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Expansão e valorização dos imóveis na dinâmica imobiliária de Florianópolis entre 2009 e 2012

Castanheira, Michelle Bartholomei
Fonte: Universidade Federal de Santa Catarina Publicador: Universidade Federal de Santa Catarina
Tipo: Trabalho de Conclusão de Curso Formato: 86 f.
Português
Relevância na Pesquisa
46.78%
TCC (Graduação) - Universidade Federal de Santa Catarina. Centro Socioeconômico. Curso de Graduação em Ciências Econômicas.; O objetivo desta pesquisa consistiu da investigação do processo de valorização de imóveis residenciais e na dinâmica socioeconômica do setor imobiliário em áreas urbanas nos principais bairros de Florianópolis entre 2009 e 2012. Neste caso o estudo realizado teve como foco o mercado de imóveis nos bairros da Capital que obtiveram maior expansão territorial e valorização nos preços no período investigado. O processo de valorização imobiliária é fundamental na metamorfose da área urbana e no desenvolvimento das regiões de uma cidade. Sendo assim, estuda-se a constituição histórica da cidade de Florianópolis, e sua relação com a aceleração do crescimento após o lançamento do plano Minha Casa Minha Vida, projetado pelo governo para prover moradias de qualidade à população de baixa renda, alterar o rumo da economia do país no período de crise mundial no ano de 2009. Para tanto, os dados foram buscados em jornais arquivados na Biblioteca Pública de Santa Catarina e na internet em sites de venda de imóveis da cidade de Florianópolis. Os dados foram selecionados por localização (bairros)...

Fiscal policy and asset prices

Agnello, Luca; Sousa, Ricardo M.
Fonte: Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE) Publicador: Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
Tipo: Trabalho em Andamento
Publicado em //2010 Português
Relevância na Pesquisa
46.66%
We assess the role played by fiscal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive fiscal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the effect of fiscal policy is temporary, housing prices gradually and persistently fall. As a result, the attempts of fiscal policy to mitigate stock price developments may severely de-stabilize housing markets. The empirical findings also point to: (i) a contractionary effect of fiscal policy on output in line with the existence of crowding-out effects; (ii) a weakening of the effectiveness of fiscal policy in recent times; (iii) significant fiscal multiplier effects in the context of severe housing busts; and (iv) an increase of the sensitivity of asset prices to fiscal policy shocks following the process of financial deregulation and mortgage liberalization. Finally, the evidence suggests that changes in equity prices may help governments towards consolidation of public finances.; Fundação para a Ciência e a Tecnologia (FCT) - Programa Operacional Ciência e Inovação 2010 (POCI 2010); Fundo Europeu de Desenvolvimento Regional (FEDER)

How does fiscal policy react to wealth composition and asset prices?

Agnello, Luca; Castro, Vítor; Sousa, Ricardo M.
Fonte: Universidade do Minho Publicador: Universidade do Minho
Tipo: Trabalho em Andamento
Publicado em 12/07/2011 Português
Relevância na Pesquisa
46.66%
We assess the response of fical policy to developments in asset markets in the US and the UK. We estimate fical polyce rules augmented with aggregate wealth, wealth composition (i.e. financial and housing wealth) and asset prices (i.e. stock and housing prices) using: (i) a linear framework based on a fully simultaneous system approach; and (ii) two nonlinear specifications that rely on a smooth transition regression (STR) and a Markov-switching (MS) model. The linear framework suggests that, while primary spending does not seem to react to wealth composition or asset prices, taxes and primary surplus are significantly: (i) cut when financial wealth or stock prices rise, and (ii) raised when housing wealth or housing prices increase. The smooth transition regression model shows that primary spending and fiscal balance are adjusted in a nonlinear fashion to both wealth and price effects, while the Markov-switching framework highlights the importance of tax cuts (in the US) and spending hikes (in the UK) to offset the decline in wealth suring major recessions and financial crises. Overall, our results provide evidence of a non-stabilizing effect of government debt, a countercyclical policy and a vigilant track of wealth developments by fiscal authorities.; Fundação para a Ciência e a Tecnologia (FCT)

Fiscal policy and asset prices

Agnello, Luca; Sousa, Ricardo M.
Fonte: Wiley-Blackwell Publicador: Wiley-Blackwell
Tipo: Artigo de Revista Científica
Publicado em //2011 Português
Relevância na Pesquisa
46.66%
We assess the role played by scal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive scal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the e¤ect of scal policy is temporary, housing prices gradually and persistently fall. As a result, the attempts of scal policy to mitigate stock price developments may severely de-stabilize housing markets. The empirical ndings also point to: (i) a contractionary e¤ect of scal policy on output in line with the existence of crowding-out e¤ects; (ii) a weakening of the e¤ectiveness of scal policy in recent times; (iii) signi cant scal multiplier e¤ects in the context of severe housing busts; and (iv) an increase of the sensitivity of asset prices to scal policy shocks following the process of nancial deregulation and mortgage liberalization. Finally, the evidence suggests that changes in equity prices may help governments towards consolidation of public nances.; COMPETE; QREN; UE Fundo Europeu de Desenvolvimento Regional; Fundação para a Ciência e a Tecnologia (FCT)

Why Has Regional Convergence in the U.S. Stopped?

