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on Urban and Real Estate Economics |
| By: | Lange, Martin; Sommerfeld, Katrin |
| Abstract: | Does large-scale refugee immigration affect crime rates in receiving countries? We address this question based on the large and unexpected refugee inflow to Germany that peaked in 2015-2016. Arriving refugees were dispersed across the country based on a binding dispersal policy, yet we show that systematic regional sorting remains. Our empirical approach examines spatial correlations between refugee inflows and crime rates using the administrative allocation quotas as instrumental variables. Our results indicate that crime rates were not affected during the year of refugee arrival, but there was an increase in crime rates one year later. This lagged effect is small per refugee but large in absolute terms and is strongest for property and violent crimes. The crime effects are robust across specifications and in line with increased suspect rates for offenders from refugees' origin countries. Yet, we find some indication of over-reporting. |
| Keywords: | Crime, Immigration, Refugees, Dispersal Policy |
| JEL: | F22 J15 K42 R10 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:279816&r=ure |
| By: | Florian Englmaier; Andreas Roider; Lars Schlereth; Steffen Sebastian |
| Abstract: | Round numbers affect behavior in various domains, e.g., as prominent thresholds or focal points in bargaining. In line with earlier findings, residential real estate transactions in Germany cluster at round-number prices, but there are also interesting (presumably cultural) differences. We extend our analysis to the commercial real estate market, where stakes are even higher and market participants arguably more experienced. For the same type of object, professionals cluster significantly less on round-number prices compared to non-professionals. We employ machine learning and show that transactions of family homes and condominiums at round-number prices are 2–7% above their hedonic values. |
| Keywords: | round-number effects, focal points, residential real estate, commercial real estate, housing prices, machine learning |
| JEL: | D01 D91 C78 R31 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10746&r=ure |
| By: | Davide Fiaschi; Angela Parenti; Cristiano Ricci |
| Abstract: | We study the evolution of population density across Italian municipalities on the based of their trajectories in the Moran space. We find evidence of spatial dynamical patterns of concentrated urban growth, urban sprawl, agglomeration, and depopulation. Over the long run, three distinct settlement systems emerge: urban, suburban, and rural. We discuss how estimating these demographic trends at the municipal level can help the design and validation of policies contrasting the socio-economic decline in specific Italian areas, as in the case of the Italian National Strategy for Inner Areas (Strategia Nazionale per le Aree Interne, SNAI). |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2311.10520&r=ure |
| By: | Jean Dubé; Sotirios Thanos |
| Abstract: | A fine spatial scale is essential to the widely applied omitted variable bias (OVB) treatment of small-area fixed-effects (FEs) in Hedonic Pricing (HP). However, environmental amenity valuation is subsumed into the FEs when amenities vary at a coarser spatial scale. To recover amenity valuation while retaining the OVB treatment, we derive a novel “Differenced-Price-Peers” (DPP) specification by integrating HP and the prices and attributes of spatiotemporal peers. The close equivalence between small-area-FE-HP and DPP for spatial OVB treatment and amenity capitalization is demonstrated in a rich data context for the distance to the city center. Further evidence shows DPP to successfully recover aviation noise capitalization in a context of sparse housing data and anisotropic noise pollution where small-area-fixed-effects-HP fails. The noise discount of house prices is -0.71% per decibel in DPP, which is about 70% higher than the magnitude of the non-FEs HP suggesting potential undervaluation due to spatial OVB. |
| Keywords: | aviation noise; Hedonic Pricing; Nearest Neighbors; Omitted Variable Bias |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_70&r=ure |
| By: | Sebastian Will; Timon Renz |
| Abstract: | We investigate the relationship between homeownership and life as well as housing satisfaction. Using panel data from Germany, we find that compared to renting, owning a home positively affects housing satisfaction. Contrarily, we find no significant effects on life satisfaction in the long-term. Analyzing short-term effects in an event-study design, we show that both life and housing satisfaction anticipate the event and adapt shortly after. Debt-free buyers, however, do not experience anticipation or adaptation effects at all. Comparing outright homebuyers to debt-financing owners, we show that having a real estate loan affects homeowners’ life satisfaction negatively. Paying off a loan does not differently affect the housing satisfaction of both types of buyers. We conclude that the negative effect of the financial burden of a mortgage could offset the positive effect of homeownership. |
| Keywords: | financial burden; Home Ownership; household finances; subjective well-being |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_170&r=ure |
| By: | Carsten Andersen; Timo Hener |
| Abstract: | We analyze the effect of wind turbines on the prices of houses in their proximity. Utilizing the universe of Danish house transactions since 1992 and data on all turbines ever established in Denmark, we are able to control for individual house fixed effects. We distinguish between effects of proximity and shadow flicker from rotor blades partly covering the sun. Our results suggest that nearby turbines have a significant adverse impact on house prices, and this impact is notably more pronounced for taller turbines. Furthermore, homes affected by shadow flicker experience an additional decrease in value comparable to the effect of the tallest turbines. Our findings suggest a nuanced view regarding the local externalities of wind turbines that heavily depend on size and relative location. |
| Keywords: | wind turbines, house prices, shadow flicker |
| JEL: | R31 P18 Q42 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10749&r=ure |
| By: | Danielle Sanderson; Nicola Livingstone |
| Abstract: | In this paper we examine the impact of various housing policies from the perspectives of planners, investors, developers, public officials, and other stakeholders. Policies include those encouraging home ownership, help for first-time buyers, disincentivising housing as an investment asset, encouraging Build-to-Rent, and local authorities’ increased propensity to develop and invest in property. The focus is primarily on London, with more than 100 stakeholders having been interviewed for this research. We investigate developers’ and investors’ contributions to policymaking and discuss how to maximise the likelihood of successful policy implementation. |
| Keywords: | housing market; Housing Policy; residential development; residential investment |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_39&r=ure |
| By: | Kensuke Ohtake |
| Abstract: | This paper studies a mathematical model of city formation by migration of firms and workers. The Core-Periphery model in the new economic geography, which considers migration of workers driven by real wage inequality among regions, is extended to incorporate migration of firms driven by real profit inequality among regions. A spatially homogeneous distributions of firms and workers become destabilized and eventually forms several cities, and the number of the cities decreases as transport costs become lower. |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2311.05292&r=ure |
| By: | Rüttenauer, Tobias |
| Abstract: | This handbook chapter provides an essential introduction to the field of spatial econometrics, offering a comprehensive overview of techniques and methodologies for analysing spatial data in the social sciences. Spatial econometrics addresses the unique challenges posed by spatially dependent observations, where spatial relationships among data points can significantly impact statistical analyses. The chapter begins by exploring the fundamental concepts of spatial dependence and spatial autocorrelation, and highlighting their implications for traditional econometric models. It then introduces a range of spatial econometric models, particularly spatial lag, spatial error, and spatial lag of X models, illustrating how these models accommodate spatial relationships and yield accurate and insightful results about the underlying spatial processes. The chapter provides an intuitive understanding of these models compare to each other. A practical example on London house prices demonstrates the application of spatial econometrics, emphasising its relevance in uncovering hidden spatial patterns, addressing endogeneity, and providing robust estimates in the presence of spatial dependence. |
| Date: | 2023–11–16 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:mq7te&r=ure |
| By: | Bing Zhu; Franz Fuerst |
| Abstract: | This paper investigates if exposure to natural hazards in its underlying assets affects the equity risk of a real estate fund. In a panel dataset of 139 distinct Real Estate Investment Trusts (REITs) over the period of 2004 to 2021, we find that REITs with a higher natural hazard exposure show a higher market beta. This finding persists even when possible endogenous market selection is taken into account, using historical hurricanes as a natural experiment and an instrumental variables approach. The increased systematic risk is explained by the increased cost of debt and reduced rental income. Assets in more resilient communities, more green buildings in the portfolio, and higher ESG performance are all shown to attenuate the impact of natural hazard risk on the market beta of a REIT. Investors seeking to lower their exposure to climate risk can use the proposed metrics at various levels of spatial aggregation to gauge the resilience of their investments. |
| Keywords: | Asset Pricing Model; Market Beta; Natural Hazard Risk; REITs |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_64&r=ure |
| By: | Berna Keskin; Ahmet Suvar Aslan |
| Abstract: | A better understanding of the behaviour of housing systems is essential for being able to develop planning policy interventions that can improve matching households with appropriate homes. Thus, understanding individual housing aspirations is crucial because these aspirations have a significant impact on housing systems. This paper examines generational differences in housing aspirations in light of demographics, lifestyles, and socioeconomic and political factors. It develops and evaluates probit models to a data set comprising 3407 responses in Turkey, an emergent market context. The results suggest that economic factors and lifestyle are affecting individuals’ housing aspirations. |
| Keywords: | Housing Aspirations; Intergenerational |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_349&r=ure |
| By: | Vikas Soni |
| Abstract: | I study the impact of sea level rise (SLR) on commercial real estate (CRE) pricing and commercial lending. Using novel property level sale transactions from 2011-2018, I find that commercial properties exposed to a 6-feet sea level rise are sold at a 6% discount. This discount appears to be driven by local buyers and buyers’ brokers that are more sensitive to climate risks. In addition, discount significantly rises after an extreme hurricane, suggesting that salient risk impact pricing. Likewise, lenders require higher down payments for properties exposed to SLR, and this requirement is amplified following an extreme hurricane. These findings suggest that commercial real estate investors and banks are becoming more cognizant of the risks posed by sea level rise. |
| Keywords: | Climate Finance; Commercial Loans; commercial real estate; Seal Level Rise |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_347&r=ure |
| By: | Roland Füss (University of St. Gallen, NTNU Business School, and Swiss Finance Institute); Kathleen Kürschner Rauck (University of St. Gallen; Swiss Finance Institute); Alois Weigand (University of St. Gallen) |
| Abstract: | We study how photovoltaic (PV) systems externally affect the prices of owner occupied houses and rents of residential dwellings. By creating a three-dimensional topographical model of Switzerland, we model each building’s view at surrounding PV installations and merge this data with housing price observations. In our hedonic difference-in-differences regressions, we provide evidence of how this view (impaired or unimpaired) on a PV system is associated with lower residential rents. This effect is stronger for the view at multiple PV systems rather than at a single one as well as in situations where seeing is more likely. However, price penalties are attenuated if rental dwellings have their own PV system or if neighboring properties have a view at comparably large PV systems which may benefit surrounding tenants in terms of electricity provision. Furthermore, by using municipal voting results on the Swiss Energy Act 2017 and the Swiss CO2 Act in 2021, we show how the attitude towards sustainability is driving the external effects of PV systems on rents. In contrast, we cannot document significant impacts of view on prices for owner-occupied housing. |
| Keywords: | Residential Real Estate; Rents; House Prices; Photovoltaic System; View |
| JEL: | Q40 R11 R32 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:chf:rpseri:rp23100&r=ure |
| By: | Radoslaw Trojanek |
| Abstract: | Using a micro-level dataset of over 1 million listings, the housing rental index for Poland from 2000 to 2023 was constructed. The offer data for the biggest cities comes from two different sources. The earlier data were obtained from archival advertisements in photocopies, photographs or periodicals, then digitally reproduced and arranged in a database. The data from 2009 were collected from advertising portals (gratka.pl / otodom.pl) several times a quarter. The hedonic indices were determined for the city level and then aggregated. This allowed us to investigate the rental market during the financial crisis, COVID-19 or the refugee crisis caused by Russia's invasion of Ukraine. |
| Keywords: | hedonic indexes; listings; Poland; rental housing market |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_325&r=ure |
| By: | Jacqueline Seufert; Geert Goeyvaerts; Sven Damen |
