Factors Affecting Small Farmers' Access to Institutional Credit in Rural Orissa,India

This study uses original survey data from six villages to locate and analyse factors inhibiting small farmers' access to formal credit, including credit supply, bargaining strength, bureaucratic formalities, asset-based lending policies, informal tenancy contracts, extended processing procedures and caste barriers. The survey data confirm a correlation between higher overall transaction costs and smaller farm size, and also between arrearages and larger farm size. The analysis leads to the suggestion that policies should be directed both towards reducing the overall transaction costs of formal loans to small farmers, and towards improved collection processes.     

HOMEOWNERSHIP IN AN UNCERTAIN WORLD WITH SUBSTANTIAL TRANSACTION COSTS*

ABSTRACT This paper presents a dynamic model of residential real estate tenure decisions that takes into account the substantial transaction costs and the uncertain time paths of rents and prices. By temporarily postponing decisions, buyers and sellers obtain additional information and may avoid transactions that are costly to reverse. One implication is that the combination of high transaction costs and substantial uncertainty can create a large wedge between a household's reservation prices for buying and selling a home, which can explain why households do not switch back and forth between owning and renting as home prices fluctuate.     

A Flexible Mathematical Programming Model to Estimate Interregional Input–Output Accounts*

Abstract. This study implements and tests a mathematical programming model to estimate interregional, interindustry transaction flows in a national system of economic regions based on an interregional accounting framework and initial information of interregional shipments. A national input–output (IO) table, regional data on gross output, value‐added, exports, imports, and final demand at sector level are used as inputs to generate an interregional IO account that reconciles regional economic statistics and interregional transaction data. The model is tested using data from a multiregional global IO database and shows remarkable capacity to discover true interregional trade patterns from highly distorted initial estimates.     

北京市区轨道交通对周边住房租赁价格的影响分析

基于北京市六环内住房租赁样本的交易数据,本文以北京地铁为例,采用空间回归模型实证探讨轨道交通对合租和整租这两种不同方式下的住房租赁价格的影响。结果表明：①基于轨道交通的就业可达性对于租赁价格会产生显著的增值效应,租客愿意为就业可达性较好的住房支付溢价租金。②地铁站点密度对整租的租赁价格具有正向影响,对合租无显著影响,而地铁换乘线路变量未对租赁价格产生显著影响。③轨道交通对合租和整租住房租赁价格的影响随着距离增加呈现差异化的演变规律。合租方式的租赁价格的影响随着实际路网距离的增加呈现单调递减,距站点500m范围内影响最大;而整租方式呈现倒“U”形变化,在500-1500m范围内增值效应最大。针对研究结果,建议政府加大租赁住房供给的同时要充分考虑轨道交通要素,精准施策以实现公共资源的空间高效配置。     

A SPATIAL AND TEMPORAL AUTOREGRESSIVE LOCAL ESTIMATION FOR THE PARIS HOUSING MARKET

ABSTRACT This original study examines the potential of a spatiotemporal autoregressive Local (LSTAR) approach in modeling transaction prices for the housing market in inner Paris. We use a data set from the Paris Region notary office (Chambre des notaires d’Île‐de‐France) which consists of approximately 250,000 transactions units between the first quarter of 1990 and the end of 2005. We use the exact X–Y coordinates and transaction date to spatially and temporally sort each transaction. We first choose to use the STAR approach proposed by Pace et al., 1998 . This method incorporates a spatiotemporal filtering process into the conventional hedonic function and attempts to correct for spatial and temporal correlative effects. We find significant estimates of spatial dependence effects. Moreover, using an original methodology, we find evidence of a strong presence of both spatial and temporal heterogeneity in the model. It suggests that spatial and temporal drifts in households socio‐economic profiles and local housing market structure effects are certainly major determinants of the price level for the Paris Housing Market.     