Ganong, Peter Nathan; Shoag, Daniel W
Fonte: John F. Kennedy School of Government Publicador: John F. Kennedy School of Government
Tipo: Research Paper or Report
Português
Relevância na Pesquisa
46.69%
The past thirty years have seen a dramatic decrease in the rate of income convergence across U.S. states. This decline coincides with a similarly substantial decrease in population flows to wealthy states. We develop a model where labor mobility plays a central role in convergence and can quantitatively account for its disappearance. We then link this decline in directional migration to a large increase in housing prices and housing regulation in high-income areas. The model predicts that these housing market changes generate (1) a divergence in the skill-specific economic returns to living in rich places, (2) a decline in low-skilled migration to rich places and continued low-skilled migration to places with high income net of housing costs, (3) a decline in the rate of human capital convergence and (4) continued income convergence among places with unconstrained housing supply. Using Census data, we find support for the first three hypotheses. To test the fourth hypothesis, we develop a new state-level panel measure of housing supply regulations. Using this measure as an instrument for housing prices, we document the central role of housing prices and building restrictions in the end of income convergence.

The effects of oil prices and other economic indicators on housing prices in Calgary, Canada

Padilla, Mercedes A. (Mercedes Angeles)
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 52, [5] leaves; 1742571 bytes; 1742244 bytes; application/pdf; application/pdf
Português
Relevância na Pesquisa
46.67%
This thesis aims to answer: (1) to what extent can oil prices and other economic indicators predict the changes in housing prices and rent in the Calgary single family housing market and (2) to determine what the lag time is between them. Implications of this study from a macro perspective are multiple. This study can be used as a simplified case study in isolating the effects of the boom and bust cycles of economic industries and quantify its impact to real estate performance. Results found an astonishing correlation. Oil prices, exchange rate, interest rate and employment levels can determine up to 98% of the changes in house prices and rents. Oil prices, representing economic viability of the city, affect the real estate industry with a lag of 7 quarters of approximately two years, while interest rates representing the financial well-being of the city affect house prices and rents with a lag of 2 1/2 years. Foreign exchange rate to the dollar, representing the relative global prosperity, affects real estate prices in one year. House prices seem to be equally sensitive to a positive or negative shock in oil prices, exchange rate, and interest rates. At which, $25/barrel oil price seems to be the "breakeven" level at which house prices remain stable...

Arab Republic of Egypt : Analysis of Housing Supply Mechanisms, Final Note

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
46.73%
The objective of this study, requested by the Minister of Housing, Utilities and Urban Development, is to assist the government of Egypt in: formulating a coherent national affordable housing strategy which puts in place an effective institutional and regulatory framework that creates the necessary conditions for an efficiently functioning housing market, devises the incentive structure needed to promote increased private sector participation in affordable housing supply and the subsidy package to enable limited-income households to access affordable housing, and addresses distortions in factor markets; and designing the foundations and key elements of the national affordable housing program for Egypt, which aims to enable the delivery of 500,000 affordable housing units in the coming six years. This study critically analyzes the existing situation on housing supply in urban areas in Egypt. This includes examining existing formal and informal mechanisms for the supply/ delivery of urban housing in Egypt, institutions responsible for supply and regulation...

Housing Policy in Developing Countries : Conjectures and Refutations

Buckley, Robert M.; Kalarickal, Jerry
Fonte: Oxford University Press on behalf of the World Bank Publicador: Oxford University Press on behalf of the World Bank
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
46.64%
This housing policy in developing countries, conjectures and refutations article discusses housing policy in developing economies. It examines recent research findings in light of earlier arguments as to the benefits of more market-oriented approaches. It also looks at whether the recommendations of earlier work have been refuted or developed in subsequent analyses and policy measures. In particular, it reviews the empirical analysis of the effects of policy on housing supply, the richer understanding of the effects that land market regulations have on housing affordability and the functioning of urban areas, and the alleged mysterious effects that researchers claim effective property rights have on housing policy and on development more generally. It also examines the effects of the increased emphasis on community participation, showing how it helps to more fully reconcile the incentives faced by beneficiaries of housing policy and donors. Finally, it examines recent literature on the welfare effects of rent control. The article shows that some of the conjectures as to the likely benefits of more market-based policy have been refuted...

