Stephan Heblich, M. Seror, Hao Xu, Yanos Zylberberg
This paper exploits a short-lived cooperation program between the U.S.S.R. and China, which led to the construction of 156 “Million-Rouble plants” in the 1950s. We isolate exogenous variation in location decisions due to the relative position of allied and enemy airbases and study the long-run impact of these factories on local economic activity. While the “156” program accelerated industrialization in treated counties until the end of the command-economy era, this significant productivity advantage fully eroded in the subsequent period. We explore the nature of local spillovers responsible for this pattern, and provide evidence that treated counties are overspecialized and far less innovative. There is a large concentration of establishments along the production chain of the Million-Rouble plants, which limits technological spillovers across industries.
{"title":"Industrial Clusters in the Long Run: Evidence from Million-Rouble Plants in China","authors":"Stephan Heblich, M. Seror, Hao Xu, Yanos Zylberberg","doi":"10.2139/ssrn.3422265","DOIUrl":"https://doi.org/10.2139/ssrn.3422265","url":null,"abstract":"This paper exploits a short-lived cooperation program between the U.S.S.R. and China, which led to the construction of 156 “Million-Rouble plants” in the 1950s. We isolate exogenous variation in location decisions due to the relative position of allied and enemy airbases and study the long-run impact of these factories on local economic activity. While the “156” program accelerated industrialization in treated counties until the end of the command-economy era, this significant productivity advantage fully eroded in the subsequent period. We explore the nature of local spillovers responsible for this pattern, and provide evidence that treated counties are overspecialized and far less innovative. There is a large concentration of establishments along the production chain of the Million-Rouble plants, which limits technological spillovers across industries.","PeriodicalId":221051,"journal":{"name":"Urban Economics & Regional Studies eJournal","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134037430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine the effect of distressed property rehabilitations on neighboring property prices using a recently developed nonparametric method that accounts for very local confounding house price trends. We find that house prices around a rehabilitated property increase between 2.3 and 4.0 percentage points following the rehabilitation. Moreover, we estimate that the average rehabilitation generates an aggregate welfare benefit that is 3.8 times greater than the amount invested. Rehabilitation externalities are stronger for longer rehabilitations and greater rehabilitation investments, and they are prevalent even in areas with high rates of foreclosures. The spillover effect of rehabilitations operates through their salience as opposed to through a reduction in the supply of distressed properties, through property appraisals, or through homebuyers with higher income moving into the neighborhood. Overall, our results suggest that investing in property rehabilitations can be a useful tool to stabilize distressed housing markets.
{"title":"Do Property Rehabs Affect Neighboring Property Prices?","authors":"Rohan Ganduri, G. Maturana","doi":"10.2139/ssrn.3794796","DOIUrl":"https://doi.org/10.2139/ssrn.3794796","url":null,"abstract":"We examine the effect of distressed property rehabilitations on neighboring property prices using a recently developed nonparametric method that accounts for very local confounding house price trends. We find that house prices around a rehabilitated property increase between 2.3 and 4.0 percentage points following the rehabilitation. Moreover, we estimate that the average rehabilitation generates an aggregate welfare benefit that is 3.8 times greater than the amount invested. Rehabilitation externalities are stronger for longer rehabilitations and greater rehabilitation investments, and they are prevalent even in areas with high rates of foreclosures. The spillover effect of rehabilitations operates through their salience as opposed to through a reduction in the supply of distressed properties, through property appraisals, or through homebuyers with higher income moving into the neighborhood. Overall, our results suggest that investing in property rehabilitations can be a useful tool to stabilize distressed housing markets.","PeriodicalId":221051,"journal":{"name":"Urban Economics & Regional Studies eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131577700","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Driving demand and congestion are known to peak throughout the day, but temporal heterogeneity in travel demand elasticities is often overlooked. I estimate how the fuel economy elasticity of travel demand — a measure of the rebound effect from fuel economy standards — varies across peak and off-peak periods. The results present a paradox. Drivers are most elastic during peak demand periods. Mode switching for shorter commute trips appears to drive the heterogeneity, and the pollution benefits of fuel economy standards are shown to be more than offset by exacerbated congestion costs due to the timing of the rebound effect.
