Spatial development and the law of one price: Evidence of convergence of land values

Joseph Capuno

No 201001, UP School of Economics Discussion Papers from University of the Philippines School of Economics

Abstract: Many developing countries exhibit imbalanced spatial development, but corrective policies are hampered by lack of adequate sub-regional development data. Building on the insights of the factor price equalization theorem and by applying measures of spatial autocorrelation on land values, patterns of local development and linkages in the Philippines are traced. Evidence of convergence in provincial and urban land values is found in 1986-2000, although the clustering is more local than global. Thus, greater infrastructure investments and use of land values by local governments as policy guides should be made to facilitate in-country trade and migration, and to disperse growth.

Keywords: Spatial development; land values; convergence; Philippines (search for similar items in EconPapers)
JEL-codes: O18 R12 R14 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2010-01
New Economics Papers: this item is included in nep-dev, nep-geo, nep-sea and nep-ure
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Published as UPSE Discussion Paper No. 2010-01, January 2010

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Persistent link: https://EconPapers.repec.org/RePEc:phs:dpaper:201001

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