IDEAS home Printed from https://ideas.repec.org/p/bdi/wptemi/td_1214_19.html
   My bibliography  Save this paper

Anything new in town? The local effects of Urban Regeneration Policies in Italy

Author

Listed:
  • Giuseppe Albanese

    (Bank of Italy)

  • Emanuele Ciani

    (Bank of Italy)

  • Guido de Blasio

    (Bank of Italy)

Abstract

The paper estimates the local effects of urban regeneration policies by using evidence from interventions that took place in small and medium-sized cities in the Centre and North of Italy over the period 2008-12. By using an Oaxaca-Blinder reweighting estimator, we find little support for the idea that urban regeneration projects could stimulate local economic growth in the short to medium term. Only the largest scale interventions that focused on improving the public realm seem to have led to an increase in house prices, but they have had no impact on other economic outcomes.

Suggested Citation

  • Giuseppe Albanese & Emanuele Ciani & Guido de Blasio, 2019. "Anything new in town? The local effects of Urban Regeneration Policies in Italy," Temi di discussione (Economic working papers) 1214, Bank of Italy, Economic Research and International Relations Area.
  • Handle: RePEc:bdi:wptemi:td_1214_19
    as

    Download full text from publisher

    File URL: http://www.bancaditalia.it/pubblicazioni/temi-discussione/2019/2019-1214/en_tema_1214.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Gabriel M. Ahlfeldt & Georgios Kavetsos, 2014. "Form or function?: the effect of new sports stadia on property prices in London," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 177(1), pages 169-190, January.
    2. Gibbons, Steve & Machin, Stephen, 2003. "Valuing English primary schools," Journal of Urban Economics, Elsevier, vol. 53(2), pages 197-219, March.
    3. Sascha O. Becker & Peter H. Egger & Maximilian von Ehrlich, 2013. "Absorptive Capacity and the Growth and Investment Effects of Regional Transfers: A Regression Discontinuity Design with Heterogeneous Treatment Effects," American Economic Journal: Economic Policy, American Economic Association, vol. 5(4), pages 29-77, November.
    4. David Autor & David Dorn & Gordon Hanson & Kaveh Majlesi, 2020. "Importing Political Polarization? The Electoral Consequences of Rising Trade Exposure," American Economic Review, American Economic Association, vol. 110(10), pages 3139-3183, October.
    5. Raffaello Bronzini & Sauro Mocetti & Matteo Mongardini, 2020. "The economic effects of big events: Evidence from the great jubilee 2000 in Rome," Journal of Regional Science, Wiley Blackwell, vol. 60(4), pages 801-822, September.
    6. Gabriel M. Ahlfeldt & Wolfgang Maennig & Felix J. Richter, 2017. "Urban renewal after the Berlin Wall: a place-based policy evaluation," Journal of Economic Geography, Oxford University Press, vol. 17(1), pages 129-156.
    7. Sandra E. Black, 1999. "Do Better Schools Matter? Parental Valuation of Elementary Education," The Quarterly Journal of Economics, Oxford University Press, vol. 114(2), pages 577-599.
    8. Brown, John & Geoghegan, Jacqueline, 2011. "Spatially Delineated Public Goods and Spatially Located Public Bads: A Hedonic Approach to Measuring Urban Revitalization," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 40(3), pages 1-15, December.
    9. Matteo Bugamelli & Fabiano Schivardi & Roberta Zizza, 2010. "The Euro and Firm Restructuring," NBER Chapters, in: Europe and the Euro, pages 99-138, National Bureau of Economic Research, Inc.
    10. Emanuele Ciani & Guido de Blasio, 2015. "European structural funds during the crisis: evidence from Southern Italy," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 4(1), pages 1-31, December.
    11. González-Pampillón, Nicolás & Jofre-Monseny, Jordi & Viladecans-Marsal, Elisabet, 2016. "Can Urban Renewal Policies Reverse Neighborhood Ethnic Dynamics?," CEPR Discussion Papers 11676, C.E.P.R. Discussion Papers.
    12. William J. Collins & Katharine L. Shester, 2013. "Slum Clearance and Urban Renewal in the United States," American Economic Journal: Applied Economics, American Economic Association, vol. 5(1), pages 239-273, January.
    13. Esteban Rossi-Hansberg & Pierre-Daniel Sarte & Raymond Owens, 2010. "Housing Externalities," Journal of Political Economy, University of Chicago Press, vol. 118(3), pages 485-535, June.