{"title":"The Time-of-Day Travel Demand Elasticity Paradox","authors":"Cody Nehiba","doi":"10.2139/ssrn.3872886","DOIUrl":"https://doi.org/10.2139/ssrn.3872886","url":null,"abstract":"Driving demand and congestion are known to peak throughout the day, but temporal heterogeneity in travel demand elasticities is often overlooked. I estimate how the fuel economy elasticity of travel demand — a measure of the rebound effect from fuel economy standards — varies across peak and off-peak periods. The results present a paradox. Drivers are most elastic during peak demand periods. Mode switching for shorter commute trips appears to drive the heterogeneity, and the pollution benefits of fuel economy standards are shown to be more than offset by exacerbated congestion costs due to the timing of the rebound effect.","PeriodicalId":221051,"journal":{"name":"Urban Economics & Regional Studies eJournal","volume":"147 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124714795","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
New York City is home to millions of people of all races, classes, and creeds. The city’s mayor has the potential to impact more individuals than presidents of some small countries. After centrist candidate Eric Adams won the Democratic primary in June, we aim to explore voter preferences between him and the Republican nominee for this election cycle, Curtis Sliwa. We also aim to analyze their positions on two pertinent issues (as determined by voters surveyed in this study): crime and education. Our primary research method will be distributing a survey amongst New York City residents of voting age (18+) as well as breaking down and comparing the candidates’ crime and education policies to previous NYC policies to determine their potential socioeconomic impact.
{"title":"NYC Post Primary Policy Analysis","authors":"Jennifer Khosid, Dashiell Advincula, Aditya Vishahan, Anirudh Hebbatam, Elif Necla Akoğlu, Ferhat Yaşar Ergin, Meena Shikes, Saanvi Bhatia, Sudip Kumar Paul, Arun Mahanand","doi":"10.2139/ssrn.3921463","DOIUrl":"https://doi.org/10.2139/ssrn.3921463","url":null,"abstract":"New York City is home to millions of people of all races, classes, and creeds. The city’s mayor has the potential to impact more individuals than presidents of some small countries. After centrist candidate Eric Adams won the Democratic primary in June, we aim to explore voter preferences between him and the Republican nominee for this election cycle, Curtis Sliwa. We also aim to analyze their positions on two pertinent issues (as determined by voters surveyed in this study): crime and education. Our primary research method will be distributing a survey amongst New York City residents of voting age (18+) as well as breaking down and comparing the candidates’ crime and education policies to previous NYC policies to determine their potential socioeconomic impact.","PeriodicalId":221051,"journal":{"name":"Urban Economics & Regional Studies eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130472882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-31DOI: 10.15587/1729-4061.2021.239167
O. Illiashenko, N. Kondratenko
The organizational and economic foundations for the formation of an investment strategy for the development of urban electric transport enterprises have been developed. The economic content of the main stages of the investment process at these enterprises has been clarified. A list of basic principles for the effective formation of the investment process has been compiled. It is proved that the enterprises of urban electric transport in Ukraine are currently unprofitable and the problems of investment support for them are extremely relevant and important. The main directions of the development of investment activity of urban electric transport enterprises have been investigated and strategic, tactical and operational methods of its activation have been proposed. At the same time, there are three main aspects of enhancing investment activity: investment, innovation and technological. The main provisions of the strategy of attracting investment sources by urban electric transport enterprises have been developed, which allows ensuring the required level of investment flexibility of the enterprise and independence in obtaining investment resources from various sources. The main stages of this process have been identified and substantiated, which include: the time of action, the formation of strategic goals, the algorithm for selecting and justifying the sources of investment resources and the practical implementation of the investment strategy. The practical aspects of rating sources of investment resources have been investigated, taking into account risk factors, time of use, investment prices, the ability of an enterprise and the state to influence the formation and use of investment sources. An integral indicator has been determined for each of the possible sources of investment resources, according to which the most acceptable for urban electric transport enterprises in terms of the cost of attracting and the likelihood of risk occurrence are own funds (32 points), as well as state budget funds (22 points) and local budgets (21 points). Practical recommendations on the use of the developed provisions have been formed