近代新式棉纺织企业工头制管理方式浅析

本文采用交易费用经济学分析框架,借助于民国时期棉纺织企业佣工的相关数据,解释了当时企业内部管理方式的演变.根据史实论断,当时企业内部的人员(企业所有者、管理者和工人)形成了一个社会网络,所有者和管理者(工头--所有者的代理人)可以认为是社会网络上的节点.当企业的规模较小时,这个社会网络可以节省工头管理工人的交易费用;然而,当企业规模越来越大时,由于网络内信息传递成本的提高,社会网络反而成为增加交易费用的原因.最终,企业所有人会倾向于采取新型管理方式,摆脱工头制度对企业发展的束缚.     

旅游发展会推动房价上涨吗？——基于中国分省数据的经验研究

本文基于2000年～2009年中国大陆30个省区（不包含西藏）的面板数据,综合采用混合回归（POLS）、固定效应（FE）、随机效应（RE）、系统广义矩估计法（sys—GMM）,对旅游发展与房价之间的关系进行了经验检验。研究结果表明：（1）旅游发展对房价有显著的正向影响,且该影响主要发生在当期,两者之间的跨期影响并不明显;（2）旅游发展与房价的正向关系并不依赖于地区经济发展水平,城市化在旅游发展对房价的影响中起着正向调节作用;（3）系统GMM对动态面板模型的估计结果显示,地区房价具有“自我收敛”功能,房价决定系统中存在一种“逆风向”的动态调整机制;（4）旅游发展对房价的影响呈现出区域差异,其对西部、东部、中部房价的影响强度依次递减。     

Money and prices in thirteenth-century Venice

Prices and salaries rose in Venice between 1173 and 1282. The supply of money also probably increased. Wine, grain, and commodity prices, as well as magistrates' salaries, are here collected from documentary sources to illustrate this rise in prices. Evidence from silver mining, foreign trade, banking, and diplomacy seems to demonstrate an increase in the supply of money, but price inflation (the Fisher equation, MV = PT) cannot be definitely illustrated because velocity and transaction costs cannot yet be established for medieval Venice. To clarify these prices, this study also briefly describes the coins and moneys of account used in Venice in this century.     

我国旅游资源整合影响因素的理论分析

生产的正外部性和产权不明晰产生的高昂的交易成本导致我国旅游资源开发程度不足,创新旅游资源整合机制是解决这一问题的有效途径。本文将交易成本和外部性引入企业的旅游资源开发决策,发现旅游资源最优多样化程度随着旅游资源的产出弹性的增加而增加,随着旅游资源复杂程度的增加而降低。旅游资源整合机制创新可以从构建超部门的协调机构、建立旅游资源产权交易市场和选择最优的治理结构来实现。     

THE IMPACT OF RENT CONTROLS IN NON-WALRASIAN MARKETS: AN AGENT-BASED MODELING APPROACH

ABSTRACT.  We use agent-based models to consider rent ceilings in non-Walrasian housing markets, where bargaining between landlord and tenant leads to exchange at a range of prices. In the non-Walrasian setting agents who would be extramarginal in the Walrasian setting frequently are successful in renting, and actually account for a significant share of the units rented. This has several implications. First, rent ceilings above the Walrasian equilibrium price (WEP) can affect the market outcome. Second, rent ceilings that reduce the number of units rented do not necessarily reduce total market surplus. Finally, the distributional impact of rent controls differs from the Walrasian setting.     

City subcenter as a regional development policy: Impact on the property market

The aim of this study is to perform a locally specific investigation of a polycentric development policy through the lens of the property market. The capital city of China, Beijing, adopted a subcenter program for the purpose of developing a new economic growth pole in the suburbs through the redistribution of administrative and economic resources. Herein, we exploit spatial and temporal differencing in microproperty transaction data to address the issue of nonrandom selection of the site for developing the subcenter. The results show that in the first year after announcing the subcenter program, property prices in the subcenter rose by 10.5%, stabilizing at approximately 20% after 2 years of continuous increase. Moreover, property price growth decreases sharply with increased distance from the new administrative center in the subcenter, which will host tens of thousands of civil servants under the subcenter program. In response to the subcenter-induced demand shock, locations with elastically supplied housing have experienced greater population growth and weaker appreciation in property prices. Although strict purchase restrictions have helped stabilize the subcenter's property market to some extent, the fever has spread to adjacent markets. The specific geography of property market dynamics provides an important channel to evaluate the impact of the subcenter program and offers insight regarding the development of tactics to optimize subcenter outcomes.     

