scholarly journals Does the Difference in Urban Public Facility Allocation Cause Spatial Inequality in Housing Prices? Evidence from Chongqing, China

2019 ◽  
Vol 11 (21) ◽  
pp. 6096 ◽  
Author(s):  
Zhang ◽  
Zhou ◽  
Mao
Keyword(s):  
Equilibrium State ◽  
Housing Market ◽  
Housing Prices ◽  
Spatial Inequality ◽  
Public Facility ◽  
Spatial Equilibrium ◽  
Public Facilities ◽  
Study Results ◽  
The Difference ◽  
The Impact

The current study argues that the capitalisation effect of urban public facilities on housing will be considerable when the accessibility or availability of facilities has a serious stake in the location or property rights of houses. The supply level and supply quantity of urban public facilities determine whether there is a significant difference in the accessibility or availability of facilities amongst neighbourhoods, and subsequently determines whether the capitalisation effect of facilities on surrounding houses is considerable, which ultimately affects the spatial inequality in housing prices (i.e. spatial dispersion of housing prices). However, previous studies have rarely considered the fact that the supply and demand of urban public facilities vary with the type of facilities. Thus, according to the law of diminishing marginal utility, the current study proposes a theoretical framework for the impact of the allocation of urban public facilities at different supply levels on the spatial inequity in housing prices and verifies this through a case study. Results indicate that the difference in urban public facility allocation caused by the unequal supply quantity or unbalanced spatial distribution has a notable impact on the spatial inequality in housing prices. There are three states of allocation of urban public facilities available according to different supply levels, namely, disequilibrium, quantitative equilibrium and spatial equilibrium:(І) Scarce and high-quality public resources that may always be in the disequilibrium state create a substantial capitalisation effect on nearby housing, and their presence will aggravate spatial inequality in housing prices; (П) Public facilities that can only reach the quantitative equilibrium state have a considerable capitalisation effect on nearby housing, and their supply densities have a positive impact on the spatial inequality in housing prices; (Ш) Public facilities in the spatial equilibrium state have a negligible capitalisation effect on nearby housing, and their supply densities have a negative impact on the spatial inequality in housing prices. Therefore, it is reasonable to argue that urban public facilities at different supply levels have a diversified impact on the housing market. This study can contribute to having a comprehensive and in-depth understanding of the diversified impact of urban public facilities on the housing market.

scholarly journals Multiscale Effects of Multimodal Public Facilities Accessibility on Housing Prices Based on MGWR: A Case Study of Wuhan, China

2022 ◽  
Vol 11 (1) ◽  
pp. 57
Author(s):  
Lingbo Liu ◽  
Hanchen Yu ◽  
Jie Zhao ◽  
Hao Wu ◽  
Zhenghong Peng ◽  
...  
Keyword(s):  
Public Service ◽  
House Prices ◽  
Housing Prices ◽  
Positive Influence ◽  
Policy Formulation ◽  
Public Facility ◽  
Factors Affecting ◽  
Public Facilities ◽  
Geographically Weighted Regression Model ◽  
The Impact

The layout of public service facilities and their accessibility are important factors affecting spatial justice. Previous studies have verified the positive influence of public facilities accessibility on house prices; however, the spatial scale of the impact of various public facilities accessibility on house prices is not yet clear. This study takes transportation analysis zone of Wuhan city as the spatial unit, measure the public facilities accessibility of schools, hospitals, green space, and public transit stations with four kinds of accessibility models such as the nearest distance, real time travel cost, kernel density, and two step floating catchment area (2SFCA), and explores the multiscale effect of public services accessibility on house prices with multiscale geographically weighted regression model. The results show that the differentiated scale effect not only exists among different public facility accessibilities, but also exists in different accessibility models of the same sort of facility. The article also suggests that different facilities should adopt its appropriate accessibility model. This study provides insights into spatial heterogeneity of urban public service facilities accessibility, which will benefit decision making in equal accessibility planning and policy formulation for the layout of urban service facilities.

scholarly journals A májfunkció romlásának rizikófaktorai sikeres vesetranszplantációt követően

2019 ◽  
Vol 160 (5) ◽  
pp. 186-190
Author(s):  
Bernadett Borda ◽  
Attila Nemes ◽  
Csaba Lengyel ◽  
Tamás Várkonyi ◽  
Ferenc Rárosi ◽  
...  
Keyword(s):  
Liver Function ◽  
Immunosuppressive Therapy ◽  
Liver Enzymes ◽  
Graft Loss ◽  
Study Results ◽  
Allograft Function ◽  
The Difference ◽  
The Impact ◽  
The Relationship