{"title":"Economic Assessment of Sources of Investment in the Development of Municipal Electric Transport Enterprises","authors":"O. Illiashenko, N. Kondratenko","doi":"10.15587/1729-4061.2021.239167","DOIUrl":"https://doi.org/10.15587/1729-4061.2021.239167","url":null,"abstract":"The organizational and economic foundations for the formation of an investment strategy for the development of urban electric transport enterprises have been developed. The economic content of the main stages of the investment process at these enterprises has been clarified. A list of basic principles for the effective formation of the investment process has been compiled. It is proved that the enterprises of urban electric transport in Ukraine are currently unprofitable and the problems of investment support for them are extremely relevant and important.\u0000The main directions of the development of investment activity of urban electric transport enterprises have been investigated and strategic, tactical and operational methods of its activation have been proposed. At the same time, there are three main aspects of enhancing investment activity: investment, innovation and technological.\u0000The main provisions of the strategy of attracting investment sources by urban electric transport enterprises have been developed, which allows ensuring the required level of investment flexibility of the enterprise and independence in obtaining investment resources from various sources. The main stages of this process have been identified and substantiated, which include: the time of action, the formation of strategic goals, the algorithm for selecting and justifying the sources of investment resources and the practical implementation of the investment strategy. The practical aspects of rating sources of investment resources have been investigated, taking into account risk factors, time of use, investment prices, the ability of an enterprise and the state to influence the formation and use of investment sources. An integral indicator has been determined for each of the possible sources of investment resources, according to which the most acceptable for urban electric transport enterprises in terms of the cost of attracting and the likelihood of risk occurrence are own funds (32 points), as well as state budget funds (22 points) and local budgets (21 points). Practical recommendations on the use of the developed provisions have been formed","PeriodicalId":221051,"journal":{"name":"Urban Economics & Regional Studies eJournal","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132858352","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
With the fourth COVID-19 wave on the rise as the Delta variant rages and schools reopening across the United States since August 2021, debates over re-closing schools have arisen. School closures were the first and fastest adopted among social distancing measures to prevent coronavirus transmission in spring 2020. Meanwhile, the Graduated Driver Licensing (GDL) program imposes driving restrictions on teenagers, such as limiting the number of youth passengers allowed in a car and/or prohibiting nighttime driving. We expect GDL to have some social distancing effects that may help reduce coronavirus transmission among teenagers when off campus, which could benefit their entire households and therefore population of other ages. Using a difference-in-difference method, we examine how GDL restrictions affect county-level COVID-19 cases and deaths, taking advantage of the timing of statewide school closures. We find reducing one passenger in the car decreases COVID-19 cumulative cases per 100,000 by 5.8%-6.6%. An event study shows that, three weeks after school closures, reducing one passenger in the car lowers cumulative cases per 100,000 by nearly 15.7%. This paper adds to the COVID-19 literature by introducing a plausibly exogenous “quasi-social-distancing-policy”, GDL, and highlighting that the efficacy of school closures may vary by local circumstances.
{"title":"Teen Driving Restrictions and School Closures in Times of COVID-19","authors":"Jaesang Sung, Qihua Qiu","doi":"10.2139/ssrn.3911034","DOIUrl":"https://doi.org/10.2139/ssrn.3911034","url":null,"abstract":"With the fourth COVID-19 wave on the rise as the Delta variant rages and schools reopening across the United States since August 2021, debates over re-closing schools have arisen. School closures were the first and fastest adopted among social distancing measures to prevent coronavirus transmission in spring 2020. Meanwhile, the Graduated Driver Licensing (GDL) program imposes driving restrictions on teenagers, such as limiting the number of youth passengers allowed in a car and/or prohibiting nighttime driving. We expect GDL to have some social distancing effects that may help reduce coronavirus transmission among teenagers when off campus, which could benefit their entire households and therefore population of other ages. Using a difference-in-difference method, we examine how GDL restrictions affect county-level COVID-19 cases and deaths, taking advantage of the timing of statewide school closures. We find reducing one passenger in the car decreases COVID-19 cumulative cases per 100,000 by 5.8%-6.6%. An event study shows that, three weeks after school closures, reducing one passenger in the car lowers cumulative cases per 100,000 by nearly 15.7%. This paper adds to the COVID-19 literature by introducing a plausibly exogenous “quasi-social-distancing-policy”, GDL, and highlighting that the efficacy of school closures may vary by local circumstances.","PeriodicalId":221051,"journal":{"name":"Urban Economics & Regional Studies eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126920212","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper provides the first systematic analysis of persistent urban vibrancy in human capital supply in explaining firm valuation dispersion in China. We find persistent, significant city-to-city differences in Tobin’s q, especially among large or mature firms. To explain such geographic differences, we identify and show that several factors of the endowed city competitive advantages in supplying human capital play significant roles in explaining the geographic firm valuation premia. Our evidence suggests that city initial human capital advantages create long-lasting, and growing, shareholder wealth by producing and retaining talents in local firms.
