Property Income Research Articles

Is COVID Revealing a CMBS Virus?

Commercial loan valuations crucially depend on accurate loan income, but underwritten income on CMBS loans is commonly overstated relative to actual property income. Consistent with these differences being originator specific, income overstatement in CMBS 2.0 deals varies widely and persistently across originators, is priced by originators, related across property types within an originator, predictable ex-ante, and accompanied by inflation of past financials. Risk-retention and associated regulation had no discernable effect on income overstatement. Originator income overstatement is highly predictive of pre- and COVID-period loan distress. Overall, recent marketstresses reveal large systemic differences in underwriting standards across originators.

Social Networks and Household Incomes: Evidence from China

We examine the role of social networks in household income using three waves of household surveys from 2011 to 2015 in China. We find that gift expenditure as a proxy for social networks is positively associated with total household income. Social networks' positive impact on property income is stronger among residents in urban areas, while it has a larger impact on salary income, transfer income, and operating income among rural residents. In addition, social networks mainly affect income sources through improved financial sophistication, higher job position levels, closer government connections, and greater accessibility to operating loans. The results remain intact after addressing endogeneity issues and are robust to alternative social network measures. The findings highlight the importance of social networks in household economic welfare in China.

Mapeamento dos países nas Cadeias Globais de Valor: uma análise dos fluxos de comércio e de renda de propriedade intelectual

Resumo Este artigo visa mapear a participação dos países nas Cadeias Globais de Valor (CGV) simultaneamente ao comportamento dos fluxos comerciais e de renda de pagamento pelo uso de propriedade intelectual numa abordagem empírica pioneira na literatura referente às cadeias de valor envolvendo variáveis tecnológicas. Para isso, analisaram-se a participação dos países nas cadeias e o padrão das variações dos saldos comerciais e de renda de pagamento pelo uso de propriedade intelectual. O mapeamento foi feito com 41 países entre 1995 e 2011, utilizando cinco indicadores que captaram características inerentes à participação nesse processo. Diante da quantidade de informação, utilizou-se análise de clusters, identificando-se que os países que mais aumentaram sua participação nas cadeias apresentaram geralmente piora na conta de renda de pagamento pelo uso de propriedade intelectual, frequentemente acompanhada por melhora na balança comercial. O resultado obtido com a metodologia converge para a discussão recente de maior participação dos países em desenvolvimento nas CGVs ser acompanhada de maior dependência tecnológica externa.

اسلامی معاشی پالیسی کے اصول اور سرگرمیاں

Islamic economics (Arabic: الاقتصاد الإسلامي‎‎), is a term used to refer to Islamic commercial jurisprudence or fiqh al-mu'āmalāt (Arabic: فقه المعاملات‎‎), and also to an ideology of economics based on the teachings of Islam that takes a middle ground between the systems of Marxism and capitalism. As a complete way of life, Islam has provided guidelines and rules for every sphere of life and society. Naturally, a functioning economic system is vital for a healthy society, as the consumption of goods and services, and the facilitation of this by a common medium of exchange, play a major role in allowing people to realize their material and other goals in life. Islam has set some standards, based on justice and practicality, for such economic systems to be established. These standards aim to prevent the enmity that often occurs between different socioeconomic sections. Islamic economic principles are based on Qur’an, Sunnah, Ijma (the consensus of religious scholars), and Qiyas (personal opinions based on analogy and religious doctrines). Islam provides specific instructions on the Property Rights, Income Distribution, Zakat, Ushr or tithe, Kharaj and Inheritance. This article explains about the Principles and Activities according to Islamic thoughts and Seerah.