| Abstract: | Economists have been advocating for a land tax rather than a reg- ular property tax. There are, however, several challenges to value land for tax purposes. Indeed, data on vacant land transactions are scarce, land and structure are conventionally traded in a bundle and it is hard to capture all factors that determine the value of land. We propose to use a new Bayesian spatial model and apply the model to the uni- verse of vacant and improved land sales from Belgium in 2018. Our results indicate that vacant land prices are substantially more difficult to predict than house prices. However, the predictive performance of the spatial model improves considerably in comparison to a regular linear hedonic approach. Models that combine data from vacant and improved land are unable to improve the predictive accuracy. |
| Keywords: | Bayesian spatial models; land valuation |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_28&r=ure |
| By: | Ping Cheng; Zhenguo Lin; Yingchun Liu |
| Abstract: | This study examines the widely documented positive price-volume correlation in the housing market. Unlike some earlier studies that hinge upon the presumption of sellers’ liquidity constraints, we develop a search model in which rational sellers with search costs seek to optimize their selling objectives. We show that the positive price volume correlation at the macro market level is merely the result of individual sellers (rationally) seeking optimal selling outcomes at the micro market level. Our further analysis reveals rich insights into the intricate relationships among housing prices, time-on-market, and trading volume in the housing market. It lends broad theoretical support to a number of prior empirical studies and reconciles some of the conflicting findings. |
| Keywords: | Price; Real Estate Markets; Trading Volume |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_334&r=ure |
| By: | Aya Nasreddine; Yasmine Essafi Zouari |
| Abstract: | In this article, we use the framework of inflation beta to test the capacity of physical residential real estate to hedge against inflation and its components, and compare it to the inflation hedge ability of various financial assets. Specifically, the housing asset is represented by the residential market in the communes of the “Grand Paris” metropolis with the different components of inflation. We start by analyzing the residential market in this area, its fundamentals, characteristics and dynamic. Then, applying the hierarchical clustering technique, we divide the Greater Paris area into five homogenous groups of communes and test its hedging ability using both correlation and regression analysis. Residential assets are confirmed to be a hedge against inflation, particularly against its unexpected component and thanks to its capital return rather than the rental return. On the other hand, the listed real estate does not provide the same hedging properties and thus cannot be considered as a substitute for this aim. |
| Keywords: | Direct housing; Grand Paris Metropolis; Hedging ability; Inflation |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_11&r=ure |
| By: | Bas Hilgers |
| Abstract: | The recent volatility in real estate has again brought into sharp focus the importance of security of income streams on the value of commercial real estate. The aim of this study is to empirically investigate the impact of cashflow related certainty factors on the pricing of commercial property. In particular, we look at the value of initial occupancy and remaining lease term. We hypothesize that these asset-level risk factors significantly affect the prices and that the marginal effects differ over space and time. Using a unique dataset of private office, industrial and retail transactions from 2010 through 2021 we find that for every additional year of lease term remaining the value of a property is on average 2.6% higher. Similarly, for every 10 percent of additional space let the price is 0.8% higher. We furthermore find that the coefficients remain significant over both space and time, but its effect is lower in prime markets and up-cycles suggesting more optimism. The results imply that the risk premium, which is often seen as a ’black box’, can be decomposed into components allowing for more transparency in both the transaction and valuation process. |
| Keywords: | commercial real estate; Lease term; occupancy; Risk Premium |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_324&r=ure |
| By: | Hang Lai; Stanimira Milcheva |
| Abstract: | UK housing policy has focused on restricting investment behaviour and boosting the homeownership rate in recent years. This article estimates the effect of a 3% additional transaction tax (stamp duty land tax) on the Buy-to-Rent, known as Buy-to-Let (BTL) market in the UK. We find evidence of average price decreases but with the trend of immediate increase after policy announcement and decrease rapidly after the implementation date. The additional stamp duty land tax (SDLT) not only affects the transaction price but also leads to a significant drop in BTL transaction volume and an increase in the rental price, showing that landlords compensate their loss in investment by increasing the burden of tenant and indirectly affecting the ability of tenants for owning a home. |
| Keywords: | Build-to-Rent; Housing Policy; Rental Housing; Transaction tax |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_140&r=ure |
| By: | Sebastiano Cattaruzzo (Department of Economics, University Of Venice CÃ Foscari); Giancarlo Corò (Department of Economics, University Of Venice CÃ Foscari) |
| Abstract: | This research employs a quantile-based model to assess the key determinants of Erasmus mobility within European regions. Our analysis highlights the factors contributing to high Erasmus attractiveness, notably urbanization levels, the presence of capital cities, and the quality of governance. In contrast, regions with lower Erasmus appeal are often linked to tourism activity and the risk of developmental stagnation. A significant finding is the pivotal role of government quality, which can transform less attractive regions into more appealing destinations for Erasmus participants. We extensively examine the policy implications arising from the current hands-off approach in the management of Erasmus flows, shedding light on potential interventions to address regional disparities |
| Keywords: | Erasmus; mobility; policy; higher education; development; trap; regional |
| JEL: | I23 R11 O18 H75 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ven:wpaper:2023:25&r=ure |
| By: | Bergeron, Austin; Fournier, Arnaud; Kabeya, John Kabeya; Tourek, Gabriel; Weigel, Jonathan L. |
| Abstract: | Developing countries often lack the financial resources to provide public goods. Property taxation has been identified as a promising source of local revenue, because it is relatively efficient, captures growth in real estate value, and can be progressive. However, many low-income countries do not collect property taxes effectively due to missing or incomplete property tax rolls. We use machine learning and computer vision models to construct a property tax roll in a large Congolese city. To train the algorithm and predict the value of all properties in the city, we rely on the value of 1, 654 randomly chosen properties assessed by government land surveyors during in-person property appraisal visits, and property characteristics from administrative data or extracted from property photographs. The best machine learning algorithm, trained on property characteristics from administrative data, achieves a cross-validated R2 of 60 per cent, and 22 per cent of the predicted values are within 20 per cent of the target value. The computer vision algorithms, trained on property picture features, perform less well, with only 9 per cent of the predicted values within 20 per cent of the target value for the best algorithm. We interpret the results as suggesting that simple machine learning methods can be used to construct a property tax roll, even in a context where information about properties is limited and the government can only collect a small number of property values using in-person property appraisal visits. |
| Keywords: | Economic Development, |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:18184&r=ure |
| By: | Andor, Mark Andreas; Dehos, Fabian; Gillingham, Kenneth; Hansteen, Sven; Tomberg, Lukas |
| Abstract: | The pricing of public transportation is a frequently debated subject, and a notable current trend is leaning towards flat-rate pricing. In the previous year, Germany introduced a flat-rate ticket, enabling individuals to access public transportation across the entire country for just 9 euros per month during the months of June through August. In this paper, we first examine the extent to which the 9-Euro Ticket policy was able to induce a shift from cars to public transport. To this end, we evaluate the policy's impact on mobility behavior and emissions, and compare our results with other analyses of the policy that use different empirical approaches. The combined evidence shows that the flat-rate access induced only a marginal shift from car to public transport. The 9-Euro Ticket has primarily been used to expand personal mobility rather than to substitute between modes of transportation. In a further step, we subject the 9-Euro Ticket to a cost-benefit analysis based on its achieved carbon reduction. When compared to other climate policies, the costs appear disproportionately high. We use these results as a starting point to discuss flat-rate pricing for public transport in conjunction with evidence from programs in other European cities and insights from economic theory. Synthesizing the collected sources, we conclude that there are better options. Instead of a flat-rate ticket, we call for a cheap and dynamic public fare system that prices peak times higher than off-peak times to avoid overcrowding during peak hours. At the same time, a dynamic road pricing system should be introduced. This would further reduce the negative externalities of driving, generate revenues to support public transport, and provide a stronger incentive to switch from car to public transport. |
| Keywords: | Public transport, dynamic pricing, congestion charging, road pricing, flat-rate tariffs, 9-Euro ticket |
| JEL: | R48 Q48 Q51 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:279544&r=ure |
| By: | Leonardo Portes Merlini; Andre Luis Squarize Chagas |
| Abstract: | From the mid-1990s, the federal and state governments began to grant a portion of road infrastructure to the private administration through public-private partnerships under the Rehabilitate-Operate-Transfer model. This economic activity constitutes a taxable event for the collection of the Tax on Services of Any Nature (ISSQN), a tax subject to municipal and Federal District jurisdictions. The municipalities adjacent to the extension of the highway in their territories now have an additional source of income. This work sought to analyze the impacts that this specific collection generates on municipal finances, investigating possible strategic relationships between municipalities and their neighbors. Twenty-nine parametric models were estimated in the functional form of Spatial Durbin, 17 relating to Expenditures and 12 to Public Revenues, using the fiscal data available at Finbra. The results indicate that neighboring municipalities change their expenditures mainly with Education and Culture and Transport. They also modify the composition of their revenues, exempting other ISSQN taxpayers. |
| Keywords: | Road concessions; Spatial econometrics; Public finance; Strategic interactions |
| JEL: | C21 C23 H70 H71 H72 H75 R1 R42 |
| Date: | 2023–11–21 |
| URL: | http://d.repec.org/n?u=RePEc:spa:wpaper:2023wpecon14&r=ure |
| By: | Cath Jackson |
| Abstract: | The retail sector is experiencing unprecedented change, caused by shifts in shopping behaviour, multiples downsizing their portfolios and withdrawing from urban centres and business failure, compounded by the covid-19 pandemic. Consequently, the number of vacant units in many city centres has risen significantly, creating redundant space, which has both a negative impact on the user experience and leads to a further decline in footfall for remaining city centre businesses. This has raised questions about how to fill the subsequent empty space and how city centres should be positioned, what their role should be. With a focus on adaptability at the individual property level, the aim of the paper is to examine the impact of the physicality of the built environment in the practice of transforming vacant floorspace. This raises questions about both the surrounding area and the challenges of adaptation to mixed-uses. The importance of the physicality of real estate in processes of change and adaptation is not often explored, yet can often be fundamental to the viability of change. |
| Keywords: | Mixed-use; physicality; Repurposing; Retail |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_350&r=ure |
| By: | Song Shi; Junji Xiao |
| Abstract: | This paper studies the seller’s agency choice and the financial consequences of this decision. Specifically, at sale, sellers can choose to use either the agency they originally purchased the house from, or a different agency. Our empirical findings suggest that sellers choose agencies for house sales based on past purchase experience and current market shares of agencies. A premia analysis on pair sale transactions also suggests using the same agency is financially suboptimal, resulting in a 1.1--1.4% price discount. These results are consistent with agency theory--using the same agency with more information may not be financially in the interest of principals. |
| Keywords: | agency choice; Asymmetric Information; Principal agent problem; real estate brokerage |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_273&r=ure |
| By: | Sunja Kim; Jun-Hyung Kim |
| Abstract: | The ultimate purpose of this study is to empirically analyze the difference in the level of the Sense of Community(SoC), according to the type of housing. To achieve the purpose of the study, this study analyzed the microdata of Seoul Survey. In the Seoul Survey data, the measurement questions on the level of the SoC used overlapping measures with the items of the SCI(Sense of Community Index) presented by McMillan & Chavis(1986). As a result, it shows that the difference in the SoC, according to the type of housing existed at a statistically significant level. First, the average level of SoC of Seoul residents was at a low level overall. Second, the level of SoC by housing type is high-rise condominium dwelling group, house dwelling group, and low-rise condominium dwelling group and so on, in the highest order. Accordingly, in order to enhance the sense of community among local residents, it is essential to clarify the ownership and right to use the site of a house or apartment complex, and to increase the level of control over entry into the site of a house or housing complex. |
| Keywords: | Housing Types; Sense of Community; Sense of Community Index |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_216&r=ure |
| By: | Nabil Afodjo; Christopher Cotton (Queen's University); Maggie Jones (Department of Economics, University of Victoria) |
