scholarly journals Loss in the Time of Cholera: Long-Run Impact of a Disease Epidemic on the Urban Landscape

2020 ◽  
Vol 110 (2) ◽  
pp. 475-525 ◽  
Author(s):  
Attila Ambrus ◽  
Erica Field ◽  
Robert Gonzalez
Keyword(s):  
Catchment Area ◽  
Urban Landscape ◽  
Housing Prices ◽  
Negative Externality ◽  
Income Shocks ◽  
Water Pump ◽  
Rental Market ◽  
Long Run ◽  
Income Shock ◽  
The Impact

How do geographically concentrated income shocks influence the long-run spatial distribution of poverty within a city? We examine the impact on housing prices of a cholera epidemic in one neighborhood of nineteenth century London. Ten years after the epidemic, housing prices are significantly lower just inside the catchment area of the water pump that transmitted the disease. Moreover, differences in housing prices persist over the following 160 years. We make sense of these patterns by building a model of a rental market with frictions in which poor tenants exert a negative externality on their neighbors. This showcases how a locally concentrated income shock can persistently change the tenant composition of a block. (JEL D62, O18, R21, R31)

scholarly journals Le marché immobilier : quelques perspectives à long terme pour la région de Trois-Rivières

2009 ◽  
Vol 59 (1) ◽  
pp. 153-163
Author(s):  
L. M. Farrell
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Consumer Price Index ◽  
Listing Service ◽  
Real Estate Markets ◽  
Long Run ◽  
Time Period ◽  
Short Period ◽  
The Impact ◽  
Transaction Price

Abstract The results of any analysis of local real estate markets must be qualified interms of the long run equilibrium conditions assumed in the study. Such propertycharacteristics as: non homogeneity, durability, length of response lag time, etc.,are frequently suggested as major factors which contribute to the inefficiency ofreal estate markets. Periods of prolonged exogeneous inflationary expectations,which may be indicated by changes in the Consumer Price Index (CPI), addfurther complexity to the analysis of real estate markets. This paper presents a brief discussion of the factors which influence thesupply and demand for Real Estate. Special reference is made to the City ofTrois-Rivières, Québec, which is analysed over the ten year period 1971 to 1981. In this market the impact of changes in income on long run demand would appearto be negative. The effect of demographic factors, particularly population in the25 to 34 year age group, is not clear. There is some indication of a shift in supplyacross submarkets over the 1976-1979 time period. Price changes, measured in current dollars using the Multiple Listing Service(MLS) average transaction price, increased approximately 200 per cent over arelatively short period in the early 1970s. Most of this appreciation appears tohave been lost over the longer time period of the study. Average MLS transaction price, adjusted for inflation, fluctuated between$12,000 and $28,000 over the same period. After appropriate qualification of the results, in terms of the data and themethodology used to analyse the data, it would appear that housing prices in theaggregated Trois-Rivières market have not increased appreciably in current orconstant dollars over the period 1971-1981 although this may not have been thecase in particular submarkets.

Application of ARMA Regression Model of Housing Prices Influence Factors of Xi'an

2013 ◽  
Vol 405-408 ◽  
pp. 3340-3342
Author(s):  
Hui Zhi ◽  
Yue Fan Wang
Keyword(s):  
Real Estate ◽  
Regression Model ◽  
Housing Prices ◽  
Influence Factors ◽  
Housing Price ◽  
The Real Estate ◽  
Housing Price Index ◽  
Long Run ◽  
The Government ◽  
The Impact

By selecting the relevant factors affect the real estate price, with the qualitative analysis method to analyze the housing prices changes of Xi'an, and then establish ARMA regression model of the housing price index, found that the factors exist long-run co-integration. In order to better reflect the actual, the government policy as a dummy variable is introduced into the model to make regression results more significantly, showing that government policies play an important role in the control of the impact on real estate prices.

scholarly journals Housing Price, Mortgage Interest Rate and Immigration

2020 ◽  
Vol 28 (3) ◽  
pp. 36-44
Author(s):  
Fennee Chong
Keyword(s):  
Interest Rate ◽  
Global Financial Crisis ◽  
Housing Prices ◽  
Housing Price ◽  
Mortgage Interest ◽  
Long Run ◽  
Mortgage Interest Rate ◽  
Short Run ◽  
The Global Financial Crisis ◽  
The Impact

AbstractHousing price in New Zealand has appreciated substantially after the Global Financial Crisis, resulting in an affordability problem for first home buyers. This paper studies whether changes in immigration activity and mortgage interest rate influence housing price. Empirical findings derived using VECM confirm the impact of immigration and mortgage interest rate on housing property price. Both variables explain 11.4 percent of the variation of Housing Index. An increase of 1 percent in mortgage interest rate would reduce the housing index movement by 1.44 percent whilst a 1 percent increase in immigrants would increase the housing index by 0.30 percent. In addition, about 2 percent of the short-run deviations of housing prices are adjusted towards the long-run equilibrium each month.

scholarly journals The Impact of Immigrate Population on the Housing Rental Market in Beijing

