptance criteria of the population can be met. As soon as this challenge is met, the price of the house plays the most important role for the end user. According to the experts, the quality of the building material as well as social aspects and cultural influences rank very highly behind the cost aspect. Next important factors are aesthetics and flexibility, and then comfort. Only the sustainability aspect has so far not been important for the population within the affordable housing sector. For a successful introduction of IBMT, the experts advocate show houses: exclusively theoretical information about technical conditions or advertising via flyers seem less effecve. Community concepts including a homeowner association and a community manager are considered a very good option. Solutions to the challenge should account for social structures of the population and should simulate the local by creating jobs. For the respective IBMT to gain high market acceptance, image creation is essential. This is possible, among other things, by building flagship projects. |
| Keywords: | Affordable Housing; Building Materials; Construction Technology; Innovation |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:2022-025&r=ure |
| By: | Carattini, Stefano; Gillingham, Kenneth T.; Meng, Xiangyu; Yoeli, Erez |
| Abstract: | Observability and social rewards have been demonstrated to influence the adoption of pro-social behavior in a variety of contexts. This study implements a field experiment to examine the influence of observability and social rewards in the context of a novel pro-social behavior: peer-to-peer solar. Peer-to-peer solar offers an opportunity to households who cannot have solar on their homes to access solar energy from their neighbors. However, unlike solar installations, peer-to-peer solar is an invisible form of pro-environmental behavior. We implemented a set of randomized campaigns using Facebook ads in the Massachusetts cities of Cambridge and Somerville, in partnership with a peer-to-peer company, which agreed to offer to a subsample of customers the possibility to share “green reports” online, providing shareable information about their greenness. We find that interest in peer-to-peer solar increases by up to 30% when “green reports,” which would make otherwise invisible behavior visible, are mentioned in the ads |
| Keywords: | Peer to peer solar; pro-environmental behavior; social rewards; visibility; Facebook |
| JEL: | C93 D91 Q20 |
| Date: | 2022–11–09 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:117361&r=ure |
| By: | Samuel Luethi; Maria Zumbuehl |
| Abstract: | In this paper, we study the elasticity of educational spending with respect to changing student numbers, in a system where educational spending is autonomously determined at a regional level. While many studies focus on a potential effect of ageing society on educational spending, only a few explicitly analyse the direct effect of changing cohort sizes. We find that education expenditures respond rather loosely to changing student numbers and that the elasticity strongly depends on regional and institutional settings. In rural areas, for instance, educational spending tends to be completely inelastic, which raises questions regarding both, efficiency and equity concerns. |
| Keywords: | Public education spending, demographic change |
| JEL: | H52 I22 J11 R51 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:iso:educat:0198&r=ure |
| By: | Jose Renato Haas Ornelas; Alexandre Reggi Pecora |
| Abstract: | Using proprietary data of virtually all unsecured working capital loans to small businesses in Brazil, we find that online Peer-to-Peer (P2P) lenders focus on smaller and riskier firms already served by banks. P2P clients get lower interest rates compared to traditional banks. Once they borrow from P2Ps, they find a lower rate on subsequent bank loans, indicating that banks try to recapture runaway borrowers. In response to P2P entry, incumbent banks in oligopolistic markets decrease their lending rates by 2.5 percentage points and expand credit to older firms with difficulty accessing credit. We rationalize these findings in a structural IO model of the banking sector, where banks and P2Ps have different profit functions and compete for clients with risk heterogeneity. We use the estimated model to calculate welfare gains. P2Ps significantly increase social welfare in oligopolistic markets by offering lower interest rates to riskier borrowers and forcing the banks to do the same. Welfare gains range from 10% of the local output in municipalities with only one incumbent bank to 1% in those with five banks. |
| Date: | 2022–10 |
| URL: | http://d.repec.org/n?u=RePEc:bcb:wpaper:571&r=ure |
| By: | Stark, Oded |