| Abstract: | This article provides an overview of Canada’s primary and secondary school disruptions during COVID-19, then summarizes recent data and research showing the detrimental impacts of these disruptions on students. Novel aspects of our analysis include an assessment of the strictness of lockdown restrictions in schools compared to those in in-person dining, salons, and gyms, and an analysis of provincial data from BC identifying differential impacts between public and private schools, Indigenous students, and higher- and lower-performing groups. The paper concludes with a series of recommendations for policymakers and educators. |
| Keywords: | Education Policy, COVID-19, Pandemic impact on students, Canadian Public Policy, Test scores |
| JEL: | I21 I24 I28 |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:qed:wpaper:1511&r=ure |
| By: | Olivier Denagiscarde |
| Abstract: | I provide a first empirical analysis of the intracity effect of Working From Home (WFH) on business districts in the Paris metropolitan area. Taking advantage of the Covid-19 crisis as a natural experiment and implementing a difference-in-differences strategy, I find that WFH has already had a small but perceptible negative impact on office occupancy, which tends to grow over time. Interestingly, my results show that this effect is stronger the further away from the centre, indicating the firms' strong preference for high quality amenities and accessibility in this new WFH environment. Furthermore, using a similar methodology, I explore the possible indirect effect of WFH on local consumption services as another implication for business districts. |
| Keywords: | Corporate real estate; spatial analysis; telecommuting |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_173&r=ure |
| By: | Matthew Pollock |
| Abstract: | This study examines the connection between investor herding and house price bubbles in US metropolitan markets. Contrary to widely accepted theory on herding as a prime motivator for price bubbles, limited evidence is found to support this proposition. Rather, there is empirical support to suggest that price bubbles, proxied by excess returns, are in fact the motivator for investor herding. There are substantial time delays in the mechanism which are particularly relevant for discussions of market efficiency and persistence in behaviour. Furthermore, there is significant evidence of a relationship between reverse herding and price bubbles that is supported by a consideration of market structure and access to private information. The idiosyncratic impacts of price volatility on market dynamics are also included with a focus on constructing a leading indicator. Finally, the study assesses the relative impacts of local and national determinants on the extent of herding and price bubbles. |
| Keywords: | Bubbles; Herding; housing |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_187&r=ure |
| By: | Christopher Mulenga; Joseph Phiri |
| Abstract: | Real estate valuations, especially the case of mass valuation where statistical analysis methods are applied. New methods of determination of real estate value should be explored. Artificial omputerizat provides an alternative for the omputer applied method of multiple linear regressions. The omputerization of real estate values has been in existence since the 2000s with the consideration of various artificial intelligence techniques which include Artificial Neural Network, fuzzy logic, generic algorithm, and expert system. Since most properties comprise of both physical and economic characteristics which renders the conventional valuation methods cumbersome. In order to counter these challenges, soft computing techniques with higher data handling capabilities maybe an optimum choice. |
| Keywords: | Artificial Intelligence; Fuzzy Logic; multiple regressions; statistical techniques |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-024&r=ure |
| By: | Pierre Vidal |
| Abstract: | We use self-reported estimations collected on an Internet platform to study the formation of housing price beliefs of sellers and buyers of the Paris region. Comparing the users’ estimates with real prices of transactions, we are able to evaluate how accurate they are in predicting the selling price and to identify factors that influence their opinion. We confirm the already studied upward bias of homeowners but bring a first evidence that buyers are unbiased. Our results confirm that market participants follow an anchoring and adjustment scheme to set their opinion on housing price. Users' beliefs are influenced by the results of the platform Automated Valuation Model, which acts as an anchor. Buyers are less influence by this reference point, and the more the sellers progress in their sale project, the less their opinions rely on the model estimations. Finally, the estimates of owners whose property has lost value since they purchase it are anchored to its purchase price and less correlated to the AVM results. We interpret these results as proof of an updating mechanism of the buyers’ and sellers’ beliefs along their search for a counterpart. |
| Keywords: | behavioral economics; Internet; Price Discovery; Valuation |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_197&r=ure |
| By: | CheolHoon Park; Jun Hyung Kim |
| Abstract: | This study analyzes whether changes in residential housing prices affect family relationships and life satisfaction among the older household heads based on life satisfaction theory and wealth theory. To do so, we analyzed the residential housing prices of 596 respondents at two points in time between 7th and 8th wave of the Aging Research Panel Survey in Korea. We summarize our findings as follows First, we found that changes in housing prices have different effects on life satisfaction for different age groups. Second, we found that women are more sensitive to housing prices than men. Third, we found that family relationships are more sensitive to wealth at older ages. These results indicate that the impact of residential housing prices on life satisfaction differs among different age groups of the elderly and suggest the need for a Korean life-cycle hypothesis design to guide successful aging of the elderly. |
| Keywords: | family relationship; Housing Price; Life Satisfaction; preparation for retirement |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_210&r=ure |
| By: | Breithaupt, Patrick; Hottenrott, Hanna; Rammer, Christian; Römer, Konstantin |
| Abstract: | The availability of social media data is growing and represents a new data source for economic research. This paper presents a detailed study on the use of data from a careeroriented social networking platform for measuring employee flows and employer networks. The employment data are exported from user profiles and linked to the Mannheim Enterprise Panel (MUP). The linked employer-employee (LEE) data consists of 14 million employments for 1.5 million employers. The platform-based LEE data is used to create annual employer networks comprised of data from 9 million employee flows. Plausibility checks confirm that career-oriented social networking data contain valuable data about employment, employee flows, and employer networks. Using such data provides opportunities for research on employee mobility, networks, and local ecosystems' role in economic performance at the employer and the regional level. |
| Keywords: | social networks, platform data, lee data, labour mobility, network analysis |
| JEL: | C81 J60 L14 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:279575&r=ure |
| By: | Subhayu Bandyopadhyay; Praew Grittayaphong |
| Abstract: | Local immigrants with at least a bachelor’s degree are more likely to specialize in the physical sciences than immigrants nationally. |
| Keywords: | immigration; St. Louis metropolitan statistical area (MSA) |
| Date: | 2022–01–10 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:94061&r=ure |
| By: | Christian Glitzer; Nalini Prasad |
| Abstract: | Pandemic school closures were widespread but occurred together with COVID-19 health effects. Australia’s successful COVID-19 elimination policies provide a unique setting to study the effect of school closures on learning loss absent significant health effects. We exploit variation in the duration of school closures across Australian regions of 9-157 school days and student-level test score data from a national standardized test with high participation to estimate learning loss. Learning loss was substantially smaller than comparable estimates from the literature, including for disadvantaged socioeconomic groups. |
| Keywords: | student test scores, COVID-19, pandemic, NAPLAN, Australia |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:syd:wpaper:2023-09&r=ure |
| By: | Zurita, Roberto; Morales-Oñate, Víctor |
| Abstract: | This research examines the spatial spillovers of public capital on gross value added across 216 cantons in continental Ecuador. The investigation is conducted within the framework of Spatial Econometrics, utilizing various model specifications and spatial weight matrices, complemented by a Cobb Douglas-type model that incorporates spatial dependence. The findings highlight a positive spatial impact of the public capital stock, with approximately 30\% of the overall effect attributed to the indirect component. This underscores the importance of considering spatial structure when assessing the effects of capital on gross value added. Consequently, the study extends its exploration to derive column and row effects, aimed at identifying the most influential cantons within the neighborhoods established by the spatial structure. |
| Keywords: | Public Capital, Spatial Effects, Factors of Production, Spatial Econometrics, Developing Countries |
| JEL: | C1 C5 D24 |
| Date: | 2023–11–13 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119152&r=ure |
| By: | Hang Lai; Stanimira Milcheva |
| Abstract: | We infer the term structure of discount rates through the implication of relative price discounts between short leaseholds and very long-term leaseholds in UK repeat-sales housing markets. The price discount reflects the cash flows starting at the short leasehold expiration and is informative about the implied discount rates that households use in their payment valuation. For our empirical analysis, we use repeat-sales regression on properties transacted more than once to deal with the omitted variable and selection bias issues that the hedonic model might have. We find that the term structure of discount rates has a downward-sloping shape over a long horizon with a low implied gross discount rate of 1.3% at 100 years. In addition, we find households living in poor and rich areas or London and Non-London areas apply low but different discount rates from 1.2% to 1.8%, suggesting the consideration of the regional difference in policy design and investment. |
| Keywords: | Asset Pricing; Declining Discount Rates; housing; Repeat Sales Model |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_30&r=ure |
| By: | Niels Kuiper; Mark Van Duijn; Arno Van der Vlist |
| Abstract: | We measure the impact of retail externalities on the productivity of stores in shopping malls. We focus on (1) retail externalities generated by anchor stores, and (2) retail externalities generated by competing stores. We identify these retail externalities using variations in the composition of stores within shopping malls over time. We use monthly sales data from 1, 170 stores that were located in 9 Turkish shopping malls over 2013-2016. We find evidence for anchor and competition externalities within shopping malls. Both externalities show distance decay effects within the shopping malls. We also find considerable heterogeneity in the impact of the two retail externalities and their distance decay effects across stores from different product categories. |
| Keywords: | Productivity; Retail Externalities; Sales; Shopping malls |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_302&r=ure |
| By: | Alain Coen; Philippe Guardiola |
| Abstract: | In this article we analyze the dynamic returns of REITs and test multi-factor asset pricing models based on real estate specific risk exposure, including market risk, size, value momentum, cash flow volatility, leverage, investment growth, term risk, default risk, liquidity risk and common macroeconomic factors. We also focus on the role of idiosyncratic risk and higher moments and scrutinize their relative importance to explain the decomposition of listed property companies returns on U.S. financial markets. We suggest the use of a new parsimonious common factors model to improve REITs valuation and to define their cost of capital. Revisiting the previous literature devoted to the role of leverage in the real estate industry, our empirical (un-conditional and conditional) results shed new light on leverage risk and idiosyncratic risk for U.S. REITs returns over a long period (2000-2021) marked by important crises. |
| Keywords: | Asset Pricing; Leverage; Multifactor Models; REITs |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_249&r=ure |
| By: | Takeda, Kohei (National University of Singapore) |
| Abstract: | Economies transform at an uneven pace. This paper develops a dynamic overlapping generations model of economic geography where historical exposure to different industries creates persistence in occupational structure, and non-homothetic preferences and differential productivity spillovers lead to different rates of structural transformation. The model is calibrated to the U.S. economy from 1980 to 2010. The calibration allows us to back out measures of upward mobility and inequality, thereby providing theoretical underpinnings for the Great Gatsby Curve. The counterfactual analysis reveals that structural transformation has substantial effects on a slowdown and explains heterogeneity in upward mobility across cities. |
| Date: | 2023–11–10 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:8nfx5&r=ure |
| By: | Nkosingizwile Mazwi Mchunu; George Okechukwu Onatu; Trynos Gumbo |
| Abstract: | This paper discusses the impact of electricity blackouts and poor infrastructure on the livelihood of residents and the local economy of Johannesburg, South Africa. The importance of a stable electricity grid plays a vital role in the effective functioning of urban infrastructure and the economy. The importance of electricity in the present-day South Africa has not been emphasized enough to be prioritized at all levels of government, especially at the local level, as it is where all socio-economic activities take place. The new South Africa needs to redefine the importance of electricity by ensuring that it is accessible, affordable, and produced sustainably, and most of all, by ensuring that the energy transition initiatives to green energy take place in a planned manner without causing harm to the economy, which might deepen the plight of South Africans. Currently, the City of Johannesburg is a growing spatial entity in both demographic and urbanization terms, and growing urban spaces require a stable supply of electricity for the proper functioning of urban systems and the growth of the local economy. The growth of the city brings about a massive demand for electricity that outstrips the current supply of electricity available on the local grid. The imbalance in the current supply and growing demand for electricity result in energy blackouts in the city, which have ripple effects on the economy and livelihoods of the people of Johannesburg. This paper examines the impact of electricity blackouts and poor infrastructure on the livelihood of residents and the local economy of Johannesburg, South Africa. |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2311.08929&r=ure |