Abstract: Introduction: Increase of liver function is one of the most common complications after kidney transplantation due to the use of immunosuppressive therapy and hyperlipidemia in addition to hepatitis C virus (HCV) infection. Method: Following the selection criteria (n = 59), the study is based on applied immunosuppressive therapy, baseline data of patients, further correlation between HCV and liver function deterioration. Patients were subjected to fasting laboratory examination to monitor serum electrolytes, uric acid and albumin levels. We looked at the effects of immunosuppressive therapy on the lipids (TG, TC, HDL, LDL) and liver enzymes (GOT, GPT, ALP, GGT). The analysis of the relationship between lipids and liver enzymes was also included in our study. Results: The data basics were not significantly different between the tacrolimus and the cyclosporine groups. In the laboratory results, Mg levels were significantly different between the two groups (p = 0.044). The impact of HCV on the liver function was significantly different on GGT (p = 0.008). We examed the lipids and liver function level between the tacrolimus and the patients receiving cyclosporine-based immunosuppression and the total cholesterol (p = 0.005) and GOT (p = 0.05) were significantly different between the two groups. Hyperlipidemia was associated with 26% of patients taking tacrolimus-based immunosuppression, and 89% of those receiving cyclosporine; the difference was significant (p = 0.002). Regarding the effect of hyperlipidemia on liver enzymes, ALP (p = 0.006) and GGT (p = 0.0001) were significantly higher. Conclusion: Increases in hepatic enzymes, ALT and GGT indicate the damage to hepatocytes. Beside the increase of liver function, which is the main risk factor in hepatitis on HCV soil, the applied immunosuppressive therapy and hyperlipidemia lead to degradation of allograft function and long-term graft loss. Orv hetil. 2019; 160(5): 186–190.

City size and housing purchase intention: Evidence from rural–urban migrants in China

Urban Studies ◽  
2019 ◽  
Vol 57 (9) ◽  
pp. 1866-1886 ◽  
Author(s):  
Yanjiao Song ◽  
Chuanyong Zhang
Keyword(s):  
Purchase Intention ◽  
Negative Impact ◽  
Housing Prices ◽  
City Size ◽  
Housing Cost ◽  
Spatial Equilibrium ◽  
Registration System ◽  
Large Cities ◽  
Urban Migrants ◽  
The Impact

Despite the increased focus on housing choices among rural–urban migrants in China, there is a lack of studies on city size and housing purchase preferences. In this paper, we extend the conceptual framework of the Rosen–Roback model to analyse how city size affects rural–urban migrants’ housing purchase intention, and find that the impact of city size on the willingness to buy a house in the host city for migrants has an inverted U shape by using the China Migrants Dynamic Survey of 2014. To explain this phenomenon, we further adopt the Oaxaca–Blinder decomposition, which shows that rural–urban migrants have achieved a spatial equilibrium between housing costs and city amenities in large cities, compared with megacities and small cities. Specifically, the amenities in large cities can compensate for the negative impact of the high housing cost, making these large cities more attractive than small ones for rural–urban migrants, while rural migrants have to bear high housing prices and exclusive urban welfare because of the strict household registration system in megacities. This study thus sheds new light on the adoption of diversified housing policies to solve the housing problems of rural–urban migrants in China by considering city size.

Homeownership and Financial Strain Following the Collapse of the Housing Market: A Comparative Study on Loan Delinquencies Between Black and White Households

2015 ◽  
Vol 26 (1) ◽  
pp. 79-93 ◽  
Author(s):  
Richard F. Bieker ◽  
Yoonkyung Yuh
Keyword(s):  
Housing Market ◽  
Housing Prices ◽  
Potential Effect ◽  
Financial Strain ◽  
Residential Housing ◽  
Black And White ◽  
Consumer Finances ◽  
Time Period ◽  
Using Data ◽  
The Impact

The objectives of this study were to evaluate the extent to which homeownership contributed to household financial strain as measured by loan delinquency after the onset of the recent housing market crash, and to examine if the impact of homeownership on household financial strain differed for Black and White households. Using data from the 2010 Survey of Consumer Finances, we found that, after controlling for other factors, a household's housing preferences had a potential effect on the likelihood of experiencing financial strain following the collapse of residential housing prices. In addition, Black homeowners were more likely to have experienced financial strain following the housing collapse than were White homeowners, regardless of the time period in which the home was purchased. The implications of the findings for public policy, personal financial planning and education, and further research are presented.

