Impact of global financial crisis on stylized facts between energy markets and stock markets

Science.gov (United States)

Leng, Tan Kim; Cheong, Chin Wen; Hooi, Tan Siow

2014-06-01

Understanding the stylized facts is extremely important and has becomes a hot issue nowadays. However, recent global financial crisis that started from United States had spread all over the world and adversely affected the commodities and financial sectors of both developed and developing countries. This paper tends to examine the impact of crisis on stylized facts between energy and stock markets using ARCH-family models based on the experience over 2008 global financial crisis. Empirical results denote that there is long lasting, persists and positively significant the autocorrelation function of absolute returns and their squares in both markets for before and during crisis. Besides that, leverage effects are found in stock markets whereby bad news has a greater impact on volatility than good news for both before and during crisis. However, crisis does not indicate any impact on risk-return tradeoff for both energy and stock markets. For forecasting evaluations, GARCH model and FIAPARCH model indicate superior out of sample forecasts for before and during crisis respectively.

Responding to the Housing and Financial Crises

DEFF Research Database (Denmark)

Scanlon, Kathleen; Lunde, Jens; Whitehead, Christine

2011-01-01

The long period of house price growth in markets across the world ended with the US and global financial crisis of 2007/08. The crisis and the consequent recession had profound effects on mortgage market actors – including households, institutions and governments – in most advanced economies......, whether or not they participated in this rapid house price growth. Many of the trends observed during the boom, especially the innovations in financial instruments, were reversed. This paper presents evidence on how mortgage markets and stakeholders responded in the initial period after the crash...

Dalla crisi finanziaria alla crisi reale. ( Financial and real crisis

Directory of Open Access Journals (Sweden)

Carlo D'Adda

2010-03-01

Full Text Available  The financial crisis of 2008 is put in relation with two bubbles, financial and housing. Easy credit is at the origin of both bubbles. Risky bonds were issued to mobilize mortgages originated in the housing market, and bad bonds entered a fantastic number of institutional and private portfolios all over the world without any perception of the their risk. Unfortunately, bank credit to speculators was abundant and fed the final growth of the bubbles. When fears started to spread, the fall was immediate and expectations impaired very rapidly. The main aggregate demand components were severely curtailed and production fell as well. This is the crisis of the real economy. Fortunately, as opposed to what happened in 1929, the interventions of central banks and governments have been of an unprecedented size. The bail out of insolvent banks in particular has been providential. The exit from the current crisis, however, will surely be slow.  JEL: E44, G01, G10

Essays on local housing and real estate brokerage markets.:Essays on local housing and real estate brokerage markets.

OpenAIRE

Helgers, Roel

2016-01-01

As noted by the late housing economist John Quigley (1979), housing markets are characterized by a peculiar combination of features, such as durability, spatial fixity and multidimensional heterogeneity. The combination of these features differentiate it from other product markets and it has been shown that they have a non-negligible impact upon market outcomes in housing and real estate brokerage markets. The inherent spatial fixation and the multidimensional heterogeneity of housing units, ...

House Price Forecasts, Forecaster Herding, and the Recent Crisis

DEFF Research Database (Denmark)

Stadtmann, Georg; Pierdzioch; Ruelke

2013-01-01

We used the Wall Street Journal survey data for the period 2006–2012 to analyze whether forecasts of house prices and housing starts provide evidence of (anti-)herding of forecasters. Forecasts are consistent with herding (anti-herding) of forecasters if forecasts are biased towards (away from) t......) the consensus forecast. We found that anti-herding is prevalent among forecasters of house prices. We also report that, following the recent crisis, the prevalence of forecaster anti-herding seems to have changed over time....

Economic crisis and oil market balances

International Nuclear Information System (INIS)

Duquesnoy, S.; Rozenberg, J.; Hourcade, J.Ch.

2011-01-01

One might intuitively think that an economic crisis would at least relieve the pressure on oil supply since it slows energy demand. From the model of the oil market DYSMO, we show that an economic crisis may on the contrary increase tension, as it postpones investment in oil supply. (authors)

Dalla crisi finanziaria alla crisi reale

Directory of Open Access Journals (Sweden)

CARLO D’ADDA

2010-01-01

Full Text Available The financial crisis of 2008 is put in relation with two bubbles, financial and housing. Easy credit is at the origin of both bubbles. Risky bonds were issued to mobilize mortgages originated in the housing market, and bad bonds entered a fantastic number of institutional and private portfolios all over the world without any perception of the their risk. Unfortunately, bank credit to speculators was abundant and fed the final growth of the bubbles. When fears started to spread, the fall was immediate and expectations impaired very rapidly. The main aggregate demand components were severely curtailed and production fell as well. This is the crisis of the real economy. Fortunately, as opposed to what happened in 1929, the interventions of central banks and governments have been of an unprecedented size. The bail out of insolvent banks in particular has been providential. The exit from the current crisis, however, will surely be slow.

Correlation of financial markets in times of crisis

Science.gov (United States)

Sandoval, Leonidas; Franca, Italo De Paula

2012-01-01

Using the eigenvalues and eigenvectors of correlations matrices of some of the main financial market indices in the world, we show that high volatility of markets is directly linked with strong correlations between them. This means that markets tend to behave as one during great crashes. In order to do so, we investigate financial market crises that occurred in the years 1987 (Black Monday), 1998 (Russian crisis), 2001 (Burst of the dot-com bubble and September 11), and 2008 (Subprime Mortgage Crisis), which mark some of the largest downturns of financial markets in the last three decades.

Decline and depression: the impact of the global economic crisis on housing markets in two post-socialist states

Czech Academy of Sciences Publication Activity Database

Hegedüs, J.; Lux, Martin; Sunega, Petr

2011-01-01

Roč. 26, č. 3 (2011), s. 315-333 ISSN 1566-4910 R&D Projects: GA ČR GA403/09/1915 Institutional research plan: CEZ:AV0Z70280505 Keywords : Economic crisis * Housing system * Transition economies Subject RIV: AO - Sociology, Demography Impact factor: 0.577, year: 2011 http://www.springerlink.com/content/q302667308q1/

The Regime Shift Associated with the 2004–2008 US Housing Market Bubble

Science.gov (United States)

Cheong, Siew Ann

2016-01-01

The Subprime Bubble preceding the Subprime Crisis of 2008 was fueled by risky lending practices, manifesting in the form of a large abrupt increase in the proportion of subprime mortgages issued in the US. This event also coincided with critical slowing down signals associated with instability, which served as evidence of a regime shift or phase transition in the US housing market. Here, we show that the US housing market underwent a regime shift between alternate stable states consistent with the observed critical slowing down signals. We modeled this regime shift on a universal transition path and validated the model by estimating when the bubble burst. Additionally, this model reveals loose monetary policy to be a plausible cause of the phase transition, implying that the bubble might have been deflatable by a timely tightening of monetary policy. PMID:27583633

House Price Forecasts, Forecaster Herding, and the Recent Crisis

Directory of Open Access Journals (Sweden)

Christian Pierdzioch

2012-11-01

Full Text Available We used the Wall Street Journal survey data for the period 2006–2012 to analyze whether forecasts of house prices and housing starts provide evidence of (anti-herding of forecasters. Forecasts are consistent with herding (anti-herding of forecasters if forecasts are biased towards (away from the consensus forecast. We found that anti-herding is prevalent among forecasters of house prices. We also report that, following the recent crisis, the prevalence of forecaster anti-herding seems to have changed over time.

A pre-crisis vs. crisis analysis of peripheral EU stock markets by means of wavelet transform and a nonlinear causality test

Science.gov (United States)

Polanco-Martínez, J. M.; Fernández-Macho, J.; Neumann, M. B.; Faria, S. H.

2018-01-01

This paper presents an analysis of EU peripheral (so-called PIIGS) stock market indices and the S&P Europe 350 index (SPEURO), as a European benchmark market, over the pre-crisis (2004-2007) and crisis (2008-2011) periods. We computed a rolling-window wavelet correlation for the market returns and applied a non-linear Granger causality test to the wavelet decomposition coefficients of these stock market returns. Our results show that the correlation is stronger for the crisis than for the pre-crisis period. The stock market indices from Portugal, Italy and Spain were more interconnected among themselves during the crisis than with the SPEURO. The stock market from Portugal is the most sensitive and vulnerable PIIGS member, whereas the stock market from Greece tends to move away from the European benchmark market since the 2008 financial crisis till 2011. The non-linear causality test indicates that in the first three wavelet scales (intraweek, weekly and fortnightly) the number of uni-directional and bi-directional causalities is greater during the crisis than in the pre-crisis period, because of financial contagion. Furthermore, the causality analysis shows that the direction of the Granger cause-effect for the pre-crisis and crisis periods is not invariant in the considered time-scales, and that the causality directions among the studied stock markets do not seem to have a preferential direction. These results are relevant to better understand the behaviour of vulnerable stock markets, especially for investors and policymakers.

Impact of Global Financial Crisis on Nigerian Stock Market | Onuoha ...

African Journals Online (AJOL)

Impact of Global Financial Crisis on Nigerian Stock Market. ... that the global financial crisis measured by currency crisis, credit crisis, liquidity crisis, ... relevant regulatory authorities should use the financial stress index (FSI) as proposed by ...

How healthy and sustainable is the Dutch housing mix? Measuring and comparing the theoretical housing market balance of Dutch regional housing markets

Directory of Open Access Journals (Sweden)

Leonie B. Janssen-Jansen

2015-01-01

Full Text Available Housing and its distribution over groups of households dominates debates on urban socio-spatial justice. Amsterdam even received the label ‘Just City’ as the large stock of social housing in the core of the city is said to increase societal equity. Within the Netherlands, however, the Greater Amsterdam housing market is perceived to be the most dysfunctional. As the discussion is fed by highly political and ideological perspectives, it is difficult to assess at face value how balanced the housing mix of a housing market is and to what extent it meets the community’s needs. Consequently, it is difficult to inform politicians about strategies that contribute to a healthy and sustainable housing mix and address the lack of affordable housing which is high on urban policy agendas worldwide. In an attempt to go beyond ideological and political discussions, the aim of this interdisciplinary paper is to develop a metric to measure and compare the theoretical balance of housing markets across regions and across groups of households based on income. The metric will be applied to the case of the Netherlands. The findings of the theoretical model show that large-scale provisions for low-income households may not always result in an improved housing market balance.

The impact of housing policies and housing markets on ethnic spatial segregation

DEFF Research Database (Denmark)

Andersen, Hans Skifter; Andersson, Roger; Wessel, Terje

2015-01-01

This paper examines how ethnic segregation is connected to an ethnic division of the housing market and a spatial separation of different housing tenures in four Nordic cities. Explanations for the differences across the cities are found by comparing housing markets and housing policies....... The housing markets are in all four cities ethnically segmented with high concentrations of immigrants in some forms of tenures (especially social/public housing) and low concentrations in others. We further discuss the reasons for the observed pattern. The paper shows that the spatial distribution...... housing, while co-operative housing is crucial in the fourth. It is also shown that a policy of neighbourhood tenure mix in one of the cities has resulted in a relatively low degree of segregation in spite of high concentrations of immigrants in social/public housing....

THE ROLE OF RELATIONSHIP MARKETING ON INSURANCE MARKET DURING THE CRISIS PERIODS

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Cristinel CONSTANTIN

2009-01-01

Full Text Available This paper is about a research regarding the implications of presenteconomic crisis on a market created to cover various risks that could affectboth individuals and companies. The main objective of the research was toestablish the coordinates of the insurance market at the EU countries level inorder to find solutions that insurance companies could use for avoiding thenegative impact of the crisis and to re-launch the local insurance market. Theoutcomes of our research have shown a low development of Romanianinsurance market, this one being among the lowest developed market in theEuropean Union. Taking into consideration the psychological impact of thecrashes recorded by the biggest worldwide insurers, the best solution forlocal companies is to use the tools of relationship marketing that coulddevelop the confidence of customers in insurance services.

The Influences of Relationship Marketing in the Housing Brokerage Market

OpenAIRE

Tsung-Ju Yang; Yi-Chen Tu; Ching-Sung Shen

2017-01-01

Many companies and salesmen try to build and maintain long-term relationship with their customer. The influences of relationship marketing activities are important issue of the housing brokerage Market. The aims of study are to learn the impacts of relationship marketing on customer satisfaction and customer loyalty in the housing brokerage Market. The researchers survey the customers and use the regression analysis method to test the relationships between relationship marketing, customer sat...

Effects of Current Forward Market Intervention in the Korean Currency Crisis

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Woosik Moon

2001-06-01

Full Text Available This paper investigates the effect of the exchange market interventions of the Bank of Korea on the exchange rate of Korean won vis-a-vis US dollar during the 1997 currency crisis. In particular, this paper tests the effects of spot and forward market interventions, using daily intervention data of the Bank of Korea. During the 1997 period, Korea faced two series of crisis in January-March and September-November. It turns out that the spot market intervention was effective in stabilizing the spot market exchange rate at least during the first crisis period. In contrast, there seemed no effect of the forward market intervention. Forward market intervention was rather destabilizing through forward exchange rate during the second crisis period. This implies that even though the forward and sterilized spot market interventions are equivalent in their effect on exchange rate, these two instruments can widely diverge from each other under the circumstances of exchange rate volatility and speculation.

The Impact of the Asian Crisis on International Financial Markets

Directory of Open Access Journals (Sweden)

Sang-Uck Loh

1998-12-01

Full Text Available Among the influences of the Asian financial crisis on the international market and its monetary policy and situation, the sharp backwash of the international private capital which has been continually related to the emerging market since the early 1990s is considered as the most important one. Though this trend is partly the result of the internal causes of the emerging countries, such as the inflexible policy of the exchange rate, the accumulation of the frequent income and expenses deficit and the stagnation of the economy in the countries hit by the Asian economic crisis, the unstable internal structure of the application system of the international monetary market probably also brought a tremendous influence. This thesis takes a look at the situation and is directed towards the direction and scale of the future international capital based on the studies of the unsteady factors of the structure of the economic market, which appeared in the period of the Asian economic crisis. After the moratorium of Russia, the liquidity of the international private capital in the international monetary market became various with the implement of the policy which lowered the exchange rate under the cooperation of the developed countries. Meanwhile, the Asian countries strived to establish the structure of enterprises and financial department in a full speed and with a high intensity after the economic crisis. So it is believed that they were fully qualified to enter the emerging market, and would be again in case of need. As the international investors experienced the Asian economic crisis, they faced and estimated the risk of investing into the emerging markets again. As the case stands, the strengthened joint of finance and trade among countries lead to a higher risk of the possibility that the crisis of one country expands to a worldwide crisis. So it is predicted that the inflow of the capital to the emerging market will be in a gradual way. The selection

24 CFR 200.625 - Affirmative fair housing marketing plan.

Science.gov (United States)

2010-04-01

... Regulations § 200.625 Affirmative fair housing marketing plan. Each applicant for participation in FHA housing... information indicating his affirmative fair housing marketing plan to comply with the requirements set forth... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Affirmative fair housing marketing...

