INVESTMENT RISK AND THE TRANSITION INTO HOMEOWNERSHIP*

ABSTRACT This paper investigates the extent to which house–price uncertainty affects the transition of renter households into homeownership. Using a 14‐year household panel from the Panel Study of Income Dynamics during the years 1984–1997 and measures of the time‐varying risk and return to owner‐occupied housing, we estimate a Cox proportional hazard model of the effect of house–price volatility on the transition into homeownership. Results indicate that house–price uncertainty has a negative and dramatic impact on transitions into homeownership. In addition, we find that the low‐wealth renters are particularly sensitive to house–price risk.     

Electron Microprobe Analysis of 9th–12th Century Islamic Glass from Córdoba,Spain

Twenty‐six samples from domestic assemblages of 9th–12th century Córdoba were subjected to electron microprobe analysis. The results reveal two main compositional types. The first, encountered in 13 of the samples, seems to result from the combination of plant ashes with high‐impurity sand, and has some contemporary parallels from Syria and Egypt. The second type is a lead–soda–silica glass, encountered in a relatively high proportion of the glasses (11 of the 26 sampled), possibly formed by the addition of lead metal to existing glasses and with very few known parallels. These are among a very small number of results available to date on the chemical composition of glasses from medieval Spain, and the presence of a high proportion of lead–soda–silica glasses is particularly interesting, possibly indicating a technological practice unique to, or originating in, the western Muslim world.     

Capitalist Formations of Enclosure: Space and the Extinction of the Commons

Despite their theoretical and political potential, recent debates on enclosure usually lack an effective consideration of how space is mobilized in the process of dispossession. This article connects the analysis of enclosure's general spatial rationality to a range of illustrations of its particular formations and procedures. Enclosure is understood as one of capitalism's “universal territorial equivalents”, a polymorphous technique with variegated expressions in time but also with a consistent logic that uses the spatial erosion of the commons to subsume non‐commodified, self‐managed social spaces. In response to the ever‐changing nature of commoning, successive regimes of enclosure reshape the morphologies of deprivation and their articulation to other state and market apparatuses in order to meet shifting strategies of capital accumulation and social reproduction. Through a spatially nuanced account of these phenomena, I outline a tentative genealogy of enclosure formations that allows tracking diverse geographies of dispossession across different scales and regulatory contexts in various historical stages of capitalist development.     

Immigrant entrepreneurs,diasporas, and exports

This paper demonstrates the positive effect of immigrant entrepreneurs on manufacturing exports over and above that of diasporas. Using small-scale regional administrative data, our instrumental variable estimates of export gravity models imply that ceteris paribus, that is, holding constant the total number of immigrants, the expected protrade effect of a migrant becoming an entrepreneur amounts to an average increase of US$5,946 in the export flows toward her country of origin. Besides these dyadic effects, immigrant entrepreneurs unlike nonentrepreneurial immigrants raise a region's overall competitiveness and export flows toward other destinations as well.     

中国外资银行空间网络演化的结构特征及其影响因素

本文基于外资银行网点数据,借鉴连锁型网络模型,构建了1990年、2001年和2015年中国外资银行空间网络并分析演化结构特征,最后借助条件Logit模型探讨了外资银行空间分布的影响因素。研究表明：①中国外资银行空间网络小世界网络特征明显,具有较大的集聚系数和较小的平均路径长度,网络中局域小集团网络化特征和核心-边缘结构明显。②随着网络规模的平稳增长,网络的有序性呈现出增强趋势,网络中金融连接度和金融可达性增加,金融传输效率和组织效率进一步提高,核心-边缘结构现象有所加剧。③外资银行空间分布的主导因素在不同时期不一样,1990年主导因素是市场机会和区位效应,2001年和2015年的主导因素是金融集聚,但指标的具体影响概率有所降低。     

First records from Laurentia of some middle Cambrian (Series 3) sponge spicules

Peel, J.S., February 2017. First records from Laurentia of some middle Cambrian (Series 3) sponge spicules. Alcheringa 41, 000–000. ISSN 0311-5518.