Modelling the drivers of the UK multi-let industrial property market: an exploratory study

PurposeMulti-let industrial (MLI) estates are an emerging £15 billion UK real estate asset class that can offer attractive returns, a diversified income base, constrained supply and extensive management opportunities to add value within an operational platform. This investment appeal is supported by the evolving MLI occupier market with the growth of small to medium enterprises (SME) requiring modern urban business space driven in part by technology advances offering new streams of supply chain connectivity between businesses and potential clients at a local level.Design/methodology/approachTo understand more about MLI properties, this study utilises a hedonic pricing model to quantify property values as a function of defined variables. The dataset used for this research is a sample portfolio of 26 multi-let industrial properties. The dataset was analysed alongside eleven physical, financial and locational factors. Interestingly, the hedonic pricing model results showed that only four characteristics are value-affecting across the selected properties: namely (1) Granularity of the property income, (2) Distance from the nearest motorway, (3) Distance to the nearest town centre and (4) Gross internal floor area. A chi–test confirmed that there was no significant difference between the modelled values and the supplied property valuations.FindingsThis preliminary study offers valuable insight into MLI property market drivers and could easily form a simple decision-making tool to examine potential MLI opportunities in this developing real estate asset class.Originality/valueIn detailing these key MLI property features, current research is limited and focused primarily on market commentary. New knowledge on the MLI property market can provide a platform creating interesting opportunities for fund managers with an intensive management engagement strategy.

Research on Property Income Inequality Effect of Fiscal Finance

“Creating conditions for more people to have property income” has become a national policy after the 17th National Congress of the Communist Party of China. Based on the micro survey data from Chinese Family Panel Studies (CFPS) in 2010, 2012, 2014, 2016 and the macro panel data at the provincial level, a logarithmic linear equation was built to estimate the impact of micro and macro factors on property income. Furthermore, the contribution of fiscal expenditure and financial development on property income equality can be recognized using the regression-based inequality decomposition method. This research revealed that fiscal expenditure improves residents’ property income and slightly reduces the inequality of property income distribution. With respect to financial development, it improves residents’ property income but aggravates the inequality of property income distribution. However, there is a significant difference between the different regions. In eastern and central regions, inequality of property income distribution greatly benefits from fiscal expenditure, while in northwest regions, fiscal expenditure makes property income inequality even worse. Therefore, the focus of financial sustainable development is to reduce property income inequality through the establishment of an effective government and the improvement of the rule of laws.

How Does the Composition of Asset Portfolios Affect Household Consumption: Evidence from China Based on Micro Data

To pursue sustainable and balanced economic development, it is urgent to transform the economic development models from investment-driven to consumption-led. Factors underlying the consumption pattern of households in China, especially the rising wealth and its impact, deserve special attention from both policy makers and academic researchers. This paper aims to investigate how asset portfolios, consisting of housing asset, financial asset, production asset, durable asset, and vehicle asset affect consumption behavior based on household panel data. It is proved that the composition of asset portfolios significantly affects consumption of households. Asset levels and asset prices have positive influences on household consumption. Furthermore, various household assets have different impacts on household consumption patterns, divided into living type, developing type, and enjoying type of consumption, especially there is a larger wealth effect on developing type of consumption. More importantly, it shows a pattern of urban and rural dual economic structure. The disparity is even higher from a wealth perspective. The availability to wealth is of great importance. Therefore, the findings suggest inclusive financial reforms to create conditions for promoting property income and facilitating financial capacity of households, which is necessary for policy formation of Chinese economic transition.

Optimizing Property Income in Transit Oriented Development: A Case Study of Jakarta TOD

Transit-oriented development (TOD) can make a significant contribution to the development of Jabodebek Light Rail Transit (LRT) in Indonesia. The increase of property value affected by the existence of LRT station can be considered as one of the potential revenues for TOD projects. This study aims to estimate property income for housing, commercial, and office in the TOD-based areas. Interview is used to obtain the variable characteristics for the hedonic price modeling (HPM) suitability from the benchmark TOD areas with the case study TOD areas at the Jabodebek LRT line. The HPM coefficient of the value increase from the benchmark that has conformance characteristics with the case study will be used to calculate the magnitude of the increase of property value. It is found that due to the influence of the hedonic coefficient, the property income of Ciracas TOD is 414.5 billion rupiah with an internal rate of return (IRR) of 11.7%, the property income of Bekasi Timur TOD is 84 billion rupiah with IRR of 11.01%, the property income of Cibubur TOD is 152.97 billion rupiah with IRR of 19.51 %, and the property income of Jaticempaka TOD is 330.36 billion with IRR of 12.01%.

