Placing the Urban Village: A Spatial Perspective on the Development Process of Urban Villages in Contemporary China

The rapid urbanization of China since the mid‐1980s has led to the development of a new spatial category, the urban village (chengzhongcun). The dominant neoliberal urban development regime approaches urban villages as a social, spatial, economic and political problem, and as targets for aggressive redevelopment and eradication policies. In this article, I propose a spatial perspective that makes use of several theoretical ‘anchors' to analyze the influence of urban village spatiality on its development process and to explore alternatives to the dominant redevelopment model. I begin by examining the spatial conceptualization of the urban village as a non‐place, arguing that this spatial reading undergirds the redevelopment‐by‐demolition model and tends to obscure alternative conceptualizations. I then move on to propose three alternative readings of urban village space, examining it as an everyday space, a liminal space and a neighborhood. Combining these three readings with the ‘non‐place' conceptualization provides a nuanced understanding of urban villages' unique spatial attributes and social roles, by evoking spatial and social processes that take place in most urban villages across China. Taken together, these spatial readings challenge the social and spatial rigidity of dominant representations of urban villages and supply a much‐needed spatially based conceptual framework that can be used to develop new urban planning models.     

The tax-foundation theory of fiat money

Throughout modern history governments have tried to promote the general acceptance of their unbacked paper currencies. One of the most common devices has been legal tender laws that have assured the acceptance of these currencies as tax payments. Economic theory has largely ignored this mechanism, except for the static models of Starr (Econometrica 42:45?C54, 1974; Econ Theory 21:455?C474, 2003). I provide the first dynamic model of this mechanism, thus showing explicitly the medium of exchange role of money, accounting for expectations about the government??s survival, and enabling more realistic taxation systems. I show that a stable government can promote its currency by refusing to accept other objects in tax payments. While this mechanism has similarities to convertibility, it differs from it on a critical aspect: with this mechanism the government can often keep its favorite money in circulation even while increasing its quantity and thus causing it to decrease in value. This opens the door for a successful inflationary policy.     

A Dynamic Double-Trigger Model of Multifamily Mortgage Default

This study advances the commercial mortgage literature by providing theory and methods for incorporating both equity and cash-flow considerations in default models. We use local market conditions to compute a (joint) probability that default is in-the-money, based on both equity and cash-flow considerations. Statistical analysis is performed using data on multifamily mortgages originated in the 1980s and early 1990s. Simulations based on statistical modeling show advantages of the probabilistic double-trigger approach over other measures of equity and cash flow.     

Music,music videos,and wear out

Repeated exposure to a music video was found to forestall wear out relative to repetitive exposure to the music only. Susceptibility to wear out in the case of the music video was further reduced by eliminating the closure associated with the story told by the video. The level of positive cognitive responses was posited as a mediator to help explain the observed results. © 1993 John Wiley & Sons, Inc.