Housing market responses to immigration : evidence from Italy

KALANTARYAN, Sona
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
Português
Relevância na Pesquisa
46.71%
In this study I empirically examine the impact of immigration on the dynamics of housing prices across Italian provinces from 1996 till 2007. The massive debate upon the impact of current intensive immigration flows on the wellbeing of the native Italian population and Europeans in general is mainly focused on labor market outcomes which is, however, only one of the channels though which the real income and wealth can alter. This paper contributes to our understanding of the influence that recent intensive immigration flows have on the Italian economy by estimating its impact on the housing market. Moreover, it exploits different methodological approach with respect to the approach dominating in migration literature. Using the number of valid residence permits as a measure of immigration stock and the self-reported housing values from the Survey of Households Income Wealth in Italy I find that the increase in the concentration of immigrants in the Italian provinces has a positive but declining effect on the average housing prices in provinces. The obtained results also indicate that an increase of in immigrant population leads to an increase in average housing prices. The performed Difference and System GMM estimations confirm both the positive response of average housing prices to the increase in immigrant population and the non-linearity of its response to immigrants’ concentration in all specifications.

The effect of zoning laws on housing prices and BAH rates

Fitzkee, William
Fonte: Monterey, California: Naval Postgraduate School Publicador: Monterey, California: Naval Postgraduate School
Tipo: Tese de Doutorado
Português
Relevância na Pesquisa
46.66%
Approved for public release; distribution is unlimited; This thesis is an analysis of the effect of zoning laws and regulations on the price of residential housing. Economists Edward Glaeser and Joseph Gyourko have completed significant work on this topic. Their efforts have focused on the correlation of high housing prices with zoning laws and other land-use controls, but stop short of estimating the impact of zoning laws on actual housing prices in specific markets. This thesis expands on their research and estimates what residential housing prices would be without the regulations. It also estimates the deadweight loss (DWL) caused by the zoning laws in various high-cost markets. The results show significant price reductions from both complete and partial elimination of zoning restrictions. This thesis also uses these estimates to calculate the impact of the zoning laws on Basic Allowance for Housing (BAH) in the markets analyzed. Estimated BAH rates with zoning reduced or eliminated were substantially lower in many of the high-cost housing markets studied.

Urban Land and Housing Markets in the Punjab, Pakistan

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Urban Study; Economic & Sector Work
Português
Relevância na Pesquisa
56.78%
This note provides a short overview of urban land and housing market performance in Punjab Province of Pakistan. It describes the characteristics of well-functioning urban land and housing markets and argues that, at present, the Punjab's urban land and housing markets are not performing well. The paper identifies a range of structural and institutional shortcomings that impede urban land market performance, and then concludes by offering recommendations for making land and housing markets functions better. The Punjab Province in Pakistan is in the midst of a profound urban transition, driven by structural economic change. The Punjab is transforming from an agriculturally-based economy to a manufacturing and service based economy, which is leading to massive urbanization. This background paper reviews and assesses how well the Punjab's urban land and housing markets are functioning. The evidence suggests that urban land and housing markets are not performing as well as they could. Urban land-use planning and development controls are impeding urban development, while land titling and registration systems hamper real estate development. Systems of local resource mobilization and taxation do not generate sufficient revenues to fund key urban infrastructure. The paper notes the several critical negative consequences of poor urban land market performance...

Shelter from the Storm--but Disconnected from Jobs : Lessons from Urban South Africa on the Importance of Coordinating Housing and Transport Policies

Lall, Somik V.; van den Brink, Rogier; Dasgupta, Basab; Muir Leresche, Kay
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.72%
Informal settlements are a permanent feature of South Africa's cities. Estimates from the General Household Survey by Statistics South Africa show that more than 26 percent of all households in the country's six metropolitan areas live in informal dwellings. The government's policy efforts have focused on provision of subsidized housing, first introduced as part of the Reconstruction and Development Program. Through the lens of new urbanism and coordination in planning this paper explores the possible impact of the program using data from the General Household Survey. The analysis of the program's beneficiaries relative to non-beneficiaries does not show that public housing provision has multiplier effects in terms of complementary private investments in housing maintenance or in upgrading. This is likely because Reconstruction and Development Program housing is often far from employment centers, with the houses built in the "old" apartheid locations that are disconnected from employment centers. In addition...

Is Accra a Superstar City?

