经济学最新文献

{"title":"Upzoning and gentrification: Heterogeneous impacts of neighbourhood-level upzoning in New York City","authors":"Minjee Kim, Hyojung Lee","doi":"10.1177/00420980241298199","DOIUrl":"https://doi.org/10.1177/00420980241298199","url":null,"abstract":"In light of the calls to relax restrictive density regulations, this paper examines how increasing residential development capacity, i.e. upzoning, may change the demographic, socio-economic and housing characteristics of the affected neighbourhoods. We examine the neighbourhood-level upzonings of New York City to answer this question. We find that upzoning is positively associated with signs of gentrification – upzoned neighbourhoods became whiter, more educated and more affluent in the long run. Upzoning is also associated with increases in housing production, but housing prices also increased. Most importantly, we find that these effects varied significantly by the intensity of upzoning and the pre-upzoning local contexts. Neighbourhoods affected by intense upzonings experienced gentrification more intensely, along with greater housing production, rent growth and housing price appreciation. Black-majority and low-income neighbourhoods experienced gentrification to the greatest extent, while neighbourhoods with high demand for housing saw the greatest increases in housing supply. We discuss different mechanisms of gentrification likely at play for the different types of neighbourhoods.","PeriodicalId":51350,"journal":{"name":"Urban Studies","volume":"22 1","pages":""},"PeriodicalIF":4.7,"publicationDate":"2024-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142879973","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Symbolic value and embeddedness of an industrial megaproject: Tesla’s Gigafactory Berlin-Brandenburg","authors":"Max Roessler, Paula Prenzel, Daniel Schiller","doi":"10.1093/cjres/rsae045","DOIUrl":"https://doi.org/10.1093/cjres/rsae045","url":null,"abstract":"Large-scale industrial settlements, such as the establishment of multinational enterprise (MNE) subsidiaries, are megaprojects that face additional challenges when embedding the subsidiary in the region. Part of these challenges may be due to contrasting symbolic values of the industrial project, which can facilitate or hinder embeddedness. This study considers the relevance of symbolic value for the embeddedness of an industrial megaproject through the case of Tesla’s Gigafactory Berlin-Brandenburg. Based on 23 interviews, we examine differences in the symbolic representation of the project among stakeholder groups and show that symbolic value can have supportive or divisive effects on the settlement process and embeddedness.","PeriodicalId":47897,"journal":{"name":"Cambridge Journal of Regions Economy and Society","volume":"58 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2024-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142879630","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Four facts about ESG beliefs and investor portfolios","authors":"Stefano Giglio, Matteo Maggiori, Johannes Stroebel, Zhenhao Tan, Stephen Utkus, Xiao Xu","doi":"10.1016/j.jfineco.2024.103984","DOIUrl":"https://doi.org/10.1016/j.jfineco.2024.103984","url":null,"abstract":"We analyze survey data on ESG beliefs and preferences in a large panel of retail investors linked to administrative data on their investment portfolios. The survey elicits investors’ expectations of long-term ESG equity returns and asks about their motivations, if any, to invest in ESG assets. We document four facts. First, investors generally expected ESG investments to underperform the market. Between mid-2021 and late-2023, the average expected 10-year annualized return of ESG investments relative to the overall stock market was <mml:math altimg=\"si1.svg\" display=\"inline\"><mml:mo>−</mml:mo></mml:math>2.1%. Second, there is substantial heterogeneity across investors in their ESG return expectations and their motives for ESG investing: 48% of survey respondents do not see any reason to invest in ESG, 24% are primarily motivated by ethical considerations, 22% are driven by climate hedging motives, and 6% are motivated by return expectations. Third, there is a strong link between individuals’ reported ESG investment motives and their actual investment behaviors, with the highest ESG portfolio holdings among individuals who report ethics-driven investment motives. Fourth, financial considerations matter independently of other investment motives: we find meaningful ESG holdings only for investors who expect these investments to outperform the market, even among those investors who reported that their most important ESG investment motives were ethical or hedging reasons.","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"279 1","pages":""},"PeriodicalIF":8.9,"publicationDate":"2024-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142873918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Conservation auctions for landscape-scale environmental management: Does spatial configuration matter for economic and ecological outcomes?","authors":"Chi Nguyen, Uwe Latacz-Lohmann, Nick Hanley, Sayed Iftekhar","doi":"10.1016/j.ecolecon.2024.108509","DOIUrl":"https://doi.org/10.1016/j.ecolecon.2024.108509","url":null,"abstract":"How best to achieve spatially-coordinated environmental outcomes using reverse auctions has become a research question of growing interest. This paper makes a first attempt to systematically investigate the combined effects of the spatial configuration of landscape and landholder-to-landholder communication on auction performance in delivering landscape-scale environmental improvements. We provide novel insights into the importance of the regulator's knowledge about landscape configuration when implementing auctions for landscape-scale environmental management. Using lab experiments, we vary the spatial correlations of opportunity costs and environmental benefits (positive, negative, no correlation) and