Josep Maria Raya Vilchez | Pompeu Fabra University (original) (raw)

Papers by Josep Maria Raya Vilchez

La mezcla de una cultura propietaria, un mercado de alquiler escaso y elevados precios de la vivi... more La mezcla de una cultura propietaria, un mercado de alquiler escaso y elevados precios de la vivienda conduce a un retraso en la emancipación de los jóvenes en la sociedad española, como se pone de manifiesto a lo largo del informe del Consejo Económico y Social del año 2002. Adicionalmente, este fenómeno puede afectar a los patrones de estado civil

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International Advances in Economic Research, 2009

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This paper estimates, using a simultaneous equation model, the determinants of mortgage, includin... more This paper estimates, using a simultaneous equation model, the determinants of mortgage, including as a variable the tax saving due to the treatment of mortgage payments in Spanish income tax. We use an unusually rich data set obtained from a housing market intermediary with franchisers throughout the majority of the Spanish provinces. We observe that the income tax credit increased riskier borrowing during the housing boom years. Increasing by one percentage point the ratio of the present value of the stream of explicit tax savings to the price of the property, the mortgage amount granted increases by 1.6 %, whereas it causes a 2 % decrease in the term. This in turn, implies that the time discount factor increased in our sample by about 0.7–1.1 percentage points causing individuals to borrow riskier amounts of mortgage for shorter terms. This observation has important policy implications for governments wishing to foster real estate markets growth.

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Research question: The aim of this paper is to find evidence for the effect of strategic resting ... more Research question: The aim of this paper is to find evidence for the effect of strategic
resting in cycling. This is the first attempt made to this end in the sports economics
literature. Two hypotheses were addressed. H1: Non-participation in previous Grand
Tours results in being more successful in the following Grand Tour. H2: Sparing effort
in stages before a stage in which the likelihood of a successful breakaway is higher
increases the probability of being part of the breakaway.
Research methods: We use the whole sample of riders who finished two Grand Tours:
the 2010 Tour de France and the 2009 Vuelta a España. For H1, ordinary least squares
(OLS) is used to estimate a model in which the dependent variable is the cyclist’s
position in the final ranking. For H2, a discrete choice model was estimated to explain
the probability of a rider being a member of the successful breakaway in stage X.
Results and findings: In the case of H1 no significant evidence was found. In terms of
H2, poorer performance in the preceding stage increased the likelihood of being a
member of a successful breakaway. This effect is insignificant if the previous stage was
flat and/or was in the first week of the competition, is clearly discernible in medium
mountain stages and becomes greater as the competition progresses and in the Tour de
France.
Implications: This paper presents the first evidence of strategic resting in cycling. Other
incentives can be analysed by future researchers (secondary classification, Union
Cycliste Internationale (UCI) points system).

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In this paper, we use a unique data set on granted mortgages to investigate whether immigrant and... more In this paper, we use a unique data set on granted mortgages to investigate whether immigrant and native
borrowers are treated differently by lenders in the Spanish mortgage market. We observe that immigrant
borrowers are charged substantially higher interest rates in their mortgages than their native counterparts.
These differentials remain high and significant even after controlling for differences in creditworthiness and
other factors. Further analyses based on the decomposition of the native–immigrant interest rate gap reveal
that the differences in observable factors only account for 12% of the gap. The empirical evidence we find here
suggests that these differentials are due to discrimination.
©

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The aim of this paper is to provide information for tourist destinations through an analysis of t... more The aim of this paper is to provide information for tourist destinations
through an analysis of the valuation of the location and the seasonality
implicit in the price of accommodation. The study data are from
European municipalities on the Mediterranean coast. Using quantile
regression (that is, taking into account that demand valuation can
vary along the hotel price distribution), the author finds that the
effect of seasonality, although very important, is mainly constant
along the price distribution, with the exception of the greater
seasonality effect in Argelès-sur-Mer at higher percentiles. With
regard to the valuation of location, the fact of the hotel or the
apartment being in a French location is valued more highly at higher
percentiles.