Are stock market crises contagious? The role of crisis definitions

NARCIS (Netherlands)

Mierau, Jochen O.; Mink, Mark

2013-01-01

Financial contagion studies generally examine whether co-movement between markets increases during a crisis. We use a flexible co-movement measure to examine how conclusions of such analyses depend on the sample chosen as the 'crisis'. To this end, we analyse stock market co-movement during the 1997

7 CFR 3565.353 - Affirmative fair housing marketing.

Science.gov (United States)

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false Affirmative fair housing marketing. 3565.353 Section... fair housing marketing. As a condition of the guarantee, the lender must ensure that the lender and borrower are in compliance with the approved Affirmative Fair Housing Marketing Plan. This plan must be...

Essays on the U.S. Housing Market and the Credit Market

OpenAIRE

Sun, Chuanlei

2012-01-01

This dissertation includes three chapters. The first two chapters focus on the U.S. housing market and the credit market and the third chapter emphasizes interest rate cycles and stock market cycles in the U.S.Chapter 2 proposes a dynamic factor model to study the U.S. housing market and the credit market separately in the last decades. The model extracts the latent unobserved state representing each market from an array of key related variables. The extracted factor from each market is compa...

Factorial Analysis of Albanian Housing Market

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Luciana Kabello Koprencka

2014-08-01

Full Text Available Housing market and housing price dynamics are very important to the economy. About 65% of households in the western world and 85% of Albania's own private apartment. The market of residential estates is very complex and influenced by many factors, some of which are hard to be measured. Such factors include handling of taxes and remittances. The analysis of such factors becomes more complicated by the interference of temporary trends during the period that some explanatory variables have at their disposal. This generates an important identification problem, which prevents the accurate evaluation of long-term changes in the housing prices. The data used in this study are extracted from reports of Bank of Albania, INSTAT, IMF and newspaper “Celes” as well as from surveys to individual purchasers, investors and developers. Through the model it is analyzed the development of residential estates‟ market compared to the historical trend of housing prices and to the theoretical determinant. The econometric model used is a generalized multiple regression equation. The model allows us to see the dynamic interaction between the housing prices and the variables selected according to hypotheses on the very complex economic structure associated with this market.

Impact of Global Financial Crisis on Nigerian Stock Market

African Journals Online (AJOL)

DrNneka

Key words: Global financial crisis, Nigerian stock market, currency crisis, ... drop in all economic indices over a relatively short period of time leading to corporate .... magnitude and many countries with sound fundamentals also plunged into a ...

How does crisis affect efficiency? An empirical study of East Asian markets

Directory of Open Access Journals (Sweden)

Syed Aun R. Rizvi

2016-03-01

Full Text Available Much research has been undertaken in the Efficient Market Hypothesis (EMH over the preceding two decades. With Asian countries emerging as a global powerhouse in terms of regional economics, the interest in their stock markets has picked up recently. Asian markets traditionally comprised of many emerging markets are generally assumed to be more volatile and speculative in nature. Based on this crux, we focus specifically on the response of these markets efficiency to major crisis. In recent years, the Asian markets have experienced a phenomenal boom in attracting foreign capital inflow, with Singapore evolving into a global financial hub in terms of banking and financial services. Scepticism and cautious nature raises the question of whether these stock markets are efficient enough for further investment and development. Our study is unique in nature, as we focus on the efficiency of these market in response to crisis periods, comparing it with their pre-crisis period, both in shorter term of 1 year as well as longer term of 5 years post and pre crisis period. Taking Malaysia, Indonesia, Singapore and South Korea owing to their economic and financial development, we use MF-DFA to derive efficiency measure for comparative analysis with its own past. The findings put forth a notion of generally a deteriorating and negative impact of the Asian financial crisis, while the sub-prime crisis impact varies based on the economic structure of the economies. The findings concur with the mainstream literature and similar studies for other countries and region.

The Influences of Relationship Marketing in the Housing Brokerage Market

Directory of Open Access Journals (Sweden)

Tsung-Ju Yang

2017-06-01

Full Text Available Many companies and salesmen try to build and maintain long-term relationship with their customer. The influences of relationship marketing activities are important issue of the housing brokerage Market. The aims of study are to learn the impacts of relationship marketing on customer satisfaction and customer loyalty in the housing brokerage Market. The researchers survey the customers and use the regression analysis method to test the relationships between relationship marketing, customer satisfaction and customer loyalty in Taiwan. The research results show that the relationship marketing positively impacts on customer satisfaction and customer loyalty, then customer satisfaction positively impacts on customer loyalty. Customer satisfaction plays a mediating role between relationship marketing and customer loyalty. Besides, the study confirm that brokers’ expertise moderates the relationship of relationship marketing process. The findings suggest that the brokers’ relationship marketing and expertise empirically impact on the customers.

Stock markets and criticality in the current economic crisis

Science.gov (United States)

da Silva, Roberto; Zembrzuski, Marcelo; Correa, Fabio C.; Lamb, Luis C.

2010-12-01

We show that the current economic crisis has led the market to exhibit a non-critical behavior. We do so by analyzing the quantitative parameters of time series from the main assets of the Brazilian Stock Market BOVESPA. By monitoring global persistence we show a deviation of power law behavior during the crisis in a strong analogy with spin systems (from where this concept was originally conceived). Such behavior is corroborated by an emergent heavy tail of absolute return distribution and also by the magnitude autocorrelation exponent. Comparisons with universal exponents obtained in the international stock markets are also performed. This suggests how a thorough analysis of suitable exponents can bring a possible way of forecasting market crises characterized by non-criticality.

International Stock Market Comovements: What Happened during the Financial Crisis?

Czech Academy of Sciences Publication Activity Database

Horváth, Roman; Poldauf, P.

2012-01-01

Roč. 12, č. 1 (2012), s. 1-21 ISSN 1524-5861 R&D Projects: GA ČR GA402/09/0965 Institutional research plan: CEZ:AV0Z10750506 Institutional support: RVO:67985556 Keywords : stock market comovements * financial crisis * GARCH Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2012/E/horvath-international stock market comovements what happened during the financial crisis .pdf

7 CFR 3560.626 - Affirmative Fair Housing Marketing Plan.

Science.gov (United States)

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false Affirmative Fair Housing Marketing Plan. 3560.626 Section 3560.626 Agriculture Regulations of the Department of Agriculture (Continued) RURAL HOUSING... § 3560.626 Affirmative Fair Housing Marketing Plan. On-farm labor housing must meet the requirements of...

HOUSING MARKETS IN SELECTED EUROPEAN COUNTRIES AND THE USA

Directory of Open Access Journals (Sweden)

Magdalena Gostkowska-Drzewicka

2012-04-01

Full Text Available The aim of this article is to present the changes taking place in housing markets in selected European countries and in the USA. The basic research period covers the years 1998-2009. However, wherever availability of data allowed so, we covered with our research also the years 1963-2010. The development of domestic housing markets is determined both by specific features of local markets and by macroeconomic factors influencing the economic situation. The availability of capital to finance investment is of primary importance for the changes taking place in housing markets. This factor can be expressed by the volume of mortgage debt related to GDP and inflation and the level of interest rates on mortgage loans. The evaluation of the changes occurring in domestic housing markets was based on the identification of such structural characteristics as: the volume of the housing stock, the number of ready-to-use flats, the number of issued building permits, the indices of housing prices, and the number of transactions concerning purchase of flats or houses.

HOW AFFECTED WAS WORLD INSURANCE MARKET BY GLOBAL CRISIS?

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ANA PREDA

2013-12-01

Full Text Available Global economic and financial crisis triggered in 2008 had a significant impact with effects in economical life worldwide. Insurance industry wasn't spared but was less affected than other sectors of the world economy. The aim of the present paper is to underline the main crisis effects on global insurance market through a comparative study between different regions from the world, taking into consideration the main indicators which give us an insurance market dimension, such as: gross premium volume, insurance density and insurance penetration.

Revisiting Stock Market Integration Pre-Post Subprime Mortgage Crisis: Insight From BRIC Countries

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Chin-Hong Puah

2015-07-01

Full Text Available This study revisits the long-run relationships and short-run dynamic causal linkages among BRIC stock market, with the particular attention to the 2008 subprime mortgage crisis. Extending related empirical studies, comparative analyses of pre-crisis, and post-crisis periods were conducted to comprehensively evaluate how stock market integration was affected by financial crises. In general, after employing cointegration test and VAR test, the results reveal the increase of stock market integration in BRICs after the subprime crisis. The evidence also found that China stock market is the most influential among the BRICs, in which China stock market has the ability to Granger cause the other three BRICs member countries. An important implication of our findings is that the degree of integration among countries tends to change over time, especially around periods marked by financial crises.

The Romanian Municipal Bond Market and the International Financial Crisis

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VALENTINA VASILE

2010-06-01

Full Text Available In Romania, the bond market was set up later, comparatively to the equity market. This market is in a development process, but the international financial crisis has affected even the interest of investors in bonds. The secondary municipal bond market is not a very liquid market because these securities are bought from the primary market and held in portfolios by investors because these bonds have a low risk. The issue of these bonds is correlated with the financial independence and the level of decentralization of the local public authorities. The issuance of these bonds is correlated with financial independence and decentralization level specific to local public authorities. Under crisis conditions, the volatility of this market is more significant, the increasing deficits of local budgets decreasing the interest of the middle-class in investing in such financial instruments.

A Comparison of Global Financial Market Recovery after the 2008 Global Financial Crisis

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Foo Jennifer

2017-06-01

Full Text Available The Financial Crisis of 2007-2009 plunged countries into a Great Recession and focused the world’s attention on the global stock markets. The global contagion has a major impact on global stock markets, with the U.S. DJIA falling to 6,547.05 on March 9, 2009 from a high of 14,164.53 on October 9, 2007, with a loss of more than 54%. Other stock markets also had a precipitous drop during the financial crisis. However, some equity markets have recovered while others have not. This paper looks at how global markets compared in their recovery. This paper also investigates the advanced countries’ recovery relative to the emerging and developing countries in the aftermath of the financial crisis and their ability to climb back to the pre-financial crisis levels. Analysis is provided for 31 stock indexes from January 2005 to March 2013. In 2013 the majority of analysed stock markets recovered from the crises regardless of if they belong to the group of developed or emerging markets.

The Relationship between Therapeutic Alliance and Service User Satisfaction in Mental Health Inpatient Wards and Crisis House Alternatives: A Cross-Sectional Study

Science.gov (United States)

Sweeney, Angela; Fahmy, Sarah; Nolan, Fiona; Morant, Nicola; Fox, Zoe; Lloyd-Evans, Brynmor; Osborn, David; Burgess, Emma; Gilburt, Helen; McCabe, Rosemarie; Slade, Mike; Johnson, Sonia

2014-01-01

Background Poor service user experiences are often reported on mental health inpatient wards. Crisis houses are an alternative, but evidence is limited. This paper investigates therapeutic alliances in acute wards and crisis houses, exploring how far stronger therapeutic alliance may underlie greater client satisfaction in crisis houses. Methods and Findings Mixed methods were used. In the quantitative component, 108 crisis house and 247 acute ward service users responded to measures of satisfaction, therapeutic relationships, informal peer support, recovery and negative events experienced during the admission. Linear regressions were conducted to estimate the association between service setting and measures, and to model the factors associated with satisfaction. Qualitative interviews exploring therapeutic alliances were conducted with service users and staff in each setting and analysed thematically. Results We found that therapeutic alliances, service user satisfaction and informal peer support were greater in crisis houses than on acute wards, whilst self-rated recovery and numbers of negative events were lower. Adjusted multivariable analyses suggest that therapeutic relationships, informal peer support and negative experiences related to staff may be important factors in accounting for greater satisfaction in crisis houses. Qualitative results suggest factors that influence therapeutic alliances include service user perceptions of basic human qualities such as kindness and empathy in staff and, at service level, the extent of loss of liberty and autonomy. Conclusions and Implications We found that service users experience better therapeutic relationships and higher satisfaction in crisis houses compared to acute wards, although we cannot exclude the possibility that differences in service user characteristics contribute to this. This finding provides some support for the expansion of crisis house provision. Further research is needed to investigate why acute

The Analysis of the Dynamics of the Marketing Services Market in Terms of Strategic Management of Crisis

Directory of Open Access Journals (Sweden)

Ivanova Natalya

2016-12-01

Full Text Available The aim of the study is to determine the basic modern marketing services according to the dynamics data of the media market of Ukraine. Thus, marketing services are considered as tools that provide crisis man-agement in strategic business development perspective. Scientific and practical significance of the study lies in the results of trend analysis of the dynamics of the media market of Ukraine and its components, the results of which led to the conclusion about the importance of Internet advertising as a modern marketing tool in terms of anti-crisis policy. The study predicted the values of the obtained volumes and market share of Internet advertising in the media market structure in Ukraine for the next period.

MODELLING OF SCENARIOS OF THE CRISIS PHENOMENA TRANSFER AMONG FINANCIAL MARKETS

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Inna Strelchenko

2017-11-01

Full Text Available The phenomenon of crisis transference among financial markets in different countries is especially evident during the global financial crisis of 2007-2009. Abnormal imbalances emerged in the market of secondary financial instruments in the United States in the second half of 2006 and quickly spread to the financial markets of most countries of the world. However, the rate of fall of the main macroeconomic indicators, the duration of the latent period (the time between the date of the beginning of the financial crisis in the source country and date of the recorded fall in GDP of the country that is subjected to “contagion” (Strelchenko, 2016, and recovery period are substantially different. To generate an effective economic policy actually, there is a task of determining the possible scenarios of transferring crisis. The research subject is a process of transfer of the crisis phenomena among the financial markets of countries with different levels of economic development. Methodology. The paper presents the results of a study on the differentiation of the financial markets reactions to the crisis transfer. To build the corresponding classification model, self-organization Kohonen neural networks are used. The purpose of this work is to build a neural network model for clustering economies according to the response to external financial shocks. This model allows predicting the scenarios of transferring crisis among financial markets. Conclusion. As a result of the study, there is built a neural network with the architecture of the Kohonen map. The neural network has one hidden layer consisting of six neurons and has a hexagonal structure. Six clusters describe six possible scenarios of the economy dynamics under the impact of the transfer of crises. Cluster number one and two unite countries characterized by a short period of economic recovery and return of the main macroeconomic indicators to the precrisis levels. A longer recovery period and

Accommodating Global Markets: Malaysia's Response to Economic Crisis

OpenAIRE

Helen Nesadurai

1998-01-01

The East Asian financial crisis has shown how governments in affected countries have had to contend both with the external constraint imposed by global capital mobility and domestic political dynamics when instituting adjustment to the crisis. Some commentators see the reform process in the East Asian states as an outcome of the disciplining behaviour of financial markets that will lead to the complete dismantling of those structures that supported the state- directed developmentalist mode of...