Analyzing the deviation between farmers' Land transfer intention and behavior in China's impoverished mountainous Area: A Logistic-ISM model approach

China’s land transfer is an inevitable requirement for implementing the rural revitalization strategy in the new era. The speed and extent of land transfer are related to the sustainable development of China's agriculture and the process of realizing rural agricultural modernization. In practice, due to the imperfect land transfer market and related systems, the property income of the transfer farmers is insufficient, which leads to inconsistency between the intention and behavior of the farmers. Based on a field survey of rural households in Gansu Province's impoverished mountainous area, we first employ cross-analysis to qualitatively assess the deviation between farmers' land transfer intention and behavior. Second, we use a logistic-interpretative-structural model to empirically analyze the factors influencing such a deviation and the internal logical relationships of these factors. We find that a substantial deviation exists between farmers' land transfer intention and behavior, with 57.64 % of respondents having the intention to transfer, but no actual transfer behavior. Moreover, among the 12 factors identified that significantly affect this deviation, agricultural production enthusiasm is superficially the main direct factor, while agricultural production scale, non-agricultural income, satisfaction in agricultural subsidy policy, and the impact of disasters are the secondary, indirect factors. Meanwhile, the deep-rooted factors are the head of household's age, the presence of village cadres in the household, non-farm working hours, the size of the household's labor force, and difficulty in obtaining land transfer information, land types, and property rights intervention. Therefore, we conclude that in the process of land transfer, the leading role of village cadres should be strengthened, a transfer information exchange platform should be established, land policy should be strictly implemented, land adjustment should be reduced, the rural land exit guarantee mechanism should be improved, and the doubts of farmers regarding land transfer should be eliminated. These steps would make sure that the deviation between farmers’ land transfer intention and actual behavior is minimized.

A Heterogeneous Study of the Effect of Housing Price on Family Consumption in China

Based on the fixed-effect model, with a five-period unbalanced panel data from China Family Panel Studies (CFPS) in 2010, 2012, 2014, 2016 and 2018, this paper studies the effect and the transmitting channel of housing price on consumption. The results show that the effect of housing prices on the consumption of households is significantly positive and the rise of housing price has a stronger effect on the promotion of basic consumption. Further analysis of the differences shows that house prices mainly affect the consumption of high-income families, young and middle-aged families, families with multiple suites, and households in the eastern and central regions. In addition, the intermediary effect test shows that the impact of house prices on consumption is partially transmitted through property income.

A Heterogeneous Study of the Effect of Housing Price on Family Consumption in China

Based on the fixed-effect model, with a five-period unbalanced panel data from China Family Panel Studies (CFPS) in 2010, 2012, 2014, 2016 and 2018, this paper studies the effect and the transmitting channel of housing price on consumption. The results show that the effect of housing prices on the consumption of households is significantly positive and the rise of housing price has a stronger effect on the promotion of basic consumption. Further analysis of the differences shows that house prices mainly affect the consumption of high-income families, young and middle-aged families, families with multiple suites, and households in the eastern and central regions. In addition, the intermediary effect test shows that the impact of house prices on consumption is partially transmitted through property income.

Financovanie a hospodárenie územnej samosprávy na Slovensku (optikou OECD)

The aim of the paper is to divide the OECD aggregate data and analyze the revenues and expenditures of the Slovak (local, regional) self-government. The reason is the absence of these OECD data. The aim of our article is to analyze the system of revenues and expenditures of territorial self-government, which was created by fiscal decentralization, in the conditions of the Slovak Republic during the period 2009-2018. This is based on the OECD methodology, which divides income into five areas, namely taxes, grants and subsidies, tariffs and fees, property income and social contributions. Expenditure areas correspond to the classification according to the functional classification COFOG and reported as a share of GDP.In the area of income, tax revenue is a more important component in the case of local self-government. In all expenditure areas, the regional self-government shows lower expenditure, except for health and social security.

