Home About us Contact
|
Home About us Contact | ||
|
|
||
Land Prices (land + price)
Selected AbstractsLAND PRICE, COLLATERAL AND ECONOMIC GROWTH,THE JAPANESE ECONOMIC REVIEW, Issue 4 2009MASAYA SAKURAGAWA This paper extends Kiyotaki and Moore's (1997) to an endogenous growth model and investigates the dynamic properties of a growing economy with binding credit constraint when land is used not only as an input of production but also as collateral. There exists a balanced growth path in an economy with binding credit constraint. In response to a once and for all productivity shock, the developed model shows the propagation mechanism among output, capital, bank credit and the land price in terms of the growth rate. The model's tractability allows us to derive interesting qualitative and quantitative findings on business cycles. [source] CAPITALIZATION OF GOVERNMENT SUPPORT IN AGRICULTURAL LAND PRICES: WHAT DO WE KNOW?JOURNAL OF ECONOMIC SURVEYS, Issue 4 2009Laure Latruffe Abstract The objective of this paper is to provide an overview of existing literature, both theoretically and empirically, on the extent to which agricultural subsidies do translate into higher land values and rents and finally benefit landowners instead of agricultural producers. Our review shows that agricultural support policy instruments contribute to increasing the rental price of farmland, and that the extent of this increase closely depends on the level of the supply price elasticity of farmland relative to those of other factors/inputs on the one hand, and on the range of the possibilities of factor/input substitution in agricultural production on the other hand. The empirical literature shows that land prices and rents have in general a significant positive and inelastic response to government support. Such inelastic response is thought to reflect the uncertain future of the farm programmes. And in general, studies have indicated that land prices are more responsive to government-based returns than to market-based returns. [source] From Central Planning to Centrality: Krakow's Land Prices After Poland's Big BangREAL ESTATE ECONOMICS, Issue 2 2005David Dale-Johnson We examine commercial land markets in Krakow, Poland over a 10-year period of transition from socialist management to a market economy. We explore the spatial and temporal evolution of land prices over this period. In particular, we are interested in identifying trends toward or away from centrality, and in discovering whether or not these trends acted on the city center alone or over a set of centers. The data set we employ is uniquely appropriate for this purpose as the densifying force of "highest-and-best" use,typically found in market-oriented cities,was absent under four decades of socialist planning, leaving undeveloped land scattered throughout the city. Free of quality control issues associated with disentangling the value of land from properties in which land and structures are bundled, the data offer a clean assessment of land prices within an urban area. We employ a novel, iterative approach to identify pricing centers,"nodes" of similarly sized residuals,which we interpret as evidence of omitted spatial amenities. Using this approach, we find that the price gradient in Krakow evolved toward concentration, but concentration in several centers rather than in just one. We find that the exclusion of proximity to these centers leads to biased coefficients in the hedonic regressions; we also find that the majority of the apparent spatial autocorrelation in the aspatial regressions results from the omission of proximity to these centers. [source] Land tax and economic growth under credit market imperfectionINTERNATIONAL JOURNAL OF ECONOMIC THEORY, Issue 2 2007Masaya Sakuragawa H20; O40 We study the general equilibrium effects of land taxation on economic growth by extending the model developed by Kiyotaki and Moore (1997) to an endogenous growth model, where land is used not only as an input of production but also as collateral. Land taxation tends to hamper economic growth through the credit-contraction effect, but the overall direction on economic growth depends on the redistribution scheme of the tax revenue. Surprisingly, we show that if the tax revenue is fully refunded to entrepreneurs, the economy grows faster than a no-taxation economy. We calibrate our model and show that if taxation on land is raised by 1 percent, the land price initially falls by approximately 9.09 percent, while the economy grows faster by 0.6%. [source] LAND PRICE, COLLATERAL AND ECONOMIC GROWTH,THE JAPANESE ECONOMIC REVIEW, Issue 4 2009MASAYA SAKURAGAWA This paper extends Kiyotaki and Moore's (1997) to an endogenous growth model and investigates the dynamic properties of a growing economy with binding credit constraint when land is used not only as an input of production but also as collateral. There exists a balanced growth path in an economy with binding credit constraint. In response to a once and for all productivity shock, the developed model shows the propagation mechanism among output, capital, bank credit and the land price