Dutch mortgage arrears and the role of the global financial crisis

NARCIS (Netherlands)

Teye, A.L.; De Haan, J.; Elsinga, M.

2015-01-01

As in many countries, the Dutch housing market was severely hit by the recent financial crisis. Following the recession, the average house price in the Netherlands fell by almost 25% and the proportion of homeowners with mortgage payment arrears nearly doubled. In this paper, we study mortgage

Data-driven regionalization of housing markets

NARCIS (Netherlands)

Helbich, M.; Brunauer, W.; Hagenauer, J.; Leitner, M.

2013-01-01

This article presents a data-driven framework for housing market segmentation. Local marginal house price surfaces are investigated by means of mixed geographically weighted regression and are reduced to a set of principal component maps, which in turn serve as input for spatial regionalization. The

Asymmetric information and list-price reductions in the housing market

NARCIS (Netherlands)

de Wit, E.; van der Klaauw, B.

2013-01-01

In housing markets with asymmetric information list prices may signal unobserved properties of the house or the seller. Asymmetric information is the starting point for many models for the housing market. In this paper, we estimate the causal effect of list-price reductions on the time houses remain

From Boom to Bust: The Effects of Economic Recession on Minority Groups' Experience in the Housing Market

Directory of Open Access Journals (Sweden)

From Boom to Bust: The Effects of Economic Recession on Minority Groups' Experience in the Housing Market

2013-06-01

Full Text Available The homeownership rate in the US reached an all-time high of 69.2 percent by 2006, attributed to factors like favorable mortgage lending practice, economic boom, and incentive policies. The recent subprime mortgage crisis and economic recession, however, widened the gap in homeownership between racial minorities and whites. A sharp drop in housing price also posed a threat to the amount of equity one could accumulate. In this paper, we examined how the changing economy and both structural and individual-level factors affected the racial disparities in homeownership and home equity, using the 2005 and 2009 American Housing Survey national data. The major finding was that the economic recession affected Blacks the most, followed by Hispanics. Asians, though showing a decline in their home equity, were able to maintain their advantages in the housing market.

Foreign Exchange Market Contagion in the Asian Crisis: A Regression-based Approach

NARCIS (Netherlands)

van Horen, N.; Jager, H.; Klaassen, F.J.G.M.

2006-01-01

This paper investigates whether, during the Asian crisis, contagion occurred from Thailand to the other crisis countries through the foreign exchange market, and, if so, determines the contribution of this contagion to the crisis. More specifically, we examine whether the effect of the exchange

EFFECTIVENESS OF CAPITAL MARKET DERIVATIVES IN HOUSING DELIVERY OF NIGERIA EMERGING MARKET

Directory of Open Access Journals (Sweden)

Bernard Adjekophori

2016-07-01

Full Text Available The capital market is unarguably the most robust institution in any economy notable for mobilizing the necessary fund for financing long-term productive project. It controls relatively large amounts of capital and represent the largest institutional providing long-term credits for capital project like real estate that requires huge capital outlay. This study therefore, attempts an investigation into the effectiveness of capital market derivatives in housing delivery in Lagos. An empirical survey research was conducted in Lagos, using a random sampling technique with a structured questionnaire to collect data from 147 respondents comprising 89 stockbrokers and 58 real estate developers in Lagos mega-city. Data collected were analyzed with SPSS using descriptive and inferential statistics. The result revealed that 56.7% of the observed variations in housing delivery (R2= 0.567; p< 0.05 is explained by capital market derivatives, which suggests that, proper utilization of capital market derivatives will enhance and improve housing delivery in Nigeria. However, this is not been adequately used by developers of real estate projects in the study. Thus, the study recommends amongst other remedial steps that a synergetic effort should be created between the capital market and real estate developers which will enhance effective housing delivery, the development of people and the Nation.

The relevance of the housing market for the banks’ risk profile in Albania

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Erjona REBI

2016-06-01

Full Text Available The housing market is an important sector for Albanian banks. Housing market financing dominates retail loans, and at the same time, houses represent a high share of the pledged collateral. This study aims to evaluate the role that the housing market plays in the Albanian banks’ risk-taking profile. The empirical work confirms the statistically significant difference in the risk profile between real estate and non-real estate banks. The dynamics of the housing market influences both types of banks, but the real estate banks are more sensitive to the housing market conditions. The negative relationship between the housing market developments with specialization of banks in real estate market reflects the high informality of the housing market and handicaps such as governmental interference, institutional shortcomings and flawed enforcement of property rights.

Optimal Life Cycle Portfolio Choice with Housing Market Cycles

DEFF Research Database (Denmark)

Fischer, Marcel; Stamos, Michael Z.

2013-01-01

income, and pre-existing housing wealth but also the state of the housing market significantly affect household decisions. Consistently with the data, the model predicts that in good states of housing market cycles (1) homeownership rates increase, (2) households buying homes invest a larger share......In recent decades U.S. households have experienced residential house prices moving persistently, that is, returns being positively serially correlated. We set up a realistically calibrated life cycle model with slow-moving time variation in expected housing returns, showing that not only age, labor...

Student Housing a Resilient Housing Rental Market: Case of Federal Polytechnic Neighbourhood Bauchi, Nigeria

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Zubairu Abubakar Ghani

2018-03-01

Full Text Available In the last three decades globally higher institutions (HIs have been experiencing an unprecedented upsurge in student population and student enrolment in His generally outstrip the HIs student housing. In many countries of the world like Nigeria, HIs are obviously incapacitated in accommodating the growing student population which compelled numerous students to overflow into their HIs’ neighbourhood seeking for alternative housing accommodation in the private housing rental market. Indeed the scenario of HIs student's housing shortfalls and increasing students housing demand evolved the interest of many people in a student housing rental market. This is because it has been uncovered that business in student housing rental is lucrative and guaranteeing business that ensured profit for a long term. This paper, therefore, explores the nature and landscape of student housing rental in Nigeria where the business is immature then drawn the conclusion.

Housing and the wood industry, trends & market conditions

Science.gov (United States)

Urs Buehlmann; Matt Bumgardner; Al Schuler; K. Koenig

2011-01-01

Housing markets continue to have major impacts on the secondary wood industry. So, what are the steps being taken by wood products manufacturers in order to stay viable? As a follow-up to last year's article, "Housing Market's Impact on the Secondary Woodworking Industry" (Wood & Wood Products, July 2010), the focus of this year's study was...

Prospect for the oil market as a consequence of the financial crisis

International Nuclear Information System (INIS)

Koppelaar, R.

2008-11-01

The Peak Oil Netherlands Foundation shines its light on the consequences of the financial crisis for the global oil market and the relation between oil prices and the credit crisis; short term supply and demand on the oil market; supply and demand of petroleum up to 2015; the volatility of the oil price and the meaning of volatility for the energy transition [mk] [nl

An Empirical Analysis of the Effect of Stock Market Crisis on Economic Growth: The Nigerian Case

Directory of Open Access Journals (Sweden)

Omowunmi Felicia Olokoyo

2011-08-01

Full Text Available Stock market crashes are social phenomena where external economic events combine with crowd behavior and psychology in a positive feedback loop where selling by some market participants drives more market participants to sell. This study empirically established the relationship between stock market crisis and Nigeria’s economic growth and also showed the relationship between stock market price crash and the crisis itself. In this light, this paper examined the interactive influence of movements in the major indicators of the performance of the Nigerian Stock Exchange Market such as the Market Capitalization (MK, All Share Index (ASI, Number of Deals (NOD, Volume and Value of Stock (VV, Total Number of New Issues (TNI and Inflation (INFR on the Nigerian Gross Domestic Product (GDP using data from 1985-2009. To achieve the two objectives stated above, the Ordinary Least Square (OLS method was employed. To correct for the OLS result biasness the log was applied to GDP and MK and also AR(1 was introduced to the first model. The result shows that stock market crisis has a highly significant effect on Nigeria’s economic growth. The result also shows a significant relationship between stock market price crash and the market crisis itself. It is therefore recommended that in the face of the ongoing crisis in the global stock market, the Nigerian stock market authorities should aim at making the market meet a world class standard. Also, all the sectors of the economy should act in a collaborative manner such that optimum benefits can be realized from their economic activities in the Nigeria market even in the hub of global crisis.

Studies of the Prefabricated Housing Construction Market in Poland

Science.gov (United States)

Radziszewska-Zielina, Elżbieta; Gleń, Monika

2014-11-01

The directions of development of the construction market are not only related to the need to own one's own home but also to increasing functional and economic requirements and conditions of sustainable development. The perception and understanding of prefabrication in housing construction are undoubtedly starting to change. Sustainable construction criteria may constitute a significant turning point and support for the development of new prefabricated housing construction technologies. Entrepreneurs are slowly perceiving an opportunity for the development of prefabrication in the construction market. The implementation and popularisation of ready-made homes will undoubtedly constitute a favourable change in the Polish construction market; however, this will require a modification of habits. This article presents an historical analysis of the development of the prefabricated housing construction market as well as an attempt to answer questions concerning the future of prefabrication in housing construction in Poland based on the conducted studies.

24 CFR 888.111 - Fair market rents for existing housing: Applicability.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Fair market rents for existing... DIRECT LOAN PROGRAM, SECTION 202 SUPPORTIVE HOUSING FOR THE ELDERLY PROGRAM AND SECTION 811 SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES PROGRAM) SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM-FAIR MARKET...

24 CFR 888.113 - Fair market rents for existing housing: Methodology.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Fair market rents for existing... DIRECT LOAN PROGRAM, SECTION 202 SUPPORTIVE HOUSING FOR THE ELDERLY PROGRAM AND SECTION 811 SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES PROGRAM) SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM-FAIR MARKET...

How Does the Financial Crisis Affect Volatility Behavior and Transmission Among European Stock Markets?

Directory of Open Access Journals (Sweden)

Faten Ben Slimane

2013-08-01

Full Text Available The spread of the global financial crisis of 2008/2009 was rapid, and impacted the functioning and the performance of financial markets. Due to the importance of this phenomenon, this study aims to explain the impact of the crisis on stock market behavior and interdependence through the study of the intraday volatility transmission. This paper investigates the patterns of linkage dynamics among three European stock markets—France, Germany, and the UK—during the global financial crisis, by analyzing the intraday dynamics of linkages among these markets during both calm and turmoil phases. We apply a VAR-EGARCH (Vector Autoregressive Exponential General Autoregressive Conditional Heteroscedasticity framework to high frequency five-minute intraday returns on selected representative stock indices. We find evidence that interrelationship among European markets increased substantially during the period of crisis, pointing to an amplification of spillovers. In addition, during this period, French and UK markets herded around German market, possibly explained by behavior factors influencing the stock markets on or near dates of extreme events. Germany was identified as the hub of financial and economic activity in Europe during the period of study. These findings have important implications for both policymakers and investors by contributing to better understanding the transmission of financial shocks in Europe.

Efficiency and cross-correlation in equity market during global financial crisis: Evidence from China

Science.gov (United States)

Ma, Pengcheng; Li, Daye; Li, Shuo

2016-02-01

Using one minute high-frequency data of the Shanghai Composite Index (SHCI) and the Shenzhen Composite Index (SZCI) (2007-2008), we employ the detrended fluctuation analysis (DFA) and the detrended cross correlation analysis (DCCA) with rolling window approach to observe the evolution of market efficiency and cross-correlation in pre-crisis and crisis period. Considering the fat-tail distribution of return time series, statistical test based on shuffling method is conducted to verify the null hypothesis of no long-term dependence. Our empirical research displays three main findings. First Shanghai equity market efficiency deteriorated while Shenzhen equity market efficiency improved with the advent of financial crisis. Second the highly positive dependence between SHCI and SZCI varies with time scale. Third financial crisis saw a significant increase of dependence between SHCI and SZCI at shorter time scales but a lack of significant change at longer time scales, providing evidence of contagion and absence of interdependence during crisis.

Measuring the Impact of Economic Crisis to the Greek Vehicle Market

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Evanthia A. Nanaki

2018-02-01

Full Text Available The fallout of the global economic crisis has impacted Greece severely as the austerity measures that were implemented since 2009 have had a devastating effect on poverty and the level of living. The financial agreement of the Greek government with the International Monetary Fund (IMF gave rise to a deep recession phase in the Greek market that started in early 2008. The automobile industry is among the sectors that have been severely affected by the economic crisis. Given that the demand for cars fell sharply and that the Greek car market is facing serious problems, mapping and understanding them can provide useful input to the Greek vehicle market. Regression analysis is being employed, and the interrelations of different variables, such as net disposable income, unemployment rate, fuel prices, the Greek crisis, loans directed to the vehicle market, as well as the inflation rate for the period of 2000–2016, are investigated. Analyzing the factors affecting car sales can provide policy-makers with knowledge in order to take legislative and economic measures, so as to boost sales of new environmental friendly vehicles not only in Greece, but in all EU states.

Why Have Labour Markets Reacted to the Global Crisis in Different Ways?

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Kwiatkowski Eugeniusz

2016-12-01

Full Text Available This paper aims to identify the effects of the global crisis on employment and unemployment in the EU countries and indicate factors which may explain the differentiated response of labour markets to this crisis.

Housing Markets in Austria, Germany and Switzerland

OpenAIRE

Martin Schneider; Karin Wagner

2015-01-01

Running counter to the sharp rise in house prices and housing wealth observed since the mid- 1990s in the vast majority of European countries, real house prices in Germany and Austria were going down in this period and did not start to rise until 2010 or 2007, respectively. This reflects national idiosyncracies in housing markets and motivated the discussion of relevant peculiarities in, and similarities among, Austria and Germany as well as Switzerland. Among the most important structural fe...

Buying first or selling first in housing markets

NARCIS (Netherlands)

Moen, E.R.; Nenov, P.T.; Sniekers, F.