THE IMPACT OF CRIME ON APARTMENT PRICES: EVIDENCE FROM STOCKHOLM,SWEDEN

This study uses data of about 9,000 apartment sales in Stockholm, Sweden, to assess the impact of crime on property prices. The study employs hedonic pricing modelling to estimate the impact of crime controlling for other factors (property and neighbourhood characteristics). Geographic Information System (GIS) is used to combine apartment sales by coordinates with offences, land use characteristics and demographic data of the population. The novelty of this research is threefold. First, it explores a set of land use attributes created by spatial techniques in GIS in combination with detailed geographical data in hedonic pricing modelling. Second, the effect of crime in neighbouring zones at one place can be measured by incorporating spatial lagged variables of offence rates into the model. Third, the study provides evidence of the impact of crime on housing prices in a capital city of a traditional welfare state, information otherwise lacking in the international literature. Our results indicate that apartment prices in a specific area are strongly affected by crime in its neighbouring zones, regardless of crime type. When offences were broken down by types, residential burglary, theft, vandalism, assault and robbery individually had a significant negative effect on property values. However, for residential burglary such an effect is not homogenous across space, and apartment prices in central areas are often less discounted by being exposed to crime than those in the city's outskirts.     

The Distribution of Subsidized Agricultural Credit in Brazil: Do Interest Groups Matter?

This article examines the unequal distribution of credit and credit subsidies in the Brazilian agricultural sector from 1969 to 1990. Total credit subsidies exceeded US$ 40 billion in this period. The distribution across crops is studied econometrically. After controlling for area, the crops that benefited most had superior access to credit institutions, were tradeable, had high prices, and were not perennials. Proxies for collective action by crop were an unimportant determinant of credit policy, while a bias in favour of large producers was evident. Alternative explanations for this bias are discussed, including collective action by farm size and transaction costs in lending.     

ECONOMIC IMPACTS OF CULTURAL DIVERSITY IN THE NETHERLANDS: PRODUCTIVITY,UTILITY, AND SORTING*

ABSTRACT This paper identifies the impact of cultural diversity on local economies, by explaining spatial disparities in wages and housing prices across Dutch cities using unique individual panel data of homeowners during the period 1999 and 2008. We distinguish between the effects of spatial sorting based on individual heterogeneity, interactions‐based productivity effects, and consumer amenities while controlling for interactions between the labor and housing market. In line with previous literature, we find a positive effect of cultural diversity on average housing prices. After controlling for spatial sorting, the effect of cultural diversity on housing prices is negative. The negative impact of cultural diversity on local housing markets is likely driven by a causal effect between the presence of immigrants and neighborhood quality that outweighs a positive effect of immigrant‐induced diversity in consumption goods.     

Place-to-Place Rent Comparisons among Canadian Cities

This paper estimates average monthly gross rents for comparable rented private-sector accommodation in Census Metropolitan Areas across Canada. By “gross rent” is meant the typical monthly payment in a CMA for a principal residence by a tenant of given traits under the conditions of a standard lease to a for-profit landlord in competitive market equilibrium for premises used exclusively for accommodation, in an arm's length transaction, and includes heating and utility expenses where paid separately by the tenant. A single average gross rent is estimated for each city for dwellings and households, each with specified characteristics. This paper reviews the application of hedonic price models for this purpose, identifies shortcomings of current research in the field, and suggests a new form for such models. This new model is estimated using microlevel data from a sample of renter households taken across the twenty-three largest urban areas in Canada. A classical version of the model is fitted first to renter data for individual cities, and its limitations assessed. A measure of “relative supply” is introduced to help explain city to city variations in the hedonic prices. Then an all-city new model is estimated which incorporates relative supplies. This all-city model is then used to derive place-to-place rent comparisons.     

