2,940 research outputs found

    Undergraduate Catalog of Studies, 2023-2024

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    Graduate Catalog of Studies, 2023-2024

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    Undergraduate Catalog of Studies, 2023-2024

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    Graduate Catalog of Studies, 2023-2024

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    Revisiting the capitalization of public transport accessibility into residential land value: an empirical analysis drawing on Open Science

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    Background: The delivery and effective operation of public transport is fundamental for a for a transition to low-carbon emission transport systems’. However, many cities face budgetary challenges in providing and operating this type of infrastructure. Land value capture (LVC) instruments, aimed at recovering all or part of the land value uplifts triggered by actions other than the landowner, can alleviate some of this pressure. A key element of LVC lies in the increment in land value associated with a particular public action. Urban economic theory supports this idea and considers accessibility to be a core element for determining residential land value. Although the empirical literature assessing the relationship between land value increments and public transport infrastructure is vast, it often assumes homogeneous benefits and, therefore, overlooks relevant elements of accessibility. Advancements in the accessibility concept in the context of Open Science can ease the relaxation of such assumptions. Methods: This thesis draws on the case of Greater Mexico City between 2009 and 2019. It focuses on the effects of the main public transport network (MPTN) which is organised in seven temporal stages according to its expansion phases. The analysis incorporates location based accessibility measures to employment opportunities in order to assess the benefits of public transport infrastructure. It does so by making extensive use of the open-source software OpenTripPlanner for public transport route modelling (≈ 2.1 billion origin-destination routes). Potential capitalizations are assessed according to the hedonic framework. The property value data includes individual administrative mortgage records collected by the Federal Mortgage Society (≈ 800,000). The hedonic function is estimated using a variety of approaches, i.e. linear models, nonlinear models, multilevel models, and spatial multilevel models. These are estimated by the maximum likelihood and Bayesian methods. The study also examines possible spatial aggregation bias using alternative spatial aggregation schemes according to the modifiable areal unit problem (MAUP) literature. Results: The accessibility models across the various temporal stages evidence the spatial heterogeneity shaped by the MPTN in combination with land use and the individual perception of residents. This highlights the need to transition from measures that focus on the characteristics of transport infrastructure to comprehensive accessibility measures which reflect such heterogeneity. The estimated hedonic function suggests a robust, positive, and significant relationship between MPTN accessibility and residential land value in all the modelling frameworks in the presence of a variety of controls. The residential land value increases between 3.6% and 5.7% for one additional standard deviation in MPTN accessibility to employment in the final set of models. The total willingness to pay (TWTP) is considerable, ranging from 0.7 to 1.5 times the equivalent of the capital costs of the bus rapid transit Line-7 of the MetrobĂșs system. A sensitivity analysis shows that the hedonic model estimation is sensitive to the MAUP. In addition, the use of a post code zoning scheme produces the closest results compared to the smallest spatial analytical scheme (0.5 km hexagonal grid). Conclusion: The present thesis advances the discussion on the capitalization of public transport on residential land value by adopting recent contributions from the Open Science framework. Empirically, it fills a knowledge gap given the lack of literature around this topic in this area of study. In terms of policy, the findings support LVC as a mechanism of considerable potential. Regarding fee-based LVC instruments, there are fairness issues in relation to the distribution of charges or exactions to households that could be addressed using location based measures. Furthermore, the approach developed for this analysis serves as valuable guidance for identifying sites with large potential for the implementation of development based instruments, for instance land readjustments or the sale/lease of additional development rights

    The theory of wasting assets with reference to the regulation and pricing of gold in the South African gold mining industry