New housing supply and price reactions: evidence from Spanish markets

2014 ◽  
Vol 7 (1) ◽  
pp. 4-28 ◽  
Author(s):  
Paloma Taltavull de la Paz
Keyword(s):  
Housing Market ◽  
Explanatory Power ◽  
Housing Prices ◽  
Model Parameters ◽  
Credit Crunch ◽  
Housing Supply ◽  
Recursive Procedure ◽  
Content Type ◽  
Spanish Regions ◽  
The Impact

Purpose – The paper develops a housing model equation for Spain and selected regions to estimate new supply elasticity. The aim of the paper is to assess the role of housing supply on price evolution and explain the fall in housing starts since the start of the credit crunch. Design/methodology/approach – The paper uses a pooled EGLS specification controlling for the presence of cross-section heteroskedasticity. Fixed effect estimators are calculated to capture regional heterogeneity. The model uses secondary data (quarterly) for 17 Spanish regions over the period 1990-2012. A recursive procedure is applied to estimate model parameters starting with a baseline model (1990-1999) and successively adding one-year time information. Elasticities, as well as explanatory power from models, are reported and jointly analyzed. Elasticity is interpreted as the extent to which market mechanisms drive developer responses. Findings – Elasticities of new supply are shown to be very stable during all periods but characterized by differences in response at a regional level. Elasticity ranges from 0.8 to 1.3 across regions. The model reports a non-market-oriented mechanism that guides building decisions. The credit crunch and debt crisis have had a double negative effect capturing the cumulative effect of exogenous shocks. Research limitations/implications – Elastic responses restrained the effects of over-pricing in the period of strong demand pressures in the early 2000s. Changes in elasticity parameters over time suggest that long-term elasticity in housing supply depends on the specific region analyzed. The results show that the credit crunch shock had varying degrees of severity in Spanish regions, dramatically reducing house-building because of the high sensitivity to changes in prices. Practical implications – Estimated elasticity may be used to forecast responses to changes in housing prices. The results add to the understanding of the equilibrium mechanism in the housing market across regions. Originality/value – This is the first article that analyses housing supply, calculates supply elasticities and measures the impact of the credit crunch on the housing market from the supply side in Spain. The paper adds evidence to the debate concerning the equilibrium mechanism in the housing market.

scholarly journals Spatial Variability of the ‘Airbnb Effect’: A Spatially Explicit Analysis of Airbnb's impact on Housing Prices in Sydney

2021 ◽  
Author(s):  
William Thackway ◽  
Matthew Kok Ming Ng ◽  
Chyi Lin Lee ◽  
Vivien Shi ◽  
Christopher Pettit
Keyword(s):  
Housing Market ◽  
Housing Prices ◽  
Property Valuation ◽  
Valuation Model ◽  
Price Impacts ◽  
Property Price ◽  
Explicit Analysis ◽  
Hedonic Property ◽  
The Impact ◽  
The City

Over the last decade, the emergence and significant growth of home sharing platforms such as Airbnb has coincided with rising housing unaffordability in many global cities. It is in this context that we look to empirically assess the impact of Airbnb on housing prices in Sydney - one of the least affordable cities in the world. Employing a hedonic property valuation model, our results indicate that Airbnb’s overall effect is positive. A 1% increase in Airbnb density is associated with approximately a 2% increase in property sales price. However, recognising that Airbnb’s effect is geographically uneven and given the fragmented nature of Sydney’s housing market, we also employ a GWR to account for the spatial variation in Airbnb activity. The findings confirm that Airbnb’s influence on housing prices is varied across the city. Sydney’s northern beaches and parts of western Sydney experience a statistically significant value uplift attributable to Airbnb activity. However, traditional tourist locations focused around Sydney’s CBD and the eastern suburbs experience insignificant or negative property price impacts. The results highlight the need for policymakers to consider local Airbnb and housing market contexts when deciding the appropriate level and design of Airbnb regulation.

scholarly journals What Role Does the Housing Market Play for the Macroeconomic Transmission Mechanism?

2020 ◽  
Vol 13 (6) ◽  
pp. 112
Author(s):  
Mats Wilhelmsson
Keyword(s):  
Interest Rate ◽  
Housing Market ◽  
Housing Prices ◽  
Bank Lending ◽  
Transmission Mechanism ◽  
Bank Lending Channel ◽  
Lending Channel ◽  
The Interest Rate ◽  
The Impact ◽  
Over Time

The main objective is to answer the question: What role does the housing market play for the transmission mechanism and (in particular) is the impact constant over time? The research question also includes analyzing the importance of the housing market for the transmission mechanism. We estimate an eight-variable structural vector autoregression (SVAR) model of the Swedish economy over the period 1993 and 2018 using quarterly data, covering both the internet bubble in 2000 and the financial crises in 2008. The results indicate that interest rates have both a direct effect on housing prices and an indirect impact through the bank lending channel. Over time, the traditional interest rate channel importance has been stable. On the other hand, the role of the bank lending channel has increased over time. Household debt has increased substantially in Sweden and elsewhere. That means that the interest rate sensitivity in society has increased. Based on the results, it is possible to evaluate and forecast potential house price effects (both direct and indirect) when the interest rate changes.