2020 ◽  
Vol 5 (3) ◽  
pp. 219
Author(s):  
Wenqiong Hu
Keyword(s):  
Central City ◽  
Housing Prices ◽  
Urban Housing ◽  
Registration System ◽  
Rental Market ◽  
The Past ◽  
The People ◽  
The Government ◽  
The Impact ◽  
The Relationship

<p>In recent years, rents of apartments in Beijing have been rising rapidly. A survey shows that Beijing, as a central city, has a large number of population changes due to the concentration of various high-quality resources. Besides, the immigrate population is an important reason for the increase of urban housing demands and the further increase of housing prices. At the same time, the problem of household registration system makes a large number of immigrate population still choose to buy houses in the original place, which further aggravates the spatial mismatch of housing demands in China. To find out the changes law of rent with the immigrate population, further help the government to perfect the policy for rental market, and help the people to get suggestions for rent, this article uses Saiz model for reference to build a theoretical model of the impact of immigrate population on housing prices to studies the relationship between immigrate population and rent changes in Beijing during the past eight years, and makes reasonable suggestions for residents and the government.</p>

scholarly journals Long-run drivers and short-term dynamics of Swedish real house prices

2018 ◽  
Vol 11 (1) ◽  
pp. 45-72 ◽  
Author(s):  
Maher Asal
Keyword(s):  
House Prices ◽  
Housing Prices ◽  
Real Effective Exchange Rate ◽  
Short Term ◽  
Content Type ◽  
Mortgage Interest ◽  
Long Run ◽  
Effective Exchange ◽  
Short Run ◽  
The Impact

Purpose This paper aims to assess the long-run drivers and short-term dynamics of real house prices in Sweden for 1986Q1 to 2016Q4. More specifically, the author examines the extent to which real house prices are determined by affordability, demographics and asset price factors. Design/methodology/approach The author conducts a cointegration analysis and applies a vector autoregression model to examine the long- and short-run responsiveness of Swedish real house prices to a number of key categories of fundamental variables. Findings The empirical results indicate that house prices will increase in the long run by 1.04 per cent in response to a 1 per cent increase in household real disposable income, whereas real after-tax mortgage interest and real effective exchange rates show average long-term effects of approximately – 8 and – 0.7 per cent, respectively. In addition, the results show that the growth of real house prices is affected by growth in mortgage credit, real after-tax mortgage interest rates and disposable incomes in the short run, whereas the real effective exchange rate is the most significant determinant of Swedish real house appreciation. Originality/value The impact of the two lending restrictions been implemented after the financial crisis – the mortgage cap in October 2010 and the amortization requirement in June 2016 – are ineffective to stabilize the housing market. This suggests that macroprudential measures designed to ease pressure on housing prices and reduce risks to financial stability need to focus on these fundamentals and address the issues of tax deductibility on mortgage rates and the gradual implementation of debt-to-income limits to contain mortgage demand and improve households’ resilience to shocks.

scholarly journals Trade Shocks and the Provision of Local Public Goods

2017 ◽  
Vol 9 (4) ◽  
pp. 101-143 ◽  
Author(s):  
Leo Feler ◽  
Mine Z. Senses
Keyword(s):  
Local Governments ◽  
Public Services ◽  
Housing Prices ◽  
Labor Demand ◽  
The United States ◽  
Income Shocks ◽  
Trade Shocks ◽  
Sales Taxation ◽  
Highly Correlated ◽  
The Impact

We analyze the impact of trade-induced income shocks on the size of local government and the provision of public services. Areas in the United States with declining labor demand and incomes due to increasing import competition from China experience relative declines in housing prices and business activity. Since local governments are disproportionately funded through property and sales taxation, declining property values and a decrease in economic activity translate into less revenue, which constrains the ability of local governments to provide public services. State and federal governments have limited ability to smooth local shocks, and the impact on the provision of public services is compounded when local income shocks are highly correlated with shocks in the rest of the state. The outcome is a relative decline not only in incomes but also in the quality of public services and amenities in trade exposed localities. (JEL F14, F16, H41, H71, R12, R31, R51)

The long-run stability of a small, open economy under crawling peg regime

2002 ◽  
Vol 52 (1) ◽  
pp. 57-78
Author(s):  
S. Çiftçioğlu
Keyword(s):  
Exchange Rate ◽  
Open Economy ◽  
Risk Premium ◽  
Small Open Economy ◽  
Exchange Rate Policy ◽  
Price Stability ◽  
Output Stability ◽  
Long Run ◽  
The Exchange Rate ◽  
The Impact

The paper analyses the long-run (steady-state) output and price stability of a small, open economy which adopts a “crawling-peg” type of exchange-rate regime in the presence of various kinds of random shocks. Analytical and simulation results suggest that with the exception of money demand shocks, an exchange rate policy which involves a relatively higher rate of indexation of the exchange rate to price level is likely to lead to the worsening of price stability for all types of shocks. On the other hand, the impact of adopting such a policy on output stability depends on the type of the shock; for policy shocks to the exchange rate and shocks to output demand, output stability is worsened whereas for the shocks to risk premium of domestic assets, supply price of domestic output and the wage rate, better output stability is achieved in the long run.