Buckley, Robert M.; Mathema, Ashna S.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.76%
A recent study of house price behavior in U.S. cities by Gyourko, Mayer, and Sinai (2006) raises questions about so-called superstar cities in which housing is so inelastically supplied that it becomes unaffordable, as higher-income families outbid residents. We consider the case of Accra, Ghana, in this light, estimating the elasticity of housing supply and discussing the implications for growth and income distribution. There is not a great deal of data available to examine trends in Accra, so our method is indirect. First, we use a variant of the traditional monocentric city model to calculate the elasticity of Accra's housing supply relative to those of other similarly-sized African cities. This suggests that housing supply responsiveness is much higher elsewhere. This muted supply responsiveness is consistent with the observed higher housing prices. Second, we estimate a number of traditional housing demand equations and reduced form equations. Placing a number of restrictions on the equations allows us to infer Accra's housing supply elasticity. Taken together...

Regional Relationships in New Housing Prices in Colombia; Relaciones regionales en los precios de vivienda nueva en Colombia

Enr??quez Sierra, Hern??n; Campo Robledo, Jacobo; Avenda??o Arosemena, Antonio
Fonte: Universidad EAFIT Publicador: Universidad EAFIT
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; article; Art??culo Formato: application/pdf
Português
Relevância na Pesquisa
56.58%
This study examines the regional relationships in the price of new housing in seven major cities in Colombia during the period 1999 Q2 to 2013 Q3 using time series statistical techniques.?? We show that while regional prices tend to converge in the long run, there is no evidence that price shocks in the capital (Bogot??) diffuse to other cities.?? We do find evidence that prices in some smaller cities are affected by prices in neighboring cities.; Este estudio examina las relaciones regionales en el precio de vivienda nueva en las siete principales ciudades en Colombia durante el periodo comprendido entre 1999 Q2 y 2013 Q3, utilizando t??cnicas estad??sticas de series de tiempo. Mostramos que mientras que los precios regionales tienden a converger en el largo plazo, no hay evidencia de que choques en los precios en la capital (Bogot??) se difundan a otras ciudades. Adem??s, encontramos evidencia que muestra que los precios en algunas ciudades peque??as se ven afectados por los precios de las ciudades vecinas.

How Well do Individuals Predict the Selling Prices of their Homes?

Benitez-Silva, Hugo; Eren, Selcuk; Heiland, Frank; Jiménez-Martín, Sergi
Fonte: Conselho Superior de Investigações Científicas Publicador: Conselho Superior de Investigações Científicas
Tipo: Artículo Formato: 293763 bytes; application/pdf
Português
Relevância na Pesquisa
56.65%
Self-reported home values are widely used as a measure of housing wealth by researchers employing a variety of data sets and studying a number of different individual and household level decisions. The accuracy of this measure is an open empirical question, and requires some type of market assessment of the values reported. In this research, we study the predictive power of self-reported housing wealth when estimating sales prices utilizing the Health and Retirement Study. We find that homeowners, on average, overestimate the value of their properties by between 5% and 10%. More importantly, we are the first to document a strong correlation between accuracy and the economic conditions (measured by the prevalent interest rate, the growth of household income, and the growth of median housing prices) at the time of the purchase of the property. While most individuals overestimate the value of their properties, those who bought during more difficult economic times tend to be more accurate, and in some cases even underestimate the value of their house. This cyclicality of the overestimation of house prices can provide some explanations for the difficulties currently faced by many homeowners, who were expecting large appreciations in home value to rescue them in case of increases in interest rates which could jeopardize their ability to live up to their financial commitments.; NIA-NIH Grant Number 5 P01 AG022481-04; Michigan Retirement Research Center; Spanish Ministry of Education through project number SEJ2005-08783-C04-01.; Peer reviewed

Neighbourhood attributes and housing prices: An empirical investigation

Brañas-Garza, Pablo; Rodero, Javier
Fonte: Conselho Superior de Investigações Científicas Publicador: Conselho Superior de Investigações Científicas
Tipo: Documento de trabajo
Português
Relevância na Pesquisa
66.65%
This paper explores the effect of neighborhood attributes on housing prices. We first analyze the price that subjects are willing to pay for these attributes and second, how this neighborhood variables are distributed within the city. Using both the demand and the spatial supply of these variables we evaluate the spatial evolution of housing prices. Results indicate that neighborhood amenities influence the distribution of housing prices within the city.; This work was partially supported by CICYT SEC97 – 1328.

