This important research review brings together seminal works investigating the framework upon which the economic analysis of land markets is based, stretching from the earliest insights of the founding fathers to current debates and ...
Author: P. C. Cheshire
This important volume brings together seminal papers investigating the framework upon which the economic analysis of land markets is based, stretching from the earliest insights of the founding fathers to current debates and research. Recent work on the process and implications of 'land value capitalisation' and land use regulation is well represented, for due to capitalisation, land is responsible for far more of the distribution of real incomes than is widely recognised. This collection settles this, restoring the study of land markets to its rightful place - central to economic understanding.With an original introduction by the editors this insightful collection is an essential reference point for students, researchers and policymakers.
This book provides fresh insights into these issues, compiling selected pieces of analytical and empirical research presented at the World Bank's Fourth Urban Research Symposium on Urban Land Use and Land Markets, held in Washington, DC, ...
Author: Somik V. Lall
Publisher: Springer Science & Business Media
Category: Political Science
As urbanization progresses at a remarkable pace, policy makers and analysts come to understand and agree on key features that will make this process more efficient and inclusive, leading to gains in the welfare of citizens. Drawing on insights from economic geography and two centuries of experience in developed countries, the World Bank’s World Development Report 2009: Reshaping Economic Geography emphasizes key aspects that are fundamental to ensuring an efficient rural-urban transformation. Critical among these are land, as the most important resource, and well-functioning land markets. Regardless of the stage of urbanization, flexible and forward-looking institu- ons that help the efficient functioning of land markets are the bedrock of succe- ful urbanization strategies. In particular, institutional arrangements for allocating land rights and for managing and regulating land use have significant implica- ons for how cities deliver agglomeration economies and improve the welfare of their residents. Property rights, well-functioning land markets, and the management and servicing of land required to accommodate urban expansion and provide trunk infrastructure are all topics that arise as regions progress from incipient urbani- tion to medium and high density.
This paper--a product of Rural Development, Development Research Group--was prepared as background for the forthcoming Handbook on Agricultural Economics. The authors may be contacted at [email protected] or [email protected]
This best-selling book describes how zoning has been overused by local communities to block new housing development in ways that exacerbate sprawl and social inequity.
Author: William A. Fischel
Category: Electronic books
"Zoning has for a century enabled cities to chart their own course. It is a useful and popular institution, enabling homeowners to protect their main investment and provide safe neighborhoods. As home values have soared in recent years, however, this protection has accelerated to the degree that new housing development has become unreasonably difficult and costly. The widespread Not In My Backyard (NIMBY) syndrome is driven by voters’ excessive concern about their home values and creates barriers to growth that reach beyond individual communities. The barriers contribute to suburban sprawl, entrench income and racial segregation, retard regional immigration to the most productive cities, add to national wealth inequality, and slow the growth of the American economy. Some state, federal, and judicial interventions to control local zoning have done more harm than good. More effective approaches would moderate voters’ demand for local-land use regulation—by, for example, curtailing federal tax subsidies to owner-occupied housing"--Publisher's description.
This is due to policy-induced tenure insecurity and the fragmentation of agricultural land. Applying rigorous quantitative analyses, the book provides a basis for taking into account the role of land markets in national land policies.
Author: Stein T Holden
Category: Business & Economics
This book is the first systematic attempt to address emerging land markets and their implications for poverty, equity, and efficiency across a number of African countries. The high incidence of poverty and the need for increased agricultural productivity remain acute in rural areas of sub-Saharan Africa, where a lack of secure land rights and a growing scarcity of land relative to the size of the population are becoming increasingly critical issues. Indeed, land issues in the region are high on the international policy agenda. Yet our knowledge about land tenure security and other rural factor markets (such as labor, oxen, manure, purchased inputs, and credit) is far from adequate to formulate sensible policies. The case studies in the book show that, while land markets and especially informal markets have been rapidly emerging in densely populated parts of Africa - and have generally been to the benefit of the poor--their functions remain imperfect. This is due to policy-induced tenure insecurity and the fragmentation of agricultural land. Applying rigorous quantitative analyses, the book provides a basis for taking into account the role of land markets in national land policies. All too often, the authors argue, land policies have been extreme, either prohibiting all land transactions or giving unrestricted freehold rights to a small elite at the expense of the poor. From the long experience in Asia, it is known that such policies are detrimental to both production efficiency and equity of land use. The authors argue that future policies in Africa should work with the markets. Regulations should be imposed only with careful testing that they are having the intended effects. The Emergence of Land Markets in Africa is a resource for teaching in developed and developing countries, as it provides both comprehensive reviews of the literature and detailed case studies. It is intended to facilitate the dialogue between researchers and policymakers, as well as inspire researchers to go further in their investigations and build an even stronger basis for good policies. The Emergence of Land Markets in Africa is the first publication in the new Environment for Development (EfD) book series. EfD books focus on research and applications in environmental and natural resource economics as they are relevant to poverty reduction and environmental problems in developing countries. The EfD book series is part of the EfD initiative. (www.environmentfordevelopment.org)
Land regulations have a major impact on economic development, especially in agrarian societies, and they continue to affect the efficiency of the rural economy when economies further develop.
