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Flip Or Flop? Real Estate Tobin Taxes
Flip or Flop? Tobin Taxes in the Real Estate Market ∗ Chun-Che Chiy Cameron LaPointz Ming-Jen Linx Academia Sinica Yale SOM National Taiwan University April 24, 2021 { Latest version here Abstract This paper estimates the optimal tax on property flips using a sufficient statistics approach applied to a 2011 reform in Taiwan which levied a sales surcharge of up to 15% on investment properties held for two years or less. Linking the universe of personal income tax returns to transaction records, we show via an hedonic bunching design that the tax generated a 75% drop in one-year flips and a 40% drop in overall second home sales volume. We use shocks to housing net worth from inheritances received after decedents' untimely deaths to show that investors with more portfolio exposure pass through the tax to buyers. While low-wealth out-of-town investors account for most of the drop in sales volume, locals and non-residents earn similar holding period returns in the pre-reform period. We use spatial and time variation in the severity of typhoon seasons to estimate a 20% share of noise trading prior to the reform. We combine our estimates of the noise trading share and change in short-term sales volume to parametrize a model of optimal financial transaction taxes. The optimal transfer tax on short-term sales is 4%, at most, which is close to the flat transfer tax rates imposed in many global real estate markets. Our results point to segmentation and inventory effects as key constraints on the ability of Tobin taxes to promote housing affordability. -
International Lessons for Promoting Transit Connections to High-Speed Rail Systems
MTI Funded by U.S. Department of Services Transit Census California of Water 2012 Transportation and California International Lessons for Department of Transportation Promoting Transit Connections to High-Speed Rail Systems MTI ReportMTI 12-02 December 2012 MTI Report 12-53 MINETA TRANSPORTATION INSTITUTE MTI FOUNDER Hon. Norman Y. Mineta The Mineta Transportation Institute (MTI) was established by Congress in 1991 as part of the Intermodal Surface Transportation Equity Act (ISTEA) and was reauthorized under the Transportation Equity Act for the 21st century (TEA-21). MTI then successfully MTI BOARD OF TRUSTEES competed to be named a Tier 1 Center in 2002 and 2006 in the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU). Most recently, MTI successfully competed in the Surface Transportation Extension Act of 2011 to Founder, Honorable Norman Joseph Boardman (Ex-Officio) Diane Woodend Jones (TE 2016) Michael Townes* (TE 2017) be named a Tier 1 Transit-Focused University Transportation Center. The Institute is funded by Congress through the United States Mineta (Ex-Officio) Chief Executive Officer Principal and Chair of Board Senior Vice President Department of Transportation’s Office of the Assistant Secretary for Research and Technology (OST-R), University Transportation Secretary (ret.), US Department of Amtrak Lea+Elliot, Inc. Transit Sector, HNTB Transportation Centers Program, the California Department of Transportation (Caltrans), and by private grants and donations. Vice Chair Anne Canby (TE 2017) Will Kempton (TE 2016) Bud Wright (Ex-Officio) Hill & Knowlton, Inc. Director Executive Director Executive Director OneRail Coalition Transportation California American Association of State The Institute receives oversight from an internationally respected Board of Trustees whose members represent all major surface Honorary Chair, Honorable Bill Highway and Transportation Officials transportation modes. -
Algeria: Africa's Tramway Leader