    14. Emanuele Ciani & Francesco David & Guido de Blasio, 2017. "Local labour market heterogeneity in Italy: estimates and simulations using responses to labour demand shocks," Temi di discussione (Economic working papers) 1112, Bank of Italy, Economic Research and International Relations Area.
    15. Alexandre Belloni & Victor Chernozhukov & Christian Hansen, 2014. "High-Dimensional Methods and Inference on Structural and Treatment Effects," Journal of Economic Perspectives, American Economic Association, vol. 28(2), pages 29-50, Spring.
    16. Benjamin Austin & Edward Glaeser & Lawrence Summers, 2018. "Jobs for the Heartland: Place-Based Policies in 21st-Century America," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 49(1 (Spring), pages 151-255.
    17. Robert A. Baade & Victor A. Matheson, 2016. "Going for the Gold: The Economics of the Olympics," Journal of Economic Perspectives, American Economic Association, vol. 30(2), pages 201-218, Spring.
    18. Feddersen, Arne & Maennig, Wolfgang, 2012. "Sectoral labour market effects of the 2006 FIFA World Cup," Labour Economics, Elsevier, vol. 19(6), pages 860-869.
    19. Tymon Słoczyński, 2015. "The Oaxaca–Blinder Unexplained Component as a Treatment Effects Estimator," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 77(4), pages 588-604, August.
    20. Stephanie Riegg Cellini & Fernando Ferreira & Jesse Rothstein, 2010. "The Value of School Facility Investments: Evidence from a Dynamic Regression Discontinuity Design," The Quarterly Journal of Economics, Oxford University Press, vol. 125(1), pages 215-261.
    21. Mara Giua, 2014. "Spatial Discontinuity for the Impact Assessment of the EU Regional Policy. The Case of Italian Objective 1 Regions," Departmental Working Papers of Economics - University 'Roma Tre' 0197, Department of Economics - University Roma Tre.
    22. Enrico Moretti, 2014. "Local Economic Development, Agglomeration Economies, and the Big Push: 100 Years of Evidence from the Tennessee Valley Authority," The Quarterly Journal of Economics, Oxford University Press, vol. 129(1), pages 275-331.
    23. Mara Giua, 2017. "Spatial Discontinuity For The Impact Assessment Of The Eu Regional Policy: The Case Of Italian Objective 1 Regions," Journal of Regional Science, Wiley Blackwell, vol. 57(1), pages 109-131, January.
    24. Glaeser, Edward L., 2008. "Cities, Agglomeration, and Spatial Equilibrium," OUP Catalogue, Oxford University Press, number 9780199290444.
    25. Monica Andini & Guido de Blasio, 2016. "Local development that money cannot buy: Italy’s Contratti di Programma," Journal of Economic Geography, Oxford University Press, vol. 16(2), pages 365-393.
    26. Marta Auricchio & Emanuele Ciani & Alberto Dalmazzo & Guido de Blasio, 2017. "The consequences of public employment: evidence from Italian municipalities," Temi di discussione (Economic working papers) 1125, Bank of Italy, Economic Research and International Relations Area.
    27. Schwartz, Amy Ellen & Ellen, Ingrid Gould & Voicu, Ioan & Schill, Michael H., 2006. "The external effects of place-based subsidized housing," Regional Science and Urban Economics, Elsevier, vol. 36(6), pages 679-707, November.
    28. Patrick Kline, 2011. "Oaxaca-Blinder as a Reweighting Estimator," American Economic Review, American Economic Association, vol. 101(3), pages 532-537, 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. Justin T Callais & Linan Peng, 2021. "The Impact of Place-Based Policy: Evidence from a Multiple Synthetic Control Analysis of the Northeastern Revitalization Program in China," Working Papers 2021-03, DePauw University, Department of Economics and Management.
    2. Clemente J. Navarro-Yáñez, 2021. "The Effectiveness of Integral Urban Strategies: Policy Theory and Target Scale. The European URBAN I Initiative and Employment," Sustainability, MDPI, vol. 13(11), pages 1-16, June.
    3. Klaud Manehasa & Xhesi Çoniku, 2021. "The Use of Public Space as Urban Regeneration Tool: A Case Study in Residential Block “1 Maji†in Tirana, Albania," European Journal of Social Sciences Education and Research Articles, Revistia Research and Publishing, vol. 8, January -.