Author: Johan Swinnen
Land regulations have a major impact on economic development, especially in agrarian societies, and they continue to affect the efficiency of the rural economy when economies further develop. This paper aims to give an overview of the regulations that are present in the land market in the EU member states and builds a land regulatory index to quantify the extent of regulations of agricultural land sales and rental markets.
And how do we want to apply them in planning practice?’ This book sets out, in general and illustrated with concrete examples, how the three types of law mentioned above are unavoidably involved in all types of spatial planning.
Author: Barrie Needham
Planning, Law and Economics sets out a new framework for applying a legal approach to spatial planning, showing how to improve the practice and help achieve its aims. The book covers planning laws, citizens' rights and property rights, asking ‘What rules do we want to make and, where necessary, enforce? And how do we want to apply them in planning practice?’ This book sets out, in general and illustrated with concrete examples, how the three types of law mentioned above are unavoidably involved in all types of spatial planning. The book also makes clear that these laws can be combined in different ways, each way a particular approach to the practice of spatial planning (regulative planning, structuring markets, pro-active planning, collaborative planning, etc.). Throughout, the book shows what legal approaches can be taken to spatial planning, and uses a four-part framework to evaluate the effects of choosing such an approach. The spatial planning should be effective, legitimate, morally just and economically sound. In particular the book details why the economic effects for society are important and how spatial planning affects how the economic resources of land and buildings are used. The book will be invaluable to students and planners to understand the relationship between their actions and the basic principles of the rule of law in a democratic, liberal society.
This book provides researchers and practitioners with an informed study of the land and real estate market in Shanghai.
Author: Ling Hin Li
Publisher: Hong Kong University Press
Category: Business & Economics
This book provides researchers and practitioners with an informed study of the land and real estate market in Shanghai. While, there are a number of well-researched books devoted to studying the economic consequences of China's transition to the capitalist market system, few are written about the country's privatization of land control. This book fills the gap by examining the land market mechanism arising from the land use rights reform in Shanghai, which has important implications for real estate development in China as a whole.
This book argues that the focus on politics and land acquisition has deflected attention from the possibilities of market-oriented approaches that are becoming relevant because of booming, but diverse, land markets.
Author: Sanjoy Chakravorty
Publisher: Oxford University Press
Category: Social Science
Land is a subject of great conflict and debate in India. Over the last decade, it has influenced electoral verdicts and political fortunes and remains one of the most persistent challenges facing the nation. This book argues that the focus on politics and land acquisition has deflected attention from the possibilities of market-oriented approaches that are becoming relevant because of booming, but diverse, land markets. It aims to nudge the discussion towards a better understanding of the complementary strengths of state- and market-led approaches to the many problems of land in rural and urban India. Featuring original essays from leading analysts, this book examines the agrarian crisis and urbanization, laws and policies, displacement and compensation, factories and housing, cooperation and conflict, and other vital issues affecting land at the regional and national level. These multiple lines of enquiry make this book a critical and objective commentary on contemporary India and its ongoing economic, socio-political, and legal struggles with land.
This dissertation consists of three papers on land use economics and regulation. The first paper reviews numerous past literatures on how land-use regulation, agricultural subsidies, and use-value assessment method affect land values.