| By: | Nur Huzaifah Zainal; Salfarina Samsudin; Fatin Afiqah Md Azmi |
| Abstract: | In Malaysia, the concept of land leasing onto land title has been extended to the strata title of a multi-story building, known as the strata lease scheme. This case study aims to provide, firstly, an overview of strata lease schemes in Malaysia and, secondly, a discussion of how the intention of developing strata lease schemes led to the creation of a new township. Data were obtained through interviews and document reviews from a single case study named Bandar Baru Farlim in the State of Penang, Malaysia. This study highlights best practices in property development initiatives toward sustainable housing delivery. |
| Keywords: | land development; strata lease scheme; strata title; township |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_115&r=ure |
| By: | Jan Muckenhaupt; Martin Hoesli; Bing Zhu |
| Abstract: | This paper investigates the inflation hedging capability of listed real estate (LRE) companies from 1990 to 2021 in four economies: the US, the UK, Australia, and Japan. By using a Markov switching vector error correction model (MS-VECM), we identify that the short-term hedging ability moves towards being negative or zero during crisis periods. In non-crisis periods, LRE provides good protection against inflation. In the long term, LRE provides a good hedge against expected inflation, and shows a superior inflation hedging ability than stocks. Additionally, we propose inflation-hedging portfolios by minimizing the expected shortfall. This inflation-hedging portfolio allocation methodology suggests that listed real estate stocks should play a significant role in investor portfolios. |
| Keywords: | Inflation Hedging; Inflation-Hedging Portfolio; Listed Real Estate Companies; Markov-switching |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_56&r=ure |
| By: | Angelika Kallakmaa |
| Abstract: | In the last three years the world has been moved from one crisis to the other one. There are so many factors that had crashed the stability in previous paradigms. The level of uncertainty is growing in all countries. The purpose of this paper is defining the movements on Estonian housing market and trying to evaluate the possible impact of COVID- 19 crises. Does the COVID crisis had an impact and how significant the impact is/was to the movements on the housing market. Firstly, the article describes economic background and trends before COVID crises. Secondly, the analysis the activity and dynamics of housing market transactions and prices in pre and during the COVID-19 time. Trying to find an answer does the COVID time change the preferences of homeowners to change the living space from city to the countryside. There is obviously an impact of energy crises and problem with rising maintain costs, but there is a need for future research. Finally, there is still in air the geopolitical risk, that seems to have not an impact to the housing market yet. |
| Keywords: | COVID 19; Crisis; Estonia; housing |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_238&r=ure |
| By: | - |
| Abstract: | This document is based on the contributions and presentations of the ministerial meeting of the Forum of Ministers and High-Level Authorities of Housing and Urbanism of Latin America and the Caribbean (MINURVI), organised by the Ministry of Territorial Development and Habitat of Argentina, which assumed the presidency of the Forum for the 2023 period. The meeting was held on 10 and 11 April 2023 at the Kirchner Cultural Centre, in the Autonomous City of Buenos Aires 28 member states attended the meeting along with representatives from ECLAC in its role as Technical Secretariat of MINURVI. During this meeting, authorities, leaders, experts in housing and urbanism, and development banks convened with the aim of addressing the issue of financing for climate change mitigation in cities. Strategies and alternatives to address the housing deficit and promote the development of value chains related to construction and sustainable housing were also discussed. The ministerial meeting provided an opportunity to discuss possible strategies for the creation of a green finance fund at the regional level. This fund would seek to expand the financing of projects and programmes with a significant impact on improving climate change resilience and/or reducing greenhouse gas emissions in urban areas. |
| Date: | 2023–10–31 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col043:68651&r=ure |
| By: | Jan K. Brueckner; James N. Conklin; N. Edward Coulson; Moussa Diop |
| Abstract: | This paper explores an overlooked phenomenon in mortgage markets: repayment of underwater mortgages. Since repayment in this case requires the borrower to use out-of-pocket funds along with the proceeds from the house sale to settle the loan, it may appear unattractive and even irrational. But if the borrower’s negative equity is less than the cost of default, which includes credit impairment and possible guilt, repayment of an underwater mortgage is a wealth-maximizing strategy. The paper shows that such repayment indeed occurs, and that it is affected by the same factors commonly used in previous studies of default: the magnitude of home equity and the borrower’s credit score, which captures default cost. An increase in either variable raises the likelihood that the underwater loan is terminated by repayment rather than by default. In addition, the paper also generates an estimate of the magnitude of default cost, showing that it rises with borrower credit worthiness, a finding that is new to the literature. |
| Keywords: | default prepayment mortgages |
| JEL: | G51 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10755&r=ure |
| By: | Berliant, Marcus |
| Abstract: | Workers generally commute on a daily basis, so we model commuting as a repeated game. The folk theorem implies that for sufficiently large discount factors, the repeated commuting game has as a Nash equilibrium any feasible strategy that is uniformly better than the minimax strategy payoff for a commuter in the one shot game, repeated over the infinite horizon. This includes the efficient equilibria. An example where the efficient payoffs strictly dominate the one shot Nash equilibrium payoffs is provided. Our conclusions pose a challenge to congestion pricing in that equilibrium selection could be at least as effective in improving welfare. We examine evidence from St. Louis to determine what equilibrium strategies are actually played in the repeated commuting game. |
| Keywords: | Repeated game; Nash equilibrium; Commuting; Folk theorem |
| JEL: | R41 |
| Date: | 2023–10–31 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119020&r=ure |
| By: | Bredtmann, Julia; Otten, Sebastian |
| Abstract: | Using data from the European Social Survey 2002-2020 covering immigrants in 25 European countries, this paper investigates the role of natives' gender norms in the labor market integration of female immigrants. To analyze the role of natives' gender norms, we exploit intertemporal, interregional, and age-specific variation in female-to-male labor force participation ratios. We find a positive and robust association between immigrant women's labor supply and the femaleto-male labor force participation ratio in their region of residence. No similar association is found among immigrant men. We provide evidence that our finding is due to the cultural assimilation of female immigrants to native women's gender norms, and not the result of exposure to similar institutions and economic conditions. Based on a gravity model of female immigrants' regional location choice, we further provide supportive evidence that the association between natives' gender norms and immigrant women's labor supply is not driven by a selective location choice of female immigrants. |
| Keywords: | Female labor force participation, immigration, gender norms |
| JEL: | J16 J22 J61 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:279542&r=ure |
| By: | Paloma Taltavull de La Paz |
| Abstract: | In this paper, we explore the health consequences of housing affordability on household members. We use the information about health in EU-Silc microdata from 2008 to 2020 for the European countries and identify the different impacts that lack of ‘ex-post’ housing affordability would have had at the country and regional levels. Based on previous studies, the paper tests whether different situations of lack of housing affordability (measured by the affordability ratio and housing stress) would have contributed to health conditions at a personal level, focusing on the different persons in the household and paying attention to children’s health. Thus, the personal files of EU-Silc are used for this purpose in a panel analysis for 2008-2020. The paper identifies and test the channels of transmission of lack of affordability to health, as direct and indirect. They are tested using panel-regression methods for 33 European countries. Results give empirical evidence that lack of housing affordability affects the self-reported health status in households with special incidence of mental health. |
| Keywords: | Health; Housing Affordability; Housing Stress |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_279&r=ure |
| By: | Allan Hsiao (Princeton University) |
| Abstract: | Does electoral accountability discipline public spending? After the fall of Suharto, Indonesia held local elections for the first time in decades. I study how this democratization affected the spatial allocation of public investment in healthcare infrastructure. Using the staggered rollout of new hospitals, clinics, and subclinics over time, I estimate a spatial demand system for healthcare that allows me to quantify the surplus generated by any given allocation of facilities. I find that the actual allocation generates only 60% of achievable surplus. Facilities do not go to areas that need them most, especially prior to democratization. To understand why, I model the spatial allocation decision as a dynamic discrete choice problem, and I estimate the government’s objective function by revealed preference. On one hand, I find that Suharto-era biases toward certain areas, such as those within the patronage network, are substantially lower after democratization. On the other hand, spillover effects are less internalized as districts become more focused on their own constituents. The first effect dominates, and democratization decreases misallocation overall. |
| Keywords: | Indonesia, Healthcare, Infrastructure Investment, Democratization |
| JEL: | H54 O18 |
| Date: | 2022–03 |
| URL: | http://d.repec.org/n?u=RePEc:pri:econom:2022-31&r=ure |
| By: | Nathan Jefferson |
| Abstract: | In the long run, job growth in the Eighth District is expected to slow from the 2021 pace, in part because District fundamentals have not markedly changed. |
| Keywords: | Eighth District of the Federal Reserve System; job growth |
| Date: | 2022–01–11 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:94062&r=ure |
| By: | Arnaud Mertens; Philippe Van Kerm |
| Abstract: | This paper investigates the effect of commuting time on absenteeism using a natural experiment. This relationship is notoriously difficult to assess without exogenous shocks to commuting and with the survey data typically exploited. The study uses detailed administrative data for Luxembourg to measure the impact on work absences of a temporary shock to commuting time caused by large-scale roadworks at the border between Belgium and Luxembourg. The roadworks affected the commuting time of cross-border workers from Belgium, leaving cross-border commuters from France as a natural control group in a difference-in-difference setup. The findings reveal a positive -- but quantitatively relatively small -- effect of commuting time on absenteeism, driven mainly by increased absences due to reported illness or family reasons. Male workers appear to respond more than female workers to the shock in commuting time. |
| Keywords: | Absenteeism; Health; Commuting; Cross-border workers; Luxembourg |
| JEL: | J62 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:irs:cepswp:2023-08&r=ure |
| By: | Faith Weekly |
| Abstract: | Finding an affordable apartment or rental house already was a struggle for many families before the pandemic. |
| Keywords: | housing affordability; COVID-19 |
| Date: | 2022–02–24 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:94080&r=ure |
| By: | Andreas Fuster (École Polytechnique Fédérale de Lausanne; Swiss Finance Institute; Centre for Economic Policy Research (CEPR)); Stephanie Lo (NDVR); Paul Willen (Federal Reserve Bank of Boston; NBER) |
| Abstract: | We introduce a new measure of the price charged by financial intermediaries for connecting mortgage borrowers with capital market investors. Based on administrative lender pricing data, we document that the price of intermediation is strongly driven by variation in demand, reflecting capacity constraints of mortgage originators. This positive co-movement of price with quantity reduced the pass-through of quantitative easing. We also find a notable upward trend in this price over 2008- 2014, likely due to an increased legal and regulatory burden in the mortgage market. The trend led to an implicit cost to borrowers of nearly $100 billion over this period. |
| Keywords: | mortgage finance, financial intermediation, monetary policy transmission, QE |
| JEL: | E44 E52 G21 L11 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:chf:rpseri:rp23103&r=ure |
| By: | Amoroso, Sara (DIW Berlin); Herrmann, Benedikt (European Commission); Kritikos, Alexander S. (DIW Berlin) |
| Abstract: | High growth firms (HGFs) are important for job creation and considered to be precursors of economic growth. We investigate how product- and labor-market regulations, as well as the quality of regional governments that implement these regulations, affect HGF development across European regions. Using data from Eurostat, OECD, WEF, and Gothenburg University, we show that both regulatory stringency and the quality of the regional government influence the regional shares of HGFs. Additionally, we find that the effect of labor- and product-market regulations ultimately depends on the quality of regional governments. The institutional quality has a moderating role in dening the effect of regulations on the regional shares of HGFs. Our findings contribute to the debate on the effects of regulations by showing that regulations are not, per se, "good, bad, and ugly", rather their impact depends on the efficiency of regional governments. Our paper offers important building blocks to develop tailored policy measures that may influence the development of HGFs in a region. |
