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11-12: How Landuse & Building Regulations affect Property Markets
Evaluating the Equity and Efficiency Impacts of Land Use Regulations: Theoretical Framework and Empirical Approach
1University of Southern California, United States of America; 2Inter-American Development Bank
This research investigates how land use regulations impact access to housing, with a focus on equity and efficiency outcomes. The initial applications are to Buenos Aires, Argentina, and Campinas, Brazil. The conceptual model is elaborated in four successive versions: (i) a base case using a linear expenditure system model, with zero land use regulation as a benchmarking point of reference for future model iterations (ii) a modified base case where a single land use regulation is applied uniformly jurisdiction-wide, (iii) a modified base case with multiple zoning jurisdictions, and (iv) a modified base case incorporating a monocentric urban geography but with a uniform land use regime. Each of these model specifications results in a correspondingly distinct empirical strategy for estimating the impacts of land use regulations. An interesting theoretical result is that specifications (iii) and (iv) above are likely to have lower adverse impacts than specification (ii). The explanation is essentially a Tieboutian one: when there are more jurisdictions, each with its own regulatory regime (specification iii), any household can relocate to the jurisdiction that best suits its circumstances. Interestingly, geography can play a similar role, even where there is a single, uniform regulatory regime throughout the metropolitan region.
Effects of Land Misallocation on Capital Allocations in India
1World Bank, United States of America; 2Wharton School, University of Pennsylvania; 3Harvard Business School
Growing research and policy interest focuses on the misallocation of output and factors of production in developing economies. We consider in this paper the possible misallocation of financial loans. Using plant-level data on the organized and unorganized sectors, we first describe the temporal, geographic, and industry distributions of financial loans. We focus attention on a hypothesis that land misallocation might be an important determinant of financial misallocation (e.g., due to its role as collateral against loans). Using district-industry variations, we find evidence to support this hypothesis, although we do not observe a total reduction in the intensity of financial loans or for those being given to new entrants. We also consider differences by gender of business owners and workers in firms. While potential early gaps for businesses with substantial female employment have disappeared in the organized sector, a sizeable and persistent gap remains in the unorganized sector.
Factor Missallocation, Firm Entry and Exit, and Productivity in Ukraine's Agricultural Sector
1World Bank, United States of America; 2University of Kent/ KEI at KSE, United Kingdom; 3Kyiv School of Economics, Ukraine
To be filled