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Journal Article
Spotlight on Research: Factors That Sustain Metropolitan Growth
The factors that underlie economic growth in metropolitan regions have been the subject of an increasing number of research efforts. Earlier research focused on the pace of growth. More recent investigations have been concerned with the resilience or capacity of regions to sustain growth paths, even in the face of external shocks. Chris Benner and Manuel Pastor add to the latter body of research by examining the growth spells among the 184 largest regions in the U.S. from 1990 to 2011.1 The authors are particularly interested in the role played by social equity. The following is a summary of ...
Journal Article
Urban Education: Models That Work
A good education is a prerequisite for many employment opportunities today. In a weak economy when relatively few new jobs become available, the need for educational preparation becomes even more paramount. In low-income communities where the quality of many schools is dubious, the employment prospects of the attendees are grim. There is an ongoing debate about how to improve schools in these communities in order to enhance education levels and improve job readiness. While the merits of charter schools and the role of vocational-technical schools are being debated, there are some school ...
Journal Article
Spotlight on Research: Lessons Learned from Pay for Success Programs
Various social problems, such as homelessness and prison recidivism, impose substantial costs on taxpayers. The mounting costs that result from these troubling social concerns at the local, state, and federal levels force officials to seek alternative ways to raise funds to deal with these issues. One such effort is to use a relatively new source of funding called ?pay for success (PFS),? also known as ?social impact bonds,? or ?SIBs.? Currently, there are more than 40 PFS initiatives underway worldwide. A report by Emily Gustafsson-Wright, Sophie Gardiner, and Vidya Putcha discusses what PFS ...
Journal Article
Spotlight on Research: Youth Debt and College Graduation
The rise in debt among youth to finance their higher education has engendered a great deal of discussion. Much of the attention has been focused on the angst that arises when the debt has to be repaid. This has been especially burdensome on students from lower-income households. While this is worthy of concern, another aspect of the educational-related debt that is being examined is whether the debt was worth it. More specifically, what is the association of the debt with the borrower?s graduation from college? Some investigations not only consider the relationship between educational loans ...
Discussion Paper
Alternative financial service providers and the spatial void hypothesis
This paper examines the use of alternative financial service providers (AFSPs) such as check-cashing outlets and pawnshops in Philadelphia, Montgomery, Delaware, and Allegheny counties. Also explores whether these providers are disproportionately serving minority and low-income areas.
Journal Article
Spotlight on Research: Making a Difference in the Lives of Young Men of Color
The plight of young men of color, whether it is in education, the labor market, or involvement in the criminal justice system, has been and remains a challenge. The difficulties in the various areas of these young men?s lives have been well documented over time. The problems of young men of color have also engendered numerous responses. Policy initiatives at the federal, state, and local levels as well as endeavors by foundations have been undertaken to address these dilemmas.
Discussion Paper
The impact of housing rehabilitation on local neighborhoods: the case of St. Joseph's Carpenter Society
This paper presents the results of a Philadelphia Fed study that analyzes whether the community development efforts of a nonprofit in Camden, NJ, have an effect on local neighborhoods.
Journal Article
Spotlight on Research: The Distributional Impact of Negative Equity
The fallout from the recent meltdown in the housing market continues to afflict many homeowners today. A great deal of attention has been focused on the debilitating effects of a rise in foreclosures and falling house prices that accompanied the market downturn. The depressing effect of foreclosures on house prices has presented several challenges to homeowners. Declining home values have resulted in a number of homeowners owing more on their mortgage than their home is worth. Thus, the homeowners are saddled with negative equity, which is commonly referred to as ?being under water.? ...
Journal Article
Spotlight on Research: The Influence of Financial Literacy on High-Cost Borrowing
Two topics have gained widespread attention in recent years. One is the rapid growth of high-cost borrowing offered by the alternative financial services (AFS) industry, such as payday loans, pawn shops, auto title loans, refund anticipation loans, and rent-to-own stores. The other topic is the efficacy of financial literacy on improving the overall financial well-being of individuals. A study by Annamaria Lusardi and Carlo de Bassa Scheresberg explores the characteristics of those who use high-cost borrowing and the influence of financial literacy on their borrowing behavior.1 The following ...
Journal Article
The Housing Market and Its Influences
The housing market influences our economic and social well-being. It serves as a prime mover of overall economic activity, the foundation for wealth creation, and the basis for the landscape of our neighborhoods as well as the dynamic relationship between cities (particularly older ones) and suburbs. The recent downturn in the housing market generated changes in its aforementioned influences. It also fostered changes in the regulatory environment in the mortgage market. These topics were discussed at the 2014 Reinventing Older Communities conference.