| Keywords: | high growth firms, regulation, quality of governments, regional development |
| JEL: | H11 L25 L50 R11 R50 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16563&r=ure |
| By: | Christian Alemán; Christopher Busch; Alexander Ludwig; Raül Santaeulàlia-Llopis |
| Abstract: | We develop a method that identifies the effects of nationwide policy, i.e., policy implemented across all regions at the same time. The core idea is to track outcome paths in terms of stages rather than time, where a stage of a regional outcome at time t is its location on the support of a reference path. The method proceeds in two steps. First, a normalization maps the time paths of regional outcomes onto the reference path—using only pre-policy data. This uncovers cross-regional heterogeneity of the stage at which policy is implemented. Second, this stage variation identifies policy effects inside a window of stages where a stage-leading region provides the no-policy counterfactual path for non-leading regions that are subject to policy inside that window. We assess our method’s performance with Monte-Carlo experiments, illustrate it with empirical applications, and show that it captures heterogeneous policy effects across stages. |
| Keywords: | stages, identification, policy effects, nationwide policy, macroeconomics |
| JEL: | C01 E00 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10722&r=ure |
| By: | Gianluca Mattarocci; Gibilaro Lucia |
| Abstract: | Energy efficiency is nowadays one of the main targets for reaching sustainable economic growth in the medium long term. Real Estate is one of the main drivers of pollution, and more responsible investments may represent a reasonable strategy for reducing the negative impact on environment. Empirical analysis on the characteristics of real estate assets by REITs may allow identifying if market recognizes a premium or a penalization due to more responsible investment in the real estate industry. Results on a worldwide diversified sample show that currently there is no premium for investing in green oriented REITs and there is not a financial incentive related to REITs’ portfolios characterized by lower energy consumption and more usage of renewable energy. |
| Keywords: | Energy Consumption; pricing model; REIT |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_271&r=ure |
| By: | Nakatani, Ryota |
| Abstract: | Does government revenue decentralization affect the probability of a fiscal crisis? Is there a tipping point where revenue decentralization worsens the probability of a fiscal crisis? To answer these questions, we use cross-country panel data on 66 countries from 1982 to 2019. The binary choice models show that revenue decentralization is positively associated with crisis probability when countries exceed a certain threshold of decentralization. When more than 16-17 percent of general government revenue is decentralized to local governments, this adverse effect of revenue decentralization occurs. This is consistent with the recent theoretical prediction that tax revenue collection efforts weaken as the government decentralizes revenue more. The adverse effects of revenue decentralization are large in low-income countries. Our finding implies the benefits of revenue centralization, such as economies of scale for revenue agencies, eliminating externalities due to tax competition, and the intergovernmental insurance role of federal transfers against local shocks. |
| Keywords: | Revenue Decentralization; Fiscal Crisis; Binary Choice Model; Federalism; Local Government |
| JEL: | H71 H74 H77 |
| Date: | 2023–11–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119032&r=ure |
| By: | Sara Amoroso (DIW Berlin); Benedikt Herrmann (Joint Research Centre, European Commission); Alexander S. Kritikos (DIW Berlin, CEPA, University of Potsdam, IZA, IAB) |
| Abstract: | High growth firms (HGFs) are important for job creation and considered to be precursors of economic growth. We investigate how formal institutions, like product- and labor-market regulations, as well as the quality of regional governments that implement these regulations, affect HGF development across European regions. Using data from Eurostat, OECD, WEF, and Gothenburg University, we show that both regulatory stringency and the quality of the regional government influence the regional shares of HGFs. More importantly, we find that the effect of labor- and product-market regulations ultimately depends on the quality of regional governments: in regions with high quality of government, the share of HGFs is neither affected by the level of product market regulation, nor by more or less flexibility in hiring and firing practices. Our findings contribute to the debate on the effects of regulations by showing that regulations are not, per se, “good, bad, and ugly”, rather their impact depends on the efficiency of regional governments. Our paper offers important building blocks to develop tailored policy measures that may influence the development of HGFs in a region. |
| Keywords: | High growth firms, Regulation, Quality of regional governments, Regions |
| JEL: | L50 L25 H11 O43 R11 R50 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:pot:cepadp:71&r=ure |
| By: | Edilson Pereira Junior |
| Abstract: | The paper seeks to interpret the interface between innovation, industry and urban business agglomeration, by trying to understand how local/regional entrepreneurs and social agents use the forces of agglomeration to organize productive activities with a view to achieving greater competitiveness and strategic advantages. There are many territorial manifestations that materialize from this new reality and the text seeks to propose a reading of its characteristics based on what we call "productive spatial configurations", which represent the specific functioning of a certain innovative production process and its territorial impact. To illustrate this approach, we take as an example a case study that illustrates how productive spatial configurations manifest themselves through the revitalization of an industrial economy that incorporates innovative efforts, whether technological, process or organizational. This is the localized industrial system (LIS) of clothing and apparel in Fortaleza, Cear\'a state, Brazil, which reveals an industrial experience of resistance with significant organizational innovation in the production and distribution processes of clothing. The main objective of the proposal is to organize theoretical and empirical tools that will allow us to read the combination of economic, social and political variables in spaces where collaborative networks of companies, service centers and public institutions flourish, in the context of various industrial production processes. This could point to the progress we need to overcome the many false controversies on the subject. |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2311.09429&r=ure |
| By: | Anne Fournier |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:eru:erudwp:wp23-09&r=ure |
| By: | Andrés Ramasco (University of Notre Dame) |
| Abstract: | Curtailing alcohol-related traffic fatalities is especially important for policymakers. I study whether there is an effect on Health Outcomes related to traffic accidents caused by Zero-Tolerance Laws and the mechanism driving these effects. Using Fatalities and Injuries counts at the county level. I exploit time and geographic variation in adopting the laws in a Difference-in-Differences framework. I find no sizeable reductions in various health outcomes, including traffic fatalities. I also test for heterogeneity across age groups, finding no significant differences. I propose and evaluate the persistence of drinking behavior and alcohol-related Hospitalizations as mechanisms explaining the null effects, finding no significant changes in several measures of alcohol consumption |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:aoz:wpaper:289&r=ure |
| By: | Kosyakova, Yuliya (Institute for Employment Research (IAB), Nuremberg, Germany ; Univ. Bamberg); Salikutluk, Zerrin (Humboldt-Universität zu Berlin) |
| Abstract: | "In the last years, the labor market integration of immigrant women has received much attention in the migration literature. We examine gender differences in labor market integration among refugees and other new immigrants who came to Germany during a similar period from a dynamic perspective. We compare their pathways throughout the early period after arrival and study a range of conditions suggested to be relevant for gendered labor market outcomes. Using two panel data sources, which include recently arrived refugees (the IAB-BAMF-SOEP Sample of Refugees) and other immigrants (the IAB-SOEP Migration Sample) in Germany, we compare the dynamics and sources of employment gender gap among refugees and other immigrants. The results uncover narrow initial gender differences among refugees that grow over time and a reversed pattern among other immigrants. However, female refugees’ initial disadvantaged starting position maintains five years after arrival. Furthermore, our findings indicate that the explanations offered in the literature cannot fully explain the hurdles female refugees and other immigrants face when entering the labor market." (Author's abstract, IAB-Doku) ((en)) |
| Keywords: | IAB-Open-Access-Publikation ; IAB-SOEP-Migrationsstichprobe ; IAB-BAMF-SOEP-Befragung von Geflüchteten |
| Date: | 2023–11–27 |
| URL: | http://d.repec.org/n?u=RePEc:iab:iabdpa:202311&r=ure |
| By: | Timur Gareev; Irina Peker |
| Abstract: | This study contributes to the ongoing debate regarding the balance between quality and quantity in research productivity and publication activity. Using empirical regional knowledge production functions, we establish a significant correlation between R&D spending and research output, specifically publication productivity, while controlling for patenting activity and socioeconomic factors. Our focus is on the dilemma of research quantity versus quality, which is analysed in the context of regional thematic specialization using spatial lags. When designing policies and making forecasts, it is important to consider the quality of research measured by established indicators. In this study, we examine the dual effect of research quality on publication activity. We identify two groups of quality factors: those related to the quality of journals and those related to the impact of publications. On average, these factors have different influences on quantitative measures. The quality of journals shows a negative relationship with quantity, indicating that as journal quality increases, the number of publications decreases. On the other hand, the impact of publications can be approximated by an inverse parabolic shape, with a positive decreasing slope within a common range of values. This duality in the relationship between quality factors and quantitative measures may explain some of the significant variations in conclusions found in the literature. We compare several models that explore factors influencing publication activity using a balanced panel dataset of Russian regions from 2009 to 2021. Additionally, we propose a novel approach using thematic scientometric parameters as a special type of proximity measure between regions in thematic space. Incorporating spatial spillovers in thematic space allows us to account for potential cross-sectional dependence in regional data. |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2311.08830&r=ure |
| By: | Siddhartha Sanghi; Amy Smaldone |
| Abstract: | White Americans live longer than Black Americans, but the gap has been narrowing. What has been driving that in recent decades? |
| Keywords: | life expectancy; racial gap |
| Date: | 2022–01–27 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:94070&r=ure |
| By: | Wilhelm Breuer; Leon Heindorf |
| Abstract: | In order to do justice to climate change, the Paris Climate Agreement and social demands, the European Green Deal was concluded. Its goal is to make Europe climate-neutral by 2050. As part of this, the so-called Taxonomy Regulation came into force on 01.01.2022. In order to analyse how the Taxonomy Regulation affects sustainability efforts and corporate financing, especially green bonds, a survey was conducted among listed German real estate companies. The focus was on three research questions: To what extent does the Taxonomy Regulation influence listed real estate companies and their financing? What is the interaction between the Taxonomy Regulation and green bonds? How will this field of corporate financing develop in the future? The paper shows the results of the survey and analyses them. |
| Keywords: | EU Taxonomy; German Listed Real Estate; Green Bonds; Sustainable Finance |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_235&r=ure |
| By: | Francis OSEI-TUTU (Paris School of Business (PSB)); Laurent WEILL (LaRGE Research Center, Université de Strasbourg) |
| Abstract: | We examine the effect of regional favoritism on the access of firms to credit. Using firm-level data on a large sample of 29, 000 firms covering 47 countries, we investigate the hypothesis that firms in the birth regions of national political leaders have better access to credit. Our evidence suggests that firms located in birth regions of political leaders are less likely to be credit constrained. The effect takes place through the demand channel: firms in leader regions feel less discouraged in applying for loans. We find no evidence, however, of preferential lending from banks to firms in leader regions. Thus, regional favoritism affects access to credit through differences in perceptions of firm managers, not deliberate changes in the allocation of resources by political leaders. |
| Keywords: | regional favoritism, access to credit, borrower discouragement. |
| JEL: | D72 G21 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:lar:wpaper:2023-04&r=ure |
| By: | Samuel Bentolila; Antonio Cabrales; Marcel Jansen |
| Abstract: | This paper analyzes the causal impact of dual vocational education and training (VET) on the labor market insertion of youth. Using matched education and social security records, we estimate the causal impact of a major reform that introduced a new dual track, which combines firm- and school-based training, on the labor market outcomes of the first three dual VET cohorts in the Spanish region of Madrid. The control group is composed of individuals who graduated in the same fields and years in school-based VET. Selection into dual VET is dealt with using a distance-based instrumental variable. Dual VET is found to generate sizable improvements in employment and earnings, but no significant impact on job quality. The results are not driven by pre-reform differences in the quality of the schools that adopted dual VET and the higher retention rate of dual VET graduates only partly explains the dual premium. |