THE INTERNATIONAL LIGHT RAIL MAGAZINE www.lrta.org www.tautonline.com NOVEMBER 2019 NO. 983 ALGERIA: AFRICA’S TRAMWAY LEADER Seven years and six new systems... with more to come in 2020 Avignon: France’s 24th new tramline Vital funding secured for NY Subway Success at the Global Light Rail Awards Jokeri Light Rail New Taipei £4.60 Bringing modern All aboard Taiwan’s LRT to Helsinki newest tramway CONTENTS The official journal of the Light Rail 415 Transit Association November 2019 Vol. 82 No. 983 www.tautonline.com EDITORIAL EDITOR – Simon Johnston [email protected] 409 ASSOCIATE EDITOr – Tony Streeter [email protected] WORLDWIDE EDITOR – Michael Taplin [email protected] NewS EDITOr – John Symons [email protected] SenIOR CONTRIBUTOR – Neil Pulling WORLDWIDE CONTRIBUTORS Richard Felski, Ed Havens, Andrew Moglestue, Paul Nicholson, Herbert Pence, Mike Russell, Nikolai Semyonov, Alain Senut, Vic Simons, Witold Urbanowicz, Bill Vigrass, Francis Wagner, Thomas Wagner, Philip Webb, Rick Wilson PRODUCTION – Lanna Blyth 425 Tel: +44 (0)1733 367604 [email protected] NEWS 404 SYstEMS factfilE: Danhai LRT 425 DESIGN – Debbie Nolan Avignon becomes France’s 24th tramway An integral part of land development ADVertiSING city; USD51.5bn secured for vital New York north of the Taiwanese capital, Neil Pulling COMMERCIAL ManageR – Geoff Butler Subway modernisation and expansion; reports on the country’s newest LRT system. Tel: +44 (0)1733 367610 [email protected] Copenhagen M3 inaugurated; China opens another 200km of new metro lines; Hoek WORLDWIDE REVIEW 430 PUBLISheR – Matt Johnston van Holland light metro opens; Mauritius Brussels plans to convert tram subway to Tramways & Urban Transit inaugurates Metro Express LRT; celebrating metro; New lines in Nice and Lyon set for 13 Orton Enterprise Centre, Bakewell Road, success at the Global Light Rail Awards. -
SA-TAIWAN Enews NOVEMBER 29TH 2019 PUBLISHER: MATTHEW CHOU ISSUE 11
Taipei Liaison Office in the RSA SA-TAIWAN eNews NOVEMBER 29TH 2019 PUBLISHER: MATTHEW CHOU ISSUE 11 I, and the South African Government, have enormous appreciation for the contribution that the Government of the Republic of China (Taiwan) has made to the commitment of the Govern- ment sector in the economic development in Africa. The ROC (Taiwan) further, made a gener- ous and much appreciated contribution to South Africa's transition to democracy . Statement by President Nelson Mandela—27 November 1996 CEC announces ROC (Taiwan) 2020 presidential election candidates Candidates from the ruling ernor of Taiwan Province from Democratic Progressive 1993 to 1998 and head of the Party and opposition Kuo- defunct Government Informa- mintang and People First tion Office from 1979 to 1984, Party will contest the up- will run a fourth time as presi- coming ROC (Taiwan) presi- dential candidate. His running dential race, according to mate is Sandra Yu, former chair- the Central Election Com- woman of local advertising firm mission Nov. 22. United Communications Group. The DPP’s Tsai Ing-wen will According to the CEC, 650 can- seek a second term. She is the The KMT’s Han Kuo-yu, mayor of didates will compete for 113 first woman to hold the country’s Kaohsiung City in southern Tai- seats in the Legislative Yuan. In highest office after winning 6.89 wan and a legislator from 1993 January 2016, the DPP claimed million votes, or 56.12 percent, to 2002, is the main challenger. 68 seats to become the majority in the 2016 election. His vice presidential pick, Chang party for the first time followed San-cheng, was premier from by KMT, 35; New Power Party, 5; Running mate Lai Ching-te was February 2016 to May 2016 and PFP, 3; Non-Partisan Solidarity premier from 2017 to 2019; minister of science and technol- Union, 1; and independent, 1. -
Metro Map Taipei Pdf
Metro map taipei pdf Continue The network (all links are external) All MRT lines are owned by the same company and you can transfer between the lines. Fares depend on the number of stations and the distance you travel, so you need to decide where you go when buying tickets. Pay attention to the directions of trains, especially on the red line (Danshui Line). Trains southbound on the Red Line (Danshui Line) run through the CKS Memorial Hall, both through the service of either the Orange Line (Junge Line) or the Green Line (Xindian Line). Northern trains on the red line go to Danshui, but some go only to Beit. Airport to All International Flights arrive at Taoyuan International Airport in Taoyuan County about 1 hour west of Taipei. The high-speed railway is in operation, but it does not connect to the airport. From the airport the easiest way to get by bus to Taipei station. Some airlines offer buses to Taipei as part of your ticket. Six bus companies provide transfers between Taoyuan Airport and Taipei, as indicated here. Evervoyage Fe Go Express Taiwan Bus Corporation Taoyuan Bus Corporation to you Air Bus United Highway Bus Songshan Airport, where most domestic flights depart from Taipei. Flights can be purchased at the front desk. The nearest metro station of Chungshan High School (Chongshan Kuochong) Intercity Trains All long-distance trains in Taiwan are provided by the Taiwan Railway Company. There are express trains, slow trains and several classes in between. Slow trains will stop at all Taipei area staions: Banqiao (Panchiao), Taipei Main Station, and Songshan Station. -
