Papers by Francesca Medda
Data in brief, 2017
This data article presents the UK City LIFE1 data set for the city of Birmingham, UK. UK City LIF... more This data article presents the UK City LIFE1 data set for the city of Birmingham, UK. UK City LIFE1 is a new, comprehensive and holistic method for measuring the livable sustainability performance of UK cities. The Birmingham data set comprises 346 indicators structured simultaneously (1) within a four-tier, outcome-based framework in order to aid in their interpretation (e.g., promote healthy living and healthy long lives, minimize energy use, uncouple economic vitality from CO2 emissions) and (2) thematically in order to complement government and disciplinary siloes (e.g., health, energy, economy, climate change). Birmingham data for the indicators are presented within an Excel spreadsheet with their type, units, geographic area, year, source, link to secondary data files, data collection method, data availability and any relevant calculations and notes. This paper provides a detailed description of UK city LIFE1 in order to enable comparable data sets to be produced for other UK ...
Coastal shipping and short sea shipping both play a significant role as branches in the larger gl... more Coastal shipping and short sea shipping both play a significant role as branches in the larger global transport networks. Different from the European Commission, however, which integrates coastal shipping for liners of member countries, countries in North East Asia, specifically Korea, China and Japan, maintain principally strict cabotage policy for protecting their domestic coastal shipping. In the present paper the authors review the role and status of coastal shipping for Korea, China and Japan and examine the development of short sea shipping in the region. The authors find that cabotage policy is a crucial element in the formation of hub-and-spoke networks in the region, and highlight the importance of common policy on cabotage for developing and integrating short sea shipping in the region through a common policy tool, e.g. allowing foreign flags and deep oceangoing national liners to transport empty containers.
RePEc: Research Papers in Economics, Oct 1, 2012
The development of critical infrastructure such as transport is increasingly becoming part of the... more The development of critical infrastructure such as transport is increasingly becoming part of the investment portfolio, not only of European public authorities, but also of the private sector. However, since the 27 EU member states differ substantially in their social and economic structure and infrastructure endowment, this should already prepare us for the variety of approaches to infrastructure investment strategy and financing in use (DLA Piper, 2006; EIB, 2004). Within this context we need to keep in mind that member state governments are characterized by very diverse administrative cultures and capabilities and distinct legal and planning traditions. Despite these differences, the objective of this paper is to define a common framework that can be used as a toolkit for the PPP application in transport. We review four main cases of PPP implementation in Europe in order to identify the common elements and the divergent ones. Given this background and the current economic crisis, two policy streams are at the core of our toolkit definition. First, EU countries are confronted with the necessity to improve competitiveness by investing in transport infrastructure. Second, several member states are compelled to contain their public budgets. These two policy streams provide countries with a powerful incentive to explore alternative funding approaches in order to build transport infrastructure and provide service delivery. The proposed approach is based on the concept that a partnership is as a long-term cooperative relationship for which renegotiation of contract terms is acceptable. In this context, the nature of the public sector contribution ranges from conferring assets and providing guarantees to contractual and regulatory measures. Although it is difficult to provide a clear-cut characterisation for the PPP toolkit we propose a shift away from conventional traditional models of transportation service delivery, (characterised by hierarchical decision structures, vertical integration in delivery, and relatively undiversified funding tools), to a more diversified financial landscape where the toolkit represent a platform where different financial resources can be implemented. Therefore, the main potential benefit of the toolkit PPP approach, in transport, is its flexibility in adapting the structure of incentives and risk-sharing to the features of the project and to the economic and institutional environment. However, in practice the public sector agency has to achieve a judgment about the trade-offs between the various, sometimes conflicting, objectives.
Edward Elgar eBooks, 2012
ABSTRACT Urban land use is contingent upon the transportation system which is in turn dependent o... more ABSTRACT Urban land use is contingent upon the transportation system which is in turn dependent on business development in the city. The urban economics literature influenced by the Solow-Vickrey model has extensively studied the above relationship. In the present paper we re-examine the Solow-Vickrey model of the long narrow city by defining a new general mathematical formulation in which the urban shape is a function of the allocation of land for transport. We focus in particular on emergence conditions for different types of polycentric cities. The methodology discussed in the paper provides a new analytical framework for assessing the impact of urban transport flows on city growth.