{"title":"Urban Vibrancy, Human Capital, and Firm Valuation in China","authors":"Danling Jiang, Shuying Liu, Feiyuan Li, Hongquan Zhu","doi":"10.2139/ssrn.3908731","DOIUrl":"https://doi.org/10.2139/ssrn.3908731","url":null,"abstract":"This paper provides the first systematic analysis of persistent urban vibrancy in human capital supply in explaining firm valuation dispersion in China. We find persistent, significant city-to-city differences in Tobin’s q, especially among large or mature firms. To explain such geographic differences, we identify and show that several factors of the endowed city competitive advantages in supplying human capital play significant roles in explaining the geographic firm valuation premia. Our evidence suggests that city initial human capital advantages create long-lasting, and growing, shareholder wealth by producing and retaining talents in local firms.","PeriodicalId":221051,"journal":{"name":"Urban Economics & Regional Studies eJournal","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127132323","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Jihyun Jung, Won-shik Choi, Hongwon Kim, Joohye Kim
In response to intensifying conflict with the United States and the shock of Covid-19, China reinforced its strategy to expand domestic demand. China's domestic market is an important factor affecting Korea's exports and economic growth. Accordingly, a large body of research has been conducted in Korea on China's expansion policy and changes in its domestic market. However, most studies have analyzed changes in China's consumer market, import market and imported items, limiting the overall understanding of China's domestic economy. In addition, most studies on China's regional domestic market have analyzed the market segmented by region. Recognizing this gap, this study expanded the scope of analysis of the domestic market in China to the entire domestic final demand, and analyzed inter-regional trade relations and other economic relations based on an inter-regional input-output analysis, which has rarely been attempted in analyses of the Chinese domestic market. In addition, the changes in the regional structure of the Chinese import market and Korea's competitiveness were analyzed using Chinese trade statistics. In particular, by synthesizing the changes after the global financial crisis, a turning point in China's economic structure, we project future changes in the regional economic structure of China, which emphasizes the independence of its domestic economy. In addition, in the era of US-China conflict, the study aimed to select regional markets meaningful to Korea, and to present strategic directions toward China focusing on regional cooperation and approaches into the domestic market.
{"title":"Changes in the Regional Structure of China's Domestic Market and Implications","authors":"Jihyun Jung, Won-shik Choi, Hongwon Kim, Joohye Kim","doi":"10.2139/ssrn.3916561","DOIUrl":"https://doi.org/10.2139/ssrn.3916561","url":null,"abstract":"In response to intensifying conflict with the United States and the shock of Covid-19, China reinforced its strategy to expand domestic demand. China's domestic market is an important factor affecting Korea's exports and economic growth. Accordingly, a large body of research has been conducted in Korea on China's expansion policy and changes in its domestic market. However, most studies have analyzed changes in China's consumer market, import market and imported items, limiting the overall understanding of China's domestic economy. In addition, most studies on China's regional domestic market have analyzed the market segmented by region. Recognizing this gap, this study expanded the scope of analysis of the domestic market in China to the entire domestic final demand, and analyzed inter-regional trade relations and other economic relations based on an inter-regional input-output analysis, which has rarely been attempted in analyses of the Chinese domestic market. In addition, the changes in the regional structure of the Chinese import market and Korea's competitiveness were analyzed using Chinese trade statistics. In particular, by synthesizing the changes after the global financial crisis, a turning point in China's economic structure, we project future changes in the regional economic structure of China, which emphasizes the independence of its domestic economy. In addition, in the era of US-China conflict, the study aimed to select regional markets meaningful to Korea, and to present strategic directions toward China focusing on regional cooperation and approaches into the domestic market.","PeriodicalId":221051,"journal":{"name":"Urban Economics & Regional Studies eJournal","volume":"124 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133844824","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this article we firstly provide a brief review of the current state of behavioural studies in land use policy, followed by a discussion of behavioural biases that are most relevant to land use policymaking. Next, we summarise the seven papers included in this themed issue of Land Use Policy. The behavioural topics explored by these papers include endowment effect, nudge, trust, social norm, time preference, and loss aversion. Our review of the literature shows that Land Use Policy has been leading the applications of behavioural insights in environmental studies in general and land use policy studies in particular. The papers included in this themed issue push this research frontier by using large survey datasets from the field, and by investigating some under-researched behavioural tools (e.g., nudge). We conclude by suggesting research gaps to be filled by future behavioural land use policy studies.
{"title":"Behavioural Land Use Policy Studies: Past, Present, and Future","authors":"Helen X. H. Bao, G. Robinson","doi":"10.2139/ssrn.3918770","DOIUrl":"https://doi.org/10.2139/ssrn.3918770","url":null,"abstract":"In this article we firstly provide a brief review of the current state of behavioural studies in land use policy, followed by a discussion of behavioural biases that are most relevant to land use policymaking. Next, we summarise the seven papers included in this themed issue of Land Use Policy. The behavioural topics explored by these papers include endowment effect, nudge, trust, social norm, time preference, and loss aversion. Our review of the literature shows that Land Use Policy has been leading the applications of behavioural insights in environmental studies in general and land use policy studies in particular. The papers included in this themed issue push this research frontier by using large survey datasets from the field, and by investigating some under-researched behavioural tools (e.g., nudge). We conclude by suggesting research gaps to be filled by future behavioural land use policy studies.","PeriodicalId":221051,"journal":{"name":"Urban Economics & Regional Studies eJournal","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132689871","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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