| Abstract: | Received migration research has it that higher relative deprivation strengthens the incentive for people to migrate, and that migration is often a risky enterprise. Relative deprivation has been seen as a push factor in migration, and the level of risk involved in migration has been understood to reduce its attraction. Here we show a positive relationship between the level of relative deprivation experienced at origin and willingness to undertake risk-laden migration: we show that higher relative deprivation is matched by riskier acceptable migration options. In expanding the range of acceptable risk-laden migration options, relative deprivation experienced at origin acts also as a pull factor for migration. |
| Keywords: | Institutional and Behavioral Economics, Labor and Human Capital, Public Economics |
| Date: | 2022–12–06 |
| URL: | http://d.repec.org/n?u=RePEc:ags:ubzefd:329580&r=ure |
| By: | Malahov Vladimir (Russian Presidential Academy of National Economy and Public Administration); Simon Mark (Russian Presidential Academy of National Economy and Public Administration); Lyetnyakov Denis (Russian Presidential Academy of National Economy and Public Administration); Motin Alexandr (Russian Presidential Academy of National Economy and Public Administration); Samson Ivan (Russian Presidential Academy of National Economy and Public Administration); Babaev Alexey (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | To understand the depth of transformations in all spheres of society generated by migration, new terminology is needed. The notion of “postmigrant societies” implies that the distinction between local and migrant population loses its relevance in certain social spheres. According to the familiar epistemological framework, societies are presented as consisting of “local population” on the one hand, and “migrant population” on the other |
| Keywords: | migration, postmigrant society, Western Europe, global mobility, demographic dynamics |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:s21032&r=ure |
| By: | Sidy Cissokho (CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique) |
| Date: | 2022–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03845087&r=ure |
| By: | De Juan, Alexander; Hoffmann, Lisa; Lay, Jann |
| Abstract: | We investigate whether and how large-scale agricultural investments (LSAIs) influence the risk of communal conflict. We assess a mechanism that links LSAIs to conflict through interethnic competition over access to plantation employment. Our analyses focus on rural Liberia. We measure communal conflict with joy-of-destruction experiments (JDG). We first investigate associations between access to employment and JDG outcomes---comparing villages that are located below/above a distance threshold at which travel costs to plantations equal daily wages of plantation workers. We find substantively higher levels of destruction in communities with better access to LSAI employment. We then analyze whether participants display more destructive behaviour when members of ethnic minorities interact with members of dominant groups. Contrary to expectations, we find no variation across interethnic experimental constellations. Exploratory descriptive analyses tentatively suggest a link between LSAIs, labor migration and communal conflict. |
| Date: | 2022–06–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:j5vmh&r=ure |
| By: | Hanson, Andrew; Rohlin, Shawn (Mercury Publication) |
| Abstract: | We compare several common program evaluation techniques in evaluating the Empowerment Zone (EZ) program, a large US urban redevelopment program that consists primarily of tax credits and is run by the federal government. Studying the federal EZ program as |
| URL: | http://d.repec.org/n?u=RePEc:ajw:wpaper:06910&r=ure |
| By: | Antonin Bergeaud; Arthur Guillouzouic; Emeric Henry; Clement Malgouyres |
| Abstract: | Introducing a new measure of scientific proximity between private firms and public research groups and exploiting a multi-billion euro financing program of academic clusters in France, we provide causal evidence of spillovers from academic research to private sector firms. Firms in the top quartile of exposure to the funding shock increase their R&D effort by 20% compared to the bottom quartile. We exploit reports produced by funded clusters, complemented by data on labor mobility and R&D public-private partnerships, to provide evidence on the channels for these spillovers. We show that spillovers are driven by outsourcing of R&D activities by the private to the public sectors and, to a lesser extent, by labor mobility from one to the other and by informal contacts. We discuss the policy implications of these findings. |
| Keywords: | knowledge spillovers, policy instruments, technological distance |
| Date: | 2022–10–26 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepdps:dp1882&r=ure |
| By: | Pyun, Ju Hyun (Asian Development Bank Institute); Sun, Jong-in (Asian Development Bank Institute) |