2015-01-01

Housing transactions by owner‐occupiers take two steps, purchase of a new property and sale of the old housing unit. This paper shows how the transaction sequence decision of owner‐occupiers depends on, and in turn, affects housing market conditions in an equilibrium search‐and‐matching model of the

GLOBAL FINANCIAL CRISIS AND UNIT-LINKED INSURANCE MARKETS EFFICIENCY: EMPIRICAL EVIDENCE FROM CENTRAL AND EASTERN EUROPEAN COUNTRIES

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Botoş Horia Mircea

2012-12-01

Full Text Available This paper empirically investigates the impact of the Global financial crisis on the efficiency of four Central and Eastern European emerging unit-linked insurance markets, applying the automatic variance ratio (AVR test of Kim (2009 and variance ratio tests using ranks and signs by Wright (2000 for entire, pre-crisis and crisis periods. This study contributes to the existing literature on efficient market hypothesis with several distinct features: it provides a systematic review of the weak-form market efficiency literature that examines return predictability of the daily ING unit-linked funds prices; also the article aims at monitoring any improvement in the degree of efficiency in time and also examines the relative efficiency of unit-linked insurance markets in pre-crisis and crisis periods. Unit linked insurance are life insurance policies with investment component. In the literature there are few studies investigating the effects of a financial crisis on the potential of predictability and implicitly on the degree of efficiency of financial markets. The occurrence of a market crash or financial crisis is a possible contributing factor of market inefficiency. Most of the studies are focused on the Asian crisis in 1997: Holden et al. (2005 examined the weak-form efficiency of eight emerging Asian stock markets using VR tests before, during and after the Asian crisis; Kim and Shamsuddin (2008 used three different types of multiple VR tests for nine Asian stock markets; the findings reported by Lim et al. (2008 are consistent with those reported by Cheong et al. (2007, in which the highest inefficiency occurs during the crisis period. Todea and Lazar (2010 investigated the effects of the Global crisis on the relative efficiency of ten CEE stock markets, using Generalized Spectral test of Escanciano and Velasco (2006. Wright (2000 proposes the alternative non-parametric variance ratio tests using ranks and signs of return and demonstrates that

A wavelet-based evaluation of time-varying long memory of equity markets: A paradigm in crisis

Science.gov (United States)

Tan, Pei P.; Chin, Cheong W.; Galagedera, Don U. A.

2014-09-01

This study, using wavelet-based method investigates the dynamics of long memory in the returns and volatility of equity markets. In the sample of five developed and five emerging markets we find that the daily return series from January 1988 to June 2013 may be considered as a mix of weak long memory and mean-reverting processes. In the case of volatility in the returns, there is evidence of long memory, which is stronger in emerging markets than in developed markets. We find that although the long memory parameter may vary during crisis periods (1997 Asian financial crisis, 2001 US recession and 2008 subprime crisis) the direction of change may not be consistent across all equity markets. The degree of return predictability is likely to diminish during crisis periods. Robustness of the results is checked with de-trended fluctuation analysis approach.

Has the Economic Crisis Contributed to More Segmentation in Labour Market and Welfare Outcomes?

DEFF Research Database (Denmark)

Leschke, Janine

This paper analyses whether developments on the labour market and in the welfare system during the economic crisis can be seen as perpetuating the trend towards labour market segmentation or whether the crisis may actually have contributed to containing some of the divisions forged in recent...... decades. The emphasis is placed on (involuntary) part-time and temporary employment. With regard to labour market developments, the author demonstrates a further segmentation during the crisis, in particular for youth and people with low educational levels who have been disproportionately affected...... by unemployment. Due to data deficiencies, it is difficult to judge conclusively whether the crisis has contributed to more or to less segmentation in welfare coverage. In fact, there seems to be a division between countries in this regard and the deliberate opening up of unemployment schemes in several countries...

Currency Market Reactions to Good and Bad News During the Asian Crisis

OpenAIRE

Gab-Je Jo; Thomas D. Willett

2000-01-01

There is considerable disagreement among analysts about the extent to which the spread of the Asian crisis was based on reasonable changes in expectations about fundamentals versus pure contagion effects resulting from imperfections in the behavior of currency and financial markets. In this paper we focus specifically on the behavior of the foreign exchange market for the five Asian countries. We find little support for the hypothesis that the Asian currency crisis was dominated by panic in t...

Multifractals in Western Major STOCK Markets Historical Volatilities in Times of Financial Crisis

Science.gov (United States)

Lahmiri, Salim

In this paper, the generalized Hurst exponent is used to investigate multifractal properties of historical volatility (CHV) in stock market price and return series before, during and after 2008 financial crisis. Empirical results from NASDAQ, S&P500, TSE, CAC40, DAX, and FTSE stock market data show that there is strong evidence of multifractal patterns in HV of both price and return series. In addition, financial crisis deeply affected the behavior and degree of multifractality in volatility of Western financial markets at price and return levels.

Volatility in the Housing Market: Evidence on Risk and Return in theLondon Sub-market

Directory of Open Access Journals (Sweden)

Steve Cook

2017-10-01

Full Text Available The impact of volatility in housing market analysis is reconsidered via examinaton ofthe risk-return relationship in the London housing market is examined. In addition to providing thefirst empirical results for the relationship between risk (as measured by volatility and returns forthis submarket, the analysis offers a more general message to empiricists via a detailed and explicitevaluation of the impact of empirical design decisions upon inferences. In particular, the negativerisk-return relationship discussed frequently in the housing market literature is examined and shown todepend upon typically overlooked decisions concerning components of the empirical framework fromwhich statistical inferences are drawn.

The Adoption of Digital Marketing in Financial Services under Crisis

Directory of Open Access Journals (Sweden)

Daj A.

2009-12-01

Full Text Available Led by social media, online search, consumer generated content, virtual communities, and considering the increased focus on digital technologies, the longer-term prospects for digital marketing and the global online medium continue to be bright. Given the recent decline of the financial markets and the economic fallout, financial institutions have to implement new digital marketing techniques both for cost optimization and for dealing with the crisis of confidence.

Evidence of market manipulation in the financial crisis

OpenAIRE

Vedant Misra; Marco Lagi; Yaneer Bar-Yam

2011-01-01

We provide direct evidence of market manipulation at the beginning of the financial crisis in November 2007. The type of manipulation, a "bear raid," would have been prevented by a regulation that was repealed by the Securities and Exchange Commission in July 2007. The regulation, the uptick rule, was designed to prevent manipulation and promote stability and was in force from 1938 as a key part of the government response to the 1929 market crash and its aftermath. On November 1, 2007, Citigr...

A structural model for the housing and credit markets in Italy

OpenAIRE

Andrea Nobili; Francesco Zollino

2012-01-01

We estimate a fully-fledged structural system for the housing market in Italy, taking into account the multi-fold link with bank lending to both households and construction firms. The model allows the house supply to vary in the short run and the banking sector to affect the equilibrium in the housing market, through its effect on housing supply and demand. We show that house prices react mostly to standard drivers such as disposable income, expected inflation and demographic pressures. Lendi...

Wait, bond, and buy : Consumer responses to economic crisis

NARCIS (Netherlands)

Yabar, J.

2012-01-01

Although economic crises tend to be perceived as a time in which consumers cut back on expenditures (including cars, clothes, and houses), market data also shows that sales of certain products increase during economic downturns. How do consumers respond to an economic crisis? And what is the

The Italian Labour Market and the Crisis

Directory of Open Access Journals (Sweden)

Tindara Addabo

2012-03-01

Full Text Available The Italian labour market is characterized by deep gender differences and regional variability. The data show that the crisis lead to an increase in the gap of female employment rates and women's inactivity rates with respect to Europe. The North of Italy experienced a higher increase in unemployment than the South, where many people withdrew from the labour market because of poor employment prospects. Moreover, in Italy, the increase in unemployment has been mitigated by the increase in the number of workers having access to the wage supplementation fund who are not computed within the unemployed. Using a micro simulation technique, we estimate the effect of the crisis on income distribution and poverty and find that at the national level, the population showed a reduction in equivalized household income by about 1 percent. The use of wage supplementation fund, together with a higher involvement of youth living in their birth family, brought about the observed limited increase in the poverty rates. The heterogeneity in the system of unemployment benefits increased inequalities amongst the unemployed. This calls for a reform of the system of unemployment benefit and safety net in Italy that has been long postponed.

Choice of the marketing concept of management of housing-and-communal services

Science.gov (United States)

Skripnik, Oksana

2017-10-01

According to the author, housing-and-communal services comprise the basis of regional infrastructure forming quality and the standard of living of the population, being one of the most important prerequisites of development of social and economic capacity of the region. Some marketing concepts of management of housing-and-communal services are considered in the article, the problems, interfering the use of marketing technologies in management of housing-and-communal services are revealed. The need of use of marketing management for effective activity of housing-and-communal services is also reasoned. The author proves that the introduction of housing-and-communal services in practice as the marketing concept of management allows to solve the whole complex of issues, which are studied in the article.

After the crisis: which future for the competitive power market of Ontario?

International Nuclear Information System (INIS)

Fraser, P.

2003-01-01

This document presents the power distribution system of Ontario (Canada) and the crisis that followed the opening of the electricity market on May 1, 2002 in Ontario. The author explains the process of reforms of the power market, the re-structuration of Ontario Hydro company and the occurrence of new energy companies (73 new retailers), the launching of a wholesale market, the reasons of the crisis (25% average rise of electricity prices) and the lessons to be learned from. In front of this situation, a freezing of electricity prices to their level prior to May 2002 and a reimbursement of the difference paid by consumers since May 2002 have been decided by the government up to 2006. (J.S.)

The end of mass homeownership? Changes in labour markets and housing tenure opportunities across Europe.

Science.gov (United States)

Arundel, Rowan; Doling, John

2017-01-01

With continued economic growth and expanding mortgage markets, until recently the pattern across advanced economies was of growing homeownership sectors. The Great Financial Crisis (GFC) has however, undercut this growth resulting in the contraction of homeownership access in many countries and the revival of private renting. This paper argues that these tenure changes are not solely a consequence of the GFC, and therefore, reversible once long-term growth returns. Rather, they are the consequences of more fundamental changes especially in labour markets. The very financialisation that fuelled the growth of homeownership has also led to a hollowing out of well-paid, secure jobs-exactly those that fit best with the taking of housing loans. We examine longer-term declines in labour market security across Europe from before the GFC, identifying an underlying correlation between deteriorated labour market conditions and homeownership access for young adults. While variations exist across European countries, there is evidence of common trends. We argue that the GFC both accelerated pre-existing labour insecurity dynamics and brought an end to offsetting such dynamics through the expansion of credit access with the likelihood of a return to an era of widespread homeownership growth starkly decreased.

The Financial Crisis through the Lens of Foreign Exchange Swap Markets

OpenAIRE

Crystal Ossolinski; Andrew Zurawski

2010-01-01

During the financial crisis, non-US banks relied increasingly on foreign exchange swap markets to fund their US dollar asset holdings. This caused the cost of borrowing US dollars via the swap market to rise above the measured cost of borrowing US dollars directly in money markets – an apparent deviation from the covered interest parity condition. Pricing in the Australian dollar foreign exchange swap market, and to a lesser degree the cross-currency swap market, also reflected the global s...

The U.S Subprime Mortgage Crisis: An analysis of Rating Transitions and The Role of Credit Rating Agencies

OpenAIRE

Sethi, Rahul

2008-01-01

The ongoing credit crisis has virtually engulfed all the biggest financial markets in the world and an end to this turmoil seems very far off at this moment in time. But it is very essential to understand the root cause of this crisis, which began in mid-2007 in the United States of America due to the collapse of the housing market. This paper starts with the factors leading to the crisis and focuses on one of the key players in this whole fiasco that played a very pivotal role in the orig...

Ukraine's money-and-credit market: the crisis lessons and short-term prospects

OpenAIRE

A. Danylenko, N. Shelud'ko

2010-01-01

The article generalizes the tendencies of the functioning of Ukraine's money-and-credit market during the crisis period. The authors evaluate the adequacy of the current anti-crisis money-and-credit policy and outline the key challenges and risks for the monetary and credit sphere of Ukraine' economy in the current year

From demonstration projects to volume market : Market development for advanced housing renovation

NARCIS (Netherlands)

Mlecnik, E.; Prendergast, E.; Rodsjo, A.; Haavik, T.; Parker, P.

2010-01-01

How do we get from demonstration projects to a volume market for very low energy demand in advanced housing renovation? The contributors to this report have been working with this issue for many years. Some worked in both IEA SHC Task 28 Sustainable Housing (2000-2005) and in SHC Task 37 Advanced

The exchange rate managements in crisis-experienced emerging market economies after the 1990s

OpenAIRE

Taguchi, Hiroyuki

2005-01-01

This article examined the exchange rate managements in the crisis-experienced emerging market economies after the 1990s. First, we found that the exchange rate flexibility has increased from the pre-crisis period towards the post-crisis period under the “soft peg” regime. Second, we identified a structural change in the factors for determining a reference rate in exchange rate management from the pre-crisis period to the post-crisis period. Third, we found that East Asian countries, in their ...

Stock Market Linkages: Evidence From The US, China And India During The Subprime Crisis

Directory of Open Access Journals (Sweden)

Singh Amanjot

2015-06-01

Full Text Available The Subprime crisis spillovered the returns and volatility from the US stock market to the other integrated economies. The present study attempts to analyze the stock market linkages between the US, India and China, especially during the US subprime Crisis. The technique of Tri-Variate Vector Autoregression and the Spillover Index has been employed so as to analyze the relations during the time period 2007 to 2009. To estimate the time varying risk parameters, the technique of Threshold Generalized Autoregressive Conditional Heteroskedastic [TGARCH (1,1] model has been used. A uni-directional causality has been observed from the US market to the Indian and Chinese market, whereas another unidirectional causality has also been spotted running from the Chinese market to the Indian market in the context of stock market returns during the crisis period. A unidirectional volatility spillover from the US to the Indian market and from the Indian to the Chinese market has been found to be significant. As per the volatility Spillover Index, the cross market impact on the volatility reduces over a time period 2007-2009, due to the increased impact of the past volatility and the presence of 'leverage effect'. The falling returns added to the volatility in the respective markets. The efficient tests of causality inspired by Hill (2007 reported an indirect impact of the US market volatility on the Chinese market via Indian. The portfolio managers should discount this information well ahead of time to maintain the portfolio values by taking positions in futures and options market.

Theory and the market after the crisis: the endogeneity of financial governance

NARCIS (Netherlands)

Underhill, G.R.D.

2010-01-01

The inheritance of contemporary financial economics invites us to consider financial stability as integral to a liberal market setting. The crisis however demonstrated that financial markets may prove highly dysfunctional in the absence of adequate mechanisms of regulation and governance. This

Emerging Markets: Theory & Practice / Turkey’s Reforms Post 2001 Crisis

Directory of Open Access Journals (Sweden)

Duygu Uckun

2010-01-01

Full Text Available The global financial downturn of 2001 affected broad swaths of the increasingly interconnected global economy. The global effects of the economic downturn in the U.S. in 2008 showed that decoupling had not occurred to the extent many thought, and showed that indeed emerging market countries, including Turkey, were not immune from economic trouble in America. This paper addresses the question, whether the fiscal, financial, and regulatory reforms in Turkey after the 2001 economic crisis cushion the global financial crisis world is facing toward the end of the decade. In doing so we analyze the policies implemented by Turkey before and after the 2001 global economic crisis and identify the successes as well as failures of those reforms. The results of our research show that despite significant reforms in key economic and regulatory areas in the post-2001 crisis period, vulnerabilities remained; especially concerning the large current account deficit, volatility of exchange rates, increased private sector indebtedness, and persistent unemployment. These vulnerabilities will be visible in the deteriorating liquidity conditions in the global financial markets. We conclude by recommending infrastructure, education and health spending as well as restructuring of the economy to further attract FDI and avoid reliance on speculative foreign capital in order to achieve a more balanced and sustained growth in the long run.