Livelihood capitals on income inequality among rural households: evidence from China

ABSTRACT: We used the data of the China Labor-force Dynamics Survey 2014 to examine the effects of livelihood capitals which include natural, material, human, financial, and social capitals on total household income, per capita income, agricultural income, wage income, operational income, and property income inequality among rural households in China. Results showed that different kinds of livelihood capitals have different effects on different types of rural households’ income. Specifically; (1) although, the area of cultivated land reduces agricultural income inequality, it increases per capita income inequality. (2) Forest land area enlarges per capita income inequality and total household income inequality. (3) Tractor variable reduces inequality in agricultural income and total household income. (4) While reducing the property income inequality, education variable enlarges the wage income inequality, the per capita income inequality and the total household income inequality. (5) Book variable reduces property income inequality. (6) Loan variable increases inequality in agricultural incomes. (7) Party variable reduces the agricultural income inequality. (8) Although, the internet variable increases agricultural income inequality, and property income inequality, it reduces wage income inequality, operational income inequality, per capita income, and total household income inequality.

Changes in farmers’ income in Fuling District of Chongqing China from 2018 to 2028: A grey prediction method perspective

Urbanization development can have a great impact on farmers income structure. Through empirical analysis, the results of this paper show that with the development of urbanization the per capita disposable income of farmers in Fuling District will reach70,890.69 yuan per person by 2028, nearly five times that of 2017. The influence of urbanization rate on various income sources of Fuling farmers are as follows: family business income, wage income, transfer income, and property income. The government should increase investment in rural education, promote the improvement of farmers' quality, accelerate infrastructure construction, increase support for agriculture, vigorously promote accurate poverty alleviation, promote the increase of farmers' family business income, and steadily increase farmers' wage income.

The unreported income and its impact on Gini coefficient in China

ABSTRACTUnreported income is an important factor that distorts China’s household income accounting and Gini coefficient calculation. On the basis of comparing NBS household survey data and data from China’s Cash Flow Statement, this paper estimates the size and structure of unreported income in China over recent years. Our study found that about 20% of household disposable income has not been covered by existing household surveys in recent years. In 2015, the omission rate was 19.5%. Operating income and property income have the highest omission rates. Considering that unreported income is primarily owned by high-income people, China’s falling Gini coefficient since 2009 may have resulted from the statistical omission of partial incomes of high-income group. If unreported income is re-included, China’s Gini coefficient would increase by 10 percentage points rather than decrease.

How Can Chinese Farmers' Property Income Be Improved? A Population–Land Coupling Urbanization Mechanism

AbstractBalancing urban and rural development is an important political goal in China. The failure of rural land privatization has led to a low level of rural economic development and a vast property income gap between citizens and farmers. This paper illustrates the reasons for property income inequality from the perspective of the land tenure system and the dualistic household registration system. After evaluating the segmentation of the rural land market and the rigid nature of rural land assets, a population–land coupling urbanization mechanism is proposed. The paper argues that China's land property system has externalized a high degree of geospatial and social urban and rural intertwinement. Major reform of the rural land property rights system is required to correct the situation (further development of the social security system and stable urbanization) and to increase property income potential for farmers.

