Search results for " Price"
showing 10 items of 290 documents
Voluntary agreements in protecting privately owned forests in Finland — To buy or to lease?
2008
Abstract A voluntary conservation approach may reveal environmentally minded landowners who are willing to protect their lands with a compensation that is lower than the market price based compensation. Consequently, voluntary conservation programs may induce lower costs than traditional obligatory programs, such as a land taking. We compared the costs accrued from land purchasing with those from temporal land leasing. The costs included both direct costs, such as fees of land acquisition and compensation payments in land leasing, and transaction costs. We used a data set from a Finnish pilot program called Trading in Natural Values (TNV). In this new practice landowners and the authority t…
Property prices index numbers and derived indices
2014
Purpose – A useful instrument to understand and examine the inner workings of the property trade is devising index numbers of property prices based on historical sequences of market prices. The present work aims at the definition of index numbers of property prices, proposing an innovative methodology compared with what usually recurs in literature. The purpose of this paper is to discuss these issues. Design/methodology/approach – The analysis proposed, based on the mechanisms of formation of stock indices, investigates the analogies between stock and property information, according to the peculiarities of the property trade, leading to a methodology approach, derived from Simple Price In…
Can Fiscal Policy Stimulus Boost Economic Recovery?
2011
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. Consequently, the attempts of fiscal policy to mitigate stock price developments (e.g. via taxes on capital gains) may severely de-stabilize housing markets. The empirical findings also point to significant fiscal multiplier effects in the context of severe housing busts, which gives rise to the importance of the im…
Long-term estimates of the energy-return-on-investment (EROI) of coal, oil, and gas global productions
2017
We use a price-based methodology to assess the global energy-return-on-investment (EROI) of coal, oil, and gas, from the beginning of their reported production (respectively 1800, 1860, and 1890) to 2012. It appears that the EROI of global oil and gas productions reached their maximum values in the 1930s–40s, respectively around 50:1 and 150:1, and have declined subsequently. Furthermore, we suggest that the EROI of global coal production has not yet reached its maximum value. Based on the original work of Dale et al. (2011), we then present a new theoretical dynamic expression of the EROI. Modifications of the original model were needed in order to perform calibrations on each of our price…
Hedging effectiveness of European wheat futures markets
2014
The instability of commodity prices and the hypothesis that speculative behaviour was one of its causes has brought renewed interest in futures markets. In this paper, the hedging effectiveness of European and US wheat futures markets were studied to test whether they were affected by the high price instability after 2007. Implicitly, this is a test of whether the increasing presence of speculation in futures markets have made them divorced from the physical markets. A multivariate GARCH model was applied to compute optimal hedging ratios. No important evidence was found of a change in the effectiveness of hedging after 2007.
Holes in the Dike: the global savings glut, U.S. house prices and the long shadow of banking deregulation
2015
We explore empirically how capital inflows into the US and financial deregulation within the United States interacted in driving the run-up (and subsequent decline) in US housing prices over the period 1990-2010. To obtain an ex ante measure of financial liberalization, we focus on the history of interstate-banking deregulation during the 1980s, i.e. prior to the large net capital inflows into the US from China and other emerging economies. Our results suggest a long shadow of deregulation: in states that opened their banking markets to out-of-state banks earlier, house prices were more sensitive to capital inflows. We provide evidence that global imbalances were a major positive funding sh…
Is Spain a lumpy country? A dynamic analysis of the ‘lens condition’
2008
We implement the ‘lens condition’ of Deardoff (1994) to investigate whether lumpiness, an excessively uneven geographic distribution of production factors, is large enough to allow for regional specialization of production at different factor prices. Using data from 50 Spanish provinces over the period 1964 to 2001, we show that Spain evolved from being a lumpy economy to a state where lumpiness no longer mattered.
Patterns of Regional Income Distribution in Uruguay (1872–2012): A Story of Agglomeration, Natural Resources and Public Policies
2020
In this chapter, we provide a new data set of regional GDP and GDP per capita for Uruguay between 1870 and 2012. As regards the long-term evolution of regional inequality, we find evidence of a persistent decline from the last third of the nineteenth century up to the 1960s with a strong reversal of the process from then on. The first decade of the twenty-first century, however, shows a new decreasing trend in regional inequality. Montevideo has represented a large share, both demographically and economically, over time as consequence of a privileged access to sea and the fact that the city was built around a natural port with excellent conditions. In addition, agglomeration forces identifi…
Detection of explanation obstacles in scientific texts: the effect of an understanding task vs. an experiment task
2013
The aim of this study is to analyse the effect of tasks on the detection of explanation obstacles when secondary school students read scientific texts. Students were instructed to read short passages under different task conditions, and to ask questions if necessary. Obstacle detection was operationalised in terms of the type of questions asked by the students. The experiment examined the influence of goals associated with the task of reading to understand a text vs. reading to perform a procedure described by the text (a science experiment). Significantly, more explanation obstacles were found in the understanding condition than in the experiment condition. Scientific text also had an effe…
Modelling Electricity Price Expectations in a Day-Ahead Market: A Case of Latvia
2016
Abstract The paper aims at modelling the electricity generator’s expectations about price development in the Latvian day-ahead electricity market. Correlation and sensitivity analysis methods are used to identify the key determinants of electricity price expectations. A neural network approach is employed to model electricity price expectations. The research results demonstrate that electricity price expectations depend on the historical electricity prices. The price a day ago is the key determinant of price expectations and the importance of the lagged prices reduces as the time backwards lengthens. Nine models of electricity price expectations are prepared for different natural seasons an…