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    The main aim of this thesis is to present and critically analyse the theory of wasting assets with regard to extractive mineral industries in general and to the pricing and regulation of gold . ii'" particular. Furthermore, to consider the contention that the. price of minerals {such as gold) has been "too low11 in the current generation and that market forces have· led to a 11 too rapid11 depletion of these · resources. The argument that H is the government's duty to intervene and extend the lives of the mines is· also queried ‱. A detailed examination of the South African· gold mining taxation formula attempts to show how this type of· government intervention (in the for in of .a sliding scale taxation formula) results in uneconomic act ions by mine owners and non-optimal extraction patterns of the resource The contention is put forward that, given certain considerations, market ibrces should lead to the most optimal use of an exhaustible resource where property rights exist and are def inable0 Unlike common property resources, such as the fisheries, where market .forces fail to make the most optimal use of the resource, government intervention is unjustified The scope of the paper is intended to cover both the underlying theory of wasting assets and to relate this theory to gold in part icu1 ar., The determinants of the gold price will be considered as well as the effects of government intervention via· the gold mining taxation formula on the South· African gold mining industry. Hence, the thesis is divided into two sections: "Theoretical 11 and "Gold and Gold Mining". With regard to the method of paper - Literature. from as far back ,· as 1931 regarding .the theory of wasting assets, was collected and .analysed. The information for the section on 11 Gold and Gold Mining" was collected from the various organisations involved in the industry, notably the Chamber of Mines _and the Mineral Engineering Department . . 9f the University of the Witwatersrand. Information regarding the Gold Mining Taxation and Lease Formulae was obtained from the various Government Reports that have been printed since the introduction of the Mining Taxation. Act No. 6 in 191

    Undergraduate Catalog of Studies, 2022-2023

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    Essays on globalization, commodities, and local economic development

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    Over the course of this dissertation, I will explore the market mechanisms through which the unintended consequences of commodity booms in resource-oriented local labor markets have been fostered by features of international trade, which has been intensified over the past few decades. These features include offshoring, the presence of multinational companies, and participation in global value chains. For this purpose, this dissertation explores the cases of the mining and agricultural sectors in two major, resource-rich, emerging economies and exploits the different sources of exogenous variation peculiar to these commodity sectors to identify the mechanisms of trade in these sectors for contemporaneous and long-term local economic development. The work is organized in four chapters and provides a wide range of policy recommendations for resource-rich, developing economies to encourage a production structure that is more consistent with long-term local economic development. The first part of this dissertation comprises two chapters that explore the variation induced by the expansion of the copper industry in Chile, the largest copper producer, during the commodity price boom in the 2000s. The first chapter examines the heterogeneous economic impacts between multinational companies and domestic firms on the characterization of the long-term effects of a resource boom in local labor markets. On the side of firms, the empirical evidence suggests that although the linkage effect of multinationals can be lower than that of domestic firms due to offshoring, the local productivity spillovers induced by multinationals are slightly higher than those induced by domestic firms. These productivity spillovers can mitigate the productivity losses from crowding-out effects from the booming sector. Additionally, on the workers’ side, multinationals in the resource sector can affect the local economy by indirectly increasing housing rents via higher wages, which may imply lower, overall, welfare gains from the resource boom in relation to domestic firms. The second chapter analyzes the sectoral upgrading from low-processed mine copper to smelting and refined copper exports in Chile to estimate the local welfare and productivity gains from industrial upgrading in local labor markets. This chapter uses spatial variation in the relative importance between low-processed mine copper and smelting and refined copper production, with two main objectives: first, to measure the role of resource endowment and export competition in inducing industrial upgrading in the local labor markets; and second, to estimate the local welfare and productivity gains from industrial upgrading. The results suggest that the gains from this sectoral industrial upgrading in local labor markets are small and largely concentrated in the primary segment of mineral extraction. The last two chapters provide a different perspective by studying the different contexts and margins of adjustment of local areas to trade shocks to commodities. The third chapter examines the case of small-scale gold mining in the Peruvian Amazon to show how informal forms of extractive industries, relative to formal activities, are fostered by international demand shocks. For this purpose, this chapter estimates the heterogeneous effects of international price shocks on the intensity of activity of formal, informal, and illegal, small-scale gold producers. This chapter provides evidence that the differences in mining activity between illegal and legal producers disappear in the wake of high prices. The results suggest a rise in the profitability of illegal mining relative to formal and informal gold mining during price booms. Finally, the last chapter departs from the mining sector to analyze the extent to which increases in market access lead to higher local economic development and growth in remote places with low density and different degrees of specialization in agriculture. For this purpose, following a market access approach, this chapter estimates the effects of urbanization and road-infrastructure development on the structural transformation of rural villages in Chile. The empirical strategy uses the spatial and temporal variation in urban growth and road-infrastructure development to estimate the elasticities of access to urban markets by the population as well as to the farm and non-farm employment of rural villages. The results suggest important heterogeneity across rural areas, revealing that the growth of the non-farm sector induced by market access is higher in locations with better conditions for agricultural production