Impact of transfer Income on Cognitive Impairment in the elderly

The purpose of this study is to identify and analyze the association of cognitive impairment with the transfer income of the elderly. Cognitive disorder was examined using K-MMSE (Korean mini-mental state examination) in the elderly aged 65 and over who were admitted to the Department of Neurology A and Department of Psychiatry B in Suwon City and Osan City, Gyeonggi-do Province. The transfer income is comprised of private income transfers and public transfer incomes. This survey was conducted from November 2015 to March 2016 and a total of 214 questionnaires were received. Except for 7 unsuitable questionnaires, the rest of the 207 were analyzed with frequency analysis, descriptive statistics, t-test, ANOVA, Pearson correlation analysis and multiple regression analysis using SPSS WIN 20.0. In the correlation analysis of transfer income, there was a statistically significant proportional relation of various allowances, national pension, property income, basic pension, special occupational pension, and personal pension, respectively. Only the basic livelihood security recipients showed an inverse proportional relation. Multiple regression analysis was done to examine the effects of private income transfer on cognitive impairment. The result was that there was a statistically significant proportional relation on various allowance money and property income, respectively. The explanatory power of the model was 31.9%. The public income transfer showed a statistically significant proportional relation in the national pension, special occupation pension, and basic pension, sr. The basic livelihood pension had a statistically significant inverse proportional relation and the explanatory power of the model was 31.1%. The effect of transfer income of the elderly on cognitive impairment was confirmed. The study of public transfer income is necessary to provide alternatives to the existing mental health policy for the elderly. Through more detailed and accurate research using cohort and other types of studies, various approaches to public transfer income of the elderly are suggested.

Dependence of property incomes and social contributions as indicators of agro-budgetary policy management

Agro-budget policy is the basic lever of modern fiscal theory. For this reason, it is scientifically challenging for all market economies, but also for countries in transition. Agro-budget deficits and amounts of public debts faced by many countries requires orientation on this policy. Harmonization of economic policies, inter alia, tax rates, is a necessity but difficulties in its realization are numerous. Numerous authors emphasizes its necessity, but also the need to investigate the correlation of categories of government revenues. This article is based on determining the dependence between property incomes and social contributions and the obtained results will confirm or reject hypotheses. In addition obtained results will show the degree of development of budget policy and thus agro-budget policy and leave space for future authors to find appropriate measures and instruments in future researches for achieving basic macroeconomic goals.

History of local taxation in Germany

The article discusses the history of local taxation in Germany and its current state, focusing on the correspondence of the existing local taxes to the criteria of optimal local taxation. The author’s hypothesis is that the German system of local taxation, which dates back to the imperial period, can and should be reformed in order to meet the internationally recognized criteria. The analysis is based on several criteria: the general criteria, which apply to all taxes, including federal; criteria for local and central taxes and, last but not least, criteria for relationships between local governments. The history of the three local taxes (property tax, business tax and income tax) is viewed in the light of the above-described criteria. It is shown that the local business tax needs to be adjusted according to the criteria of optimal local taxation. The author also explains why, from the theoretical perspective, it was important to transfer the revenue from the income tax to the local level in 1969 and points out that local governments currently lack the authority to set tax rates. The case of the property tax, introduced in 1936, is particularly interesting, taking into consideration the current plans to amend the existing legislation. The author compares the two possible scenarios of the future tax reforms and comes to the conclusion that only one of them fully meets the international standards. The analysis has shown that the local taxation system in Germany is quite efficient, although there is definitely some room for improvement. The combination of the business tax and the income tax allow local authorities to balance the interests of local households and businesses. For citation Zimmermann H. History of local taxation in Germany. Journal of Tax Reform. 2019;5(1):57–69. DOI: 10.15826/jtr.2019.5.1.060 Article info Received December 17, 2018; accepted March 12, 2019

RETIREMENT INCOME PLAN MAY POTENTIALLY OFFER A GOOD LEVEL OF FUTURE CONFIDENCE

The sources of your retirement income and your strategy for withdrawing your savings can have a significant impact on your cash flow and tax consequences. We can help you calculate your current expenses, project them over your retirement, and develop the customized withdrawal strategy that works best for you. There are seven major government sources, which include Canada Pension Plan / Quebec Pension Plan (CPP/QPP), Old Age Security (OAS), Guaranteed Income Supplement (GIS), employment related sources, company pension plans, group RRSPs and deferred profit sharing plans. In addition, there are five potential personal sources, which are registered investments (RRSPs, RRIFs, LIRAs, LIFs, PRIFs, and TFSAs), non-registered investments, and Guaranteed Investment Fund (GIF) policies with Lifetime Income Benefit (LIB) options, annuities and home equity. There are five other miscellaneous resources that may exist and they are part-time employment or income from a second career, rental property income, business assets, vacation property equity and other savings.