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ID:
187837
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| Summary/Abstract |
By raising road transportation costs, an increase in gasoline prices should be expected to reduce housing demand in locations further from the central business district (CBD) relative to inner-city locations. This study uses a monthly real estate area dataset for 19 large cities in China over 2010–2018 to investigate the impact of gasoline prices on intra-city spatial differentials in housing prices. The findings suggest that higher gasoline prices on average lead to a relative decline in housing prices in outer suburbs, with a 1% increase in gasoline prices on average leading to a 0.004% relative reduction in home values for every additional kilometer from the CBD. The effect is larger in cities that have higher automobile ownership rates and that are less densely populated. The results are consistent with a conclusion that the rise of electric vehicles, autonomous vehicles, and working from home is likely to contribute to a lowering of geographical price differentials within Chinese cities over time.
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| 2 |
ID:
177150
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| Summary/Abstract |
This study explores the association that financial development, economic freedom, and the price of gasoline had with gasoline consumption in 28 countries with the highest economic freedom for the period 1996–2017. The ARDL analysis methodology was used to construct a heterogeneous dynamic panel to test the panel data. The Westerlund panel cointegration test was then performed to determine if the factors were cointegrated. Finally, we used the Dumitrescu-Hurlin panel causality test in order to develop effective policies. The results state that both financial development and the price of gasoline play an essential role in reducing the consumption of gasoline. Additionally, economic freedom is closely related to an increase in gasoline consumption. By employing the variable of the Global Financial Crisis (GFC), the robustness test shows the negative and statistically significant effect of the latter on gasoline consumption and confirms the main findings. Therefore, the GFC played a crucial role in changing the economic plans of the countries with high levels of economic freedom. This suggests that these countries should reinforce financial development to generate green innovations. Further important policy implications for the 28 countries with the highest economic freedom are provided at the end of the paper.
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