THE EFFECT OF THE FIRST-TIME HOMEBUYER TAX CREDIT ON HOME PRICES IN LOW AND MODERATE INCOME COMMUNITIES

Schwinden, Chris
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Masters' project
Publicado em 22/04/2011 Português
Relevância na Pesquisa
46.85%
The Center for Responsible Lending (CRL) is a Durham-based organization that works to promote homeownership and economic opportunity for low and moderate income communities and communities of color, which traditionally have been underserved by financial markets. Because of the steep decline in housing prices across the country, but especially in low and moderate income communities, CRL is interested in examining policies that can support housing prices in order to protect homeowner equity. The First-Time Homebuyer Tax Credit was a program that made a maximum $8,000 fully refundable tax credit available to first time homebuyers from February 2009 to May 2010. During that time, the Credit was expanded to include repeat homebuyers, as well. The Credit program was used extensively throughout 2009 and 2010, with over three million Credit claims made. Because the Credit was focused primarily on first-time homebuyers, who generally have smaller incomes and buy lower priced homes, this analysis examines the effect that the program had on lower tier of the housing market. The Credit’s effect on prices is a function of the relative elasticities of supply and demand for housing. In short, if supply is constrained, we would expect to see a larger effect of the Credit on prices...

Determinants of housing prices in metropolitan China: evidence from Beijing and Shanghai from 2005 to 2012

Zhong, Liang
Fonte: University of Delaware Publicador: University of Delaware
Tipo: Tese de Doutorado
Português
Relevância na Pesquisa
66.8%
Abrams, Burton; Wang, Siyan; This study investigates the determinants of housing prices in Chinese metropolitan cities Beijing and Shanghai from Jan, 2005 to Oct, 2012. The determinants include factors from monetary policy, land prices, the stock market, the real economy and purchase limitation policy. The methodology employs Johansen cointegration analysis, generalized forecast error variance decomposition (GFEVD) and generalized impulse response functions (GIRF) to vector error correction models (VECM). The study found that bank credits and the real economy significantly impacted housing prices. In contrast to prevailing beliefs, land prices had little impact on housing prices. The study also found that purchase-restriction policies had a significant effect on curbing housing price appreciation, while disposable income and interest rates had an insignificant impact on housing prices. These effects are of different magnitudes in the two cities due to differences in their policies. Finally, I conclude with a number of policy recommendations for developing a rational and healthy housing market in metropolitan China.; University of Delaware, Department of Economics; Ph.D.

Global capital markets, housing prices, and partisan fiscal policies

Ansell, Ben; Broz, Lawrence
Fonte: The London School of Economics and Political Science ,SRC Discussion Paper Publicador: The London School of Economics and Political Science ,SRC Discussion Paper
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em 01/02/2015 Português
Relevância na Pesquisa
46.67%
In recent years, global imbalances have channeled the excess savings of surplus countries toward the real estate markets of deficit countries. By consequence, the deficit countries that attracted lots of foreign capital experienced large run-ups in house prices while the surplus countries that exported capital exhibited flat or slow house price growth. We argue that international capital flows affect the fiscal policy preferences of both voters and political parties by way of their impact on housing prices. Where capital inflows are large and housing prices are rising, we expect voters to respond by demanding both lower taxes and less publicly-provided social insurance. This is because rising house prices allow homeowners to “self insure” against income losses due to unemployment, illness, and old age. We present survey evidence that supports this claim. Furthermore, we find that responses to house prices are mirrored in capital exporting countries: households become more supportive of both taxes and social insurance as home prices remain flat or decline. Finally, we show that political parties are the mechanisms through which the fiscal preferences of households find policy expression. Taxes and social insurance spending tend to fall (rise) where the right (left) is in power and capital inflows are driving up housing prices. In capital exporting nations...

Spatial dimension changes in second hand housing prices in Alcalá de Henares and León (Spain)

González González,María Jesús; Lázaro y Torres,María Luisa de
Fonte: Centro de Estudos Geográficos Publicador: Centro de Estudos Geográficos
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/05/2014 Português
Relevância na Pesquisa
66.67%
The objective of this study is to show different recent trends (2001­­2009) in second ­hand housing prices in Spain and in different neighbourhoods in Alcalá de Henares and León, both of which are cities with very diverse economic and demogra­phic characteristics. The first is a city in the metropolitan area of Madrid, with high land prices. The increasing demand for housing in Alcalá de Henares is a good alternative for households, in view of high prices in Madrid. The second is Léon, the capital of the province of León, which is undergoing a depopulation process. We will demonstrate that house price dynamics is a local phenomenon and national or regional level data conceal interesting differences within cities (districts and neighbourhoods). The latest rise and decline in housing prices is clearly visible on the outskirts and sometimes non ­existent in the town centre area.