Author: Felix J. Richter / Topic: Economics

Author:: Gabriel Ahlfeldt, Wolfgang Maennig, and Felix J. Richter
Publication Date:: 06-2017
Content Type:: Working Paper
Institution:: Chair for Economic Policy, University of Hamburg
Abstract:: While urban renewal programs have become widely used policy measures to target urban development less is known about the reasons why certain areas are more responsive to policy interventions than others. With this study we address some of these issues by analyzing an urban renewal program in Berlin, Germany, with 22 designated renewal zones between 1990 and 2012. We separately estimate the effects of the renewal policy on property prices for each respective redevelopment area by comparing price developments in these areas to a series of runner-up areas and to geographically close transactions. We find a considerable amount of heterogeneity. While some areas profit form the renewal policies, there are several areas which develop quite differently and end up with a decrease in property prices due to the urban renewal policy.
Topic:: Economics, Urban, Economic Development, and Property
Political Geography:: Germany

Author:: Viktoria Langer, Wolfgang Maennig, and Felix J. Richter
Publication Date:: 10-2015
Content Type:: Working Paper
Institution:: Chair for Economic Policy, University of Hamburg
Abstract:: Recent analyses relate increases in the growth rate of countries to anticipation effects caused by bidding for the Olympic Games, so called news shocks. We argue that these findings should be interpreted cautiously. First, these analyses may suffer from an omitted variable bias because they neglect key determinants of economic growth. Second, these analyses compare the bidders for the Olympic Games to all other countries in the world, which constitutes a comparison between groups that show large differences in their structural characteristics. We show that including established determinants of economic growth and comparing the bidders to a suitable control group may lead to a complete disappearance of the anticipated economic effects of Olympic Games.
Topic:: Economics and Macroeconomics
Political Geography:: Global Focus

Author:: Sebastian Brandt, Wolfgang Maennig, and Felix J. Richter
Publication Date:: 10-2013
Content Type:: Working Paper
Institution:: Chair for Economic Policy, University of Hamburg
Abstract:: Using hedonic pricing models, this paper analyzes the impact of places of worship on the prices of adjacent condominiums in Hamburg, Germany. This is the first study on this subject to have been conducted outside the United States. It is also the first work to examine the externalities of places of worship of all five world religions. Furthermore, it is the first study that analyzes the effect of bell ringing on the adjacent residential property prices. Controlling for spatial dependence and by using potentiality variables positive externalities of places of worship within a radius of 1,000m were identified. Compared to properties beyond this threshold, price premiums of 4.8% were detected for condominiums at distances of 100m to 200m to the next place of worship. The results also show that the positive externalities near mosques do not differ from those of places of worship of other religions and that the positive effect of churches continues to be felt even after they have been deconsecrated. The influence of church bell ringing on the prices of surrounding residential properties, however, could not be substantiated.
Topic:: Economics, Religion, Property, and Price
Political Geography:: Europe and Germany

Author:: Gabriel Ahlfeldt, Wolfgang Maennig, and Felix J. Richter
Publication Date:: 11-2013
Content Type:: Working Paper
Institution:: Chair for Economic Policy, University of Hamburg
Abstract:: Urban renewal areas are popular but empirically understudied spatial planning instruments designed to prevent urban decline and induce renewal. We use a quasi-experimental research design to study the effects of 22 renewal areas implemented in Berlin, Germany, to increase housing and living quality in the aftermath of the city’s division during the Cold War period. Our results suggest that the policy has helped reduce (increase) the number of buildings in poor (good) condition by 25% (10%). Property prices increased at an annual rate of 0.4-1.7% according to our preferred estimates. Evidence is weak at best, however, for positive housing externalities. More generally, our findings indicate that the efficiency of program evaluations for place based -policies using quasi-experimental methods increases with the number of targeted areas and areas that provide the counterfactual.
Topic:: Economics, Urban, Property, Revitalization, and Redevelopment
Political Geography:: Europe and Germany

Author:: Wolfgang Maennig and Felix J. Richter
Publication Date:: 01-2012
Content Type:: Working Paper
Institution:: Chair for Economic Policy, University of Hamburg
Abstract:: Rose & Spiegel (2011) find that Olympic Games host countries experience significant positive, lasting effects on exports. They interpret their results as an indication that countries use the hosting of such events to signal openness and competitiveness. We challenge these empirical findings on the grounds that a comparison of structurally different and non-matching groups of countries might suffer from a selection bias. We demonstrate that with an appropriate matching and treatment methodology, the significant Olympic effect disappears.
Topic:: Economics, International Trade and Finance, Olympics, and Exports
Political Geography:: Global Focus

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