HAS MONETARY POLICY CAUSED HOUSING PRICES TO RISE OR FALL IN CHINA?

2018 ◽  
pp. 1-18 ◽  
Author(s):  
XIAO-CUI YIN ◽  
CHI-WEI SU ◽  
RAN TAO
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Housing Market ◽  
Money Supply ◽  
Asset Price ◽  
Housing Prices ◽  
User Cost ◽  
Rate System ◽  
Short Run ◽  
The Impact

This paper examines whether broader money supply (M2) and interest rate as two monetary policy tools may have differently affected housing prices in China. Empirical results show that there is a co-movement between housing prices and M2 in the short run and it becomes more pronounced after 2006 in the medium run. In addition, generally M2 positively affects housing prices. This supports the asset price channel which indicates that an easing monetary policy offers ample liquidity and results in raising the housing prices. The excess liquidity after 2008 spread to housing market, resulting in too much money chasing relatively few assets and triggering a surge in housing prices. On the other hand, we observe that co-movement between housing prices and interest rate is not very evident in most time. Moreover, we find that interest rate has a positive effect on housing prices which is not consistent with the user cost approach and indicates that a contracting monetary policy is not effective in curbing housing market. Not completely liberalized interest rate system and the high return on housing investments reduce the impact of interest rate on housing prices. These findings indicate that money supply is more effective than interest rate as channel to control the housing prices in China. The results are helpful for the scientific formulation of monetary policy for reasonable regulation of the market.

scholarly journals Spatial Variability of the ‘Airbnb Effect’: A Spatially Explicit Analysis of Airbnb’s Impact on Housing Prices in Sydney

2022 ◽  
Vol 11 (1) ◽  
pp. 65
Author(s):  
William Thomas Thackway ◽  
Matthew Kok Ming Ng ◽  
Chyi-Lin Lee ◽  
Vivien Shi ◽  
Christopher James Pettit
Keyword(s):  
Housing Market ◽  
Housing Prices ◽  
Property Valuation ◽  
Valuation Model ◽  
Price Impacts ◽  
Property Price ◽  
Explicit Analysis ◽  
Hedonic Property ◽  
The Impact ◽  
The City

Over the last decade, the emergence and significant growth of home-sharing platforms, such as Airbnb, has coincided with rising housing unaffordability in many global cities. It is in this context that we look to empirically assess the impact of Airbnb on housing prices in Sydney—one of the least affordable cities in the world. Employing a hedonic property valuation model, our results indicate that Airbnb’s overall effect is positive. A 1% increase in Airbnb density is associated with approximately a 2% increase in property sales price. However, recognizing that Airbnb’s effect is geographically uneven and given the fragmented nature of Sydney’s housing market, we also employ a GWR to account for the spatial variation in Airbnb activity. The findings confirm that Airbnb’s influence on housing prices is varied across the city. Sydney’s northern beaches and parts of western Sydney experience a statistically significant value uplift attributable to Airbnb activity. However, traditional tourist locations focused around Sydney’s CBD and the eastern suburbs experience insignificant or negative property price impacts. The results highlight the need for policymakers to consider local Airbnb and housing market contexts when deciding the appropriate level and design of Airbnb regulation.

scholarly journals The Fair Value Measurement Challenges Faced by the External Auditor: Kurdistan Region -Iraq

2021 ◽  
Vol 5 (1) ◽  
pp. 93-100
Author(s):  
Firas N. Mardan
Keyword(s):  
Fair Value ◽  
Fair Value Accounting ◽  
External Auditors ◽  
Value Evaluation ◽  
Study Results ◽  
Important Challenge ◽  
External Auditor ◽  
The Difference ◽  
Value Measurement ◽  
The Impact

This study aimed to identify the most important challenges facing auditors when measuring fair value FVMs from three axes, namely identifying which challenges are most influencing auditors to direct attention towards them, and revealing the extent to which the inherent auditing risks are affected by fair value evaluation estimates. The third axis of this study raises discussions about the reliability of audit evidence relating to fair value and assures that disclosed and recognized fair values ​​are guiding values. The field study was applied to a sample of external auditors in the West Bank, where the researcher used the descriptive analytical approach in the field side and used the inductive approach to test the study hypotheses. The study found a set of results; the most important challenge facing the auditor in auditing fair value estimates is the lack of access to recent amendments to the international auditing standards for fair value accounting estimates. The study results also confirmed the impact of auditing risks with fair value estimates and measuring them at higher rates in many cases, including (the absence of active markets, the presence of significant misstatements, and the difference in the basis for measuring fair value).

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