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- Title
Capital shocks and the great urban divide.
- Authors
Daams, Michiel N; McCann, Philip; Veneri, Paolo; Barkham, Richard; Schoenmaker, Dennis
- Abstract
This article exploits signals of capital pricing and availability in US cities which are obtained from uniquely detailed data on real estate investments. We identify how places were differently affected by the global financial crisis and provide insights which offer an alternative explanation of why US economic growth continues to experience spatial divergence after many decades of convergence. Investment pricing uncovers that before the crisis capital was allocated efficiently across localities, whereas the global financial shock favored large and prosperous places. These findings point to persistent post-crisis asymmetry in local capital market conditions and underscore the capital risk-safety aspects of agglomeration.
- Subjects
GLOBAL Financial Crisis, 2008-2009; REAL estate investment; CITIES &; towns; CAPITAL market; ECONOMIC expansion
- Publication
Journal of Economic Geography, 2024, Vol 24, Issue 1, p1
- ISSN
1468-2702
- Publication type
Article
- DOI
10.1093/jeg/lbad023