in terms of the growth rate. The model's tractability allows us to derive interesting qualitative and quantitative findings on business cycles. [source] The CAP for Turkey?EUROCHOICES, Issue 2 2005Budgetary Implications, Potential Market Effects EU accession negotiations with Turkey are scheduled to start in October 2005. The period of accession negotiations will probably last for ten years or longer, but the effects of applying the Common Agricultural Policy (CAP) to Turkey are currently a controversial discussion in the EU. Effects of Turkish accession on EU agricultural markets are likely to be small. The EU would gain additional export opportunities for cereals and animal products. On the other hand, Turkish agricultural exports to the EU are projected to increase for only a few fruit and vegetable products. EU budgetary outlays for the application of the CAP to Turkey could total between £3.5 and £6.3 billion in 2015 , depending on whether direct payments are phased in or not , and £5.4 billion in 2025. Most of these outlays would be for direct payments to agricultural producers and that may not be in Turkey's best interest. This is because direct payments tend to be capitalized in land prices and may thus inhibit the necessary process of improving the Turkish agricultural structure. Transfers under the second pillar of the CAP may hold more interest for Turkey, because they can be targeted at improving productivity and thereby income. Projected outlays for the CAP take a backseat to projected transfers to Turkey under the structural policy of the EU. Les négociations sur l'adhésion de la Turquie à l'UE doivent commencer en octobre 2005. Les préliminaires vont sans doute durer au moins une dizaine d'années, mais les effets de l'application de la Politique Agricole Commune (PAC) à la Turquie font déjà l'objet de controverses au sein de l'UE. Sur les marchés, on s'attend à des effets plutôt faibles. L'UE gagnerait certaines possibilités d'exportation de céréales et de produits animaux. Par ailleurs, les exportations de la Turquie vers l'UE ne s'accroîtraient que pour quelques fruits et légumes. Les dépenses budgétaires totales qui résulteraient pour l'UE de l'application de la PAC à la Turquie se situeraient en 2015 entre 3,5 et 6,3 milliards d'Euros, selon que les paiements directs seront ou ne seront pas progressivement éliminés. Elles atteindraient 5,4 milliards en 2025. Il s'agirait pour l'essentiel de paiements directs aux producteurs agricoles, ce qui ne correspondrait pas forcément à l'intérêt bien compris de la Turquie. De fait, les paiements directs tendent àêtre capitalisés en valeurs foncières. Ils pourraient par conséquent inhiber le processus d'amélioration des structures, pourtant bien nécessaire. Les transferts liés au second pilier de la PAC pourraient être plus utiles, parce qu'ils peuvent être ciblés sur les accroissements de productivité et donc de revenus. C'est pourquoi il y a lieu d'envisager des transferts à la Turquie au titre des politiques d'amélioration de structures en arrière plan des budgets prévisionnels pour la PAC. Im Oktober 2005 sollen die EU-Beitrittsverhandlungen mit der Türkei beginnen. Diese Verhandlungen werden wahrscheinlich über einen Zeitraum von zehn Jahren oder länger geführt werden, die Auswirkungen der Gemeinsamen Agrarpolitik (GAP) auf die Türkei werden im Moment in der EU jedoch kontrovers diskutiert. Der EU-Beitritt der Türkei wird sich wahrscheinlich nur geringfügig auf die EU-Agrarmärkte auswirken. Die EU erhielte zusätzliche Exportmöglichkeiten für Getreide und tierische Erzeugnisse. Die Agrarexporte der Türkei in die EU hingegen würden vermutlich nur bei einigen wenigen Obstund Gemüseprodukten zunehmen. Durch die Anwendung der GAP auf die Türkei würde der EU-Haushalt im Jahr 2015 mit 3,5 bis 6,3 Milliarden Euro (je nachdem, ob die Direktzahlungen schrittweise eingeführt werden oder nicht) und im Jahr 2025 mit 5,4 Milliarden Euro belastet. Der grö,te Teil dieser Kosten entstünde aufgrund von Direktzahlungen an landwirtschaftliche Erzeuger. Dies dürfte für die Türkei nicht die bestmögliche Alternative darstellen, da Direktzahlungen zumeist in den Bodenpreisen kapitalisiert werden, wodurch der notwendige Prozess zur Verbesserung der türkischen Agrarstruktur ins Stocken geraten könnte. Transferleistungen im Rahmen der zweiten Säule der GAP dürften für die Türkei interessanter sein, da sie auf eine Produktivitätssteigerung ausgerichtet werden könnten, um so die Einkommenssituation zu verbessern. Die zu erwartenden Ausgaben für die GAP im Rahmen der Strukturpolitik der EU spielen im Vergleich zu den zu erwartenden Transferleistungen an die Türkei eine untergeordnete Rolle. [source] CAPITALIZATION OF GOVERNMENT SUPPORT IN AGRICULTURAL LAND PRICES: WHAT DO WE KNOW?JOURNAL OF ECONOMIC SURVEYS, Issue 4 2009Laure Latruffe Abstract The objective of this paper is to provide an overview of existing literature, both theoretically and empirically, on the extent to which agricultural subsidies do translate into higher land values and rents and finally benefit landowners instead of agricultural producers. Our review