| Abstract: | We examine the effect of foreign direct investment (FDI) on local firms’ productivity via human capital transfer from multinational enterprises (MNEs) to local firms. Using the firm-level data for 2010–2015 from the Republic of Korea, we identify human capital spillovers using local firms’ hired permanent foreign employees in an industry and region where MNEs and local firms operate. This identification is valid because permanent foreign workers hired by local firms tend to be visa holders from MNEs due to the Republic of Korea’s visa regulations. We find that the industry and regional FDI positively affect local firms’ productivity, particularly firms with higher growth in hiring skilled foreign employees. This human capital spillover from FDI is also more pronounced in high R&D-intensive industries. Our results are robust with various measures of skilled foreign employees hired by local firms, variations of specifications, and controlling for endogeneity issues. Our findings on positive FDI spillovers via human capital transfer to a local firm suggest that policy makers may relax unnecessary regulations for highly skilled foreign workers and provide a platform where a local firm’s manager and skilled foreign employees find each other. |
| Keywords: | FDI; firm productivity; human capital; foreign employees; technology spillover; knowledge spillover; visa status |
| JEL: | D24 F21 F23 J24 J63 O33 |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:1324&r=ure |
| By: | Kärnä, Anders (Research Institute of Industrial Economics (IFN)); Öhberg, Patrik (University of Gothenburg) |
| Abstract: | Normative theories of representative democracy imply that politicians should be better informed of the consequences of a policy than ordinary voters. However, in real life, politicians can have strong convictions that risk blinding them to arguments against their positions. Policy engagement can lead politicians into motivated reasoning whereby they dismiss voters’ preferences and resist information counter to their own policy position. In this paper, we argue that Sweden’s generous migration policy is an example of a case where politicians’ policy engagement led them to motivated reasoning and to a rather optimistic view of the implications of welcoming a large influx of refugees. We show that Swedish politicians favoured a much more generous policy towards accepting refugees than their own voters. Despite limited evidence that a generous refugee policy is economically favourable in the long run, politicians on average held that belief. |
| Keywords: | Political Misrepresentation; Immigration Policy; Moral Psychology; Political Failure |
| JEL: | O15 P16 P35 |
| Date: | 2022–11–23 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:1445&r=ure |
| By: | Claudia Senik (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, SU - Sorbonne Université); Andrew E. Clark (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Conchita d'Ambrosio (Uni.lu - Université du Luxembourg); Anthony Lepinteur (Uni.lu - Université du Luxembourg); Carsten Schröder (DIW Berlin - Deutsches Institut für Wirtschaftsforschung) |
| Abstract: | We carry out a difference-indifferences analysis of a representative real-time survey conducted as part of the German SocioEconomic Panel (SOEP) study and show that teleworking had a negative average effect on life satisfaction over the first two years of the COVID-19 pandemic. This average effect hides considerable heterogeneity reflecting genderrole asymmetry: lower life satisfaction is only found for unmarried men and women with school-age children. The negative effect for women with school-age children disappears in 2021, suggesting adaptation to new constraints and/or the adoption of coping strategies. |
| Keywords: | Life Satisfaction,Teleworking,Work from Home,Gender,Childcare,COVID-19,SOEP |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:psewpa:halshs-03855653&r=ure |
| By: | Fahmina Rahman; Kamra,Anmol |
| Abstract: | Investments in childcare can generate immense economic and social benefits through increasedfemale labor force participation and improved child development outcomes. However, high quality childcareoptions in Bangladesh are limited and available options are unaffordable for the urban poor. This paper examines theneeds, preferences, and practices pertaining to childcare among parents and care providers for low-income householdsin urban Bangladesh. On the demand side, this paper finds that rapid urbanization along with a decrease inmultigenerational households are increasing the demand for childcare services. Perceptions of child safety and thepotential for child development are the two main factors driving the choice of care provider. However, knowledge ofchildcare best practices is limited among the urban poor, resulting in risky childcare practices at home. On thesupply side, there is a severe gap in care provision, limiting access for the urban poor. The lack of sustainablefinancing is a major challenge for affordable care provision in Bangladesh. The absence of a regulatory framework andminimum standards for childcare has led to significant variations in the quality of care. |
