The politics of mortgage credit expansion in the small coordinated market economies

Abstract

Recent contributions to the comparative political economy literature claim that liberal market economies are vulnerable to asset booms and busts because of financial deregulation, shrinking welfare states and a political ideology emphasising financial self-sufficiency. This article examines the rapid expansion of mortgage lending in three coordinated market economies (CMEs): Denmark, Sweden and the Netherlands. This expansion is puzzling given that all three countries are CMEs with generous welfare states. Yet the pattern of mortgage lending resembles the Anglo-Saxon or liberal market economies (LMEs) more than other CMEs. The article argues that mortgage bubbles in the small CMEs emerged as the unintended outcome of pairing neoliberal programmes to expand home ownership with collectivist housing institutions. This resulted in supply restrictions and rising property values which saddled households with extraordinarily high mortgage debts. In short, mortgage credit bubbles are not unique to Anglo-liberal welfare states and may have different origins.     

Mobilität,Wahlbeteiligung und Sozialkapital in Schweizer Gemeinden

This paper investigates the relationship between mobility and voting behavior at different spatial levels. To this end, voter turnout in local municipality issues is compared to that in national matters. We find that the difference between local and national turnout strongly correlates with the mobility of a municipality's population. An explanation for the observed negative relationship is that social networks and the sense of duty towards the local community are weaker in municipalities where people are more mobile. In addition to this core result, it is discussed how mobility affects turnout at the local and national level separately, and it is shown how the different measures might be used as proxies for local social capital in a municipality.     

Changing classes,changing preferences: how social class mobility affects economic preferences

Abstract

While many studies have identified an association between social class and economic preferences, we know little about the implications of changes in class location for these preferences. This article assesses how social class and intra-generational class mobility affect economic preferences drawing on longitudinal data from the British Household Panel Survey. In doing so, the article adopts a post-industrial perspective that considers horizontal and vertical class divisions. Even when time-invariant characteristics of individuals are kept constant (through fixed-effects estimation), it is found that both vertical and horizontal class location explain economic preferences. Thus, these estimations suggest that social class moulds preferences, even when accounting for factors that can lead to selection into classes. Moreover, people who change classes hold different economic preferences than their peers in the class of origin, but do not completely assimilate into their class of destination. This implies that growing intra-generational class mobility could undermine the class basis of political conflict.     

Visas and work permits: Possible global negotiating initiatives

We discuss global options for initiatives intended to ameliorate adverse impacts of visa and work permit systems used by national governments around the world. We first describe and document some of their effects, noting the relative lack of other research work on these issues. We then discuss proposals for a new and supplemental global visa structure which have been made as part of the Mode 4 GATS negotiations in the WTO, suggesting that the GATS/WTO may be an imperfect institutional location for negotiating on these matters. We then evaluate other approaches, including what realistically could be possible if a new body specifically created for global negotiation in the area were to be used.

论中国民族聚落的分类

我国民族聚落(即居民点的通称)的形成和发展,受到自然地理环境、宗教信仰、经济活动方式、家庭制度等因素的影响,由于聚落形成的原因不同,所表现的方式和呈现的景观也不同.聚落形成有一定的特殊规律,研究聚落形成和发展过程中所出现的同一性和差异性,对于进一步了解民族内部结构、民族间的关系,以及多元化的中国社会,有重要的价值和意义.     

论承包土地稳定与流动的关系

当前许多地方对承包土地有一个片面的理解 ,认为承包土地稳定 ,就是不能动 ,动了就会违背国家的政策 ,其实这是对国家政策的一种误解 ,承包土地应在流动中稳定 ,在稳定的基础上流动。目前 ,应规范、完善和稳定农民的承包权 ,在稳定承包权的基础上 ,推进土地有序流动     

Residential tourism and depeasantisation in the Ecuadorian Andes

International residential tourism is a recent phenomenon in the Andean area. However, in places where it has been established, rapid changes in social and economic structures have occurred. The Municipality of Cotacachi (Northern Ecuador) is paradigmatic. Having become a destination for American retirees, residential tourism has generated a sharp increase in the price of rural land and has decelerated a land market that once allowed young farmers to continue agricultural activities. Residential tourism has promoted land exchange value while sacrificing use value, threatening peasant reproduction mechanisms.     

论对商品房预售合同购买人权利的保护及其完善

商品房预售合同购买人直接基于合同享有的权利为债权。预售合同登记与否不影响购买人享有债权,但对购买人权利效力的强弱有影响。现行司法解释在一定情况下赋予购买人权利以物权效力保护,但在权利定位、对抵押秩序的影响和与物权法定关系等方面存在明显不足。大陆法系民法承认物权与债权区分的局限性,以预告登记制度保护不动产物权受让人。我国应借鉴预告登记制度,更新认识并改造预售合同登记制度,完善购买人权利保护。     

结构性变动对劳动生产率的影响：模型与实证

结构性改革的重点是通过经济结构变动、调整和优化,在市场配置的基础上充分促进劳动力流动,让低效率部门劳动力充分向高效率部门流动,从而激发劳动者的生产积极性,促进劳动生产率增长。因此,理论上两部门结构性效率差异模型分析了高效率部门和低效率部门之间劳动力流动对于激发劳动者积极性、提升劳动生产率的影响。在此基础上,使用1978-2017年城乡结构、产业结构、所有制结构、区域结构等年度时间序列数据,分析各自对于劳动生产率变动的影响。计量结果表明,在各种结构性变动因素影响劳动生产率的作用中,按照大小顺序依次是城市化、区域经济适度均衡并允许有条件区域加快发展、市场化和产业结构优化。因此,要通过有效促进城镇化、发达区域经济适度领先发展、市场化和产业结构高度化,来提高劳动生产率。     

Does the Feldstein–Horioka puzzle exist among South Asian countries? A regime‐switching approach

A plethora of literature has been undertaken to study the validity of the Feldstein–Horioka (FH) puzzle. However, divergent views continue to persist in the FH puzzle literature. This study explores the empirical validity of the FH puzzle in the case of South Asian countries using annual data from 1960 to 2017. Both panel data approach and Markov‐switching regression approach are used to empirically analyze the FH puzzle. The results of the cointegration test confirm the long‐run relationships between saving and investment in the selected South Asian countries. The results of Markov‐switching regression confirm that the saving‐retention coefficient has shifted from high to low values and also from low to high values. Thus, the FH puzzle exists for a particular time period and mostly depends on the regime shifts in the South Asian countries. The results of panel fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) methods also confirm that FH puzzle holds for the South Asian countries. Therefore, the study suggests that any saving promotion policies are desirable for enhancing investment among the South Asian regions.