First Significant Digits and the Credit Derivative Market During the Financial Crisis

Directory of Open Access Journals (Sweden)

Paul Hofmarcher

2013-06-01

Full Text Available The Credit Default Swap (CDS market has both been lauded for its ability to stabilize the financial system through credit risk transfers and been the source of regulatory concern due to its size and lack of transparency. As a decentralized over-the-counter market, detailed information about pricing mechanisms is rather scarce. To investigate reported CDS prices (spreads more closely, we make use of empirical First Significant Digit (FSD distributions and analyze daily CDS prices for European and US entities during the financial crisis starting in 2007. We find that on a time-aggregated level, the European and US markets obey empirical FSD distributions similar to the theoretical ones. Surprising differences are observed in the development of the FSD distributions between the US and European markets. Whereas the FSD distribution of the US derivative market behaves nearly constantly during the last financial crisis, we find huge fluctuations in the FSD distribution of the European market. One reason for these differences might be the possibility of strategic default for US companies due to Chapter 11 and avoided contagion effects.

How "Animal Spirits" Wrecked the Housing Market

Science.gov (United States)

Akerlof, George A.; Shiller, Robert J.

2009-01-01

Real-estate markets are almost as volatile as stock markets. Prices of agricultural land, of commercial real estate, and of homes and condominiums have gone through a series of huge bubbles, as if people never learned from the previous ones. Such events--in particular the recent housing bubble--are driven by what John Maynard Keynes called animal…

Labour Markets Trends, Financial Globalization and the current crisis in Developing Countries

NARCIS (Netherlands)

R.E. van der Hoeven (Rolph)

2010-01-01

textabstractThe current wave of globalization has profound labour market effects, accentuated, in many cases, by the current financial and economic crisis. This paper reviews general labour market trends and country examples, arguing that the current globalization process makes labour’s position

Volatility in financial markets: The impact of the global financial crisis

OpenAIRE

Valls Ruiz, Natàlia

2014-01-01

This dissertation focuses on volatility in financial markets, with a special concern for: (i) volatility transmission between different financial markets and asset categories and, (ii) the effect of macroeconomic announcements on the returns, volatility and correlation of stock markets. These issues are analysed taking into account the phenomenon of asymmetric volatility and incorporating the period of financial turmoil caused by the Global Financial Crisis. The study focuses the attention on...

Labor Market Transitions of Men and Women During an Economic Crisis: Evidence from Indonesia

National Research Council Canada - National Science Library

Thomas, Duncan

2000-01-01

Indonesia is in the midst of a major financial, economic and political crisis. The immediate effects of the crisis on labor market outcomes are examined drawing on two rounds of the Indonesia Family Life Survey (IFLS...

The Crisis Impact on the Labour Market

Directory of Open Access Journals (Sweden)

Simona Valeria TOMA

2010-12-01

Full Text Available The aim of this paper is to discuss the impact of the current global economic crisis on the labour market, including the risk that the recession will be followed by a jobless recovery that contributes to a lost generation of young people in the workforce. The crisis affects different sectors in different ways, but the impact also varies according to age, gender, skills level and type of contract. Although it had a more significant effect on the private sector of the economy, the crisis’s impact on the broader public sector is also obvious. Migrants, both legal and illegal, are particularly vulnerable during crises because they are typically not being provided the same level of employment protection as native workers and hence they are the first to lose their jobs during an economic downturn.

EVOLUTION OF THE ROMANIAN RESIDENTIAL MARKET AFTER OUTBREAK OF THE CURRENT ECONOMIC AND FINANCIAL CRISIS

Directory of Open Access Journals (Sweden)

Şteliac Nela

2013-04-01

Full Text Available The residential market is one of the market sectors seriously affected by the current economic and financial crisis. This is mirrored both in the fall of real estate trading prices and in the decreased number of transactions and cutback of newly built constructions. This trend is applicable to the entire spectrum of the residential market (luxury properties and homes destined to average-income customers. Romania is no exception from this European and world-wide state of affairs. This paper aims to briefly outline the trends on the Romanian residential market in the aftermath of the current crisis.

How does crisis affect efficiency? An empirical study of East Asian markets

OpenAIRE

Syed Aun R. Rizvi; Shaista Arshad

2016-01-01

Much research has been undertaken in the Efficient Market Hypothesis (EMH) over the preceding two decades. With Asian countries emerging as a global powerhouse in terms of regional economics, the interest in their stock markets has picked up recently. Asian markets traditionally comprised of many emerging markets are generally assumed to be more volatile and speculative in nature. Based on this crux, we focus specifically on the response of these markets efficiency to major crisis. In recent ...

Competitive market for multiple firms and economic crisis

Science.gov (United States)

Tao, Yong

2010-09-01

The origin of economic crises is a key problem for economics. We present a model of long-run competitive markets to show that the multiplicity of behaviors in an economic system, over a long time scale, emerge as statistical regularities (perfectly competitive markets obey Bose-Einstein statistics and purely monopolistic-competitive markets obey Boltzmann statistics) and that how interaction among firms influences the evolutionary of competitive markets. It has been widely accepted that perfect competition is most efficient. Our study shows that the perfectly competitive system, as an extreme case of competitive markets, is most efficient but not stable, and gives rise to economic crises as society reaches full employment. In the economic crisis revealed by our model, many firms condense (collapse) into the lowest supply level (zero supply, namely, bankruptcy status), in analogy to Bose-Einstein condensation. This curious phenomenon arises because perfect competition (homogeneous competitions) equals symmetric (indistinguishable) investment direction, a fact abhorred by nature. Therefore, we urge the promotion of monopolistic competition (heterogeneous competitions) rather than perfect competition. To provide early warning of economic crises, we introduce a resolving index of investment, which approaches zero in the run-up to an economic crisis. On the other hand, our model discloses, as a profound conclusion, that the technological level for a long-run social or economic system is proportional to the freedom (disorder) of this system; in other words, technology equals the entropy of system. As an application of this concept, we give a possible answer to the Needham question: “Why was it that despite the immense achievements of traditional China it had been in Europe and not in China that the scientific and industrial revolutions occurred?”

24 CFR 888.115 - Fair market rents for existing housing: Manner of publication.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Fair market rents for existing..., SECTION 202 DIRECT LOAN PROGRAM, SECTION 202 SUPPORTIVE HOUSING FOR THE ELDERLY PROGRAM AND SECTION 811... MARKET RENTS AND CONTRACT RENT ANNUAL ADJUSTMENT FACTORS Fair Market Rents § 888.115 Fair market rents...

The Evolution of Foreign Exchange Markets in the Context of Global Crisis

Directory of Open Access Journals (Sweden)

Mariana Trandafir

2011-12-01

Full Text Available The FX market is the world’s largest financial market. The global financial systeminvolves effective and efficient exchange of currencies. Corporations and investors participate in themarket for operational needs: to reduce risk by hedging currency exposures; to convert their returnsfrom international investments into domestic currencies and to make cross-border investments andraise finance outside home markets. Central banks participate in the market. This paper analyzesforeign exchange marketsactivity before and under the condition the global crisis. The method ofresearch is the comparative analysis used on the global and European level. The research is importantand actual because it reveals the changeswhich have defined a new paradigm forthe foreignexchange marketsand which contributed to the increasing of the global foreign exchange marketturnover during the global crisis. The main conclusion of the paper is that the innovativedevelopments in electronic trading technology and institutional trading arrangements are behind theevolution of the foreign exchange markets. The analysis is supported by statistical tables and uses therecent officialBank for International Settlements and European Central Bank statistic databases.

Political economy of the US financial crisis 2007-2009

Directory of Open Access Journals (Sweden)

Vuk Vuković

2011-03-01

Full Text Available The emphasis of this paper is on the political economy of the subprime mortgage crisis in the United States and how the policy makers contributed to it through their legislation and regulations, made under the rising influence of interest groups and the lobbying activities of the finance industry. The “Great Recession” of 2007-2009 began as a bubble-burst in the mortgage market in the United States that spilled over to the entire financial market of the US, and afterwards to the integrated world financial market. The crisis sprang up over the US real sector and, due to the decline in US aggregate demand, spread consequently to the real economy of the rest of the World. No sound evidence has been given for the publicly proclaimed idea that the causes of the crisis lie within the self-regulating free market. The causes of the crisis lie primarily in the activities of political power, i.e. in the extensive government regulation which has, under the strong influence of interest groups and the lobbying power of financial corporations, led to favouritism in macroeconomic policies and inefficient resource allocation. Regulation was enforced by stimulating affordable housing through government sponsored enterprises, oligopoly of the rating agencies, banking regulation and an increasing connection between government and the finance industry.

ADJUSTMENT DURING THE CRISIS: INSTITUTIONAL BUFFERS ON THE EASTERN EUROPEAN LABOUR MARKETS

Directory of Open Access Journals (Sweden)

Pavol Babos

2014-05-01

Full Text Available The economic crisis had profound effects on labour markets of the EU member states in terms of a decline in employment and a rise in unemployment. This paper investigates how the states limited the impact of the change in economic output on the employment and the unemployment. The analysis suggests that there are different labour market institutions influencing the impact of the fall in GDP on the employment decline and unemployment increase. The first part of the paper explores and compares the extent to which the labour market institutions cushioned the impact of the economic crisis on the EU countries. The second part of this paper provides an in-depth comparative analysis of the labour market institutions and the adjustment mechanisms in Central Eastern European countries: Latvia, Slovenia and Slovakia. In the end this paper suggests that the specific institutional setting of a country, according to the Varieties of Capitalism, might shape the form of the government response to the crisis and the effect of particular institutions on the adjustment channels. The study shows that adjustment in Slovenia took place mostly within the firms, while in Latvia the most efficient adjustment channels actuated outside the firms, mostly within the government sponsored training programmes and international migration. In Slovakia, government sponsored adjustment, which focused on maintaining the existing positions, prevailed together with the promotion of self-employment.

The price of energy efficiency in the Spanish housing market

International Nuclear Information System (INIS)

Ayala, Amaia de; Galarraga, Ibon; Spadaro, Joseph V.

2016-01-01

The housing sector is a substantial consumer of energy, and therefore a focus for energy savings efforts. The Energy Performance of Buildings Directive (EPBD), introduced in 2002 and revised in 2010, is a key instrument to increase the energy performance of buildings across the European Union. Following the implementation of the EPBD into Spanish law, all properties offered for sale or rented out in Spain are required to have an Energy Performance Certificate (EPC). Given that the implementation of the EPC scheme for new, existing and advertised properties is still very low in Spain, unlike other European housing markets, the Spanish one lacks market data on energy efficiency (EE) labels and their impact on housing price. To overcome this gap, we determine the EE ratings of a sample of 1507 homes across Spain on the basis of information collected previously through household surveys. This allowed us to answer the question of whether or not, and to what extent, Spanish housing markets capitalise the value of EE. We apply the hedonic-price technique and observe that more energy efficient dwellings have a price-premium between 5.4% and 9.8% compared to those with the same characteristics but lower EE level. - Highlights: •The Spanish housing market lacks data on energy efficiency (EE) labels. •We determine the EE ratings of a sample of 1507 homes across Spain. •Homes labelled A, B and C account for less than 10% of the housing stock. •Energy efficient dwellings have a price-premium between 5.4% and 9.8%, ceteris paribus.

Banks Belonging to the Erste Group and their Sensitivity to the Confidence Crisis on the Interbank Market

Directory of Open Access Journals (Sweden)

Pavla Klepková Vodová

2015-01-01

Full Text Available The aim of this paper is to measure the sensitivity of commercial banks from the Erste Group to the confidence crisis on the interbank market and to compare their sensitivity with average sensitivity of banks in particular countries. We have used the methodology of scenario analysis for the liquid asset ratio. All banks belonging to the Erste Group should be able to withstand the confidence crisis on the interbank market. The group of the most vulnerable banks consists from Erste bank Hungary and Banca Comerciala Romana from Romania. In some cases, banks from the Erste Group are more sensitive; while in other cases are banks belonging to the Erste Group less vulnerable than corresponding banking sectors. Except of banks from Hungary, Romania and Slovakia, subsidiary banks are less sensitive to the confidence crisis than the parent bank. Banks (and banking sectors who are net borrowers on the interbank market are much more sensitive to the confidence crisis on this market.

Passive solar ranch house for the mass market

Energy Technology Data Exchange (ETDEWEB)

Albanes, M.N.

1981-01-01

To promote the building of passive solar housing in the Denver metropolitan area, a solar ranch style house was designed for a builder, Unique Homes, as part of a group of thirteen passive solar houses built for the mass market under SERI's Denver Metro Home Builders Program. The project, process of design, thermal performance analysis, cost and consumer/media response are reviewed. The final design was a direct gain, attached greenhouse system that used brick as interior mass.

Post-crisis asymmetries of the world market development of banking services

Directory of Open Access Journals (Sweden)

Vladyslav Тіpanov

2011-09-01

Full Text Available In the article there were analyzed theoretical backgrounds for defining the concept «banking service» by scientists from different countries: considered its main characteristics and classification, determined the key peculiarities of the world market functioning of banking services and its structure, found out the present-day developments of the world market of banking services under conditions of post-crisis period.

The global financial crisis: Is there any contagion between real estate and equity markets?

Science.gov (United States)

Hui, Eddie Chi-man; Chan, Ka Kwan Kevin

2014-07-01

This study examines contagion across equity and securitized real estate markets of Hong Kong, US and UK during the global financial crisis by the Forbes-Rigobon, coskewness and cokurtosis tests. In particular, this is the first study to use the cokurtosis test to examine contagion between real estate and equity markets. The results show that the cokurtosis test can detect additional channels of contagion, and hence is a more powerful test. In contrary to Fry et al. (2010), we find that the cokurtosis test shows a highly significant evidence of contagion between the equity and real estate markets in both directions. In particular, the contagion between US's equity and real estate markets is the most significant. This reflects that US is the centre of shock of the global financial crisis.

Uneasy Bedfellows: Social Justice and Neo-Liberal Practice in the Housing Market

Directory of Open Access Journals (Sweden)

Andrew Martel

2016-06-01

Full Text Available The Australian state has ratified the Convention on the Rights of Persons with Disabilities (CRPD, which emphasizes a social justice-based, personalized service delivery model. The upcoming National Disability Insurance Scheme (NDIS reflects this model and aims to facilitate people living with a disability being able to access services while housed within the private residential market, a move away from a state-based combined residential/service care model. However, in Australia’s neo-liberal housing market government intervention tends to shy away from policies that overtly impose restrictions on private firms. Therefore, in the absence of a subsidy from the state, the CRPD is of limited use in encouraging private developers to improve the appropriateness of its new built stock for people with a disability. A more persuasive approach is to highlight the size, diversity, and economic power of the disability-friendly housing consumer market when housing provision is separated from disability care delivery. This paper examines the feasibility of sustaining innovation in the volume builder housing market by aligning accessibility promoting changes to the existing innovation channels within Australian firms, suggesting that the NDIS concentrate on assisting the housing industry transition to a make-to-order model from the current make-to-forecast one.

