IDEAS home Printed from https://ideas.repec.org/a/col/000090/010969.html
   My bibliography  Save this article

Precio del suelo y regalías en Colombia: un análisis espacial para los municipios productores de petróleo

Author

Listed:
  • Hernán Enríquez Sierra
  • Carlos Barreto Nieto
  • Carolina Correa Caro
  • Jacobo Campo Robledo

Abstract

Las regiones que basan su actividad económica en la extracción de recursos mineros se caracterizan por la generación de rentas excedentes que provocan efectos físicos e institucionales sobre el territorio. En este documento se analiza cómo las rentas relacionadas con los recursos de regalías tienen una incidencia en el valor del suelo de los municipios petroleros. Por medio de una aproximación hedónica, se estiman los valores del suelo utilizando una especificación econométrica con errores correlacionados espacialmente. Se encuentra evidencia de que luego de controlar por variables de localización, ingresos y atributos locales, en aquellos municipios donde se reciben regalías el precio del suelo es significativamente más bajo. Se puede concluir que las regalías afectan de manera negativa el equilibrio espacial, aun con un mayor consumo de amenidades.

Suggested Citation

  • Hernán Enríquez Sierra & Carlos Barreto Nieto & Carolina Correa Caro & Jacobo Campo Robledo, 2013. "Precio del suelo y regalías en Colombia: un análisis espacial para los municipios productores de petróleo," Revista Desarrollo y Sociedad, Universidad de los Andes,Facultad de Economía, CEDE, June.
  • Handle: RePEc:col:000090:010969
    as