Rock Climbing
EDITOR'S INTRODUCTION Taipei Nights – The Deeper, the More Beautiful ere we go! 5, 4, 3, 2, 1 … Happy New Year! At the climax of the upcoming New Year’s Eve, Hthere will be no better place to be than watching the spectacle of the Taipei 101 Fireworks Show. Though the pyrotechnics extravaganza will have its moment and then go into slumber for another year, the city of Taipei never sleeps, and the colorful nightlife goes on without end, every night of the year, Taipei city offers you a world of beauty in daytime, but the nighttime here is a world of fantasy. The customers of the famous hotel website Agoda.com have proclaimed Taipei 9th in a ranking of “top ten cities for nightlife.” Our theme this issue is “Taipei Nights – The Deeper, the More Beautiful,” and we bring you a taste of this city’s nights in the following pages. Among the many other end-of-year highlights for those living in Taipei is the introduction of more rental stations to the city’s YouBike network, bringing the total to 162 in Taipei’s 12 districts, and offering you a consummate tool for exploring the city. The city’s largest cultural-creative platform, the eslite Spectrum Songyan Store, is now opened, which showcases over 100 local and international designer shops and studios. In our In-Depth City Culture Explorations section, we ask Master Weng Dengxian to show off his consummate skills in traditional candy blowing and making dough figurines, which thrill young and old alike. The Taipei night offers the visitor countless charms, among them guabao, a popular street food, and late-night eateries of unique character. -
Urban Transportation in Asian Countries Misao Sugawara
Urban Transportation in Asian Countries Misao Sugawara 1. Introduction congestion and air pollution that are fullest extent for urban transporta- growing more serious year-by-year. tion (Figure 1). Large cities in Asia have unique The problems are so bad that they are Various traffic management means transport problems. Traffic manage- affecting economic and social func- have been introduced in some coun- ment alone is limited in solving the tions, and the people face an urgent tries to solve the problem of surface problems of urban transportation, need to improve their urban transpor- congestion. However, as experienced and introduction of guided transit tation systems. in Bangkok and other large cities, systems separate from ground-level Large cities in East Asia have their such means alone have limits (Photo transport is essential in solving these own unique transport problems. In 1). problems. This article describes some many cities, a large number of ve- Consequently, many countries want of the recent measures, including fi- hicles of sizes between buses and to introduce guided transport that is nance resources, taken to solve Asian taxis operate for public use. There are separate from surface traffic. How- urban transportation problems. also many motorcycles and bicycles. ever, in reality, such a solution is not The advance of motorisation in However, there are not many guided easy because of financing. Japan has many large cities in the developing transit systems, and even when they provided cooperation, including vari- countries -
2019 Cerritos College Taiwan Experience Education Program (TEEP) Internship Programs