| Date: | 2022–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:hdnspu:178128&r=ure |
| By: | Ben Atta, Oussama; Chort, Isabelle; Senne, Jean Noël |
| Abstract: | This article assesses the impact of immigrant and asylum seeker in ows on the size of the informal sector in host countries from a macroeconomic perspective. We use two indicators of informality provided by Medina and Schneider (2019) and Elgin and Oztunali (2012) combined with migration data from the OECD Interna- tional Migration Database and data on asylum seeker ows from the UNHCR for the period 1997-2017. We estimate a first-difference model, instrumenting immi- grant and asylum seeker ows by their predicted values derived from the estimation of a pseudo-gravity model. Results suggest that both immigrant and asylum seeker in ows increase the size of the informal sector at destination, but the size of the effect is very small: a one percentage point increase in the stock of immigrants as a share of population leads to an increase of the informal sector as a share of GDP of 0.05-0.06 percentage points. Unsurprisingly, the effect is about four times larger for asylum seeker ows, but remains economically insignificant. We investigate several potential channels, and find that integration policies do matter. We find no impact of imported norms or institutions, but rather that the effect is larger in destination countries with a large informal sector. Finally, we estimate a VAR model and find that the impact of in ows on informality is long-lasting. |
| Keywords: | migration,informal economy,asylum seekers,integration policies,shadow economy |
| JEL: | F22 E26 J46 K37 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:1197&r=ure |
| By: | Hoffmann, Mathias; Stewen, Iryna; Stiefel, Michael |
| Abstract: | Over 2010-2016, municipal debt in Germany crowded out private investment worth 1 percent of GDP. Forced to lend to municipalities by their statutes, local public banks compensated for declining municipal-debt yields by charging higher rates to firms in Germany's locally segmented credit markets. The ensuing crowding-out was made worse by increased municipal borrowing when expensive fiscal commitments were shifted from federal and state to the municipal levels following the introduction of the debt brake. Our results identify new channels through which low interest rates adversely affect real outcomes and locally segmented credit markets can amplify contractionary effects from fiscal austerity. |
| Keywords: | local public finance,firm-level investment,crowding-out,fiscal austerity,global and intraEuropean imbalances |
| JEL: | E22 E40 E62 G21 G28 F21 F32 H32 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bofrdp:92022&r=ure |
| By: | Azhgaliyeva, Dina (Asian Development Bank Institute); Mishra, Ranjeeta (Asian Development Bank Institute); Long, Trinh (Asian Development Bank Institute); Morgan, Peter (Asian Development Bank Institute); Kodama, Wataru (Asian Development Bank Institute) |
| Abstract: | The impacts of the COVID-19 outbreak have heavily affected Central Asia Regional Economic Cooperation (CAREC) member countries, which include Afghanistan, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, the People’s Republic of China (PRC), Tajikistan, Turkmenistan, and Uzbekistan. The COVID-19 crisis and the resulting falls in demand and supply due both to uncertainty and policy measures such as lockdowns, “social distancing,” and travel restrictions are having a severe impact on employment and education in CAREC member countries. In order to better understand these impacts, computer-assisted telephone interviews (CATI) of households were conducted in 10 countries from the CAREC region (excluding the PRC). We estimate the impact of COVID-19 on employment, household business and education in schools in December 2020 compared with June 2020. |
| Keywords: | COVID-19; Central Asia; household survey; school education; employment; family business |
| JEL: | D14 G51 H12 H84 I10 I24 |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:1335&r=ure |
| By: | Cassar, Lea; Fischer, Mira; Valero, Vanessa |
| Abstract: | Mindfulness-based meditation practices are becoming increasingly popular in Western societies, including in the business world and in education. While the scientific literature has largely documented the benefits of mindfulness meditation for mental health, little is still known about potential spillovers of these practices on other important life outcomes, such as performance. We address this question through a field experiment in an educational setting. We study the causal impact of mindfulness meditation on academic performance through a randomized evaluation of a well-known 8-week mindfulness meditation training delivered to university students on campus. As expected, the intervention improves students' mental health and non-cognitive skills. However, it takes time before students' performance can benefit from mindfulness meditation: we find that, if anything, the intervention marginally decreases average grades in the short run, i.e., during the exam period right after the end of the intervention, whereas it significantly increases academic performance, by about 0.4 standard deviations, in the long run (ca. 6 months after the end of intervention). We investigate the underlying mechanisms and discuss the implications of our results. |