Finance and Risk Management for International Logistics and the Supply Chain, 2018
Abstract This chapter studies the real estate speculation in free economic zone (FEZ) port areas.... more Abstract This chapter studies the real estate speculation in free economic zone (FEZ) port areas. For port development, FEZs are effective policy tools which foster regional economic performance, attract new business activities, and investments to cities. Nevertheless, the regional benefits generated by port developments and FEZ can be undermined by investor exuberance regarding the future performance of the economy and real estate speculation. In this work, we analyze FEZs, port performance, and real estate prices in the Republic of Korea, a country that has already experienced speculation and has consequently adopted strong legislation to avoid periodic boom and bust cycles. Given this background, the aim is to investigate whether the type of port and the presence of FEZs generate irrational behaviors that lead to speculation in the real estate markets and how this irrationality alters the main economic indicators of regional economic activity. The results of the study demonstrate the negative effects of speculation in port development and FEZ performance. Although South Korea has already created a regulation to prevent speculative behaviors, our study emphasizes the constant need for local policy tools in order to prevent the effects of speculation, unlock vital resources for financing local infrastructure and thus enhance long term and sustainable regional economic growth.
Land Value Finance is a policy fiscal tool through which it is possible to finance transport infr... more Land Value Finance is a policy fiscal tool through which it is possible to finance transport infrastructure in an efficient, transparent, and equitable way. Due to the persistent effects of the 2008 economic crisis on public sector budgets, large-scale infrastructure investments such as London’s Crossrail typically suffer from substantial funding shortfalls; thus, there is the need to find innovative tools to finance urban transport investment. The present research analyses how Land Value Finance can be used to raise complementary financial resources in order to reduce this shortfall. Two specific strategies are examined. Strategy one considers a modification to the fiscal scheme known as the Business Rate Supplement (BRS) by linking it more directly to the land value benefits generated by Crossrail. The second strategy uses a discounted cash flow analysis to examine the gains which could be achieved through the issue of a municipal bond backed by BRS additional revenues. The two st...
The overall operational reputation of a port is based on objective factors, including infrastruct... more The overall operational reputation of a port is based on objective factors, including infrastructure endowments and efficiency in the logistics chain as well as on perceived subjective factors such as reliability, and level of corruption. In this work we analyze the concept of port attractiveness, starting with the hypothesis that subjective port determinants (i.e., user perception) and objective/endogenous and exogenous factors can be quantified together. We thus determine the Port Attractiveness Index and test it using 41 container ports of 23 African countries for the period 2006-2010. We apply a bottom-up ap-proach to investigate the structural relationships among the three sets of deter-minants (endogenous, exogenous and subjective) that impact on port attractive-ness. Our methodological approach employs structural equation modeling. Results indicate that subjective factors are indeed influential variables for port attractiveness. Moreover, when examining port attractiveness an...
Infrastructure systems such as road networks appear to be particularly exposed to multi-hazard ev... more Infrastructure systems such as road networks appear to be particularly exposed to multi-hazard events because of (i) their spatial extent, which may span various areas prone to different hazard types, and (ii) their interconnected nature, which facilitates the propagation of local losses across the whole system. Multi-risk assessment should consider interactions at both the hazard level (i.e. triggered events or independent events with a joint occurrence) and the vulnerability level (i.e. fragility models accounting for cumulated damage), thus requiring a harmonization effort on the various intensity measures, damage models or damage scales considered. Therefore this paper presents a method for the multi-risk assessment of infrastructure systems, which concentrates on the harmonization of losses from different hazard types. The global system is first decomposed into its physical elements (e.g. bridges), which are in turn broken down into structural components (e.g. piers, decks, bea...
The Journal of Alternative Investments, 2019
The authors present an analysis of green investment performance grouped into two broad categories... more The authors present an analysis of green investment performance grouped into two broad categories: non-real green assets and real green assets. They seek to identify which green investment alternatives offer greater financial benefit and are thus more attractive to investors and investigate some of the intrinsic risks associated with this asset class. The performance analysis is based on the study of the expected returns, volatility, diversification potential, downside risk, association with inflation, and exposure to liquidity shocks in stock markets of real and non-real green assets, comparing them with those of traditional asset classes (such as equity, bonds, and real estate) and other non-traditional assets, namely infrastructure. The findings indicate that real green assets, in particular, may represent the appropriate alternative in the adoption of green investments.
SSRN Electronic Journal, 2019
Hidden Markov models are often used to identify different regimes. However, in a multivariate set... more Hidden Markov models are often used to identify different regimes. However, in a multivariate setting, correlations between variables may skew the results, leading to potentially flawed analyses. This paper proposes a two-step approach to better identify hidden regimes in macroeconomic time series. In the first step, independent components are extracted from nine macroeconomic time series using second order blind identification (SOBI). In the second step, the independent components are used in a hidden Markov model to identify macroeconomic regimes. The results from the two-step process show increased regime persistence compared with a pure hidden Markov model, suggesting clearer identification of regimes when dealing with correlated time series. The paper also introduces two new measures of the quality of regime classification.