the availability of costly communication in stylized agricultural landscapes, where the environmental goal is to establish corridors and stepping stones to facilitate the movement of wildlife species. Results show that bidding behaviour, the degree of spatial coordination and cost-effectiveness are significantly different across these three types of landscape configuration. Auctions perform worst in landscapes where opportunity costs and environmental benefits are negatively correlated. Communication promotes spatially-coordinated conservation effort, but its effects on bidding behaviour depend on landscape configuration. The interplay of a positive spatial correlation with communication was found to best promote spatial coordination, although willingness to incur communication costs by landholders varies with landscape configuration.","PeriodicalId":51021,"journal":{"name":"Ecological Economics","volume":"31 1","pages":""},"PeriodicalIF":7.0,"publicationDate":"2024-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142869923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Deepening Megaregional Interrelatedness Through Migration: The Case of the Northern California Megaregion","authors":"Andre Comandon,&nbsp;Seva Rodnyansky,&nbsp;Marlon G. Boarnet","doi":"10.1111/grow.70010","DOIUrl":"https://doi.org/10.1111/grow.70010","url":null,"abstract":"<div>\u0000 \u0000 <p>The increasing connectedness between neighboring metropolitan areas anchored by global economic centers highlights the relevance of the megaregional scale for government and governance. Yet, there is a lack of data to examine the expansion of megaregions and understand prevalent challenges to coordination. We use data from the Census Bureau and the California Franchise Tax Board (FTB) to analyze migration patterns within the Northern California Megaregion that combines the San Francisco Bay Area and California Central Valley and highlight different trends underlying regional expansion. We find that people are leaving Bay Area zip codes at the edge of the urbanized area where population growth is robust, migration rates lower, job accessibility is low, rents are nearly as high as the more central locations, and home values are lower, making it difficult to move elsewhere within the Bay Area. Moves into the Central Valley are divided between the suburbs of the main urban centers and isolated towns leading to fragmented growth that increases stress on transportation infrastructure and worsens spatial inequality in the region.</p>\u0000 </div>","PeriodicalId":47545,"journal":{"name":"Growth and Change","volume":"56 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2024-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142861888","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"On measuring Muslim segregation in urban India","authors":"Arpit Shah, Anish Sugathan, Naveen Bharathi, Andaleeb Rahman, Amit Garg, Deepak Malghan","doi":"10.1177/00420980241296998","DOIUrl":"https://doi.org/10.1177/00420980241296998","url":null,"abstract":"The spatial segregation of Muslims in urban India is central to their social, economic and political marginalisation. However, the quantitative characterisation of Muslim segregation has suffered from the lack of readily available demographic data at high spatial and temporal resolution. This paper demonstrates the feasibility of accurately quantifying Muslim segregation in urban India using the latest electoral rolls data from Bengaluru (a megapolis of over 13 million residents) and an improved open-source algorithm to identify Muslim names. Our approach provides significant improvements over past efforts in this regard. We introduce two new metrics (diversity and local divergence) to account for substantial intra-city variation in the spatial segregation of Muslims. Our analysis suggests that the threefold ghetto–enclave–mixed taxonomy that the extant literature has quantified for entire towns can be found within large urban agglomerations such as Bengaluru. Our quantitative framework for Muslim segregation helps uncover the complex relationship between segregation and the ghettoisation of Muslims in urban India. Our measurement framework uses publicly available data and can be applied to study segregation patterns across urban India.","PeriodicalId":51350,"journal":{"name":"Urban Studies","volume":"13 1","pages":""},"PeriodicalIF":4.7,"publicationDate":"2024-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142869840","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Global Credit Spread Puzzle","authors":"JING-ZHI HUANG, YOSHIO NOZAWA, ZHAN SHI","doi":"10.1111/jofi.13409","DOIUrl":"https://doi.org/10.1111/jofi.13409","url":null,"abstract":"We examine the ability of structural models to predict credit spreads using global default data and security-level credit spread data in eight developed economies. We find that two representative, pure default-risk models tend to underpredict the average credit spreads on investment-grade (IG) bonds, especially their spreads over government bonds, thereby providing evidence for a “global credit spread puzzle.” However, a model incorporating endogenous liquidity in the secondary debt market helps mitigate the puzzle. Furthermore, the model captures certain determinants of corporate bond market frictions across the eight economies and substantially improves the cross-sectional fit of individual IG credit spreads.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"83 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2024-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142869882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Decentralized Exchange: The Uniswap Automated Market Maker","authors":"ALFRED LEHAR, CHRISTINE PARLOUR","doi":"10.1111/jofi.13405","DOIUrl":"https://doi.org/10.1111/jofi.13405","url":null,"abstract":"Uniswap is a system of smart contracts on the Ethereum blockchain and is the largest decentralized exchange with a liquidity balance worth up to 4 billion USD and daily trading volume of up to 7 billion USD. It is a new model of liquidity provision, so‐called automated market making. For this new market form, we characterize equilibrium in the liquidity pools. We collect all 95.8 million Uniswap interactions and compare this automated market maker (AMM) to a centralized limit order book. We document absence of long‐lived arbitrage opportunities, and show conditions under which the AMM dominates a limit order market.