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In this article, we combine data from the housing market with data from a victimization survey to... more In this article, we combine data from the housing market with data from
a victimization survey to estimate the effect of crime perception on housing prices in
the City of Barcelona from 2004 to 2006. Using dwelling data and a hedonic price
model (using both OLS and quantile regressions), in the first stage, we estimate the
shadow price of the location of dwellings. In the second stage, we analyse the impact
of crime perception, after controlling for other district characteristics such as local
public spending and immigration, on this locational valuation. After accounting for
the possible endogeneity of crime and housing prices, our findings suggest that crime
exerts relevant costs beyond its direct costs. Indeed, a one standard deviation increase
in perceived security is associated with a 0.57% increase in the valuation of districts.
Moreover, in districts perceived as being less safe than the average for the City of
Barcelona, houses are highly discounted. Less safe districts have on average a valuation
that is 1.27% lower.

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This paper presents quantile estimates of house prices across two years, 2004 and 2007, in severa... more This paper presents quantile estimates of house prices across two years, 2004 and 2007, in several Spanish
cities. We decompose the change in the house price distribution into portions due to changes in the distributions
of the explanatory variables and to changes in coefficients over time. We obtain three main results. First,
from 2004 to 2007, the change in house prices in Spain is larger at both lower and higher percentiles. Second,
most of the difference in the distribution of house prices between 2004 and 2007 is explained by coefficients
(with all the variables contributing similarly). Third, we find notable variation in the changes in the house
price distribution across cities, with Madrid, Valencia, and Bilbao showing the largest changes

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Tenure choice is closely bound to other vital individual decisions of great importance not only f... more Tenure choice is closely bound to other vital individual decisions of great importance
not only for the individual but also for the country in which he or she resides. The
present paper includes a comparison of the different approaches that have been used
in the economic literature in the analysis of the individual’s housing tenure choice.
According to their dependent variable, the different models can be divided into: those
whose dependent variable is tenure (classical models, ‘recent movers’ models and
sequential models) and those in which the dependent variable is transition from renting
to the position of ownership (duration models and ‘choice-based’ models). Results
show the best performance for the models in which the variable to be explained is the
transition from renting to ownership and highlight real determinants of tenure (lifecycle
variables) and transition (life-cycle variables, prices and transaction costs).
Finally, marital status stands out as the variable with the highest incidence.

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Destination branding influences destination selection process and future tourist behaviors. Howev... more Destination branding influences destination
selection process and future tourist behaviors.
However, measuring brand equity is difficult
in the case of tourist destinations. The aim of
this paper is to determine which part of the
price of a tourist service can be explained by
differences in characteristics and which part
can be explained by differences in destination
branding. Data from Catalonia, Valencia, the
Balearic Islands and Languedoc-Roussillon are
used as well as the Oaxaca-Blinder
decomposition method. More than a half of the
gap (between prices paid by French and
Spanish tourists for an equivalent hotel) can be
attributed to destination branding.

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As in the past, local authorities continue to hold sporting events in their territory as a promot... more As in the past, local authorities continue to hold sporting events in their territory as
a promotion and positioning of their brand’s international destination. The economic
impact of sport events depends not only on the number of participants but also,
and among other things, on the length of stay at destination. The aim of this study is
to analyze the factors determining the length of stay of participants at the venue for
the event, International Triathlon Challenge Barcelona–Maresme. An econometric
duration or survival model is used for the analysis. Results suggest that satisfaction
about the destination, being a foreign participant, and the participant’s expenditure
appear to have a significant influence on the participant’s decision of how long to stay
at the destination.

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Although the nautical activity in Spain shows some positive conditions, it lacks a strategic and ... more Although the nautical activity in Spain shows some positive conditions, it lacks a strategic and clear positioning because of the fact that there is no nautical culture and the integration of the product in the country is in an incipient phase. Until now, the economic literature, although developed in analysing efficiency, productivity and seaport competition benchmarking, has taken no care either with the strategic aspect or with the positioning of the seaports with respect to their main activity. The aim of this paper is to offer first evidence regarding the analysis of the determinants of the strategic seaport specialisation as chosen by its users. The paper uses data from a survey to 400 potential users of a Catalan seaport, estimates a multinomial logit model and offers a new benchmarking in order to obtain first evidence regarding the analysis of the determinants of the strategic seaport specialisation.