| Keywords: | performance,mental health,education,meditation,field experiment |
| JEL: | I21 C93 I12 I31 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wzbmbh:spii2022203&r=ure |
| By: | Millsap, Adam; Hobbs, Brad; Stansel, Dean (Mercury Publication) |
| Abstract: | Geoffrey Brennan and James M. Buchanan, in their 1980 book The Power to Tax, hypothesize that “the potential for fiscal exploitation varies inversely with the number of competing governmental units in the inclusive territory.†This paper tests that theory |
| URL: | http://d.repec.org/n?u=RePEc:ajw:wpaper:07334&r=ure |
| By: | Haus-Reve, Silje; Fitjar, Rune Dahl; Rodríguez-Pose, Andrés |
| Abstract: | Implicitly or explicitly, much innovation policy treats investments in research and development (R&D) as the main input to innovation. A large body of literature in innovation studies has challenged this, highlighting the role of external sources of innovation and of innovation based on learning by doing, using and interacting (DUI). Nonetheless, there has been limited empirical research on how firm-internal activities to promote DUI affect innovation, and on how important such activities are relative to internal R&D and to external sources of knowledge. We also know little about how internal DUI activities interact with internal R&D and with external knowledge sourcing. We address these gaps using Norwegian Community Innovation Survey data from 2010. We find that internal DUI is an important driver of new-to-market product innovation. Further, the results show partial substitution effects between internal DUI and internal R&D, as well as between internal DUI and external DUI. |
| Keywords: | DUI; experience-based knowledge; firms; innovation; STI |
| JEL: | J50 |
| Date: | 2022–10–31 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:117424&r=ure |
| By: | Faranani Gethe; Prisca Simbanegavi |
| Abstract: | South Africa experiences fiscal constraints and economic contraction as a major hindrance to delivering the much-needed infrastructure development to meet the needs of a growing population and rapid urbanisation. The traditional method of funding infrastructure development by the government is overwhelmed and there is an urgent need to use alternative funding models such as Land Value Capture. Currently, this process is disintegrated in South Africa, therefore the aim of this study is to draw up guidelines towards the successful implementation of Land Value Capture using planning gain and investment theories. To do this the study analyses key relevant documents such as South African legislation and policy documents to make a comparison between conceptual guidelines developed and the findings of the document analysis. The study adopted a qualitative method in which five key relevant documents were randomly selected based on conceptual framework and research questions and analysed using content analysis and the conceptual guidelines are used as themes. Findings from document analysis are discussed how they compare, support and conflict with conceptual guidelines to draw up a more refined and evidence-based guidelines towards successful implementation of Land Value Capture. The relevance of this study lies in the fact that the South African government need to expedite infrastructure developments previously curtailed by apartheid systems. As urbanisation rises rapidly, the South African government is required to find effective ways to drive economic growth that is anchored in the imperatives of inclusive cities. The paper finds that there is significant inconsistencies on how LVC is currently being implemented (according to the document analysis) and how the conceptual framework in this study appraise it to be implemented, it further recommends a guideline towards successful implementation. |
| Keywords: | Government affordability; Land Value Capture; Public-Private-Partnership; Value Creation; Cost recovery; Infrastructure investments; Local government. |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:2022-034&r=ure |
| By: | Murray, Cameron (The University of Sydney); Helm, Tim |