浙江农民的流动交易方式与其经济现代化——以浙江省义乌市后乐村为个案

通常的现代化命题对中国农村现代化的定位是外生现代化类型,因此外来模式和制度的引进、外部资金和技术的输入是至关重要的。但是后乐村的经济发展实践却展示了另外一种图景:后乐村的经济现代化是在流动交易的不断转换中实现的,流动的交易方式与后乐村的经济现代化之间存在紧密的逻辑关系。这种关系表明,流动的交易方式是一种现代化的内生因素,后乐村的经济发展是流动的交易方式作为一种特殊的文化资本进行双重再生产的结果。     

Norms,coercion and contracting in the struggle against ‘harmful’ tax competition

The world's richest and most powerful countries have become increasingly concerned about revenue lost to tax havens, and fear that tax competition might spark a fiscal ‘race to the bottom’, yet they have failed to pressure much smaller and weaker tax haven states into reform. This article argues that the OECD-sponsored campaign against ‘harmful’ tax competition has been unsuccessful because regulative norms have severely constrained the means legitimately able to be employed. Early decisions on how the campaign was designed subsequently brought norms into play which have not only ruled out the use of coercion, but also the use of side payments, despite the massive potential benefits available to both sides from a deal between tax havens and OECD states. The failure to strike a deal cannot be explained by high transaction costs nor by corporate lobbying in defence of tax shelters. Regulative norms can thus affect economic bargaining in the international arena by preventing mutually advantageous exchanges that are nevertheless regarded as inappropriate.     

Airport delays and metropolitan employment

This study provides the first empirical assessment of the impact airline delays have on urban employment. While previous works have suggested that road congestion can slow down regional development, the influence of air traffic delays on metro‐level jobs has not been examined comprehensively. The present study uses a nine‐year panel of quarterly data, which covers passenger airline traffic and delays at airports across urban areas in the United States. The panel also includes data on total and industry‐specific employment at the metropolitan‐area level. Our empirical estimates of the impact of air traffic on total employment are comparable to previously reported measures in the literature. However, we find that service‐sector employment is less sensitive to air traffic than other studies suggested. We provide new evidence confirming that delays have a negative effect on employment, a finding that is robust to various specifications of our empirical model. Our results indicate that a 10 percent increase in the number of delayed flights leads to up to a 0.15 percent decrease in total and service‐sector employment, a 0.47 percent decline in leisure and hospitality employment, and a 0.7 percent reduction in the employment level of goods‐producing jobs.     

Urban size and KIBS vertical disintegration: the case of Milan

The literature shows that market size favours firms’ vertical disintegration because it reduces transaction and knowledge coordination costs. The existing evidence is based primarily on cross-sectional data and on the manufacturing sector, with little or no attention is given to longitudinal data and services. This paper estimates the effect of urban size on the purchase of service inputs by knowledge-intensive business service firms located in the metropolitan region of Milan. Relying on a rich panel dataset, and adopting different econometric techniques to overcome endogeneity, we find a positive and statistically significant effect of increased urban population on the degree of KIBS vertical disintegration only when urban size is measured at the province level. We also find that this effect holds particularly in the case of traditional professional- rather than technology-related activities.     

基于铅同位素比值的古代矿料混合模型分析法

为深入研究古代青铜器示踪矿料来源中矿料混合问题,通过铅同位素研究数据构建矿料混合模型,从理论上探讨满足条件的青铜器数据样本其矿料混合的情况。基于模型,通过对铅同位素数据的处理,不仅能够匹配相应的矿料混合模式,而且可为器物分类提供依据。此外,还可计算出相应的铜料中表观含铅量,为相关研究提供参考依据。