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This study examines the determinants of trip duration of international tourism using low-cost car... more This study examines the determinants of trip duration of international tourism using low-cost carrier
services from the UK, Germany, France and Italy; top tourist emitting countries in the EU. Data is from
a survey conducted for one of the largest low-cost carriers tourist markets; the GironaeCatalonia region
in Spain. A model of traveller/tourist demand is estimated using an econometric duration model. It is
found that that while there are some common effects for associated with the four nationalities of tourist,
some differences exist relating to such things as age or education

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Tourist product distribution over the Internet is encouraging companies to implement dynamic pric... more Tourist product distribution over the Internet is encouraging companies to
implement dynamic pricing policies. The aim of this article is to present an
empirical model of the dynamics of room prices in tourist resorts on the
Catalan coast. We estimate a discrete time duration model for the
probability of a price change occurring at any particular time and a count
model for the number of price changes occurring over the period. The
results suggest that the largest marginal effects are caused by a change in
the location, the hotel category and the market share.

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The growth in expenditure on the financing of pharmaceuticals is a factor that accounts for a lar... more The growth in expenditure on the financing of
pharmaceuticals is a factor that accounts for a large part of
the increase in public health spending in most developed
countries. In an attempt to kerb this growth, many health
authorities, particularly in Europe, have introduced numerous
regulatory measures that have affected the market,
especially on the supply side. These measures include the
system of reference pricing, the reduction of wholesale
distributors’ and retailers’ markups and compulsory reductions
of ex-factory prices. We assess the impact of these cost
containment measures on expenditure per capita, prescriptions
per capita and the average price of pharmaceuticals
financed by the public sector in Catalonia (Spain), from
1995 to 2006. We apply an autoregressive integrated moving
average (ARIMA) time series model using dummy
variables to represent the various cost containment measures
implemented. Twelve of the 16 interventions analysed that
were intended to contain the overall pharmaceutical
expenditure were not effective in reducing it even in the
short term, and the four that were effective were not so in the
long term, thus amounting to a moderate annual saving

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This paper presents a comparative study of the price component of the physical characteristics an... more This paper presents a comparative study of the price component of the physical characteristics and the location of apartments and hotels in order to compare their effect on the final price of both types of
accommodation. In addition, the authors carry out a comparative study of the price component of the point in time at which the stay was offered. For the price component of the actual place, substantial variability can be observed in the case of hotels, whereas little variability can be observed in the case of apartments. When seasonality is compared, slightly lower seasonality can be observed for hotels in relation to apartments throughout the period under study, and higher
seasonality observed in the case of Spanish resorts (particularly the Balearic Islands) in comparison with French ones.

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Price and income elasticities of demand for housing characteristics in the city of Barcelona, Reg... more Price and income elasticities of demand for housing characteristics in the city of Barcelona, Regional
Studies. This paper estimates price and income elasticities of demand for housing characteristics using the information of properties appraised in the city of Barcelona (1998–2001). It employs a two-stage approach, estimating hedonic price equations for different districts in order to estimate subsequently the corresponding demand equations. The results allow an analysis to be made of the
complementarity or substitutability relationships among the characteristics analysed, and also to catalogue these characteristics as
goods. By knowing the price, cross and income elasticities of housing characteristics, policy recommendations can be made aboutthe type of housing units that are the most desirable to be subsidized.

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This paper estimates a hedonic price model which makes it possible to determine how the price of ... more This paper estimates a hedonic price model which makes it possible to determine how the price of a unit varies with the set of attributes it possesses, in the Spanish housing
market. Concretely, and by means of capitalisation, hedonic price models can be used
as an instrument to capture how local public expenditures influence housing prices and, by extension, how homeowners can indirectly receive benefit from local public
investment. Using individual data for dwellings from the city of Barcelona (Spain) for
the period 1998–2001, it is found that local policies aimed at enhancing the quality of life or the location-specific characteristic of the city of Barcelona have a positive
impact on housing values.

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International Advances in Economic Research, 2009

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