Author: Jiayin Lai
Category: Land use
This dissertation consists of three papers on land use economics and regulation. The first paper reviews numerous past literatures on how land-use regulation, agricultural subsidies, and use-value assessment method affect land values. The second paper uses a theoretical model to analyze how imposing minimum-lot-size zoning and different designs of minimum-lot-size zoning policies affects land value. The third papers use land data from Oregon to investigate the price effect of minimum-lot-size zoning and potential impact of Measure 37 and 49. The first essay reviews an extensive collection of literature from most major applied economics journals in recent years. These past studies attempted to investigate the impacts of various land use policies, including minimum-lot-size zoning, open space protection, wetland conservation, etc. These studies demonstrate how land use policies might affect residents' land consumption, social welfare, land markets, local government finance, and urban development patterns. Various econometric and mathematical models have been used to overcome problems related to modeling and data, such as spatial correlation. The objective of the second essay is to investigate the effect of the minimum-lot-size zoning on land values versus the value of individual exemptions from the regulations. The study first assumes all residents live in a monocentric city and have the same income constraints, and then assumes that there are two income groups living in the monocentric city. Minimum-lot-size zoning is applied to the periphery of the city. As stated in the study by Jaeger and Plantinga (special report, June 2007), distinguishing between two concepts - the change in property value due to regulation and the value to a landowner of an individual exemption to a regulation - is important to estimate the potential impact of Measure 37 and 49. Therefore, this study will explore both cases: 1) the removal of minimum-lot-size zoning from all parcels, and 2) having a single parcel exempted from zoning. Both open-city and closed-city scenarios will be considered. The comparative statics will show how the zoning policy influences urban land values. In addition, a simulation will help to demonstrate the impact of policy changes. The third essay uses the two-stage hedonic model to estimate the demand for lot size. The first stage estimation allows us to estimate the marginal impact of zoning policies, while the second stage estimation is used to investigate how land values are affected by the non-marginal change in zoning policies, such as the elimination of zoning or changes related to Measure 37. In the first stage estimation, the zoning policy is assumed to have two conflicting impacts on the land value; the regulation reduces development opportunities while it also may provide more environmental benefits. In the empirical model, four Oregon counties are considered as separate land markets, and the distribution of consumers' tastes are assumed to be the same across the counties. This provides a tool for solving the identification problem in the second stage estimation.
The land market as it actually operates is implicitly compared with a non - market or political institutional ... There is a great deal of evidence to support the contention that results of economic regulation are likely to be preverse ...
Regulation and Economic Analysis: A Critique Over Two Centuries argues that long experience with the practice of regulation creates a broad anti-intervention consensus among economists.
Author: R.L. Gordon
Publisher: Springer Science & Business Media
Category: Business & Economics
Regulation and Economic Analysis: A Critique Over Two Centuries argues that long experience with the practice of regulation creates a broad anti-intervention consensus among economists. This consensus is based on comparison of real intervention to real markets rather than an ideological preconception. It is shown that economic theory can support all possible positions on intervention. Much theory is too abstract to support any policy position; many arguments about how intervention might help contain qualifications expressing doubts about whether the potential can be realized; many theories illustrate the drawbacks of intervention. The vast literature on these issues concentrates either on specific cases or polemics that exaggerate both sides of the argument. Regulation and Economic Analysis seeks to show the depth of the discontent, develop interpretations of economic theory that follow from skepticism about statism and provide selected illustrations. The discussion begins with examination of general equilibrium theory and proceeds to discuss market failure with stress on monopoly and particularly what is deemed excessive concern with predatory behavior. International trade issues, transaction costs, property rights, economic theories of government, the role of special institutions such as contracts, the defects of macroeconomic and equity arguments for regulating individual markets, environmental economics and the defects of public land management policies are examined.
We argue that stricter regulations reduced the rents landowners can extract from tenants and thus increased land sales to relatively richer and more productive middle caste tenants; this is reflected in aggregate productivity gains.
This book highlights the land practices of those living on the city's margins, and explores the nature and character of their participation in the urban land market.
Author: Mark Napier
Publisher: African Books Collective
Category: Social Science
Trading Places is about urban land markets in African cities. It explores how local practice, land governance and markets interact to shape the ways that people at society's margins access land to build their livelihoods. The authors argue that the problem is not with markets per se, but in the unequal ways in which market access is structured. They make the case for more equal access to urban land markets, not only for ethical reasons, but because it makes economic sense for growing cities and towns. If we are to have any chance of understanding and intervening in predominantly poor and very unequal African cities, we need to see land and markets differently. New migrants to the city and communities living in slums are as much a part of the real estate market as anyone else; they're just not registered or officially recognised. This book highlights the land practices of those living on the city's margins, and explores the nature and character of their participation in the urban land market. It details how the urban poor access, hold and trade land in the city, and how local practices shape the city, and reconfigures how we understand land markets in rapidly urbanising contexts. Rather than developing new policies which aim to supply land and housing formally but with little effect on the scale of the need, it advocates an alternative approach which recognises the local practices that already exist in land access and management. In this way, the agency of the poor is strengthened, and households and communities are better able to integrate into urban economies.