Contagion in International Stock Markets during the Sub Prime Mortgage Crisis

Directory of Open Access Journals (Sweden)

Hsien-Yi Lee

2012-01-01

Full Text Available The sub prime mortgages crises took place in July, 2007 in US which causes the large scare in the global financial markets, and the international stock and foreign market suffer heavy shock. Using twenty international stock indexes, this study examines whether any contagion effect occurred across international markets after the sub-prime financial mortgage crisis in US. Using the heteroscedasticity biases based on correlation coefficients to examine the existence of the contagion effect, this study shows that stock markets of some countries (namely Hong Kong, Taiwan, Australia and New Zealand did suffer from the contagion effect.

Analyzing the impact of global financial crisis on the interconnectedness of Asian stock markets using network science

OpenAIRE

Jitendra Aswani

2015-01-01

As importance of Asian Stock Markets (ASM) has increased after the globalization, it is become significant to know how this network of ASM behaves on the onset of financial crises. For this study, the Global Financial Crisis is considered whose origin was in the developed country, US, unlike the Asian crisis of 1997. To evaluate the impact of financial crisis on the ASM, network theory is used as a tool here. Network modeling of stock markets is useful as it can help to avert the spillover of...

Effects of global financial crisis on network structure in a local stock market

Science.gov (United States)

Nobi, Ashadun; Maeng, Seong Eun; Ha, Gyeong Gyun; Lee, Jae Woo

2014-08-01

This study considers the effects of the 2008 global financial crisis on threshold networks of a local Korean financial market around the time of the crisis. Prices of individual stocks belonging to KOSPI 200 (Korea Composite Stock Price Index 200) are considered for three time periods, namely before, during, and after the crisis. Threshold networks are constructed from fully connected cross-correlation networks, and thresholds of cross-correlation coefficients are assigned to obtain threshold networks. At the high threshold, only one large cluster consisting of firms in the financial sector, heavy industry, and construction is observed during the crisis. However, before and after the crisis, there are several fragmented clusters belonging to various sectors. The power law of the degree distribution in threshold networks is observed within the limited range of thresholds. Threshold networks are fatter during the crisis than before or after the crisis. The clustering coefficient of the threshold network follows the power law in the scaling range.

The Relationship between Housing Finance and Macroeconomics Variables in Malaysia

Directory of Open Access Journals (Sweden)

Binti Mohd Shukor Nur Baizura

2016-01-01

Full Text Available Housing finance is one of the factors that contribute in the overall economy growth of the country. The purpose of this paper is to analyse the relationship of housing finance variable and the macroeconomic variables in Malaysia. By adopting time series technique of Vector Auto regression (VAR and Impulse Response to determine the dynamic relationship between the macroeconomic and housing finance variable. The cointegration result shows that there exists a long run relationship between the macroeconomic variable and housing finance variable. The finding from impulse response function indicates that Gross Domestic Product (GDP response positively to the Primary Mortgage Market (PMM, which shows that during the good economy there are more housing loan extends by the banking institution. Meanwhile, interest rate response negatively to Secondary Mortgage Market (SMM, which implies that during the financial crisis, more housing loan sold to the Secondary Mortgage Market as one of the measure by the government to increase liquidity in banking institutions. As a conclusion, there is presence of relationship between the variable which change in one variable will affect the other variable in the long run.

Tax policy, housing and the labour market

DEFF Research Database (Denmark)

Jensen, Svend Erik Hougaard; Nielsen, Søren Bo; Pedersen, Lars Haagen

1996-01-01

This paper develops an intertemporal simulation model designed to analyse tax policies in a small open economy. Within a finite horizon, overlapping generations framework, we introduce imperfect competition in the labour market, consumption and construction of durables in the form of housing units...

Changing Prices in a Weak Housing Market

Institute of Scientific and Technical Information of China (English)

Xu Dianqing

2008-01-01

@@ First, the adjustment in housing prices are in some cases just a regular marketing strategy. Speculation is restrained by macrocontrol policies, which naturally slows down a price increase.It is also predictable that some unreasonably high prices will need to be readjusted.

Selected Demographic Aspects of Buyers’ Activity on the Local Housing Market

Directory of Open Access Journals (Sweden)

Foryś Iwona

2015-02-01

Full Text Available Demographic factors next to economic, political and legal ones, are important elements determining the development of the housing market. The analysis of the age structure of the population and of the dynamics of change shows that the population of baby boomers in the age group that is actively entering the labor market and becoming independent is a stimulant for the development of the housing market. Individuals who are gaining economic independence generate new needs and, with appropriate financial resources, also future demand for their own accommodation.

The Cash-out Refinancing in the Norwegian Housing Market

OpenAIRE

Almaas, Synne Schanke; Bystrøm, Line Synnøve

2014-01-01

The housing prices in Norway and the ratio of Norwegian household debt to disposable income have reached unprecedentedly high levels in recent years, raising concerns about whether we are in a serious housing bubble. This attracts much attention and initiates debates among politicians, researchers as well as the entire society. Contributing to the debates, the present thesis studies "cash-out" refinancing in the Norwegian housing market and has two main findings. First, along with the soaring...

Australia is Facing a HousingAffordability Crisis: Is the Solution to this Problem the Singapore Model of Housing?

Directory of Open Access Journals (Sweden)

John McLaren

2016-12-01

Full Text Available Australia is pricing young buyers out of the housing market. Unfortunately, debt-free home ownership in the retirement years is a key part of the Australian welfare system. This paper provides one possible solution to the current housing predicament of Australia. In doing so, the paper examines the housing strategy in Singapore, where residents are provided with accommodation at a reasonable cost. This strategy is examined and translated for use in Australia. In conclusion the paper proposes that the Singapore model of home ownership is worthy of consideration by the government of Australia.

The impact of social housing on the labour market status of the disabled.

Science.gov (United States)

Gregoir, Stéphane; Maury, Tristan-Pierre

2013-09-01

Disability may impact on employment through entitlement to social housing. Estimates of an original dynamic panel data model of disability, labour market and housing tenure transitions in England indicate that up to one-quarter of the lower employment probability of the disabled can be attributed to the effect of qualifying for social housing. Short-lived disabilities can result in long spells in social housing that reduce incentives to participate in the labour market. This suggests that authorities should reform the welfare system and the allocation of social housing to limit the persistent and unfavourable consequences of allocating social housing to the disabled. Copyright © 2013 John Wiley & Sons, Ltd.

Housing market volatility in the OECD area

DEFF Research Database (Denmark)

Engsted, Tom; Pedersen, Thomas Quistgaard

2014-01-01

Vector-autoregressive models are used to decompose housing returns in 18 OECD countries into cash flow (rent) news and discount rate (return) news over the period 1970-2011. For the jajority of countries news about future returns is the main driver, and both real interest rates and risk-premia play...... an important role in accounting for housing market volatility. Bivariate cross-country correlations and principal components analyses indicate that part of the return movements have a common factor among the majority of countries. We explain the results in terms of global changes in credit constraints...

Multifractal Analysis of Asian Foreign Exchange Markets and Financial Crisis

Science.gov (United States)

Oh, Gabjin; Kwon, Okyu; Jung, Woo-Sung

2012-02-01

We analyze the multifractal spectra of daily foreign exchange rates for Japan, Hong-Kong, Korea, and Thailand with respect to the United States Dollar from 1991 to 2005. We find that the return time series show multifractal spectrum features for all four cases. To observe the effect of the Asian currency crisis, we also estimate the multifractal spectra of limited series before and after the crisis. We find that the Korean and Thai foreign exchange markets experienced a significant increase in multifractality compared to Hong-Kong and Japan. We also show that the multifractality is stronge related to the presence of high values of returns in the series.

Interrelations between housing supply agents: the metropolitan housing market in Prague

Czech Academy of Sciences Publication Activity Database

Lux, Martin; Sunega, Petr

2010-01-01

Roč. 22, č. 1 (2010), s. 99-117 ISSN 1463-1377 R&D Projects: GA ČR GA403/09/1915 Institutional research plan: CEZ:AV0Z70280505 Keywords : housing supply * market efficiency * transition economies Subject RIV: AH - Economics Impact factor: 0.362, year: 2010 http://www.vse.cz/polek/abstrakt.php3?IDcl=728

Impact of Brexit on the United Kingdom’s Housing Market

OpenAIRE

Syromiatnikova, Sofia

2017-01-01

This thesis aims to analyse the changes in the real estate market in the United Kingdom and trace and identify the factors that would trigger a price change. The dissertation investigates the possible change in the value of housing caused by Brexit, which is a specific group of investment assets and a major component of household wealth for the UK. Understanding the nature and degree of change in housing prices will make market participants aware of the size of their risk exposure and can hel...

Effects of the Financial Crisis on Stock Market of the Czech Republic and Spain

OpenAIRE

Titizov, Toško

2013-01-01

The paper analyzes effects of the financial crisis on stock market of the Czech Republic and Spain. We employ BEKK-GARCH model in order to study volatility spillovers and transmissions from the US stock market to stock markets of the Czech Republic and Spain. The multivariate GARCH models results show statistically significant, but relatively small, almost irrelevant volatility spillovers from the US stock market to stock markets of the Czech Republic and Spain. The Czech stock market exhibit...

Economic sustainability considerations in a local housing market with post-bubble hindsight

NARCIS (Netherlands)

Kauko, T.J.

2009-01-01

Given the pivotal role of the housing bubble in the subsequent credit crunch, the following question may be raised: could the global financial crisis have been moderated if prude property valuations had been made at the time of issuing bank loans, and if governments and institutions had been

Market Innovation, Rational Housing Supply and Urban Quality at the Neighbourhood Scale

Science.gov (United States)

Puglisi, Valentina; Celani, Alberto

2017-10-01

Innovation of product, process and markets are the three categories to assess the improvement of a sector. This document is aimed to provide a review of papers about innovation in housing market and analyses solutions adopted by the international market in terms of definition of attributes of housing products. Enlightening aspects linked to quality attributes of housing products and it has been tried to read a common scheme in any study analysed to provide solutions to set innovation hints to enhance market innovation in the sector. The idea of choice, user and buyer categories definition, assessment and rating system is the backbone of the paper, as the parallelism between marketing of industrial goods and services and built environment objects. Quality of the neighbourhood and the idea of an ex-post assessment is the theme behind the last case presented, based on a research made by ABC Department of Politecnico di Milano in a neighbourhood in Milano, aimed to assess its quality.

Fair Market Rents For The Section 8 Housing Assistance Payments Program

Data.gov (United States)

Department of Housing and Urban Development — Fair Market Rents (FMRs) are primarily used to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for some...

Financial Crisis from the Trust and Loss Aversion Perspective in Emerging Romanian Capital Market

Directory of Open Access Journals (Sweden)

Antoniade-Ciprian ALEXANDRU

2011-07-01

Full Text Available In this paper we synthesized a study of financial crisis from the trust and loss aversion perspective on a particular case, Romanian emerging capital market. In a relative recent study we stopped with our data series at the level of 2008, November, but in this paper we continue our research until 2009, December. In a world-wide financial crisis and a global financial depreciation of stocks the emergent markets are much more affected that the lack of money and investors aversion. We study, based on efficient market theory, the evolution of portfolio structure in balanced funds. We are interesting to make an evaluation of present sentiment of investing money in capital markets and especially in stocks. Also, is necessary to determine which are the most important problems in this situation and seek an adequate stimulus for future development of direct investment.

Crisis and the Emergence of Illicit Markets: A Pragmatist View on Economic Action outside the Law

OpenAIRE

Dewey, M.

2014-01-01

Although illicit exchange has also been an organized, silent, and ever-present response to harsh economic crisis, only protest and social movements have captured scholars’ attention. In order to fill this void, this paper analyzes the emergence of illegal markets under situations of social breakdown. I claim that an illicit market emerging under socio-economic crisis conditions might be understood as the result of a constant valuation process and the intervention of what Herbert Mead called “...

Short-Term Expectation Formation Versus Long-Term Equilibrium Conditions: The Danish Housing Market

Directory of Open Access Journals (Sweden)

Andreas Hetland

2017-09-01

Full Text Available The primary contribution of this paper is to establish that the long-swings behavior observed in the market price of Danish housing since the 1970s can be understood by studying the interplay between short-term expectation formation and long-run equilibrium conditions. We introduce an asset market model for housing based on uncertainty rather than risk, which under mild assumptions allows for other forms of forecasting behavior than rational expectations. We test the theory via an I(2 cointegrated VAR model and find that the long-run equilibrium for the housing price corresponds closely to the predictions from the theoretical framework. Additionally, we corroborate previous findings that housing markets are well characterized by short-term momentum forecasting behavior. Our conclusions have wider relevance, since housing prices play a role in the wider Danish economy, and other developed economies, through wealth effects.

Housing market in Israel: Is there a bubble?

Directory of Open Access Journals (Sweden)

Arestis Philip

2017-01-01

Full Text Available House prices in Israel have registered unprecedented growth rates in the last few years. At first glance, these hikes could be explained by the evolution of fundamentals such strong population growth and favourable macroeconomic conditions, i.e. low interest rates. However, further investigation is needed in order to explore whether there is a misalignment between house prices and their fundamentals. Firstly, this paper investigates the role of construction costs in the evolution of house prices. Secondly, this contribution decomposes the “price-to-rent” ratio into fundamentals, frictions and bubble episodes for a better understanding of the recent trends of the market.

Examining Policies to Reduce Homelessness Using a General Equilibrium Model of the Housing Market

OpenAIRE

Mansur, Erin; Quigley, John M.; Raphael, Steven; Smolensky, Eugene

2003-01-01

In this paper, we use a general equilibrium simulation model to assess the potential impacts on homelessness of various housing-market policy interventions. We calibrate the model to the four largest metropolitan areas in California. We explore the welfare con- sequences and the effects on homelessness of three housing-market policy interventions: extending housing vouchers to all low-income households, subsidizing all landlords, and subsidizing those landlords who supply low-income housing. ...

Housing price gradient and immigrant population: Data from the Italian real estate market.

Science.gov (United States)

Antoniucci, Valentina; Marella, Giuliano

2018-02-01

The database presented here was collected by Antoniucci and Marella to analyze the correlation between the housing price gradient and the immigrant population in Italy during 2016. It may also be useful in other statistical analyses, be they on the real estate market or in another branches of social science. The data sample relates to 112 Italian provincial capitals. It provides accurate information on urban structure, and specifically on urban density. The two most significant variables are original indicators constructed from official data sources: the housing price gradient, or the ratio between average prices in the center and suburbs by city; and building density, which is the average number of housing units per residential building. The housing price gradient is calculated for the two residential sub-markets, new-build and existing units, providing an original and detailed sample of the Italian residential market. Rather than average prices, the housing price gradient helps to identify potential divergences in residential market trends. As well as house prices, two other data clusters are considered: socio-economic variables, which provide a framework of each city, in terms of demographic and economic information; and various data on urban structure, which are rarely included in the same database.