Spicules of the sponges Silicunculus Bengtson, Australispongia Dong & Knoll and Thoracospongia Mehl are described from the middle Cambrian (Cambrian Series 3) of North Greenland. The occurrences document the first records from the Cambrian of Laurentia of spicules initially reported from Australia. Obese spicules of Thoracospongia are now known to occur in strata of Cambrian Series 2 (Stage 4, Botoman) to Cambrian Series 3 (Stage 5 and Drumian) age in Australia, northern and southeastern Siberia and in the uppermost Henson Gletscher Formation (Cambrian Series 3, Stage 5) of western Peary Land. Morphologically similar obese spicules from the USA, Jordan, Iran and Sweden suggest an evolutionary trend towards armouring of the outer sponge surface during the middle and late Cambrian. New species described are Silicunculus saaqqutit sp. nov., Thoracospongia lacrimiformis sp. nov.

John S. Peel [john.peel@pal.uu.se], Department of Earth Sciences (Palaeobiology), Uppsala University, Villavägen 16, SE-752 36 Uppsala, Sweden. Received 3.7.2016; revised 13.9.2016; accepted 15.9.2016.     

What Can the State Do for You?

It has been suggested that Swedish policy during the early post-war period was strongly directed towards mobility-increasing expenditures – most notably relocation allowances – aimed at moving labour from north to south. While this view has dominated the academic discussion on labour market policy, there is little direct evidence. We make three claims. First, the relocation allowances have to be evaluated against the regional policy. Second, by doing so we show that the mobility-oriented policy was predominant only for a short period of time: in the early 1970s, there was a decisive shift towards a policy directed at stimulating employment in the north. Third, drawing on this, we revaluate the previous view on policy making in Sweden. Our analysis suggests that the Social Democratic government acted in a voter-maximizing way. The relocation allowances were introduced at the behest of the Trade Union Confederation (LO). The regional subsidies were expanded when voter sentiment turned against the perceived depletion of rural regions. However, this strategy interacted with the political and institutional environment. The new election law in 1970 and political competition from the Centre Party pushed the Social Democrats to shift their policies on regional subsidies.     

A connectivity model as a potential tool for smart specialization strategies

The article contributes to the smart specialization literature by presenting a new approach, connectivity analysis, where Triple Helix (TH) relations (involving universities, companies and government) are at the centre of the entrepreneurial discovery process. Relations between helices may be seen, from the point of departure of proximity, as preconditions of connectivity, or interaction, measured through expectations and experiences. This offers potential solution to two limitations of proximity approach: its static nature and narrow focus on dyadic relationships. The connectivity analysis reveals the extent of mutual expectations, as well as tensions, or gaps. Based on this analysis, the article presents a policy model that is used to map structures of networks and gaps between TH actors. It may also identify strengths, weaknesses and problems. This analysis is used as input to structured dialogues between actors in leading positions in the TH and in smart specialization policy-making and implementation. This approach may lead to policy interventions supporting entrepreneurial discoveries. The model has been developed in partnership with researchers and the Regional Council of Ostrobothnia. The article also presents this case study and demonstrates the use of the connectivity model in practice.     

A Decadence Baedeker: D’Annunzio’s The Triumph of Death

This article investigates how Gabriele D’Annunzio’s The Triumph of Death brings together Nietzsche’s ideas and Wagner’s music and interweaves them with the motifs of literary Decadence and the author’s own particular sexual politics. The novel is an experimental text striving to be a Gesemtkunstswerk, an integrated work that incorporates music, painting, poetry, regional folklore, and private thoughts about personal and national power. I discuss the novel’s themes of violent sexuality and the anxiety of powerlessness and explore their implications for the fascist political aesthetics in which D’Annunzio played a pioneering role.