2019 Cerritos College Taiwan Experience Education Program (TEEP) Internship Programs New Taipei City Summer Internship Programs These programs provide students with a 5-week internship to New Taipei City. Students will serve as teachers’ aides and teach English at New Taipei City middle schools 5 days a week. May 27, 2019 - June 21, 2019 The participating Junior High schools are Ruifang Junior High, Ansi Junior High, Banqiao Junior High, Linkou Junior High, Toqian Junior High, and Chongqing Junior High. July 15, 2019 - August 9, 2019 The participating Junior high schools are Wenshan Junior High, Shenkeng Junior High, Yingge Junior High, and Ziqiang Junior High. Each school has two openings, and the total openings for these two programs is 20. Tainan City Summer Internship Project* June 3, 2019 - July 5, 2019 | July 8, 2019 - August 9, 2019 This program provides students a 5-week internship to Tainan City. Students will serve as teacher’s aides and teach English at Tainan City elementary schools five days a week. Cerritos College will start to accept the applications for Taipei City, New Taipei City and Tainan City programs. The deadline date for submitting the application for New Taipei City is March 31, 2019. The deadline date for submitting the application for Tainan City is April 15, 2019. Page 1 of 3 Taipei City Fall Semester Internship Project August 20, 2019 – December 20, 2019 This program provides students a four-month internship to Taipei. Students will serve as teacher’s aides and teach English at Taipei City elementary schools three days a week. Cerritos College students can also take courses offered by Taipei University. -
Underground Or Aboveground? Making the Choice for Urban Mass Transit Systems a Report by the International Tunnelling Association (ITA)
Tunnelling and Underground Space Technology 19 (2004) 3–28 Underground or aboveground? Making the choice for urban mass transit systems A report by the International Tunnelling Association (ITA). Prepared by Working Group Number 13 (WG13). ‘Direct and indirect advantages of underground structures’૾ ITA Working Group Number 13* ITA-AITES, cyo EPFL, Bat GC, CH1015 Lausanne, Switzerland Received 28 June 2003; received in revised form 16 July 2003; accepted 16 August 2003 Abstract This report has been prepared by Working Group 13 (WG13) ofthe International Tunnelling Association (ITA). The question addressed in this report is how the decision is made as to whether to place Urban Mass Transit Systems above ground (either at surface or elevated) or underground. Following collection ofa substantial amount ofdata from 30 cities in 19 countries, representing the situation from 1995 to 1998 (with some later updates), analysis ofthat data and deliberations on the issues raised has led to the findings and recommendations contained in this report. For many developing countries, the investment cost of a fixed guideway urban mass transit system is significant compared to the national or city economies. In order to assist future decisions, the report recommends that representative decision processes should be better documented and illustrated by reference to current and retrospective studies oftypical projects, considering all costs and benefits,real and perceived. ᮊ 2003 Elsevier Ltd. All rights reserved. ૾ Disclaimer: The International Tunnelling Association (ITA) publishes this report to, in accordance with its statutes, facilitate the exchange of information, in order: to encourage planning of the subsurface for the benefit of the public, environment and sustainable development to promote advances in planning, design, construction, maintenance and safety of tunnels and underground space, by bringing together information thereon and by studying questions related thereto. -
Study on Urban Transport Development
The World Bank Study on Urban Transport Development Final Report August 2000 Study on Urban Transport Development—Final Report Acknowledgement ACKNOWLEDGEMENT This report was prepared based on a study funded by the Japan Consultant Trust Fund and implemented by the World Bank. It was conducted under the direction of a task team in the World Bank chaired by Kenneth M. Gwilliam and including Gerhard Menckoff. This team provided valuable assistance and comments during the study. The authors would also like to acknowledge Naota Ikeda of the Japanese Ministry of Transport and other members of the Japanese Advisory Committee headed by Professor Hitoshi Ieda. Their assistance in providing comments on earlier drafts has been particularly helpful. Finally, the authors wish to extend their gratitude to all the other individuals who kindly shared their valuable experience and insights during the study. The primary authors of this report were Chiaki Kuranami, Bruce P. Winston, Kenji Kimura, Christopher Rose, and Yoshiya Nakagawa of PADECO Co., Ltd. Critical support for data collection in the Republic of Korea was provided by Keeyeon Keith Hwang and Sang Kyu Hwang. The findings, interpretations, and conclusions expressed in this report are entirely those of the authors and should not be attributed in any manner to the World Bank, the Japanese Ministry of Transport, the Japanese Ministry of Construction, members of the Advisory Committee, or any of the other individuals mentioned above. i Study on Urban Transport Development—Final Report Table of Contents STUDY ON URBAN TRANSPORT DEVELOPMENT FINAL REPORT TABLE OF CONTENTS Acknowledgement Table of Contents Abbreviations and Acronyms Currency Equivalents 1. -