shows that agricultural support policy instruments contribute to increasing the rental price of farmland, and that the extent of this increase closely depends on the level of the supply price elasticity of farmland relative to those of other factors/inputs on the one hand, and on the range of the possibilities of factor/input substitution in agricultural production on the other hand. The empirical literature shows that land prices and rents have in general a significant positive and inelastic response to government support. Such inelastic response is thought to reflect the uncertain future of the farm programmes. And in general, studies have indicated that land prices are more responsive to government-based returns than to market-based returns. [source] Spatial dependence in agricultural land prices: does it exist?AGRICULTURAL ECONOMICS, Issue 3 2009Philip Kostov Spatial dependence; Hedonic models; Functional form Abstract Trade-offs arise between spatial dependence and choice of functional form in agricultural land price hedonic models. We discuss these trade-offs and how they can create spurious spatial dependence. Using a land sales dataset with apparent spatial dependence, we implement a semiparametric approach avoiding potential problems with the functional form. The results show that in addition to being nonlinear, the impacts are also characterized by significance thresholds that are difficult to capture in a parametric model. More importantly, we fail to detect any spatial dependence demonstrating that inappropriate functional form can indeed be responsible for finding spatial dependence in hedonic models. [source] ECONOMIC FUNDAMENTALS AND URBAN,SUBURBAN DISPARITIESJOURNAL OF REGIONAL SCIENCE, Issue 2 2010JunJie Wu ABSTRACT This paper develops a spatially explicit model to examine how urban and suburban communities evolve differently with changes in local economic fundamentals such as rising income or falling commuting costs in the metropolitan area. The model highlights the importance of environmental amenities and the economy of scale in the provision of public services as determinants of urban spatial structure. Results suggest that urban sprawl, income segregation, and jurisdictional disparities are driven by the same economic conditions and thus tend to co-exist. Rising incomes or falling commuting costs for high-income households in a metropolitan area tend to increase land prices and public services in every community, while rising incomes or falling commuting costs for low-income households can have the opposite effects. [source] From Central Planning to Centrality: Krakow's Land Prices After Poland's Big BangREAL ESTATE ECONOMICS, Issue 2 2005David Dale-Johnson We examine commercial land markets in Krakow, Poland over a 10-year period of transition from socialist management to a market economy. We explore the spatial and temporal evolution of land prices over this period. In particular, we are interested in identifying trends toward or away from centrality, and in discovering whether or not these trends acted on the city center alone or over a set of centers. The data set we employ is uniquely appropriate for this purpose as the densifying force of "highest-and-best" use,typically found in market-oriented cities,was absent under four decades of socialist planning, leaving undeveloped land scattered throughout the city. Free of quality control issues associated with disentangling the value of land from properties in which land and structures are bundled, the data offer a clean assessment of land prices within an urban area. We employ a novel, iterative approach to identify pricing centers,"nodes" of similarly sized residuals,which we interpret as evidence of omitted spatial amenities. Using this approach, we find that the price gradient in Krakow evolved toward concentration, but concentration in several centers rather than in just one. We find that the exclusion of proximity to these centers leads to biased coefficients in the hedonic regressions; we also find that the majority of the apparent spatial autocorrelation in the aspatial regressions results from the omission of proximity to these centers. [source] Do Capital Inflows Matter to Asset Prices?ASIAN ECONOMIC JOURNAL, Issue 3 2009The Case of Korea F32; F21; G12 In the present paper, we investigate whether capital flows induce domestic asset price hikes in the case of Korea. This issue is relevant for crisis-hit economies trying to prevent a boom,bust cycle as well as in the formulation of macroeconomic policy objectives in emerging market economies. Korea has recently experienced large capital inflows, in particular a surge in portfolio inflows. Furthermore, asset prices, including stock prices, land prices and nominal and real exchange rates, have also appreciated. The empirical results, obtained using a vector autoregression model, suggest that capital inflow shocks have caused stock prices but not land prices to increase. The effects on the nominal and real exchange rates have been limited, which relates to the accumulation of foreign exchange reserves. [source] | ||||||||||