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Shooting down the price: evidence from mafia homicides and housing market volatility

Michele Battisti (), Giovanni Bernardo (), Andrea Mario Lavezzi () and Giuseppe Maggio ()
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Andrea Mario Lavezzi: Dipartimento di Giurisprudenza, Università degli Studi di Palermo, Italy

Working Paper series from Rimini Centre for Economic Analysis

Abstract: In this work, we assess the role of a specific type of organized crime in influencing choices on where living within the city territory, and consequently, volatility in house prices. More specifically, we test how organized crime killing may influence house pricing behaviors. Firstly, we show evidences about how organized crime is associated with higher inequality of housing prices for Italian cities in 2011. Then, by collecting and geo referencing data on the city of Naples for the period 2002-2016, we test for the direct influence of homicides on the relevant territory, as on the neighboring districts. Results show a negative and significant impact of killing on the house prices either for sales or for rents and a positive effect in neighboring district, driving increases in within-city inequality.

Keywords: organized crime; spatial interactions; panel data estimations (search for similar items in EconPapers)
JEL-codes: C40 D01 O33 (search for similar items in EconPapers)
Date: 2019-02
New Economics Papers: this item is included in nep-eur and nep-ure
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