    Financial openness, financial fragility and policies for economic stability: a comparative analysis across regions of the developing world

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    This book presents a comparative analysis of the policy responses of developing countries in Africa, Asia and Latin America and the Caribbean to the challenges that greater external financial openness and price and exchange-rate flexibility pose to economic stability. Greater external openness has significantly narrowed developing economies’ policy space, while at the same time increasing the potential for financial fragility and instability. These challenges, which have come to the fore since the global financial crisis of 2008–2009, are also manifest in the profound impact of the COVID-19 pandemic and will shape the post-pandemic recovery. The book examines how different countries have used capital controls and macroprudential tools and highlights key lessons learned.Presentation .-- Introduction .-- Chapter I. Capital flow regulation: selected experiences in developing countries from Latin America, Africa and Asia-Pacific and analysis of the type of capital controls needed to confront the disruptive effects of the COVID-19 / Esteban PĂ©rez Caldentey, Zebulun Kreiter, MartĂ­n Abeles .-- Chapter II. Challenges posed by the Global Development trajectory from 2022 to 2030 / Terry McKinley .-- Chapter III. A critical assessment of macroprudential regulation and comparative regional experiences focusing on Latin America and the Caribbean / Esteban PĂ©rez Caldentey, Lorenzo Nalin, Leonardo Rojas .-- Chapter V. Macroprudential policies in Asia: A consideration of some Asian experiences / Jayati Ghosh .-- Chapter VI. Macroprudential policies in Latin America / Pablo Gabriel Bortz .-- Chapter VII. A Framework to Interpret Macroprudential Policies in an Era of Financialization / MatĂ­as Vernengo .-- Chapter VIII. A baseline stock-flow model for the analysis of macroprudential regulation guidelines and policies for Latin America and the Caribbean / Esteban Perez Caldentey, Lorenzo Nalin, Leonardo Rojas .-- Chapter IX. Finance-led premature de-industrialization and the role of external macroprudential policy for post-COVID-19 transformative development: Latin America in a comparative perspective / Alberto Botta, Giuliano Yajima, Gabriel Porcile .-- Chapter X. Conclusions / Esteban PĂ©rez Caldentey, Juan Carlos Moreno-Brid, Lorenzo NalĂ­n

    Emerging criticality: Unraveling shifting dynamics of the EU's critical raw materials and their implications on Canada and South Africa

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    Critical Raw Materials (or CRMs) are materials that are in high demand, difficult to replace and whose supply is prone to disruption. Various nations have defined CRM lists, although terminology, supporting data and assessment frameworks differ. The European Union (EU) has the longest published history of CRM lists with the first one published in 2011, followed by 3-year revisions. In this study, we analyze CRM designation trends over time by using the EU's five CRM lists to deduce the driving factors. Overall, the number of CRMs have increased by 1.67 new CRMs per year from 2011 to 2023, with the number of new CRMs yet to reach a plateau. Our analysis also reveals issues that could affect the value of the CRM lists including: (1) a hidden two-stage process with transparency issues; (2) static baselines with regards to criticality; (3) an overemphasis on ideology versus pragmatism; (4) a lack of differentiation between CRMs and strategic raw materials (SRMs); (5) a lack of foresight; and (6) a lack of consideration for extrinsic risks and system behaviour. Given these issues, we provide suggestions to improve the CRM assessment methodology and discuss the implications for the EU and the minerals industry. Subsequently, we extend our findings to Canada and South Africa, which are nations in the early stages of CRM framework creation. We find that Canada has more time to realize its CRM framework as compared to the EU, and that South Africa may be faced with a bifurcating reality of extra-national and national needs. Our findings also highlight serious geopolitical implications with the ensuing competition for resources likely resulting in the formation of economic blocs, clubs or cartels. Finally, improvements to the methodology resulting in more predictable outcomes would better incentivize the minerals industry to lower investment risk and ensure a smooth and pragmatic green energy transition
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