IDEAS home Printed from https://ideas.repec.org/a/sae/pubfin/v47y2019i3p603-622.html
   My bibliography  Save this article

Spatial and Dynamic Features of Land Value Capture: A Case Study from Bogotá, Colombia

Author

Listed:
  • Néstor Garza

Abstract

This article assesses the neutrality of Captura de Plusvalía , a land value capture policy implemented in Bogotá (Colombia) in 2004. The case offers a rare opportunity for assessment because the policy application had a scattered spatial and temporal structure but on an urban agglomeration ruled by a single master plan and revenue collecting authority. The analysis reveals that (a) the relationship between value capture and prices is negative (static neutrality); (b) this result holds under various spatial specifications and controls; (c) the policy is not endogenous to the built output or the spatial distribution of the land prices; and (d) there is no evidence of preemption, a theoretical feature where landowners consider that the policy onset represents a regulatory taking, compelling them to accelerate developing timing (dynamic neutrality).

Suggested Citation

  • Néstor Garza, 2019. "Spatial and Dynamic Features of Land Value Capture: A Case Study from Bogotá, Colombia," Public Finance Review, , vol. 47(3), pages 603-622, May.
    • Handle: RePEc:sae:pubfin:v:47:y:2019:i:3:p:603-622
    DOI: 10.1177/1091142117714551
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/1091142117714551
    Download Restriction: no
    File URL: https://libkey.io/10.1177/1091142117714551?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Murtaza Haider & Amar Anwar & Cynthia Holmes, 2016. "Did the Land Transfer Tax Reduce Housing Sales in Toronto?," IMFG Papers 28, University of Toronto, Institute on Municipal Finance and Governance.
    2. Richard M. Bird & Enid Slack (ed.), 2004. "International Handbook of Land and Property Taxation," Books, Edward Elgar Publishing, number 3304.
    3. Sally Kwak & James Mak, 2011. "Political Economy of Property Tax Reform: Hawaii's Experiment with Split‐Rate Property Taxation," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(1), pages 4-29, January.
    4. Plassmann, Florenz & Tideman, T. Nicolaus, 2000. "A Markov Chain Monte Carlo Analysis of the Effect of Two-Rate Property Taxes on Construction," Journal of Urban Economics, Elsevier, vol. 47(2), pages 216-247, March.
    5. László Mátyás & Patrick Sevestre (ed.), 2008. "The Econometrics of Panel Data," Advanced Studies in Theoretical and Applied Econometrics, Springer, number 978-3-540-75892-1, July-Dece.
    6. Quan, Daniel C & Quigley, John M, 1991. "Price Formation and the Appraisal Function in Real Estate Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 4(2), pages 127-146, June.
    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. Garza, Nestor & Gonzalez, Ivan, 2021. "An urban system assessment of Land Value Capture: The Colombian case," Land Use Policy, Elsevier, vol. 109(C).

    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. Kalkuhl, Matthias & Fernandez Milan, Blanca & Schwerhoff, Gregor & Jakob, Michael & Hahnen, Maren & Creutzig, Felix, 2017. "Fiscal Instruments for Sustainable Development: The Case of Land Taxes," MPRA Paper 78652, University Library of Munich, Germany.
    2. Arturas Juodis, 2013. "Cointegration Testing in Panel VAR Models Under Partial Identification and Spatial Dependence," UvA-Econometrics Working Papers 13-08, Universiteit van Amsterdam, Dept. of Econometrics.
    3. repec:rri:wpaper:201303 is not listed on IDEAS
    4. Joseph P. Byrne & Alexandros Kontonikas & Alberto Montagnoli, 2013. "International Evidence on the New Keynesian Phillips Curve Using Aggregate and Disaggregate Data," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(5), pages 913-932, August.
    5. Cem Ertur & Antonio Musolesi, 2017. "Weak and Strong Cross‐Sectional Dependence: A Panel Data Analysis of International Technology Diffusion," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 32(3), pages 477-503, April.
    6. Francesca Iorio & Stefano Fachin, 2014. "Savings and investments in the OECD: a panel cointegration study with a new bootstrap test," Empirical Economics, Springer, vol. 46(4), pages 1271-1300, June.
    7. Karaman Örsal, Deniz Dilan & Droge, Bernd, 2014. "Panel cointegration testing in the presence of a time trend," Computational Statistics & Data Analysis, Elsevier, vol. 76(C), pages 377-390.
    8. Asgharian, Hossein & Hess, Wolfgang & Liu, Lu, 2013. "A spatial analysis of international stock market linkages," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 4738-4754.
    9. Paul Calem & Jeanna Kenney & Lauren Lambie‐Hanson & Leonard Nakamura, 2021. "Appraising home purchase appraisals," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(S1), pages 134-168, March.
    10. Richard Harris & John Moffat, 2011. "R&D, Innovation and Exporting," SERC Discussion Papers 0073, Centre for Economic Performance, LSE.
    11. Vasudeva N. R. Murthy & Emmanuel Anoruo, 2009. "Are Per Capita Real GDP Series in African Countries Non-stationary or Non-linear? What does Empirical Evidence Reveal?," Economics Bulletin, AccessEcon, vol. 29(4), pages 2492-2504.
    12. Coën, Alain & Lefebvre, Benoit & Simon, Arnaud, 2018. "International money supply and real estate risk premium: The case of the London office market," Journal of International Money and Finance, Elsevier, vol. 82(C), pages 120-140.
    13. Alexander Klemm & Stefan Parys, 2012. "Empirical evidence on the effects of tax incentives," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 19(3), pages 393-423, June.
    14. Ling Xiong & Shaozhou Qi, 2018. "Financial Development And Carbon Emissions In Chinese Provinces: A Spatial Panel Data Analysis," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 63(02), pages 447-464, March.
    15. Parent, Olivier & LeSage, James P., 2011. "A space-time filter for panel data models containing random effects," Computational Statistics & Data Analysis, Elsevier, vol. 55(1), pages 475-490, January.
    16. Nilsen, Øivind Anti & Raknerud, Arvid & Skjerpen, Terje, 2011. "Using the Helmert-transformation to reduce dimensionality in a mixed model: Application to a wage equation with worker and firm heterogeneity," Discussion Paper Series in Economics 11/2011, Norwegian School of Economics, Department of Economics, revised 04 Oct 2011.
    17. Jason P. Brown & Raymond J.G.M. Florax & Kevin T. McNamara, 2009. "Determinants Of Investme??T Flows In U.S. Manufacturing," Working Papers 09-10, Purdue University, College of Agriculture, Department of Agricultural Economics.
    18. Patrizia Ordine & Giuseppe Rose, 2008. "Local Banks Efficiency and Employment," LABOUR, CEIS, vol. 22(3), pages 469-493, September.
    19. Zouaghi, Ferdaous & Sánchez, Mercedes & Martínez, Marian García, 2018. "Did the global financial crisis impact firms' innovation performance? The role of internal and external knowledge capabilities in high and low tech industries," Technological Forecasting and Social Change, Elsevier, vol. 132(C), pages 92-104.
    20. Brian Piper, 2014. "Factor-Specific Productivity," Working Papers 1401, Sam Houston State University, Department of Economics and International Business.
    21. Michele Aquaro & Pavel Čížek, 2014. "Robust estimation of dynamic fixed-effects panel data models," Statistical Papers, Springer, vol. 55(1), pages 169-186, February.

    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:sae:pubfin:v:47:y:2019:i:3:p:603-622. 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: SAGE Publications (email available below). General contact details of provider: .

    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.