3A Mass Transit Options
Division 44 Environment and Infrastructure Sector project "Transport Policy Advice" Sustainable Transport: A Sourcebook for Policy-makers in Developing Cities Module 3a Mass Transit Options – revised July 2005 – OVERVIEW OF THE SOURCEBOOK Sustainable Transport: A Sourcebook for Policy-Makers in Developing Cities What is the Sourcebook? Modules and contributors ThisSourcebook on Sustainable Urban Transport Sourcebook Overview and Cross-cutting Issues of addresses the key areas of a sustainable transport Urban Transport (GTZ) policy framework for a developing city. The Institutional and policy orientation Sourcebook consists of more than 20 modules. 1a. The Role of Transport in Urban Development Who is it for? Policy (Enrique Peñalosa) The Sourcebook is intended for policy-makers in developing cities, and their advisors. This target 1b. Urban Transport Institutions (Richard Meakin) audience is reflected in the content, which 1c. Private Sector Participation in Transport Infra- provides policy tools appropriate for application structure Provision (Christopher Zegras, MIT) in a range of developing cities. 1d. Economic Instruments How is it supposed to be used? (Manfred Breithaupt, GTZ) The Sourcebook can be used in a number of 1e. Raising Public Awareness about Sustainable ways. It should be kept in one location, and the Urban Transport (Karl Fjellstrom, GTZ) different modules provided to officials involved Land use planning and demand management in urban transport. The Sourcebook can be easily adapted to fit a formal short course training 2a. Land Use Planning and Urban Transport event, or can serve as a guide for developing a (Rudolf Petersen, Wuppertal Institute) curriculum or other training program in the 2b. Mobility Management (Todd Litman, VTPI) area of urban transport. -
Mass Transit Options
Division 44 Environment and Infrastructure Sector project: “Transport Policy Advice” Sustainable Transport: A Sourcebook for Policy-makers in Developing Cities Module 3a: Mass Transit Options Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ) GmbH OVERVIEW OF THE SOURCEBOOK Modules and contributors Sustainable Transport: A Sourcebook for Sourcebook Overview, and Cross-cutting Issues of Policy-Makers in Developing Cities Urban Transport (GTZ) What is the Sourcebook? Institutional and policy orientation This Sourcebook on Sustainable Urban Transport 1a. The Role of Transport in Urban Development addresses the key areas of a sustainable transport Policy (Enrique Peñalosa) policy framework for a developing city. The 1b. Urban Transport Institutions (Richard Meakin) Sourcebook consists of 20 modules. 1c. Private Sector Participation in Transport Infra- structure Provision (Christopher Zegras, MIT) Who is it for? 1d. Economic Instruments (Manfred Breithaupt, The Sourcebook is intended for policy-makers GTZ) in developing cities, and their advisors. This 1e. Raising Public Awareness about Sustainable target audience is reflected in the content, which Urban Transport (Karl Fjellstrom, GTZ) provides policy tools appropriate for application in a range of developing cities. Land use planning and demand management 2a. Land Use Planning and Urban Transport How is it supposed to be used? (Rudolf Petersen, Wuppertal Institute) The Sourcebook can be used in a number of 2b. Mobility Management (Todd Litman, VTPI) ways. It should be kept in one location, and the different modules provided to officials involved Transit, walking and cycling in urban transport. The Sourcebook can be easily 3a. Mass Transit Options (Lloyd Wright, ITDP; adapted to fit a formal short course training GTZ) event, or can serve as a guide for developing a 3b.