| Abstract: | This report provides advice on the equity of funding future investment in growth-related infrastructure from new development rather than general rates, and via upfront rather than ongoing payments, in the context of Auckland Council’s proposal to include projects planned beyond the 10s- year period of the Long-term Plan 2021-2031 in the calculation of development contributions. The significance of the expected cost impacts from this proposal makes it important to assess whether the change supports fair, equitable and proportionate cost recovery, and to understand the costs and benefits of using development contributions vs alternative approaches. The report concludes that it is more equitable to fund future growth-related infrastructure by taxing new development, such as via development contributions, than by taxing ratepayers across the city. Equity in funding local public goods, such as infrastructure, means those who cause the need for expenditure, and/or those who benefit from it, should fund it. Benefits in this context are best identified as land value uplift from the full planning process – both rezoning and infrastructure delivery. Infrastructure users are not beneficiaries in any meaningful sense, because they have already paid for the ongoing value of its services in the upfront price of their property. Since development causes the need for growth infrastructure, and developable land benefits most significantly, it is fair to collect funding from developers rather than ratepayers. This applies to post-2031 infrastructure just as to pre-2031 infrastructure. Moving closer to full cost recovery by treating all planned investment on the same basis therefore improves the equity of the overall funding model, better aligning funding practice with ethical and legislative principles. Charges that reflect the higher costs of greenfields development will also incentivise development to be undertaken where it has lower public cost. Early developers contribute towards the need for infrastructure as much as late developers, so this proposal also reduces the inequity of under-charging early developers inherent in current practice. The proposal is a logical application of accepted principles and raises no major equity concerns. An extended lag between payment and infrastructure delivery is not inequitable, because developers benefit financially from planned infrastructure long before delivery. Greater uncertainty over future costs may result in larger revisions to contribution levels, but there is minimal risk of over-charging. The report argues that whether funding for post-2031 infrastructure is collected upfront via development contributions or over time via targeted rates is a second-order issue, since the economic impacts are broadly similar. |
| Date: | 2022–06–09 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:da7h8&r=ure |
| By: | Clemens, Michael A. (Center for Global Development) |
| Abstract: | Very few labor-based pathways for regular migration are available for people in Northern Central America, often called the 'Northern Triangle' of Guatemala, Honduras, and El Salvador. This note briefly summarizes the state of labor-based migration channels in the region. It then argues that extending those channels is a necessary complement to asylum reform even for the goal of humanitarian protection. It concludes by arguing that five recommendations for long-term reform, though difficult, are needed to unleash the maximum shared benefit of these pathways. |
| Keywords: | migration, migrant, immigrant, irregular, illegal, unauthorized, undocumented, pressure, development, restrictions, visa, regulation, border, crisis, channels, smugglers, clandestine, Central America, Latin Americastine |
| JEL: | J61 O15 |
| Date: | 2022–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izapps:pp195&r=ure |
| By: | Roxana Gutierrez-Romero (School of Business and Management, Queen Mary University of London.); Nayeli Salgado (Vienna University of Economics.) |
| Abstract: | This paper evaluates the impact of the pandemic and enforcement at the United States and Mexican borders on the emigration of Guatemalans during 2017-2020. We show that the number of crossings from Guatemala fell by 10% during the pandemic according to the Survey of Migration to the Southern Border of Mexico. Yet, there was a rise of nearly 30% in the number of emigration crossings of male adults travelling with their children. By and large, the surge of emigrants travelling with their children is driven by the acute economic shock that Guatemala experienced during the pandemic. During this period air pollution fell by 4%, night light per capita by 16% and homicide rates by 40%. Unlike previous years, emigrants are not fleeing violence, but poverty as their families and municipalities experienced substantial income loss. Our findings suggest that a reduction in violence alone will not be sufficient to reduce emigration flows from Central America, but that economic recovery is needed. |
| Keywords: | Conflict, local economy, migration enforcement, Central America, pandemic |
| JEL: | C26 D74 F22 J15 K37 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:cgs:wpaper:108&r=ure |