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"29 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2024-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142869889","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A scoping review of COVID-19 economic response policies in the MENA countries: lessons learned for Iran for future pandemics.","authors":"Alireza Hajizadeh, Mohammad Seyedmohammadi, Shirin Nosratnejad, Behzad Najafi, Homayoun Sadeghi-Bazargani, Ali Imani","doi":"10.1186/s13561-024-00587-3","DOIUrl":"https://doi.org/10.1186/s13561-024-00587-3","url":null,"abstract":"<p><strong>Background: </strong>Given the significant impact of the COVID-19 pandemic, it is imperative to examine the economic response policies implemented by governments. This study aims to review evidence from the Middle East and North Africa (MENA) region, including Iran, on COVID-19 economic response policies designed to protect households, vulnerable groups, and businesses.</p><p><strong>Methods: </strong>Utilizing Arksey and O'Malley's scoping review methodology, electronic search engines and databases were systematically searched to identify published studies within the timeframe of December 31, 2019, to 2022. Additionally, a gray literature search for relevant policy documents and reports was conducted. The following six-step approach was employed: (1) defining the review questions, (2) identifying relevant studies through database searches, (3) screening studies for inclusion, (4) extracting and charting data, (5) analyzing and presenting results, and (6) providing guidance and suggestions. Narrative synthesis was utilized for data analysis.</p><p><strong>Results: </strong>After a rigorous screening process, 53 studies were selected from a pool of 3392 search results. The findings are categorized into three primary groups: Households, vulnerable groups, and economic businesses. The majority of MENA countries implemented economic and social measures to support these groups, including stimulus packages, tax deferrals and exemptions, wage subsidies, and debt obligation deferments. The size of stimulus packages in MENA countries varied significantly, ranging from 0 to 14% of real Gross Domestic Product (GDP). The average stimulus package size in MENA countries was 3.67%, notably lower than the global average of 11%. Among the 64 selected countries, the average government support as a share of GDP was 6.3%, with Ecuador at the lowest (0.05%) and Germany at the highest (23%). In Iran, government financial support contributed approximately 7% to the Gross National Product.</p><p><strong>Conclusion: </strong>MENA countries, including Iran, implemented diverse economic strategies and policies in response to the critical circumstances of the COVID-19 pandemic, tailored to their specific conditions. Assessing the effectiveness of these policies and the extent of the pandemic's long-term economic, health, and lifestyle impacts requires a more extended timeframe.</p>","PeriodicalId":46936,"journal":{"name":"Health Economics Review","volume":"14 1","pages":"106"},"PeriodicalIF":2.7,"publicationDate":"2024-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142865676","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Determinants of the economic burden of ART on the Italian NHS: insights from the Lombardy region.","authors":"Elisabetta Listorti, Aleksandra Torbica, Giovanna Esposito, Matteo Franchi, Fabio Parazzini","doi":"10.1186/s13561-024-00583-7","DOIUrl":"https://doi.org/10.1186/s13561-024-00583-7","url":null,"abstract":"<p><p>With the rising spread of Assisted Reproductive Technology (ART), it becomes imperative to understand the determinants of resource utilization in ART versus spontaneous pregnancies to enhance policies directed to pregnancy care. The focus of our study is to examine the costs associated with ART from the perspective of the Italian NHS and to investigate in depth the contributing social and clinical factors.Using the healthcare informative system of Lombardy, a Region of Northern Italy, we gathered individual-level information for a cohort of women who experienced either spontaneous pregnancies or pregnancies following ART from 2007 until 2020. The information covered multiple healthcare services, and we used a propensity score matching technique to match couples of ART/No ART women based on a comprehensive set of confounders. We then applied statistical tests and regression models to identify the impact of ART on the reported cost differences.Our cohort was composed of 44652 women and results revealed significantly higher costs for ART pregnancies, especially in terms of hospital admissions (additional 1611€, 95% CI 1558-1666) and drug prescriptions (additional 216 €, CI 95% 204-228) occurring before delivery. In-depth analysis showed for ART pregnancies, i) a higher likelihood of incurring expenses related to complications and ii) higher costs associated with two established clinical practices that lack scientific evidence supporting their efficacy.Our study sheds light on the complex interplay of clinical and social factors influencing the ART burden, emphasizing the importance of tailored support and evidence-based practices in optimizing outcomes and resource allocation.</p>","PeriodicalId":46936,"journal":{"name":"Health Economics Review","volume":"14 1","pages":"107"},"PeriodicalIF":2.7,"publicationDate":"2024-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142865683","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}