Impact of exchange rate and oil price on the yield of sovereign bond and sukuk: Evidence from Malaysian capital market

2017 ◽  
Vol 5 (4) ◽  
pp. 27
Author(s):  
Huda Arshad ◽  
Ruhaini Muda ◽  
Ismah Osman
Keyword(s):  
Exchange Rate ◽  
Capital Market ◽  
Time Series Data ◽  
Oil Prices ◽  
Oil Price ◽  
Series Data ◽  
Sovereign Bond ◽  
Long Run ◽  
Short Run ◽  
The Impact

This study analyses the impact of exchange rate and oil prices on the yield of sovereign bond and sukuk for Malaysian capital market. This study aims to ascertain the effect of weakening Malaysian Ringgit and declining of crude oil price on the fixed income investors in the emerging capital market. This study utilises daily time series data of Malaysian exchange rate, oil price and the yield of Malaysian sovereign bond and sukuk from year 2006 until 2015. The findings show that the weakening of exchange rate and oil prices contribute different impacts in the short and long run. In the short run, the exchange rate and oil prices does not have a direct relation with the yield of sovereign bond and sukuk. However, in the long run, the result reveals that there is a significant relationship between exchange rate and oil prices on the yield of sovereign bond and sukuk. It is evident that only a unidirectional causality relation is present between exchange rate and oil price towards selected yield of Malaysian sovereign bond and sukuk. This study provides numerical and empirical insights on issues relating to capital market that supports public authorities and private institutions on their decision and policymaking process.

The impact of Airbnb on a non-touristic city. A Case study of short-term rentals in Santa Cruz de Tenerife (Spain)

Erdkunde ◽  
2020 ◽  
Vol 74 (3) ◽  
pp. 191-204
Author(s):  
Marcus Hübscher ◽  
Juana Schulze ◽  
Felix zur Lage ◽  
Johannes Ringel
Keyword(s):  
Santa Cruz ◽  
Short Term ◽  
Rental Market ◽  
Rural Space ◽  
Use Of Data ◽  
Web Scraping ◽  
Per Capita ◽  
Per Se ◽  
The Impact

Short-term rentals such as Airbnb have become a persistent element of today’s urbanism around the globe. The impacts are manifold and differ depending on the context. In cities with a traditionally smaller accommodation market, the impacts might be particularly strong, as Airbnb contributes to ongoing touristification processes. Despite that, small and medium-sized cities have not been in the centre of research so far. This paper focuses on Santa Cruz de Tenerife as a medium-sized Spanish city. Although embedded in the touristic region of the Canary Islands, Santa Cruz is not a tourist city per se but still relies on touristification strategies. This paper aims to expand the knowledge of Airbnb’s spatial patterns in this type of city. The use of data collected from web scraping and geographic information systems (GIS) demonstrates that Airbnb has opened up new tourism markets outside of the centrally established tourist accommodations. It also shows that the price gap between Airbnb and the housing rental market is broadest in neighbourhoods that had not experienced tourism before Airbnb entered the market. In the centre the highest prices and the smallest units are identified, but two peripheral quarters stand out. Anaga Mountains, a natural and rural space, has the highest numbers of Airbnb listings per capita. Suroeste, a suburban quarter, shows the highest growth rates on the rental market, which implies a linkage between Airbnb and suburbanization processes.

An Econometric Analysis on the Relationship between Globalisation and Inequality in South Africa

2020 ◽  
Vol 11 (1) ◽  
pp. 89-89
Author(s):  
Jacques de Jongh
Keyword(s):  
South Africa ◽  
Well Being ◽  
Causality Analysis ◽  
Global Integration ◽  
Development Indicators ◽  
Long Run ◽  
The World ◽  
Distribution Of Resources ◽  
Short Run ◽  
The Impact

Globalisation has had an unprecedented impact on the development and well-being of societies across the globe. Whilst the process has been lauded for bringing about greater trade specialisation and factor mobility many have also come to raise concerns on its impact in the distribution of resources. For South Africa in particular this has been somewhat of a contentious issue given the country's controversial past and idiosyncratic socio-economic structure. Since 1994 though, considerable progress towards its global integration has been made, however this has largely coincided with the establishment of, arguably, the highest levels of income inequality the world has ever seen. This all has raised several questions as to whether a more financially open and technologically integrated economy has induced greater within-country inequality (WCI). This study therefore has the objective to analyse the impact of the various dimensions of globalisation (economic, social and political) on inequality in South Africa. Secondary annual time series from 1990 to 2018 were used sourced from the World Bank Development indicators database, KOF Swiss Economic Institute and the World Inequality database. By using different measures of inequality (Palma ratios and distribution figures), the study employed two ARDL models to test the long-run relationships with the purpose to ensure the robustness of the results. Likewise, two error correction models (ECM) were used to analyse the short-run dynamics between the variables. As a means of identifying the casual effects between the variables, a Toda-Yamamoto granger causality analysis was utilised. Keywords: ARDL, Inequality, Economic Globalisation; Social Globalisation; South Africa

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