This paper provides a conceptual basis for the price discovery potential for tradable market instruments and specifically the development of mortgage securitization in Asia and the potential dangers of such markets. Nonetheless we argue for the potential importance of securitization in Asia...

Persistent racial and ethnic gaps in educational achievement have focused policy attention on school climate and safety as important elements of educational performance. In a special issue of Educational Researcher focused on safety and order in schools, Cornell and Mayer (2010) argue that...

Are contemporary metropolitan regions becoming more dispersed? There are theoretical arguments for both concentration and dispersal. The purpose of our research is to establish an empirical base that can help us understand the evolution of metropolitan spatial structure. Using data for the Los...

Smart Growth advocates in the U.S. and elsewhere worry about urban sprawl andtypically advocate new controls on urban growth, including tougher land use planningand regulation. Yet, is auto-oriented development the market's way of meeting widelyheld lifestyle preferences? Or, is it (as some...

In the wake of the housing crisis there is growing concern that increased mortgage foreclosures may lead to physical deterioration of buildings and increased vacancy rates in neighborhoods, undermining neighborhood social controls, and causing increases in local crime. While some recent research...

While other countries dismantled their segmented housing finance systems and linked housing finance to capital markets through deregulated depositories, the US linked housing finance to capital markets through depository deregulation and securitization. Elsewhere securitization has not...

This paper presents preliminary evidence of the manner in which neighborhood councilsin Los Angeles are engaging in land use and planning. Charter reform in 1999 in LosAngeles authorized creation of a system of neighborhood councils charged withincreasing participation in city governance and...

While prior analyses have provided substantial evidence of elevated default probabilities among mortgages originated to lower income, less credit worthy and minority borrowers, those risks may be offset by the reduced prepayment probabilities of those loans. To the investor in FHA-insured...

This paper estimates an option-based hazard model of the competing risks of FHA mortgage termination. Results indicate that the elevated default risks of loans originated among lower credit quality and minority borrowers are more than offset by the damped prepayment speeds of those loans, so as...

Despite ongoing restructuring of the Chinese economy, barriers to labor mobility and attendantstratification of China’s labor markets remain significant. Those barriers serve to reduce the efficiency of labor market allocations and accordingly inhibit wage equilibration and productivity...