SSRN Electronic Journal, 2018
Green municipal bonds are a growing segment of the US municipal bond market. As they face increas... more Green municipal bonds are a growing segment of the US municipal bond market. As they face increasing demand, there have been questions about the performance of green muni bonds relative to their conventional counterparts. In this paper, we perform yield curve analysis on a selection of green-labelled muni bonds that were issued at the same time as conventional muni bonds by the same issuers. We further refine this down to a pair-wise analysis to check the yield differential between pairs of bonds that are identical except for the green label. We find that there is a growing trend towards green premium in both the primary and secondary markets in both the series trend analysis and in the pair-wise analysis.
Advances in Spatial Science, 2017
We focus on the seven districts mentioned in Chap. 9, located in the Central and Eastern regions ... more We focus on the seven districts mentioned in Chap. 9, located in the Central and Eastern regions of Uganda—Luwero, Mpigi, Masaka, Iganga, Mitiyana, Kamuli, and Mukono. We use available data to define the spatial, geographical and demographic environment of the agent based system. The spatial and geographical environment is captured using a network structure. The nodes of the network represent the GIS locations of villages in Uganda. The links between the village nodes correspond to the available road infrastructures which are primarily dirt road or paved/gravel roads.
Advances in Spatial Science, 2017
According to the Pacific Islands Forum Secretariat (2012), the shipping market in the SPICs is re... more According to the Pacific Islands Forum Secretariat (2012), the shipping market in the SPICs is relatively contestable. Nonetheless, the trade flows are extremely imbalanced since imports usually far outweigh exports, and the freight rates are often significantly higher than in other parts of the world (ADB 2013). These inefficiencies in the trade markets certainly stem from the intrinsic spatial dispersion of the islands, their physical scale, thin trade flows, chronic infrastructure difficulties (above all relating to maintenance and operations) and limited trade connectivity in the domestic and international market. However, the available empirical evidence does not clearly address the entirety of the interrelated aspects which hamper trade, and for this reason we develop a scenario analysis in this chapter based on the topological structure of shipping networks in the SPICs. The objectives are to explore how to stimulate the consolidation of cargo and decrease transport cost by achieving economies of scale through the network structure. These objectives relate to our general hypothesis (1) in Chap. 4: Can the structure of the shipping network stimulate the consolidation of cargo and decrease transport cost?
Advances in Spatial Science, 2017
In Chap. 6 we analysed how different shipping networks can stimulate trade flows and facilitate t... more In Chap. 6 we analysed how different shipping networks can stimulate trade flows and facilitate the emergence of a hub-and-spoke structure. The hub-and-spoke offers significant gains in trade, because by implementing consolidation, it increases competition and economies of scale, reduces transport costs, and therefore fosters a collaborative approach to trade. In this chapter we extend the argument still further and test how different shipping network structures can increase trade flows when we implement trade coordination agreements. In other words, our objective here is based on hypothesis (2): Do trade coordination initiatives provide greater long-term economic growth for the SPICs? In testing hypothesis 2, we revisit the three scenarios of Chap. 6 and introduce two types of trade coordination agreements. In general, trade agreements offer numerous gains in the development of trade and growth within a region; in fact, not only may a region capitalise on economies of scale and comparative advantage, but also with increases in foreign and private capital and access to larger trade markets a region can realise more efficient and effective production. Being a participant in a trade agreement certainly generates positive ripple effects in education and infrastructure endowments and the overall income of a region increases. In this chapter we therefore combine two main concepts: trade agreement and network structure, in particular the hub-and-spoke structure. The roots of this approach are found in the work of Wonnacott (1996) and Enders and Wonnacott (1996) who demonstrate that the gains from hub-and-spoke logistics networks are reduced according to type of trade agreement implemented. Under bilateral agreements in particular, Wonnacott (1996) finds that “the hub gets a larger percentage share of the region’s total income, whereas the spokes get a smaller share.”
Approaches from Complexity Science, 2016
Transportation Research Part A: Policy and Practice, 2015
The Journal of Portfolio Management, 2012
The concept of diversification is central in finance and has become even more so since the 2008 f... more The concept of diversification is central in finance and has become even more so since the 2008 financial crisis. In this article, the authors introduce a new measure for diversification. The measure, referred to as “diversification delta,” is nonparametric, based on higher moments, easily interpretable due to its mathematical formulation, and incorporates the advantages of the present measures of diversification while extending them. The measure is applied to infrastructure returns data in order to understand the benefits of diversifying across various infrastructure classes, gaining useful insights for infrastructure fund managers and investors.
Spatial Dynamics, Networks and Modelling
Public Money & Management, 2014
ABSTRACT Infrastructure investments are often considered by governments that are looking for priv... more ABSTRACT Infrastructure investments are often considered by governments that are looking for private sector investment in infrastructure. However, private investors tend to have a cautious attitude towards this class of investments. This paper focuses on the UK's financial and regulatory drawbacks to infrastructure investment. The authors conclude that regulatory conditions are key levers for the UK government to attract increased private sector participation.
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Papers by Francesca Medda