Urban residential growth under perfect foresight

This paper reformulates Brueckner's model of residential succession and tests the predictive capability of two discriminant models. Model A uses the Brueckner variables, and Model B is Model A plus two urban renewal variables and a variable measuring the direction of residential succession in the previous decade. Empirical tests are based on a composite set of census tracts within the City of Pittsburgh, 1950–1960 and 1960–1970. Inclusion of the additional variables and disaggregation of the model by relative income position within the central city (Low, Moderate, Middle, and High) adds a new policy dimension by increasing the predictive capability of the model by about one-third for all central city tracts and nearly three-fourths for moderate income tracts.     

Entry and price dynamics in a perfect foresight model

This paper studies firms' entry and price dynamics in a model that combines the assumptions of free entry and perfect foresight with the hypothesis of consumer's loyalty postulated by Phelps and Winter. The analysis of the transition to long-run equilibrium reveals that, in such a model, the entry of firms is related to the difference between current prices and costs. In relation to the growth of the firms' output, it is shown that the model is consistent with Gibrat's Law. Finally, it is shown that the size distribution of firms approaches asymptotically a Pareto distribution.     

Entrepreneurship,income distribution and economic growth

Traditionally different factors and variables have been considered in the economic growth models. Following Solow’s model, economists considered physical capital and technology during 1950s–1980s. With the introduction of endogenous growth models, new forms of capital were introduced in the production function; human capital, public capital and more recently social capital. However, the consideration of qualitative variables is necessary to improve the economic growth analysis. The improvement of statistical information has favored their introduction in the economic growth models. Recently, “entrepreneurship” concept has been considered in this type of analysis. Entrepreneurship considers the capacity and ability to create new business and production activity. It is an activity not an occupation. Some authors like Schumpeter have included it in their models and they have analysed its effects on economic growth. But it is also necessary to include the role of social climate, that in a schumpterian way it could be represented by income distribution. The main objective of the paper is to analyze the relationship between entrepreneurship, income distribution and economic growth following the ideas developed by Schumpeter and we will contrast them from a empirical analysis using the GEM (Global Entrepreneurship Monitor) data.     

The comparative statics of a filtering model of housing with two income groups

This paper examines a simple filtering model of housing with two income groups. It identifies two qualitatively different long-run stationary state equilibria. In the first, construction occurs at two different qualities. In the second, construction occurs at a single quality. It presents the comparative statics of both types of equilibria, with respect to changes in the population and income of the two different groups, and with respect to income subsidies that are given to some of the members of a group,     

Environmental quality,expenditure patterns and urban location: Effects on income groups

The incidence of environmental quality is related to urban socio-economic groups in Canada. The study firstly is concerned with the distributional implications of expenditures for goods and services that are “heavy polluters”, and secondly with the incidence of urban environmental quality on the residents of Montreal, again in terms of impact on income classes. The econometric investigation is cross-sectional and provides base-line information of immediate importance to the social planner, and permits the assessment of changes in the distributional impacts of pollution for areas where the majority of Canadians now live.     

Between groups and total income inequality indices; U.S. 19601

The study contains a theoretical analysis on the behavior of a between groups Lorenz Index. The variables affecting this index are utilized to construct between groups indices for white-non-white; rural-urban; above 65 yr old-younger; population groups by state for 1960. The constructed indices were then used as explanatory variables for the state total Lorenz Index. It was found that they explained over 80 per cent of the variance. Adding other socio-economic variables enabled us to explain over 90 per cent of the variance of state Lorenz indices.     

Corruption, economic growth, and income inequality in Africa

This paper uses panel data from African countries and a dynamic panel estimator to investigate the effects of corruption on economic growth and income distribution. I find that corruption decreases economic growth directly and indirectly through decreased investment in physical capital. A unit increase in corruption reduces the growth rates of GDP and per capita income by between 0.75 and 0.9 percentage points and between 0.39 and 0.41 percentage points per year respectively. The results also indicate that increased corruption is positively correlated with income inequality. The combined effects of decreased income growth and increased inequality suggests that corruption hurts the poor more than the rich in African countries. Received: March 19, 2001 / Accepted: December 14, 2001 RID="*" ID="*" An earlier version of this paper was presented at the first AmFiTan International Conference on Development Ethics in February 2000, Dar er Salaam, Tanzania. I thank two anonymous referees of this Journal for helpful suggestions. I am, however, solely responsible for any remaining errors.     

