Crime and Residential Choice: A Neighborhood Level Analysis of the Impact of Crime on Housing Prices

Crime serves as an important catalyst for change in the socio-economic composition of communities. While such change occurs over a long period of time, crime is capitalized into local housing markets quickly and thus provides an early indicator of neighborhood transition. Using hedonic regression, we quantify this “intangible cost” of crime and extend the crime-housing price literature in several important ways. First, we disaggregate crime to the census tract level. Second, using longitudinal data, we examine changes in crime in addition to the neighborhood levels of crime. Third, we differentiate between the effects of property crime and violent crime. Fourth, we also disaggregate our sample into groups based on per capita income of the census tract. Finally, we show that it is vital to account for the measurement error that is endemic in reported crime statistics. We address this with an instrumental variable approach. Our results indicate that the average impacts of crime rates on house prices are misleading. We find that crime is capitalized at different rates for poor, middle class and wealthy neighborhoods and that violent crime imparts the greatest cost.

中国年度经济走势预测

文章对中国年度经济走势的预测做了四个方面分析 ,包括 :周期分析、关联分析 ,技术分析 (如统计中的差分技术 ) ,中期分析 (年度分析置于中长期大背景之中 )。分析表明 ,中国经济运行具有较强的稳定性。     

Introduction: market adaptations,interventions and daily experience

This special issue illuminates diverse realities of post-Soviet development in Central Asia through a multidisciplinary prism. The contributing articles are grounded in a range of social science disciplines including architecture, anthropology and geography, as well as drawing from mainstream social sciences. The analyses demonstrate how a synthesis of specialist knowledge from area studies and individual disciplinary methodologies can provide well-grounded critical positions on development.     

Carbon markets and the new ‘Carbon Violence’: A Ugandan study

Abstract

This article examines the expansion of the global carbon economy, including a critical evaluation of its local level impacts. The authors describe the growing international support for carbon markets amongst governments, international institutions and financial investors as a response to human-induced climate change. By putting a price on carbon, proponents argue that carbon markets represent a win-win-win scenario; delivering benefits to local landholders where ecosystem services occur, as well as conferring benefits to investors and the environment. Plantation forestry represents a rapidly expanding sector in the broader carbon economy, with plantations representing one of a number of ‘flex crops’ able to be variously sold on the basis of their value as fuel, timber and carbon storage. To examine the impacts of expanding plantation forestry carbon markets, we take the case of Green Resources, reportedly the largest plantation forestry operator on the African continent. Drawing from in-depth research in 2012-2013 with affected communities in Uganda, the article examines the diverse historical and contemporary structural violence on which expansion of plantation forestry allegedly relies. Building upon earlier literature on violence (for example, Galtung [1990] and Watts [2001]), the authors introduce a new term ‘carbon violence’ to frame the distinctive forms of reported violence occurring alongside the burgeoning plantation forestry industry.     

The Structure of Government Intervention in African Agriculture

This article examines the determinants of various rates of agricultural subsidies (output, input, exchange rate distortions, and aggregate) using commodity-level data from eight African countries in the 1980s. Econometric results indicate that structural adjustment policies were more effective in reforming exchange rate distortions than in liberalising commodity markets. Output policies are determined within the national context while input subsidies are more responsive to commodity-specific conditions. Further-more, agricultural subsidies were strongly influenced by the degree of urbanisation and by the number of people per unit of arable land in a manner consistent with cheap food policy strategies.     

Reputation in a dark network of online criminals

This paper focuses on criminals who could easily be labelled as entrepreneurs and who deal in compromised computer systems. Known as botmasters, these individuals use their technical skills to take over and control personal, business and governmental computers. These networks of hijacked computers are known as botnets in the security industry. With this massive computing power, these criminals can send large amounts of spam, attack web servers or steal financial data – all for a fee. As entrepreneurs, the botmasters' main goal is to achieve the highest level of success possible. In their case, this achievement can be measured in the illegitimate revenues they earn from the leasing of their botnet. Based on the evidence gathered in literature on legitimate and illegitimate markets, this paper sets to understand how reputation could relate to criminal achievement as well as what factors impact a heightened level of reputation in a criminal market.     

Introduction to Neumann: law and socialist political theory

Abstract

Regulators attempt to understand financial markets and their risks in terms of categories of knowledge and datasets that are defined and produced by the markets. However, regulators cannot adequately interpret or utilize such knowledge, for reasons including their social distance from the sites of knowledge production, the diversity of financial firms’ proprietary risk models, firms’ abilities to game the rules thus rendering the ‘metrics’ meaningless and several backfiring aspects of global regulatory networking and reform. Calls for yet more information about trading, posed in terms of the merits of transparency, result in information swamping of regulators. Meanwhile, while policy-makers tinker with regulatory structures (‘architecture’), political reaction to the crisis de-legitimizes public regulation as a project. Yet there is one positive aspect of the reforms – enhancing powers for ‘resolution’ of financial firms in ways that impact upon investors while minimizing wider destabilization – upon which the regulatory information requirement can and should be refocused. To protect the public interest, legal transparency is required, trading transparency is not. This paper introduces these issues by drawing on critical work on transparency and markets.     

Globalisation before the crash: the City of London and UK economic strategy

The global financial crisis provides an opportune moment to analyse the rise of the City of London financial markets, their role in the globalisation process and an attempt by the Labour Party Left in the 1970s to challenge emerging transnational forces. The USA became the world's ‘hegemon’ after the Second World War, but London retained its power in finance; well placed to challenge the post-war Keynesian regulatory consensus in favour of globalising interests, theoretically and politically served by the rise of neo-liberal ideology. In response the Labour Party Left devised its radical ‘Programme 1973’ and subsequently the Alternative Economic Strategy, which in seeking to defend social democracy, understood the necessity to prevent the erosion of national financial controls. The 1976 International Monetary Fund crisis was a defining moment in this battle. This article includes interviews with key contemporary actors and is based in the discipline of International Political Economy.