| Keywords: | dual vocational education and training, school-to-work transition, Spain |
| JEL: | D92 G33 J23 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10762&r=ure |
| By: | Lingshan Xie; Stanimira Milcheva |
| Abstract: | This paper assesses the role of local greenness in attracting ESG capital into infrastructure deals in the US. Local greenness refers to state-level policies and incentives to increase energy efficiency, local capabilities to develop green assets, and local citizen’s green ideology. We identify ESG investors as infrastructure private equity (PE) fund management firms who have signed the United Nations Principles for Responsible Investment (UN PRI). We find that in states with higher greenness, ESG PE investors are more likely to be involved in an infrastructure deal. We show that green policies and incentives contribute to a boost in green capabilities and green ideology thus reducing political and regulatory risk for ESG investors interested in low-risk-low-return way of “greenifying” their portfolio. |
| Keywords: | ESG investors; infrastructure private equity funds; local greenness |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_264&r=ure |
| By: | Marianna Belloc; Francesco Drago; Roberto Galbiati (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Abstract This paper considers how the foundation of the first universities in Italy affected the emergence of free city-states (the communes) in the period 1000–1300 CE. Exploiting a panel dataset of 121 cities, we show that the time variant distance of the sample cities to their closest university is inversely correlated with the probability of their transition to communal institutions. Our evidence is consistent with the hypothesis that the medieval universities provided the useful juridical knowledge and skills for building legal capacity and developing communal institutions. |
| Keywords: | Institutional change Education Human capital accumulation Communal movement. JEL CODES: I20 I23 K01 N33, Institutional change, Education, Human capital accumulation, Communal movement. JEL CODES: I20, I23, K01, N33 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04278818&r=ure |
| By: | Christian Glocker; Matteo Iacopini; Tam\'as Krisztin; Philipp Piribauer |
| Abstract: | The spatial autoregressive (SAR) model is extended by introducing a Markov switching dynamics for the weight matrix and spatial autoregressive parameter. The framework enables the identification of regime-specific connectivity patterns and strengths and the study of the spatiotemporal propagation of shocks in a system with a time-varying spatial multiplier matrix. The proposed model is applied to disaggregated CPI data from 15 EU countries to examine cross-price dependencies. The analysis identifies distinct connectivity structures and spatial weights across the states, which capture shifts in consumer behaviour, with marked cross-country differences in the spillover from one price category to another. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2310.19557&r=ure |
| By: | Tijmen van Kempen; Sven Damen |
| Abstract: | Mandatory energy efficiency disclosure policies are increasingly being used by governments around the world to reduce information-driven market failures. We exploit two policy changes in Flanders to study the causal effect of mandatory energy efficiency disclosure policies on house prices. We find that the introduction of mandatory energy performance certificates in 2008 that include an energy efficiency score did not affect the association between energy efficiency and sales prices, indicating that the policy change did not reduce information frictions. However, the introduction of EPC labels in 2019 affected the willingness to pay for energy efficiency. |
| Keywords: | Energy Consumption; energy performance certificates; Information Asymmetry |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_252&r=ure |
| By: | Petreski, Aleksandar (Jönköping International Business School); Schäfer, Dorothea (DIW Berlin &, Jönköping International Business School); Stephan, Andreas (Linnaeus University) |
| Abstract: | This study explores the effect of frequent green bond issuance on a firm’s financing costs. Using a sample of listed Swedish real estate companies issuing in total 1, 074 bonds over the period from 2011 to 2021, difference-in-difference analyses and instrumental variable estimations are applied to identify the causal impact of frequent green vis-à-vis frequent non-green bond issuing on a firm’s cost of capital and credit rating. The paper argues that repetitive issuance lowers a firm’s cost of capital, while the effects of first or one-time green bond issuance are the opposite. In line with the reputation capital hypothesis, issuing green bonds even lowers the firm’s cost of equity capital, while issuing non-green bonds does not affect the cost of equity. |
| Keywords: | bond issuance; green debt; reputation capital; sustainability; ESG |
| JEL: | G32 R30 R32 |
| Date: | 2023–11–21 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:cesisp:0493&r=ure |
| By: | Tommaso Gabrieli |
| Abstract: | We are contemporary real estate valuers who use daily tools of present value maths and discounted cash flow analysis. Endowed with those tools, we travel back to the 30's and analyse the origins of the dual leasehold rate, an appraisal technique that has been widely used -but contested- till our present times. Following the journey of Mackmin (2008), we find that the original idea of Mackmin (1928) is based on a correct valuation principle, but the dual-rate formula advocated by Parry (1930) and others is wrong in terms of discounting. We correct the old formula and we take it back to the present. The corrected formula can then be further extended and adapted to different cases of contemporary leasehold valuations. We show through some numerical simulations to which extent the old dual-rate formula differs from the corrected version. We reach a possibly different conclusion from the one of Mackmin (2008): a dual (or even triple) rate formula can still be useful to value leaseholds but it needs to be obtained by correct principles of discounted cash flow. |
| Keywords: | Leasehold Dual Rate; Leasehold Single Rate; Leasehold Valuation; Valuation mathematics |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_206&r=ure |
| By: | Oliver Zain Hannaoui; Hyeyoon Jung; João A. C. Santos; Lee Seltzer |
| Abstract: | The intensity, duration, and frequency of flooding have increased over the past few decades. According to the Federal Emergency Management Agency (FEMA), 99 percent of U.S. counties have been impacted by a flooding event since 1999. As the frequency of flood events continues to increase, the number of people, buildings, and agriculture exposed to flood risk is only likely to grow. As a previous post points out, measuring the geographical accuracy of such risk is important and may impact bank lending. In this post, we focus on the distribution of flood risk within the Federal Reserve’s Second District and examine its effect on establishment location decisions over the last two decades. |
| Keywords: | climate risk; flood risk; firm location |
| JEL: | G3 Q54 R10 |
| Date: | 2023–11–14 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednls:97304&r=ure |
| By: | Meisiek, Anne (Institute for Employment Research (IAB), Nuremberg, Germany); Meister, Moritz (Institute for Employment Research (IAB), Nuremberg, Germany); Niebuhr, Annekatrin (Institute for Employment Research (IAB), Nuremberg, Germany ; Univ. Kiel); Rudolph, Meike (Institute for Employment Research (IAB), Nuremberg, Germany) |
| Abstract: | "This study investigates the importance of global value chain (GVC) integration for local labor market outcomes in Germany during the COVID-19 pandemic. Although COVID-19 can be considered as a global crisis, there are at the same time strong geographical differences in its impact. We observe pronounced spatial variation in infection rates, policy responses, and behavioral changes. A rapidly growing number of studies provide evidence of heterogeneous effects of the COVID-19 pandemic on local labor markets, most of them focusing on the initial shock and often on the effects of lockdowns and economic policy measures. This paper takes a different perspective on the regional economic effects of the pandemic. We focus on the impact of disrupted GVC during the COVID-19 crisis on local labor markets and investigate whether GVC integration influenced the magnitude of the initial shock and the subsequent recovery process of regions in Germany until December 2021. Our analysis of the regional effects of GVC disruptions in Germany focuses on the bilateral GVC relationship between China and Germany because the two countries are important agents in GVC. Moreover, China was hit early and severely by the pandemic which led to a sizeable decline in the country's production and exports at the beginning of 2020. To measure regional and sectoral GVC integration, we use the 2021 edition of the OECD's Inter-Country Input-Output tables, which provide detailed information on trade in intermediate goods between 45 industries and 66 countries up to the year 2018. Using this data on international trade in intermediate products, we apply different indicators to measure the GVC integration of German sectors via imports and exports of intermediate inputs. To measure the integration of local labor markets in GVC, we quantify the regional variation in trade in intermediate goods using the variation in sectoral specialization across labor market regions. Our main outcome variable is the regional employment share of workers receiving a short-time work allowance. The extensive use of short-time work (STW) was one reason why the unemployment rate showed a relatively moderate increase during the COVID-19 pandemic in Germany. Therefore, we apply STW rather than regional unemployment rates to measure the labor market effects of GVC disruptions caused by the COVID-19 crisis. As a second outcome variable, we consider regional employment. Our descriptive results point to a clustering of highly integrated regions in southern Germany that appears to be slightly more pronounced for GVC trade with China than for GVC trade with the rest of the world. In contrast, many regions in the Northeast of Germany show a below average GVC integration. A decomposition GVC-related trade into imports and exports shows that the export component is almost twice as large as GVC-related imports in Germany. However, the export and import measures are highly correlated, indicating that when a region is strongly integrated into GVC-related trade, it is usually through both imports and exports. Regression results show that short-time work increased more strongly in 2020 in local labor markets which are characterized by an above average GVC integration with China. We detect significant effects of both an integration through exports and imports of intermediate goods, with the impact of GVC-related imports from China being somewhat stronger. The effects that we find for GVC integration with China are, however, only temporary and decline quickly during the second half of 2020. Regions that are highly integrated with the rest of the world, in contrast, do not stand out from other local labor markets in Germany when it comes to the effects of GVC disruptions. There are different potential reasons behind the swift recovery of those regions that show a high GVC integration with China. First of all, China does not differ that much from other important trade partners of Germany in 2021 when it comes to trade disruptions. Moreover, there is some first evidence on firms adjusting their production process and the procurement of inputs in response to value chain disruptions." (Author's abstract, IAB-Doku) ((en)) |
| Keywords: | Bundesrepublik Deutschland ; China ; Pandemie ; IAB-Open-Access-Publikation ; Außenhandel ; Auswirkungen ; Beschäftigungseffekte ; Betriebsunterbrechung ; Globalisierung ; internationale Arbeitsteilung ; Kurzarbeit ; Produktionsorganisation ; regionaler Arbeitsmarkt ; Wertschöpfung ; Wirtschaftszweige ; Zulieferer ; 2021-2021 |
| Date: | 2023–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:iab:iabfob:202310&r=ure |
| By: | Melorango, Siivi; Shirgaokar, Manish |
| Abstract: | Transit in the U.S. is considered secondary to automobile travel; bus services are especially stigmatized. Facing declining ridership and overall diminished financial support, many agencies are confronted with making difficult choices about how to supply efficient and effective services. We analyze the 2019 National Transit Database focusing on U.S. agencies providing bus services. We study three measures each of efficiency (cost per vehicle revenue mile, fare revenues per unlinked passenger trip, and vehicle revenue miles per employee hours) and effectiveness (cost per unlinked passenger trip, unlinked passenger trips per vehicle revenue mile, and unlinked passenger trips per vehicle revenue hour). We focus on agency attributes, service characteristics, and operations and management plus capital spending. The research indicates that agencies could consider outsourcing services that are necessary but might otherwise be a drain on agency resources. Agencies should balance the efficiencies of higher speed bus service with more effective service. Planners, engineers, and stakeholders working with transit agencies need to be cautious about which outcomes to focus on if costs are to decrease, while efficiency and effectiveness of bus services are to increase. Specifically, outsourcing has differing impacts based on agency size. Our work underscores the importance of operations and management spending, coupled with strategic capital expenditure. |
| Date: | 2023–11–03 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:ub5zp&r=ure |
| By: | Rose Camille Vincent; Stephan Dietrich; Kyle McNabb |
| Abstract: | This paper investigates business tax compliance in a multilevel tax structure with limited coordination. We study the case of Kampala, where firms are taxed at national and local levels—by the Uganda Revenue Authority and the Kampala Capital City Authority, respectively—and where the agencies operate quasi-independently. We begin by merging large-scale administrative tax data from the separate registries of the two agencies. In doing so, we have a rare opportunity to understand firm compliance with their due payments to the URA and KCCA. |
| Keywords: | Business tax, Tax compliance, Uganda |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2023-134&r=ure |
| By: | César Ducruet; Hidekazu Itoh; Bárbara Polo Martin; Mame Astou Séné; Mariantonia Lo Prete; Ling Sun; Hidekazu Itoh; Yoann Pigné |