The demographic effects of income redistribution and accelerated economic growth revisited

The statistical basis of Winegarden's conclusions, i.e., that an egalitarian redistribution of incomes in a typical low-income country would cause a substantial increase in fertility, was examined in detail in that it casts doubt about the validity of all previous econometric studies based on international cross-sectional data. Winegarden's model is reproduced as are his findings. The reexamination of Winegarden's (1984) findings revealed 3 areas which suggest that his conclusions may require modification. In regard to family planning, Winegarden's results indicated that the introduction of a state-supported family planning program would cause a large decline in natality after about a decade. A much weaker relationship emerged when the fertility equation was recomputed using a more appropriate economic method. Further, the results were highly sensitive to changes in the threshold year used to classify countries with regard to family planning programs. It is argued that a qualitative index devised by Mauldin and Berelson (1978) provides a more reliable way to measure the effects of such programs than the binary variable Winegarden used. The use of this index fundamentally altered the findings regarding economic growth and income distribution. According to Winegarden's calculations, faster economic growth would have a pronatal impact in the more economically advanced nations yet help to reduce fertility for those countries in the early stages of development. In contrast, it was found that variations in the rate of economic growth had no discernible impact on natality. Winegarden's results suggested that an egalitarian redistribution of incomes would cause substantial increase in fertility in a typical low-income country, but it was found here that these distributional effects would be fairly modest over a wide range of incomes. Consequently, it appears that any concern about the demographic effects of greater equality in less-developed countries is not well-founded. The potential for reducing natality in the richer nations by means of income redistribution may be overstated by Winegarden's results.     

Cross-industry asset allocation with the spatial interaction on multiple risk transmission channels

Taking into consideration the real link and information risk transmission channels, we used a spatial econometric approach to construct an economic distance-based spatial weight matrix, which can capture the spatial interaction across industries, and built a return estimation model with spatial interaction using the matrix. On this basis, we derived the covariance matrix and constructed the cross-industry asset allocation model. The empirical results showed that 1) the spatial interaction has a strong explanatory power to return and integrating the spatial interaction on multiple risk transmission channels can improve the effectiveness of the return estimation model; 2) the covariance matrix includes unsystematic risk (idiosyncratic risk) and systematic risk (market risk and cross-industry spillover risk); 3) the asset allocation model with spatial interaction can improve the performance of the portfolio and provide a valuable reference for investors' risk management and investment decision.     

US TFP growth and the contribution of changes in export and import prices to real income growth

Using recent data from the Bureau of Economic Analysis, the Bureau of Labour Statistics (BLS), the Board of Governors of the Federal Reserve System and the US Department of Agriculture, the paper calculates the multifactor productivity (MFP) Growth for an Extended Business Sector of the US economy for the years 1987–2011. The Extended Business Sector (EBS) consists of the entire US economy less the inputs used and outputs produced by the Public Administration sector and less the US housing sector. The study found that MFP growth in the EBS averaged 1.157 % per year, somewhat higher than BLS MFP growth in the Private Sector which averaged 0.962 % per year. The study also produced estimates of MFP where a net output concept was used. Finally, the effects of changes in the prices of US exports and imports on real income growth was calculated using a translog model based on the work of Diewert and Morrison and Kohli.     

Unemployment,income distribution and debt-financed investment in a growth cycle model

As recent experience suggests, the most significant economic fluctuations are those that combine real and financial factors. This paper works out a simple model that couples a version of Goodwin׳s (1967) growth cycle model of real fluctuations with insights drawn from a model of financial fluctuations based on Minsky׳s financial instability hypothesis (Vercelli, 2000, Sordi and Vercelli, 2006, Sordi and Vercelli, 2012). The model suggested substantially modifies that of Keen (1995), who combined insights from Goodwin and Minsky within a model of fluctuating growth. In the real part of the model we introduce the possibility of disequilibrium in the goods market and formalize a mechanism of output adjustment based on the conventional dynamic multiplier. The model so obtained may exhibit persistent dynamics and provide insights to enable better understanding of the nature of real-world fluctuations.     

Linkages between income inequality,international remittances and economic growth in Pakistan

This paper explores the dynamic linkages between income inequality, international remittances and economic growth using time series data over the period of 1976–2006 in case of Pakistan. The cointegration analysis based on the bounds test confirms the existence of a long-run relationship between income inequality, international remittances and economic growth. Our results reveal that income inequality and international remittances enhance economic growth. The causality analysis based on innovative accounting approach shows bidirectional causal relationship between income inequality and economic growth and same is true for international remittances and income inequality. International remittances are cause of economic growth but not vice versa. Although we find support for Kuznets hypothesis but Pakistan is yet to benefit, in terms of reducing the gaps of income inequality, from the international flow of remittances and economic growth. The paper argues that, from a policy perspective, there is an urgent need for policy makers in Pakistan to reduce the widening gap of income inequality by focusing on income redistribution policies and to go beyond the traditional factors in balancing income inequality.     