    Download full text from publisher

    File URL: http://economia.uniandes.edu.co/revistadys/Articulo71_6.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Badi H. Baltagi, 2015. "Seemingly Unrelated Regressions," Springer Texts in Business and Economics, in: Solutions Manual for Econometrics, edition 3, chapter 0, pages 233-257, Springer.
    2. Potepan, Michael J., 1994. "Intermetropolitan Migration and Housing Prices: Simultaneously Determined?," Journal of Housing Economics, Elsevier, vol. 3(2), pages 77-91, June.
    3. Boxall, Peter C. & Chan, Wing H. & McMillan, Melville L., 2005. "The impact of oil and natural gas facilities on rural residential property values: a spatial hedonic analysis," Resource and Energy Economics, Elsevier, vol. 27(3), pages 248-269, October.
    4. Capozza, Dennis R. & Helsley, Robert W., 1989. "The fundamentals of land prices and urban growth," Journal of Urban Economics, Elsevier, vol. 26(3), pages 295-306, November.
    5. W. Erwin Diewert, 2003. "Hedonic Regressions. A Consumer Theory Approach," NBER Chapters, in: Scanner Data and Price Indexes, pages 317-348, National Bureau of Economic Research, Inc.
    6. Guillermo Perry & Mauricio Olivera, 2010. "El impacto del petróleo y la minería en el desarrollo regional y local en Colombia," Working Papers Series. Documentos de Trabajo 9070, Fedesarrollo.
    7. Bischoff, Oliver, 2012. "Explaining regional variation in equilibrium real estate prices and income," Journal of Housing Economics, Elsevier, vol. 21(1), pages 1-15.
    8. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    9. Baltagi, Badi H. & Bresson, Georges, 2011. "Maximum likelihood estimation and Lagrange multiplier tests for panel seemingly unrelated regressions with spatial lag and spatial errors: An application to hedonic housing prices in Paris," Journal of Urban Economics, Elsevier, vol. 69(1), pages 24-42, January.
    10. Peter C. Boxall, Wing H. Chan, and Melville L. McMillan, 2005. "The Impact of Oil and Natural Gas Facilities on Rural Residential Property," Working Papers eg0039, Wilfrid Laurier University, Department of Economics, revised 2005.
    11. Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2005. "Why Have Housing Prices Gone Up?," American Economic Review, American Economic Association, vol. 95(2), pages 329-333, May.
    12. Glaeser, Edward L., 2008. "Cities, Agglomeration, and Spatial Equilibrium," OUP Catalogue, Oxford University Press, number 9780199290444.
    13. Andrés Sagner, 2009. "Determinantes del Precio de Viviendas en Chile," Working Papers Central Bank of Chile 549, Central Bank of Chile.
    14. Jeanty, P. Wilner & Partridge, Mark & Irwin, Elena, 2010. "Estimation of a spatial simultaneous equation model of population migration and housing price dynamics," Regional Science and Urban Economics, Elsevier, vol. 40(5), pages 343-352, September.
    15. Peiser, Richard B., 1987. "The determinants of nonresidential urban land values," Journal of Urban Economics, Elsevier, vol. 22(3), pages 340-360, November.
    16. Roback, Jennifer, 1982. "Wages, Rents, and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1257-1278, December.
    17. Can, Ayse, 1992. "Specification and estimation of hedonic housing price models," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 453-474, September.
    18. James P. LeSage & R. Kelley Pace, 2008. "Spatial Econometric Modeling Of Origin‐Destination Flows," Journal of Regional Science, Wiley Blackwell, vol. 48(5), pages 941-967, December.
    19. Eugenio Figueroa & George Lever, 1992. "Determinantes del Precio de Mercado de los Terrenos en el Área Urbana de Santiago," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 29(86), pages 99-114.
    20. Mark D. Partridge & Dan S. Rickman, 2012. "Integrating Regional Economic Development Analysis and Land Use Economics," Economics Working Paper Series 1203, Oklahoma State University, Department of Economics and Legal Studies in Business.
    21. Liao, Wen-Chi & Wang, Xizhu, 2012. "Hedonic house prices and spatial quantile regression," Journal of Housing Economics, Elsevier, vol. 21(1), pages 16-27.
    22. Hajkowicz, Stefan A. & Heyenga, Sonja & Moffat, Kieren, 2011. "The relationship between mining and socio-economic well being in Australia's regions," Resources Policy, Elsevier, vol. 36(1), pages 30-38, March.
    23. Sasser, Alicia C., 2010. "Voting with their feet: Relative economic conditions and state migration patterns," Regional Science and Urban Economics, Elsevier, vol. 40(2-3), pages 122-135, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Carlos Alberto Barreto Nieto & Andrés Leonardo Acosta Hernández & Johann Dilak Julio Estrada & Johana Gaitán Álvarez & Juan Diego Saldaña Arias & María del Pilar Camacho, 2017. "Efectos de un programa de mejoramiento integral de barrios sobre los valores del suelo y del área construida: El caso de la localidad de Bosa Occidental, en Bogotá, 2012 - 2015," Revista Economía y Región, Universidad Tecnológica de Bolívar, vol. 11(1), pages 155-180, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Keeler, Zachary T. & Stephens, Heather M., 2020. "Valuing shale gas development in resource-dependent communities," Resources Policy, Elsevier, vol. 69(C).