| Abstract: | Despite the skyrocketing growth of environmental studies in recent decades about ports and shipping, the local health impacts of ports remain largely under-researched. This article wishes to tackle this lacuna by statistically analyzing data on global shipping flows across nearly 5, 000 ports in 35 OECD countries between 2001 and 2018. The different traffic types, from containers to bulks and passengers, are analyzed jointly with data on natural conditions, air pollution, socio-economic features, and public health. Main results show that port regions pollute more than non-port regions on average, while health impacts vary according to the size and specialization of port regions. Three types of port regions are clearly differentiated, of which industrial, intermediate, and metropolitan port regions. |
| Keywords: | health; maritime transport; air pollution; port region; vessel movements |
| JEL: | I15 Q53 Q56 R11 R40 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2023-32&r=ure |
| By: | Ran Abramitzky (Stanford University); Leah Platt Boustan (Princeton University); Peter Catron (University of Washington); Dylan Connor (Arizona State University); Rob Voigt (Northwestern University) |
| Abstract: | The United States has admitted more than 3 million refugees since 1980 through official refugee resettlement programs. Scholars attribute the success of refugee groups to governmental programs on assimilation and integration. Before 1948, however, refugees arrived without formal selection processes or federal support. We examine the integration of historical refugees using a large archive of recorded oral history interviews to understand linguistic attainment of migrants who arrived in the early twentieth century. Using fine-grained measures of vocabulary, syntax and accented speech, we find that refugee migrants achieved a greater depth of English vocabulary than did economic/family migrants, a finding that holds even when comparing migrants from the same country of origin or religious group. Our findings are consistent with the hypothesis that refugees had greater exposure to English or more incentive to learn, due to the conditions of their arrival and their inability to immediately return to their origin country. |
| Keywords: | Refugees, Early 20th Century, Linguistic Attainment |
| JEL: | J15 N32 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:pri:econom:2023-04&r=ure |
| By: | Muhammed Bolomope |
| Abstract: | Property investment decisions are made within complex and dynamic market environments that are increasingly challenging and susceptible to disruptions. Whereas scholars have consistently researched property investment decision-making from different perspectives, the explicit consideration of investor personality and its impact on the decision-making process in a disrupted market is limited in the property investment literature. This study therefore attempts to understand how disruption-driven property investment decisions are made, by focusing on the unique personalities, perceptions, and experiences of decision makers. The study will leverage the tenets of the five-factor theory of personality and a qualitative strategy involving case studies of Listed Property Trusts (LPTs) in executing the research. Decision makers across participating Trusts will be engaged in semi-structured interviews where they will provide descriptive, in-depth accounts of how disruption-driven investment decisions are made in their respective organizations. |
| Keywords: | Listed Property Trusts; personality; Property Investment; Property Investment Decision-making |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_308&r=ure |
| By: | Yann Algan; Nicolò Dalvit; Quoc-Anh Do; Alexis Le Chapelain; Yves Zenou |
| Abstract: | We study how social interaction and friendship shape students' political opinions in a natural experiment at Sciences Po, the cradle of top French politicians. Quasi-random assignments of students into the same short-term integration groups before their scholar curriculum reduce political opinion gap, and increase friendship formation. Using the pairwise indicator of same-group membership as instrumental variable for friendship, we find that friendship causes a reduction of differences in opinions by 40% of the standard deviation of opinion gap. The evidence is consistent with a homophily-enforced mechanism, by which friendship causes initially politically-similar students to join political associations together, which reinforces their political similarity, without exercising an effect on initially politically-dissimilar pairs. Friendship affects opinion gaps by reducing divergence, therefore polarization and extremism, without forcing individuals’ views to converge. Network characteristics also matter to the friendship effect. |
| Keywords: | political opinion, social networks, friendship effect, polarization, homophily, extremism, natural experiment |
| JEL: | C93 D72 Z13 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10753&r=ure |
| By: | Courtney Boen; Elizabeth Bair; Hedwig Lee; Atheendar Venkataramani |
| Abstract: | While state incarceration policies have received much attention in research on the causes of mass incarceration in the U.S., their roles in shaping population health and health disparities remain largely unknown. We examine the impacts of two signature state incarceration policies adopted during the “tough on crime” era of the 1990s—three strikes and truth in sentencing—on Black and White birth outcomes. Using a difference-in-differences event study research design that models the dynamic impacts of these policies over time, we find that these policies had opposing effects on birth outcomes. We find that birth weight outcomes—including mean birth weight and low birth weight—for Black infants worsened markedly in the year three strikes policies were adopted. By contrast, birth outcomes for Black and White infants gradually improved after truth in sentencing policies were adopted. The discordant findings point to distinct, countervailing mechanisms by which sentencing policies can affect population health. We provide suggestive evidence that three strikes policies adversely impacted Black birth outcomes through affective mechanisms, by inducing highly racialized, stigmatizing public discourse around the time of policy adoption, while truth in sentencing likely impacted birth outcomes via material mechanisms, namely gradually reductions in community incarceration and crime rates. Altogether, these findings point to the need to further interrogate state criminal legal system policies for their impacts on population health, considering whether, how, and for whom these policies result in health impacts. |
| JEL: | I10 I14 I18 K4 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31888&r=ure |
| By: | Sandra McNally; Luis Schmidt; Anna Valero |
| Abstract: | Further Education colleges are a key way in which 16-19 year olds acquire skills in the UK (much like US Community Colleges), especially those from low income backgrounds. Yet, little is known about what could improve performance in these institutions. We design and conduct the world's first management practices survey in these colleges (based on the World Management Survey) and match this to administrative longitudinal data on over 40, 000 students. Value added regressions with rich controls suggest that structured management matters for educational outcomes (e.g. upper secondary qualifications), especially for students from low-income backgrounds. In a hypothetical scenario where a learner is moved from a college at the 10th percentile of management practices to the 90th, this would be associated with 8% higher probability of achieving a good high school qualification, which is nearly half of the educational gap between those from poor and non-poor backgrounds. Hence, improving management practices may be an important channel for reducing inequalities. |
| Keywords: | management practices, further education |
| Date: | 2022–03–08 |
| URL: | http://d.repec.org/n?u=RePEc:cep:poidwp:026&r=ure |
| By: | Filomena, Mattia (Masaryk University); Picchio, Matteo (Marche Polytechnic University) |
| Abstract: | We analyse how unemployment affects individuals' social networks, leisure activities, and the related satisfaction measures. Using the LISS panel, a representative longitudinal survey of the Dutch population, we estimate the effects by inverse propensity score weighting in a difference-in-differences design in order to deal with unobserved heterogeneity and unbalanced covariate distribution between treated and control units potentially associated with the dynamics of the outcome variables. We find that, after job loss, individuals increase their network size by strengthening their closest contacts within the family, spending more time with neighbors, and making more use of social media. Although they devote their extra leisure time mostly to private activities, our results do not support the hypothesis of social exclusion following unemployment. |
| Keywords: | unemployment, job loss, social exclusion, leisure, social satisfaction, doubly robust difference-in-differences |
| JEL: | I31 J01 J64 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16579&r=ure |
| By: | Sarah Robinson; Heather Royer; David Silver |
| Abstract: | Analyzing data spanning three decades covering the near universe of births, we study county-level differences in Cesarean section (C-section) rates among first-time mothers of singleton births. Our research reveals persistent geographic variation in C- section rates for both low- and high-risk groups. Counties with elevated C-section rates consistently perform more C-sections across mothers at all levels of appropriateness for the procedure. These elevated rates of C-section in high C-section counties are associated with reduced maternal and infant morbidity. We also find that C-section decisions are less responsive to underlying risks for Black mothers relative to white mothers, suggesting potential welfare-reducing disparities. |
| JEL: | I1 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31871&r=ure |
| By: | Kathryn Freeman Anderson; Michelle Stanley |
| Abstract: | This Census project broadly examines the relationship between changing demographics and the spatial distribution of business establishments over time. As such, this project uses several restricted Census products. It links the Longitudinal Business Database (LBD) and the County Business Patterns Business Register (CBPBR) to the Decennial Census and the American Community Survey (ACS) from 1992-2020. The goal is to better understand the associations between changing residential demographics, racial/ethnic residential segregation, and the spatial distribution of formal health-promoting organizations over a twenty-eight year period. To accomplish this, it relies on longitudinally-linked data on organizations as organized by industry codes. One major consideration is that in 1997, the Census Bureau started using North American Industry Classification System (NAICS) codes in lieu of Standard Industrial Classification (SIC) codes to classify industries. This was done in order to more accurately represent the activities of an establishment, and to better reflect the changing nature of industry and employment in the United States. However, this would affect the comparability of the data from 1992-1996 as compared to the data from 1997-2020 available in the data set. The Census Bureau recently completed the process of adjusting the earlier data to include both SIC and several NAICS coding schemes in a longitudinally consistent fashion, and is available as an additional file to the LBD. In 2021, the agency also adjusted the data to include the 2017 vintage NAICS code versions. The goal of this technical report is to provide benefit to the Census by analyzing these codes over time for consistency using the CBPBR and the LBD, especially for those industries and services that are related to health and well-being. From the analysis presented here, the NAICS codes appear to be relatively stable over time. Very few organizations experience changes over time using the 2017 NAICS code vintage over the 28 year period. Moreover, where these changes occur, they appear to be relatively stable over time (a similar amount of change from year to year), and not particularly concentrated in any one industry. Finally, any changes observed in the NAICS codes over the different vintages appear to be primarily related to changes in the coding schemes themselves for the different NAICS vintages. Thus, we conclude that the normalization over time for the NAICS codes, at least for this 28 year period and for this group of health-related organizations, appears to be consistent. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:cen:tnotes:23-18&r=ure |
| By: | Nils Grashof; Alexander Kopka |
| Abstract: | Artificial intelligence (AI) is seen as a key technology for economic growth. However, the impact of AI on firm productivity has been under researched – particularly through the lens of inequality and clusters. Based on a unique sample of German firms, filling at least one patent between 2013 and 2019, we find evidence for a positive influence of AI on firm productivity. Moreover, our analysis shows that while AI knowledge does not contribute to productivity divergences in general, it increases the productivity gap between laggard and all other firms. Nevertheless, this effect is reduced through the localisation in clusters. |
| Keywords: | Artificial intelligence, Inequality, Productivity, Clusters, Patents, Firm-level |
| JEL: | O18 O30 R10 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:atv:wpaper:2304&r=ure |
| By: | Jan Bruha; Hana Bruhova Foltynova |
| Abstract: | The outbreak of the COVID-19 pandemic and the subsequent introduction of anti-pandemic measures led to a substantial drop in mobility, including travelling to work and shopping, and an increase in virtual activities, mainly working from home and online shopping. The question addressed in this paper is whether this change is permanent and, if so, to what extent. We use panel data collected in five waves from the Czech adult urban population during and shortly after the COVID-19 pandemic. The data document a substantial switch to online activities during the pandemic. This switch seems to be semi-permanent, i.e., expected to last even after the lifting of the anti-pandemic measures. The main determinants of working from home are job type, industry and education. The main determinants of online shopping are age and education. We conclude that the pandemic and the related measures accelerated the diffusion of online activities among the Czech population, mainly among younger and more educated individuals. |
| Keywords: | Coronavirus pandemic, online shopping, travel behavior, working from home |
| JEL: | O33 Q54 R41 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:cnb:wpaper:2023/9&r=ure |
| By: | Kai Fischer |