The Impact of the 2008 Global Financial Crisis on the Structure of the Transmission of Price Innovations Across Financial Markets: The Case of Southwest Asian Equity Markets

Directory of Open Access Journals (Sweden)

Liao Qunfeng

2016-06-01

Full Text Available This study examines the reaction of Southeast Asian equity markets to the transmission of price innovations from major equity markets during the pre and post periods of the 2008 global financial crisis. In particular, we examine the reaction of returns indices in Malaysia, the Philippines, South Korea, Taiwan, and Thailand as endogenous variables, and compare them to the returns indices of the U.S., the Eurozone, Japan, and China as exogenous variables. The results of VAR models indicate the combined and individual impact of the price innovations from the major equity markets on the volatility of returns of selected countries is relatively trivial during either the pre- or post-financial crisis periods. However, the individual impact of the U.S. innovations is generally higher during the post-financial crisis. The ARCH and GARCH models indicate the stock markets of Southeast Asian countries are more responsive to their own price innovations during both the pre- and the post-crisis periods, although some response to U.S. and Eurozone shocks is also observed.

The impact of the financial crisis on the Romanian advertising market

Directory of Open Access Journals (Sweden)

Radbâţă, A.

2010-12-01

Full Text Available The financial crisis reduces the efficiency of advertising rather than its quantum. Many institutions fail to realize that reducing the quantity of advertisement will not save them from the financial crisis. When companies cut their marketing and advertising budgets, they reduce the exposure of goods and services to the consumers. This is the reason why they see their sales going down significantly. Companies should focus on introducing promotional campaigns and build a long term relationship with their consumers. Throughout the article, the author will present a few favourable solutions to get out of advertising crises.

Ameliorating Local Impacts with Architectural Research: Subprime Mortgages & Housing Quality

Directory of Open Access Journals (Sweden)

Lynne M. Dearborn

2012-10-01

Full Text Available Shock waves from the current housing crisis that still echo through Wall Street’s largest financial firms, not only have threatened to topple financial markets and drive the country into a depression, but have also undermined the all-time high home ownership rate in the United States. The most attention-grabbing dimensions and headlines of the current crisis seem to be the staggering losses incurred by the likes of Bear Sterns and Citigroup, and the demise of some of the large corporations such as Washington Mutual. However, the real crisis is not on Wall Street or in the banking sector, but in low- and moderate-income and minority homes and neighborhoods throughout the country. At least ten years before the present subprime foreclosure crisis became mainstream news, these marginalized communities were feeling the negative effects of mortgage fraud and predatory lending practices occurring with regularity in the subprime market. This paper discusses an ongoing study of Subprime Lending, Mortgage Fraud and Housing Quality in process since 2002. This four-part study has employed foreclosure data with statistical and mapping analysis, detailed interviews with victims of predatory lending, systematic documentation of the resulting housing environments, and documentation of property improvements in light of victims’ legal settlements. While subprime lending has supported the expansion of homeownership in the United States, this on-going study suggests that this expansion has sometimes been at the expense of safe, code-compliant living environments forlow-income, minority and elderly homeowners. Some of the victims of predatory lending and mortgage fraud have sought legal redress through the courts but many have suffered personal financial, health, emotional, and family crises as well. The current broad-scale discussion of the topic has given attention to the lack of regulation facilitating these unethical practices, but it is unclear that current

The Financial Crisis and Diverging House Prices: Evidence from the Copenhagen Metropolitan Area: 2017-084/VIII

DEFF Research Database (Denmark)

Mulalic, Ismir; Rasmussen, Holger; Rouwendal, Jan

This paper investigates the development of house prices in Copenhagen in the period 1994-2013, while paying special attention to the heterogeneous impact of the boom and bust periods along the dimensions of housing type (single vs multifamily housing), geography and quality. To allow for price de...... the high quality segments of the housing market....

The Asean Stock Market Integration: The Effect of the 2007 Financial Crisis on the Asean Stock Indices’ Movements

Directory of Open Access Journals (Sweden)

Adwin Surja Atmadja

2009-01-01

Full Text Available This study attempts to examine the existence of cointegration relationship and the short run dynamic interaction among the five ASEAN stock market indices in the period of before and during the 2007 financial crisis. The multivariate time series analysis frameworks are employed to the series in both sub-sample periods in order to answer the hypotheses.The study finds two cointegrating vectors in the series before the financial crisis period, however it fails to detect any cointegrating vector in the period of financial crisis. Granger causality tests applied to the series reveal that number of significant causal linkages between two variables increase during the crisis period. Moreover, the accounting innovation analysis shows an increase in the explanatory power of an endogenous variable to another within the system during the crisis period, indicating that the contagious effect of the 2007-US financial crisis has entered into the ASEAN capital market, and significantly influenced the regional indices’ movements.

Housing and Urbanization in Africa : Unleashing a Formal Market Process

OpenAIRE

Paul COLLIER

2012-01-01

In many African countries a market for private provision of formal sector mass housing is largely absent. This is not inevitable, but is the consequence of policy failure surrounding five key issues. The affordability of housing, with costs often inflated by inappropriate building regulations and inefficient construction sectors; lack of clarity in land titling and legal enforcement; lack of innovation in supply of housing finance; failure to supply supporting infrastructure and to capture de...

Has the 2008 financial crisis affected stock market efficiency? The case of Eurozone

Science.gov (United States)

Anagnostidis, P.; Varsakelis, C.; Emmanouilides, C. J.

2016-04-01

In this paper, the impact of the 2008 financial crisis on the weak-form efficiency of twelve Eurozone stock markets is investigated empirically. Efficiency is tested via the Generalized Hurst Exponent method, while dynamic Hurst exponents are estimated by means of the rolling window technique. To account for biases associated with the finite sample size and the leptokurtosis of the financial data, the statistical significance of the Hurst exponent estimates is assessed through a series of Monte-Carlo simulations drawn from the class of α-stable distributions. According to our results, the 2008 crisis has adversely affected stock price efficiency in most of the Eurozone capital markets, leading to the emergence of significant mean-reverting patterns in stock price movements.

Housing in China: State Governance, Market and Public Perception

Directory of Open Access Journals (Sweden)

Emile Kok-Kheng Yeoh

2017-04-01

Full Text Available Chinese house prices have been receiving huge coverage in both the domestic and the international media. Although the Chinese government has implemented many policies to control house prices, especially in the big cities, it is obvious that there is disequilibrium between demand for and supply of houses. Even though numerous housing policies have been put in place to overcome that, house prices in China are still rising. Many Chinese citizens from the low- and middle-incomes group find it difficult to purchase a house in the cities due to high house prices. This paper covers the current situation of the house prices in China, introduces the existing state of affairs about the Chinese housing market, explores a series of important reasons for high house prices, examines various public policies the Chinese government is using to control real estate, as well as reveals the citizens’ perceptions related to rising house prices. To gauge citizens’ perception of the current state of affairs in this regard, a questionnaire survey was conducted to gather information with a final sample of 256 respondents from more than ten cities of different tiers in the different regions of China.

Leaving home and entering the housing market.

NARCIS (Netherlands)

Clark, W.A.V.; Mulder, C.H.

2000-01-01

We use a multinomial choice model of owning a home, owning a trailer, or renting to examine the housing-market entry of young adults in the USA after they have left the parental home. We also model the choice between renting independently and sharing with roommates. We show that the likelihood of

SPILLOVER EFFECTS OF THE SUB-PRIME MORTGAGE CRISIS TO THE ASIAN STOCK MARKETS

Directory of Open Access Journals (Sweden)

Esta Lestari

2014-10-01

Full Text Available AbstractThis paper aims to analyze the effects of the sub-prime mortgage crisis on several Asian stock markets. An Exponential Generalized Autoregressive Conditional Heteroscedasticity (EGARCH model is employed to provide an empirical evidence of the direct spillover. The indirect effect is measured through the spillover effects from the increased volatility in the U.S. stock markets to the Asian stock markets. The results showed that the market integration occurs within Asian stock markets. Meanwhile the asymmetric effects are evident for all the Asian countries stock markets, indicating that financial markets in Asia are suffered more from negative news (shocks lead to more volatilities compared to positive news. Keywords: Stock market, sub-prime mortgage crisis, volatility, spillover effectJEL classification numbers: C22, F36, G15AbstrakPaper ini bertujuan untuk menganalisis pengaruh krisis sub-prime mortgage pada beberapa pasar saham Asia. Model Exponential Generalized Autoregressive Conditional Heteroscedasticity (EGARCH digunakan untuk mendapatkan bukti empiris dari kenaikan volatilitas dalam pasar saham Amerika pada pasar-pasar saham Asia. Hasil analisis memperlihatkan bahwa integrasi pasar terjadi di dalam pasar saham Asia. Sementara itu, pengaruh asimetris terbukti terjadi di pasar-pasar saham Asia, mengindikasikan bahwa pasar-pasar keuangan di Asia menderita lebih parah sebagai akibat dari kejutan negatif dibandingkan dengan dampak dari kejutan positif.Kata kunci: Pasar saham, krisis sub-prime mortgage, volatilitas, pengaruh spillover JEL classification numbers: C22, F36, G15

The functioning of the oil market during an oil crisis

International Nuclear Information System (INIS)

Hughes, G.; Siner, M.; Tijdhof, B.

2003-01-01

The title study regarding the functioning of the oil market during an oil crisis is carried out with particular reference to the strategic behaviour of oil companies. Section 2 identifies major oil supply disruptions since 1951 and describes some important changes in the market that have occurred in recent decades; Section 3 reviews the economic literature of the functioning of oil markets during disruptions and models of oil supply disruptions; Section 4 examines the response of oil markets to recent supply disruptions; Section 5 examines the incentives and scope for strategic behaviour; Section 6 considers the implications of our analysis for the design of policy responses to oil supply disruptions; Appendix A describes the background to the four recent oil supply disruptions; Appendix B discusses the relationship between spot and futures prices for a storable commodity; and Appendix C is the bibliography

Residential Mortgage Market in Economic and Social Development of Ukraine

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Onysko Stefaniia M.

2014-02-01

Full Text Available The article studies tendencies of development of the residential mortgage market in Ukraine in the post-crisis period 2009 – 2012, identifies main tendencies of development of the Ukrainian mortgage market and conducts analysis of the level of mortgage interest rates. The article analyses the modern state of the mortgage market of Ukraine, dynamics of volumes of mortgage loans, their cost, structure of banks as mortgage creditors and cost of housing in Ukraine in the studied period. The article makes a number of offers on efficiency of mortgage, offers directions of financial support of rehabilitation of the market for solving housing problems of the population and identifies importance of state support of mortgage development.

A CRITICAL REVIEW ON THE EFFECT OF HOUSING INDUSTRY TO THE GLOBAL FINANCIAL CRISIS: THE CASE OF TURKEY

OpenAIRE

BERK, Cem

2010-01-01

The overall aim of the research presented is to investigate the relationship between the macroeconomic factors linked with financial crises and housing industry in Turkey. The research includes empirical investigation in a regression based model using mostly the Turkish market data. The ability of public intervention, indicated by central bank reserves and corporate bankruptcies are statistically effective in the performance of housing market. There is weak statistical dependence of housing o...

The development of the housing market in Russian regions by the example of Saint Petersburg

Directory of Open Access Journals (Sweden)

Romaniuk Georgii Daniilovich

2014-06-01

Full Text Available This article analyses the state and development of housing market in St. Petersburg during 2000-2013. Reveals the stages of the real estate market in this period, its characteristic features and trends of today. There is the growing role of the primary market in the structure of the housing market and shows its modern features and problems.

The Italian experience for the recovery of the housing market. An economic model applied to the management of local governments

Directory of Open Access Journals (Sweden)

Gianluigi De Mare

2013-08-01

Full Text Available Following the crisis generated by the financialization of private real-estate, construction prices have gradually decreased depriving the housing market of the necessary growth stimuli. Many countries have set up measures to revive this highly strategic area for the national economy. With reference to the Campania Region Law n. 19 dated 28 December 2009, known Housing Plan, this work has two objectives: to recognize the fundamental estimation problems that need to be solved in the implementation of the Campania Housing Plan; in addition, predict the effects of the regulations on the regional economy, both in overall terms as well as for each production sector, with particular attention being given to the construction industry. Regarding the first objective, the contents of the law are analysed on the basis of the principles that govern the appraisal. The consequences of the Campania Housing Plan on the economic system are then evaluated using input-output matrices, which are able to capture the structural relationships that exist among the various productive sectors. The numerical calculations require a preliminary investigation aimed at collecting a list of interventions approved by local governments in accordance to the Housing Plan. The cost of the works, as proposed in the applications submitted to the local administrations, is the input data for the implementation of the Social Accounting Matrix 2010 of the Campania Region.

Labour market adjustments in Estonia during the 2008/2011 crisis

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Sandrine LEVASSEUR

2012-06-01

Full Text Available his article provides an assessment of labour market adjustments occurring in Estonia during the 2008/2011 crisis. The strategy of internal devaluation succeeded in shrinking the real (hourly unit labour costs by 25 % per year in 2010 and 2011, thus helping Estonian enterprises gain international competitiveness. The whole gamut of tools available in terms of flexibility was used, at least in the worst time of the financial crisis: massive lay-offs, reduced working time and wage cuts. In 2011, Estonia stood as one of the most dynamic EU countries to recover with exports growth. On the social side, however, the track record is not positive: the purchasing power of workers has been reduced and unemployment still remains strong and persistent despite economic recovery.

Contagion of us subprime mortgage crisis to Colombian economy: measured by financial market data

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Chu V. Nguyen

2011-06-01

Full Text Available The long-horizon event study methodology is used to document the severe impact of the US subprime mortgage crisis on the Colombian economy. The estimated parameter of a constantmean return model is used to derive the “abnormal return” on the market portfolios of Colombia over its selected event window. Analyses of the results reveal that the US subprime mortgage crisis negatively affected both the Colombian and the US equity markets almost identically in terms of cumulative percentage reductions and timing. Statistic testing results seem to support the qualitative observation. This phenomenon can be attributable to the recent multilateral and regional trade agreements that increase the flow of trade and foreign direct investment to Colombia.