    2. Lozano Navarro, Francisco-Javier, 2015. "Elasticidad precio de la oferta inmobiliaria en el Gran Santiago [Housing supply elasticity in Greater Santiago]," MPRA Paper 65012, University Library of Munich, Germany.
    3. Bischoff, Oliver, 2012. "Explaining regional variation in equilibrium real estate prices and income," Journal of Housing Economics, Elsevier, vol. 21(1), pages 1-15.
    4. Badi H. Baltagi & Georges Bresson & Jean‐Michel Etienne, 2015. "Hedonic Housing Prices in Paris: An Unbalanced Spatial Lag Pseudo‐Panel Model with Nested Random Effects," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 30(3), pages 509-528, April.
    5. Chuanwang Sun & Xiaochun Meng & Shuijun Peng, 2017. "Effects of Waste-to-Energy Plants on China’s Urbanization: Evidence from a Hedonic Price Analysis in Shenzhen," Sustainability, MDPI, vol. 9(3), pages 1-18, March.
    6. Drelichman, Mauricio & González Agudo, David, 2014. "Housing and the cost of living in early modern Toledo," Explorations in Economic History, Elsevier, vol. 54(C), pages 27-47.
    7. Nathaly M. Rivera, 2020. "Is Mining an Environmental Disamenity? Evidence from Resource Extraction Site Openings," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 75(3), pages 485-528, March.
    8. Frame, David, 2013. "Saving and consumption in cities," Journal of Urban Economics, Elsevier, vol. 73(1), pages 111-124.
    9. Muriel Travers & Emmanuel Bonnet & Morgane Chevé & Gildas Appéré, 2009. "Perception des risques industriels dans une zone estuarienne : une analyse hédoniste spatiale," Économie et Prévision, Programme National Persée, vol. 190(4), pages 135-158.
    10. Joan Monras, 2020. "Immigration and Wage Dynamics: Evidence from the Mexican Peso Crisis," Journal of Political Economy, University of Chicago Press, vol. 128(8), pages 3017-3089.
    11. Tapsuwan, Sorada & Polyakov, Maksym & Bark, Rosalind & Nolan, Martin, 2015. "Valuing the Barmah–Millewa Forest and in stream river flows: A spatial heteroskedasticity and autocorrelation consistent (SHAC) approach," Ecological Economics, Elsevier, vol. 110(C), pages 98-105.
    12. Sevrin Waights, 2019. "The preservation of historic districts—is it worth it?," Journal of Economic Geography, Oxford University Press, vol. 19(2), pages 433-464.
    13. Hilber, Christian A.L. & Robert-Nicoud, Frédéric, 2013. "On the origins of land use regulations: Theory and evidence from US metro areas," Journal of Urban Economics, Elsevier, vol. 75(C), pages 29-43.
    14. Grislain-Letrémy, Céline & Katossky, Arthur, 2014. "The impact of hazardous industrial facilities on housing prices: A comparison of parametric and semiparametric hedonic price models," Regional Science and Urban Economics, Elsevier, vol. 49(C), pages 93-107.
    15. Olivier JOALLAND & Tina RAMBONILAZA, 2017. "Assessing the impact of renewable energy infrastructure on the “tourist value” in rural landscapes: a spatial hedonic approach," Cahiers du GREThA (2007-2019) 2017-10, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    16. Elena G. Irwin, 2010. "New Directions For Urban Economic Models Of Land Use Change: Incorporating Spatial Dynamics And Heterogeneity," Journal of Regional Science, Wiley Blackwell, vol. 50(1), pages 65-91, February.
    17. Lipscomb, Clifford & Wang, Yongsheng & Kilpatrick, Sarah J., 2012. "Unconvensional Shale Gas Development and Real Estate Valuation Issues," The Review of Regional Studies, Southern Regional Science Association, vol. 42(2), pages 161-175, Summer.
    18. Marcelo Caffera & Felipe Vásquez & Daniel Rodríguez & Leonidas Carrasco-Letelier & José Ignacio Hernández & Mariela Buonomo, 2019. "Spatial Spillovers in the Implicit Market Price of Soil Erosion: An Estimation using a Spatio-temporal Hedonic Model," Documentos de Trabajo/Working Papers 1909, Facultad de Ciencias Empresariales y Economia. Universidad de Montevideo..
    19. Yang, Kai & Lee, Lung-fei, 2017. "Identification and QML estimation of multivariate and simultaneous equations spatial autoregressive models," Journal of Econometrics, Elsevier, vol. 196(1), pages 196-214.
    20. Joan Monras, 2019. "Minimum Wages and Spatial Equilibrium: Theory and Evidence," Journal of Labor Economics, University of Chicago Press, vol. 37(3), pages 853-904.

    More about this item

    Keywords

    amenidades; municipios petroleros; modelos hedónicos; regalías.;
    All these keywords.

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000090:010969. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Universidad De Los Andes-Cede (email available below). General contact details of provider: https://edirc.repec.org/data/ceandco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.