| Abstract: | How do skilled migrant workers affect firms’ performance and output? I estimate the causal effect of EU nurse withdrawal after the Brexit referendum on the performance of English hospitals. Exploiting variation in the reliance on EU workers across hospital providers in pre-referendum years, I find that providers with a mean share of EU nurses before the referendum persistently face 2% more hospital-related deaths after the referendum. This translates to 5, 900 additional hospital-related deaths p.a. in England. Unexpected readmissions of patients increase by 5% and reported incidents with harm to patients by 7% respectively. Providers respond to missing EU nurses by hiring UK nurses and fostering promotions in the short run, and by recruiting non-European nurses in the long run. |
| Keywords: | skilled labour shortage, public healthcare, e-/immigration, Brexit |
| JEL: | J24 J61 I18 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10747&r=ure |
| By: | Rodriguez, Francisco Javier Valverde |
| Abstract: | This dissertation studies how minimum wage changes affect labor market outcomes (employment and wages) when taking into account the effect of monopsonic power from employers. We explore the case of a labor market with high levels of informality and wage inequality such as Mexico. We use data from the Mexican Economic Census and employment surveys to estimate a Herfindahl-Hirschman concentration index for urban labor markets. This measure is used to evaluate the effect of the change in minimum wage policy from the government, which started increasing the minimum wage significantly from 2016 onward. We use the concentration index in several regressions with interaction between minimum wage and the index, including lineal and quantile regressions. Our main findings are that the minimum wage has a small but positive marginal effects on labor market outputs, and these effects increase with market concentration. Spillover effects range from 0.01 to 0.14\% overall, and are bigger for informal than for formal workers. Employment effects range from -0.42 to -0.74\%. We consider the monopsony theory explains these findings. Additionally, the spillover effects are greater for the lowest percentiles of the wage distribution, and disappear around the 10th percentile. This is consistent with previous evidence about minimum wage impacts. The results are robust for alternative definitions of market concentration and for a placebo test. These results provide evidence on the effectiveness of minimum wage in reducing poverty and wage inequality, and the necessity of pro-worker regulation to reduce the market power of firms. |
| Date: | 2023–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:5x7uk&r=ure |
| By: | Giorgio Fabbri (Univ.Grenoble Alpes, CNRS, INRIA, Grenoble INP, GAEL, Grenoble, France); Silvia Faggian (Department of Economics, University Of Venice Ca' Foscari, Italy); Giuseppe Freni (Department of Business and Economics, University of Naples "Parthenope", Naples, Italy.) |
| Abstract: | We study the dynamics of the exploitation of a natural resource distributed among and flowing between several nodes connected via a weighted, directed network. The network represents both the locations and the interactions of the resource nodes. A regulator decides to designate some of the nodes as natural reserves where no exploitation is allowed. The remaining nodes are assigned (one-to-one) to players, who will exploit the resource at the node. We show how the equilibrium exploitation and the resource stocks depend on the productivity of the resource sites, on the structure of the connections between the sites, and on the number and the preferences of the agents. The best locations to host nature reserves are identified according to the model's parameters, and we find that they correspond to the most central (in the sense of eigenvector centrality) nodes of a suitably redefined network that considers the nodes' productivity. |
| Keywords: | Harvesting, spatial models, differential games, nature reserve |
| JEL: | Q28 C72 Q23 C61 R12 Q20 R11 C73 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ven:wpaper:2022:03&r=ure |
| By: | Kyriaki G. LouKa (Central Bank of Cyprus); Nektarios A. Michail (Central Bank of Cyprus) |
| Abstract: | The paper examines how the consumption habits of borrowers are affected after missing one or more payments or when their loans are delayed by more than 90 days. In addition, we investigate how household consumption may be impacted by a successful loan restructuring. Using data from the Eurosystem Household Finance and Consumption Survey for 2017, we find that households with late or missed loan payments report a fall in consumption levels and those with loans in arrears register an increase in consumption. This suggests that a household's failure to fulfil its commitments may actually help it increase its consumption. Other determinants that affect household consumption and income disparities are also considered as explanatory variables. |
| Keywords: | in-house, out-of-house consumption, HFCS, non-performing loans |
| JEL: | C21 E21 G21 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:cyb:wpaper:2023-1&r=ure |
| By: | Melvyn Li; Kaili Wang; Yicong Liu; Khandker Nurul Habib |
| Abstract: | This paper introduces an innovative travel survey methodology that utilizes Google Location History (GLH) data to generate travel diaries for transportation demand analysis. By leveraging the accuracy and omnipresence among smartphone users of GLH, the proposed methodology avoids the need for proprietary GPS tracking applications to collect smartphone-based GPS data. This research enhanced an existing travel survey designer, Travel Activity Internet Survey Interface (TRAISI), to make it capable of deriving travel diaries from the respondents' GLH. The feasibility of this data collection approach is showcased through the Google Timeline Travel Survey (GTTS) conducted in the Greater Toronto Area, Canada. The resultant dataset from the GTTS is demographically representative and offers detailed and accurate travel behavioural insights. |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2311.10210&r=ure |
| By: | Jepsen, Christopher (University College Dublin); Mueser, Peter R. (University of Missouri, Columbia); Troske, Kenneth (University of Kentucky); Jeon, Kyung-Seong (University of Missouri-Columbia) |
| Abstract: | This paper estimates labor-market returns for students pursuing certificates or associate's degrees in eight broad fields of study at community colleges and for-profit institutions. The data contain 400, 000 students beginning their studies between 2005 and 2012 in one state. We estimate two-step models to address recent econometric concerns with two-way fixed effects models. Our analyses show important differences in return by field, with similar patterns for for-profit schools and community colleges. Apart from those studying in health fields, returns are generally greater for those attending for-profit schools than those attending community colleges. Higher estimated overall returns for for-profit schools are not primarily due to differences in areas of study. |
| Keywords: | postsecondary education, labor-market returns, for-profit schools |
| JEL: | J24 I26 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16568&r=ure |
| By: | Le Thanh Binh (University of HawaiÕi at Manoa) |
| Abstract: | This study aims to investigate and decompose the effect of peers on work performance through two specific channels: peer performance information and peer communication. The participants performed a real-effort task of adding two highest numbers from a pair of 4x4 matrices and were paid by piece rate under four different treatments. The treatments differed in whether peer performance information on a randomly matched other participant was provided, and whether the matched participants could communicate via chatbox. Overall, I found no evidence of the significant peer effects through either peer performance information or through communication. However, the effects of these channels on the individual performance are found for some subsets of participants. The high performers reported communication to be a distraction rather than a cooperation opportunity with their partner; their productivity is reduced in the presence of the chatbox. For females, the individual productivity is significantly reduced in the presence of both peer performance information and communication via chatbox. My experimental results also connect to the literature on gender differences in the competitive environment. |
| Keywords: | Communication, Peer Information, Individual Performance, Piece rate |
| JEL: | D81 D91 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:hai:wpaper:202309&r=ure |
| By: | Nyambedha, Erick Otieno; Jaji, Rose; Kuhnt, Jana |
| Abstract: | The UN Convention on the Rights of the Child significantly strengthened the legal basis for recognising children as actors with agency and a voice. In contrast to this, children in displacement contexts are still commonly portrayed as victims without agency. Children are dependent on adults, but that does not mean that they have no right to participate in decisions that affect their lives. This policy brief sheds light on the active role that children in displacement situations can take in their daily lives to shape refugee-host interactions and local integration in camp settings. It discusses how the role of children in the social integration of refugees can be strengthened and supported, indicating potential areas for intervention. With 40 per cent of the displaced population worldwide being below the age of 18, children form a significant part of this group (United Nations High Commissioner for Refugees [UNHCR], 2023). However, there continues to be limited information on the perspectives and experiences of children in displacement situations, particularly those living in the Global South. Although there is some knowledge regarding interventions to support the integration of refugee children, not much has been said about their own initiatives with respect to social integration and mediating the circumstances that displacement and encampment entail. Children change the world around them and invariably impact the adult-dominated processes of migration and integration when they participate. Independently from adults, children negotiate and construct relations during their interactions in public and private spaces, such as in (pre-)schools, organised sporting events and in private meeting points. They develop friendships and share learning materials, food and language. Through their agency, children build relations that are critical for the process of integration. This can transcend adult-dominated notions about the safety and securitisation of displacement contexts, thus transforming the conflict rhetoric associated with refugee-host community relations. The role of children has become even more salient in view of efforts to facilitate integration through the Comprehensive Refugee Response Framework (CRRF), a key framework guiding refugee policy in many refugee-hosting countries in the Global South. At the same time, children's unique growth and developmental needs have to be adequately understood and incorporated into integration policies and programmes. In this policy brief, we call for a change in policy and programming to recognise and support children's critical role in social integration. We make the following recommendations to host governments, international agencies and local partners active in refugee camp settings to: - Support more data collection and analysis of children's actions in building relations that can foster integration in different displacement contexts. - Ensure that children are included as a special category in policy frameworks. Their interests and needs should be taken into account by listening to their voices and providing platforms for exchanges with adults, policy-makers and practitioners. - Create more opportunities for refugee and host community children to interact inside and outside of school environments. - Support sensitisation programmes that bring together parents of refugee and host community children to understand the role of children in the integration process and to ensure that the views of adults as parents and guardians are also listened to and addressed. - Address negative stereotypes and open conflicts between refugee and host community children that restrict free and positive interactions. This can include fostering dialogue and peaceful means to resolve conflicts as well as facilitating cooperation. |
| Keywords: | Forced displacement and migration, Africa |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:idospb:279677&r=ure |
| By: | Ilyas, Muh. Indra Fauzi |
| Abstract: | The purpose of this study was to determine the financial performance of the Makassar City Government based on the Value For Money (VFM) method, namely to analyze the measurement of economic ratios, efficiency and effectiveness (3E). The type of research used is quantitative with a quantitative descriptive approach, namely collecting data, compiling, interpreting, and analyzing it so as to provide conclusions about local government financial performance using Value For Money. The data used is secondary data, namely data on the financial reports of the Regional Revenue and Expenditure Budget (APBD) of the Makassar City Government. The results of the indicate that the economic and efficiency ratios have met the Value For Money standard so that the budget can be more targeted and enjoyed by the community, while the effectiveness ratio has not met the Value For Money standard but there is still a need for continuous improvement in public services so that the effectiveness of government performance is achieved even better in the coming year. But the performance of Makassar City Government as a whole is good. |
| Keywords: | Value For Money, Economical, Efficiency, Effectiveness |
| JEL: | M0 |
| Date: | 2023–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119027&r=ure |
| By: | Kristian S. Blickle; Katherine Engelman; Theo Linnemann; João A. C. Santos |
| Abstract: | In our previous post, we identified the degree to which flood maps in the Federal Reserve’s Second District are inaccurate. In this post, we use our data on the accuracy of flood maps to examine how banks lend in “inaccurately mapped” areas, again focusing on the Second District in particular. We find that banks are seemingly aware of poor-quality flood maps and are generally less likely to lend in such regions, thereby demonstrating a degree of flood risk management or risk aversion. This propensity to avoid lending in inaccurately mapped areas can be seen in jumbo as well as non-jumbo loans, once we account for a series of confounding effects. The results for the Second District largely mirror those for the rest of the nation, with inaccuracies leading to similar reductions in lending, especially among non-jumbo loans. |
| Keywords: | FEMA; floods; flood insurance |
| JEL: | Q54 |
| Date: | 2023–11–13 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednls:97305&r=ure |