城市交通弱势群体事故发生机理及时空分布特征

运用事故树分析原理,分析了交通弱势群体事故的发生机理,提出了动态视线障碍的概念,指出动态视线障碍的存在是造成大量交通弱势群体事故的重要因素。从微观到宏观,通过研究交通弱势群体事故与交通流量和车速的关系,进而寻找交通弱势群体事故近三年来的变化特征及在不同时段、流量条件下的变化规律,以及不同区域内的分布情况,总结出交通弱势群体事故的时空分布特征,提出了有针对性的事故预防措施。     

Nonlinear relationship between economic growth and nuances of globalisation with income stratification: Roles of financial development and governance

We study the effect of overall globalisation on economic growth in a neoclassical macroeconomic growth model. We further assess our model by considering the decomposed measures of globalisation including economic, political, and social globalisation components. To this end, we estimate panel data models by applying the cross-sectional dependency-autoregressive distributed lags (CS-ARDL) approach to a sample of 116 countries during the available period, 1980–2015. We classified our sample into upper middle-, lower middle-, and high-income groups to minimise country-specific heterogeneity. Our results affirm the presence of a quadratic (nonlinear) U-shaped relationship between the overall globalisation (including the economic, political, social components) and economic growth for the lower middle- and upper middle-income group. However, they provide evidence of a positive linear relationship between globalisation and economic growth for the high-income countries. Given the arguments that the impact of globalisation on growth is conditional on local financial development (FD) and quality of governance (QoG), we incorporate their role. We provide fresh evidence that the impacts of globalisation on economic growth are more profound in the countries with a higher QoG and a higher deepening of FD. We further check the robustness of our analysis applying the U test and dynamic generalised methods of moment approach. We also provide policy implications.     

Unbalanced regional growth and regional income inequality in the latter stages of development

This paper empirically examines the pattern of regional income inequality displayed in advanced stages of economic development, building from the convergent phase of the inverted-U hypothesis, originally developed by Kuznets for personal income inequality, but adapted by Williamson for regional income inequality. It is hypothesized that once the inverted-U pattern is completed, regional income inequality increases, rather than remaining stable. Four analyses of intrastate per capital income inequality among countries are undertaken to test the hypothesis that regional inequality increases. Results indicate strong support for the hypothesis that regional income inequality increases in the latter stages of development.     

A practical log‐linear aggregation method with examples: heterogeneous income growth in the USA

A practical aggregation method for heterogeneous log‐linear functions is presented. Inequality measures are employed in the construction of a simple but exact aggregate representation of an economy. Three macroeconomic applications are discussed: the aggregation of the Lucas supply function, the time‐inconsistent behaviour of an egalitarian social planner facing heterogeneous discount rates, and the case of a simple heterogeneous growth model. In the latter application, aggregate CPS data is used to show that the slowdown that followed the first oil shock is worse than usually thought, and that the ‘new economy’ growth resurgence is not as strong as it appears.

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Residential mobility and the local context: Comparing long-term and short-term spatial trends of population movements in Greece

Residential mobility is a key dimension of population dynamics shaping urban growth and rural development at different spatio-temporal scales. Assuming spatial mobility as increasingly dependent on the intrinsic characteristics of local contexts, the present study investigates long-term and short-term population movements in a European country (Greece), in light of regional urbanization processes and socioeconomic development. A multidimensional analysis of indicators of residential stability and background variables was carried out with the aim at evaluating the influence of local contexts on more general processes of population mobility. Different typologies of spatial mobility associated to factors (directly or indirectly) dependent on demographic dynamics, economic performances and urban cycles were identified. The empirical findings of this study evidence (more or less traditional) paths of internal migration and a latent process of population relocation across metropolitan regions, together with more recent international migrations at both working and retirement age. While short-range population movements were the ultimate result of late suburbanization in Greece, medium- and broad-range mobility consolidated the country's divide in urban and rural areas, evidencing the attractive role of Athens. Spatial direction and intensity of population movements reflect complex socioeconomic transformations, whose knowledge provides innovative visions for a better understanding of future demographic dynamics in Mediterranean Europe.     

Stock markets,banks and the sources of economic growth in low and high income countries

This paper studies the effects of stock markets and banks on the sources of economic growth, productivity and capital accumulation, using a large cross country panel that includes high- and low-income countries. Results show that, in low-income countries, banks have a sizable positive effect on capital accumulation. We find that stock markets, however, have not contributed to capital accumulation or productivity growth in these countries. Given the emphasis that has been placed in developing equity markets in developing countries, these findings are somewhat surprising. Conversely, in high-income countries, stock markets are found to have sizable positive effects on both productivity and capital growth, while banks only affect capital accumulation.