    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. Giuseppe Albanese & Guido de Blasio & Andrea Locatelli, 2019. "Place-based Policy and Local TFP," Temi di discussione (Economic working papers) 1253, Bank of Italy, Economic Research and International Relations Area.
    2. Crescenzi, Riccardo & Di Cataldo, Marco & Giua, Mara, 2020. "It’s not about the money. EU funds, local opportunities, and Euroscepticism," Regional Science and Urban Economics, Elsevier, vol. 84(C).
    3. Baum-Snow, Nathaniel & Ferreira, Fernando, 2015. "Causal Inference in Urban and Regional Economics," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 3-68, Elsevier.
    4. Emanuele Ciani & Guido de Blasio, 2015. "European structural funds during the crisis: evidence from Southern Italy," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 4(1), pages 1-31, December.
    5. Riccardo Crescenzi & Mara Giua, 2018. "One or Many Cohesion Policies of the European Union? On the Diverging Impacts of Cohesion Policy across Member States," SERC Discussion Papers 0230, Spatial Economics Research Centre, LSE.
    6. Gabriel M. Ahlfeldt & Nancy Holman, 2018. "Distinctively Different: A New Approach to Valuing Architectural Amenities," Economic Journal, Royal Economic Society, vol. 128(608), pages 1-33, February.
    7. Koster, Hans R.A. & van Ommeren, Jos & Volkhausen, Nicolas, 2021. "Short-term rentals and the housing market: Quasi-experimental evidence from Airbnb in Los Angeles," Journal of Urban Economics, Elsevier, vol. 124(C).
    8. Ciani, Emanuele & David, Francesco & de Blasio, Guido, 2019. "Local responses to labor demand shocks: A Re-assessment of the case of Italy," Regional Science and Urban Economics, Elsevier, vol. 75(C), pages 1-21.
    9. Giuseppe Albanese & Guglielmo Barone & Guido de Blasio, 2019. "Populist Voting and Losers’ Discontent: Does Redistribution Matter?," "Marco Fanno" Working Papers 0239, Dipartimento di Scienze Economiche "Marco Fanno".
    10. Riccardo Crescenzi & Marco Di Cotaldo & Mara Guia, 2019. "It’s not about the money! EU funds, local opportunities, and the Brexit vote," LEQS – LSE 'Europe in Question' Discussion Paper Series 149, European Institute, LSE.
    11. Barone, Guglielmo & David, Francesco & de Blasio, Guido, 2016. "Boulevard of broken dreams. The end of EU funding (1997: Abruzzi, Italy)," Regional Science and Urban Economics, Elsevier, vol. 60(C), pages 31-38.
    12. Gabriel Ahlfeldt & Pantelis Koutroumpis & Tommaso Valletti, 2017. "Speed 2.0: Evaluating Access to Universal Digital Highways," Journal of the European Economic Association, European Economic Association, vol. 15(3), pages 586-625.
    13. Maximilian v. Ehrlich & Henry G. Overman, 2020. "Place-Based Policies and Spatial Disparities across European Cities," Journal of Economic Perspectives, American Economic Association, vol. 34(3), pages 128-149, Summer.
    14. Ahlfeldt, Gabriel M. & Georgios, Kavetsos, 2010. "Form or Function? The Impact of New Football Stadia on Property Prices in London," MPRA Paper 25003, University Library of Munich, Germany.
    15. Sylvain Chareyron & Florence Goffette-Nagot & Lucie Letrouit, 2019. "Impacts of a French urban renewal program on local housing markets," Post-Print halshs-02353718, HAL.
    16. Margaret Brehm & Scott A. Imberman & Michael Naretta, 2017. "Capitalization of Charter Schools into Residential Property Values," Education Finance and Policy, MIT Press, vol. 12(1), pages 1-27, Winter.
    17. Mauro Caselli & Andrea Fracasso & Sergio Scicchitano, 2020. "From the lockdown to the new normal: An analysis of the limitations to individual mobility in Italy following the Covid-19 crisis," Discussion Paper series in Regional Science & Economic Geography 2020-07, Gran Sasso Science Institute, Social Sciences, revised Oct 2020.
    18. Gathmann, Christina & Helm, Ines & Schönberg, Uta, 2014. "Spillover Effects in Local Labor Markets: Evidence from Mass Layoffs," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100378, Verein für Socialpolitik / German Economic Association.
    19. Marco Di Cataldo, 2016. "Gaining and losing EU Objective 1 funds: Regional development in Britain and the prospect of Brexit," LEQS – LSE 'Europe in Question' Discussion Paper Series 120, European Institute, LSE.
    20. Gibbons, Stephen & Machin, Stephen & Silva, Olmo, 2013. "Valuing school quality using boundary discontinuities," Journal of Urban Economics, Elsevier, vol. 75(C), pages 15-28.

    More about this item

    Keywords

    urban regeneration; house prices; reweighting;
    All these keywords.

    JEL classification:

    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:bdi:wptemi:td_1214_19. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://edirc.repec.org/data/bdigvit.html .

    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: (email available below). General contact details of provider: https://edirc.repec.org/data/bdigvit.html .

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.