Social Housing Organisations in England and The Netherlands: Between the State, Market and Community

Directory of Open Access Journals (Sweden)

Darinka Czischke

2017-11-01

Full Text Available Rapid and deep changes in society, the economy and policy over the last decades
are having an increasing impact on the delivery of social housing in North Western Europe. These changes are transforming the way in which social housing providers perform their task and are reshaping their relationships with the State, communities and with other market actors. The combination of continued State withdrawal from service provision, the deep and persistent effects of the global financial crisis that begun in 2008 and profound changes in the type of demand for social housing across North Western Europe call for a reflection on the implications of these phenomena
for social housing providers. Several studies indicate that social housing providers in Europe have begun to adopt new (social entrepreneurial strategies and are becoming more innovative as a response to these challenges. These strategies imply tackling the tensions between (at times conflicting drivers, notably those arising from the State, the market and communities. However, research in this topic so far is fragmented, focussing on one country or on specific sub-areas such as asset management and non- housing activities and rarely connects with the relevant wider literature on the third sector and social enterprise. Within this context, this PhD research has sought to widen this discussion by providing new insights through a comparative study of the ways in which individual social housing providers are relating to (i.e. responding to and influencing these contextual changes. More specifically, the research sought to better understand the complex process of decision-making these companies undergo to manage their responses to competing drivers. Companies operating in two countries (England and The Netherlands were studied in-depth. In both countries, the social rental sector has played a prominent role in their respective welfare states for decades. While both are amongst countries with the

WERE OIL PRICE MARKETS THE SOURCE OF CREDIT CRISIS IN EUROPEAN COUNTRIES? EVIDENCE USING A VAR-MGARCH-DCC MODEL

Directory of Open Access Journals (Sweden)

Nadhem Selmi

2014-04-01

Full Text Available This paper examines the role of oil prices, credit, financial and commercial linkages in the propagation of industrial market crises during the period 2004-2012. Using VAR-MGARCH-DCC model regressions on seven markets finds that credit linkage played a significant role in the subprime, financial and global crises. Our results also show that the European debt crisis has already spread like a crisis from oil prices to Ireland and Portugal, and other countries are now at risk: Spain is a probable candidate for financial crisis.

The financialization of home and the mortgage market crisis

NARCIS (Netherlands)

Aalbers, M.B.

2008-01-01

Financialization can be characterized as capital switching from the primary, secondary or tertiary circuit to the quaternary circuit of capital. Housing is a central aspect of financialization. The financialization of mortgage markets demands that not just homes but also homeowners become viewed as

Reforms in the Greek pharmaceutical market during the financial crisis.

Science.gov (United States)

Vandoros, Sotiris; Stargardt, Tom

2013-01-01

Following the financial crisis of 2008, Greece has been facing severe fiscal problems associated with high public debt and deficit. Given their significant contribution to public sector expenditure, part of the effort to reduce public expenditure has involved a focus on pharmaceutical markets. Our aim is to provide an overview of recent policy changes in the Greek pharmaceutical market as a response to the crisis. We also discuss other potential measures that can be implemented. The recommendations are relevant to European countries facing debt crises, but also to any other country, as improving efficiency makes funds available to be used on other interventions. In 2010 and 2011, following the debt crisis and the agreement with the IMF, EU and ECB, the Greek government introduced several policy measures aimed at cost-containment. These changes included (a) price cuts, (b) the re-introduction of a positive list, (c) changes in the profit margins of pharmacies and wholesalers, and (d) tenders for hospital drugs. As a result, public drug expenditure decreased from €5.09 billion in 2009 to €4.25 billion in 2010 and €4.10 billion in 2011. As the need to cut expenditure becomes more urgent, seeking efficiency is possibly the only option for countries that do not wish to compromise quality of healthcare and public health. However, efficiency and cost containment are not only about introducing new policies, but also about the enforcement of existing laws and fighting corruption. Copyright © 2012 Elsevier Ireland Ltd. All rights reserved.

Transformation of the Housing Market in Tokyo since the Late 1990s: Housing Purchases by Single-person Households

Directory of Open Access Journals (Sweden)

Tomoko Kubo

2011-12-01

Full Text Available This study aims to clarify the correlation between the transformation of the Japanese housing market and the increasing number of single-person households in Japan, with a special focus on the supply of compact condominiums. In order to achieve the abovementioned purpose, the changes in the Japanese housing market and diversification of the Japanese household structure are described. Finally, the features of the supply strategies of condominium suppliers, which reflect the diversification of the household structure and increasing need for condominiums by single-person households in central Tokyo, are examined.

Fractal Markets Hypothesis and the Global Financial Crisis: Scaling, Investment Horizons and Liquidity

Czech Academy of Sciences Publication Activity Database

Krištoufek, Ladislav

2012-01-01

Roč. 15, č. 6 (2012), 1250065-1-1250065-13 ISSN 0219-5259 R&D Projects: GA ČR GA402/09/0965 Grant - others:GA UK(CZ) 118310; SVV(CZ) 265 504 Institutional support: RVO:67985556 Keywords : fractal markets hypothesis * scaling * fractality * investment horizons * efficient markets hypothesis Subject RIV: AH - Economics Impact factor: 0.647, year: 2012 http://library.utia.cas.cz/separaty/2012/E/kristoufek-fractal markets hypothesis and the global financial crisis scaling investment horizons and liquidity.pdf

Fractal Markets Hypothesis and the Global Financial Crisis: Wavelet Power Evidence

Science.gov (United States)

Kristoufek, Ladislav

2013-10-01

We analyze whether the prediction of the fractal markets hypothesis about a dominance of specific investment horizons during turbulent times holds. To do so, we utilize the continuous wavelet transform analysis and obtained wavelet power spectra which give the crucial information about the variance distribution across scales and its evolution in time. We show that the most turbulent times of the Global Financial Crisis can be very well characterized by the dominance of short investment horizons which is in hand with the assertions of the fractal markets hypothesis.

The state of the Hungarian residential market in the time of the global economic crisis Etat du marché résidentiel hongrois en période de crise économique mondiale

Directory of Open Access Journals (Sweden)

Mihály Tömöri

2012-12-01

Full Text Available Housing in Hungary has undergone significant changes since the years of political and economic transition. During the socialist decades the housing sector was controlled by the state, market forces were marginal or non-existent. Thus, one of the biggest changes in housing was the establishment of a western-type residential market after the regime change. The latest worldwide economic crisis has had a dramatic impact on the Hungarian housing market. The turnover of the Hungarian residential market has declined enormously in the past few years. Those families who financed their housing by foreign currency mortgages are facing the hardest situation. The Hungarian forint has significantly weakened against other currencies having resulted in a dramatic increase in foreign currency mortgage payments. First, the paper briefly reviews the literature on housing theories, then it outlines the most important milestones in the development of the Hungarian residential market. The next part of the paper introduces the most problematic issues and areas concerning housing in Hungary, and finally analyzes the effects and consequences of the present economic crisis.En Hongrie, le logement est confronté à d’importantes mutations depuis les années de transition politique et économique. Durant les décennies du socialisme, ce secteur se trouvait sous le contrôle de l’état et les forces du marché étaient marginales, voire inexistantes. En conséquence, l’un des changements majeurs dans le secteur fut l’établissement d’un marché résidentiel de type occidental à la suite du changement de régime. La dernière crise économique mondiale a eu un impact crucial sur le marché du logement hongrois, dont le chiffre d’affaires a considérablement chuté ces dernières années. Les familles qui finançaient leur logement à l’aide de prêts hypothécaires étrangers se retrouvent dans la situation la plus difficile. La très nette dévaluation du

Dynamics of a Protected Housing Market: The Case of Switzerland

DEFF Research Database (Denmark)

Borowiecki, Karol

2012-01-01

We analyze the determinants and dynamics of a highly protected housing market. Based on Swiss data for the time period 1990 to 2009 we model house prices and construction activity. We find that house prices exhibit a positive association with construction price, working age population as well...... as GDP and a negative with interest rates, whereas construction activity is positively related to working age population and GDP and negatively with construction price and interest rates. These estimates are broadly consistent with previous theoretical and empirical research....

Structural changes in the minimal spanning tree and the hierarchical network in the Korean stock market around the global financial crisis

Science.gov (United States)

Nobi, Ashadun; Maeng, Seong Eun; Ha, Gyeong Gyun; Lee, Jae Woo

2015-04-01

This paper considers stock prices in the Korean stock market during the 2008 global financial crisis by focusing on three time periods: before, during, and after the crisis. Complex networks are extracted from cross-correlation coefficients between the normalized logarithmic return of the stock price time series of firms. The minimal spanning trees (MSTs) and the hierarchical network (HN) are generated from cross-correlation coefficients. Before and after the crisis, securities firms are located at the center of the MST. During the crisis, however, the center of the MST changes to a firm in heavy industry and construction. During the crisis, the MST shrinks in comparison to that before and that after the crisis. This topological change in the MST during the crisis reflects a distinct effect of the global financial crisis. The cophenetic correlation coefficient increases during the crisis, indicating an increase in the hierarchical structure during in this period. When crisis hits the market, firms behave synchronously, and their correlations are higher than those during a normal period.

Procedural Formalism and Social Networks in the Housing Market

OpenAIRE

Bonleu, Antoine

2014-01-01

Why do some OECD countries have high levels of procedural formalism (PF) in the housing market? We provide an explanation based upon complementarities between the strength of social networks and the stringency of procedural formalism. The interest of social networks is that conflict resolution is independent of the law. When local people belong to social networks whereas foreigners do not, PF may facilitate housing search for locals at the expense of foreigners. To illustrate this mechanism w...

Wavelet Analysis of Central European Stock Market Behaviour During the Crisis

Czech Academy of Sciences Publication Activity Database

Baruník, Jozef; Vácha, Lukáš

2009-01-01

Roč. 2009, č. 23 (2009), s. 1-14 R&D Projects: GA ČR GP402/08/P207; GA ČR GD402/09/H045 Grant - others:GAUK(CZ) 46108 Institutional research plan: CEZ:AV0Z10750506 Keywords : wavelet analysis * multiresolution analysis * Central European stock markets * financial crisis Subject RIV: AH - Economics

Fair Market Rents (Fair Market Rents For The Section 8 Housing Assistance Payments Program) - National Geospatial Data Asset (NGDA)

Data.gov (United States)

Department of Housing and Urban Development — This dataset and map service provides information on Fair Market Rents (FMRs). FMRs are primarily used to determine payment standard amounts for the Housing Choice...

The crude oil market mechanism in the light of the 1990-91 price crisis

International Nuclear Information System (INIS)

Memarian, M.S.

1992-01-01

This paper is an attempt to forecast crude oil prices in the 1990-91 crisis. The methodology used is based on the standard supply/demand apparatus, with respect to the possible political circumstances which prevailed during the crisis. The paper begins by modelling crude oil prices. Then the application of the model to the oil market will be discussed. The exclusive findings of this study concern the method of estimating that crude oil prices would grow to a maximum level of $32 per barrel just before the start of the (military) war in January 1991 -and, at the same time, that total excess demand would be around 2.5 million barrels per day, and that, in the case of an injection of about 2.5 mb/d of crude into the market, prices would collapse to their pre-crisis levels of approximately $19/b. It also shows how the effects of political deterioration on prices can be divided into a shift in the slope of the demand curve and a shift in the demand curve itself. (author)

Detecting the Spatially Non-Stationary Relationships between Housing Price and Its Determinants in China: Guide for Housing Market Sustainability

Directory of Open Access Journals (Sweden)

Yanchuan Mou

2017-10-01

Full Text Available Given the rapidly developing processes in the housing market of China, the significant regional difference in housing prices has become a serious issue that requires a further understanding of the underlying mechanisms. Most of the extant regression models are standard global modeling techniques that do not take spatial non-stationarity into consideration, thereby making them unable to reflect the spatial nature of the data and introducing significant bias into the prediction results. In this study, the geographically weighted regression model (GWR was applied to examine the local association between housing price and its potential determinants, which were selected in view of the housing supply and demand in 338 cities across mainland China. Non-stationary relationships were obtained, and such observation could be summarized as follows: (1 the associations between land price and housing price are all significant and positive yet having different magnitudes; (2 the relationship between supplied amount of residential land and housing price is not statistically significant for 272 of the 338 cities, thereby indicating that the adjustment of supplied land has a slight effect on housing price for most cities; and (3 the significance, direction, and magnitude of the relationships between the other three factors (i.e., urbanization rate, average wage of urban employees, proportion of renters and housing price vary across the 338 cities. Based on these findings, this paper discusses some key issues relating to the spatial variations, combined with local economic conditions and suggests housing regulation policies that could facilitate the sustainable development of the Chinese housing market.

Icelandic boom and bust - Immigration and the housing market

OpenAIRE

Lúðvík Elíasson

2014-01-01

Possible explanations for the rapid increase in house prices and housing investment in Iceland between 2004 and 2007 and the subsequent market crash are studied. The boom was driven in part by banking liberalisation, international financial conditions, and domestic policies. A simple demand and supply model, based on the study by Elíasson and Pétursson (2009), is fitted to data through the recent boom-bust period. The model is remarkably robust through the cycle despite its unprecedented ampl...

The baby boom, the baby bust, and the housing market.

Science.gov (United States)

Mankiw, N G; Weil, D N

1989-05-01

This paper explores the impact of demographic changes on the housing market in the US, 1st by reviewing the facts about the Baby Boom, 2nd by linking age and housing demand using census data for 1970 and 1980, 3rd by computing the effect of demand on price of housing and on the quantity of residential capital, and last by constructing a theoretical model to plot the predictability of the jump in demand caused by the Baby Boom. The Baby Boom in the U.S. lasted from 1946-1964, with a peak in 1957 when 4.3 million babies were born. In 1980 19.7% of the population were aged 20-30, compared to 13.3% in 1960. Demand for housing was modeled for a given household from census data, resulting in the finding that demand rises sharply at age 20-30, then declines after age 40 by 1% per year. Thus between 1970 and 1980 the real value of housing for an adult at any given age jumped 50%, while the real disposable personal income per capita rose 22%. The structure of demand is such that the swelling in the rate of growth in housing demand peaked in 1980, with a rate of 1.66% per year. Housing demand and real price of housing were highly correlated and inelastic. If this relationship holds in the future, the real price of housing should fall about 3% per year, or 47% by 2007. The theoretical model, a variation of the Poterba model, ignoring inflation and taxation, suggests that fluctuations in prices caused by changes in demand are not foreseen by the market, even though they are predictable in principle 20 years in advance. As the effects of falling housing prices become apparent, there may be a potential for economic instability, but people may be induced to save more because their homes will no longer provide the funds for retirement.

Problems of Overcoming Market Failures in the Context of Economic Crisis in the Euro Area

Directory of Open Access Journals (Sweden)

Alexandra Y. Pluiko

2014-01-01

Full Text Available The article analyses the manifestations of a market failure problem revealed during the economic crisis in the euro area, namely business cycles, market inability to ensure money circulation and avoid inflation. It is shown that the cyclicity of economic development has revealed in various degrees of economic contraction and different rates of its recovery. These differences have been exacerbated by the new procyclical factors emerged from the transition to a single currency. As for money circulation the crisis has almost no impact on the single currency functioning: the euro has maintained its position on the world market and properly performed money functions in the domestic. The goal to achieve economic development without inflation in the euro area generally has been solved successfully by the European Central Bank (ECB. However, due to the fact that the ECB in its monetary policy does not pay sufficient attention to the increased inflation in small and relatively poor countries, the crisis has been more acute in them than in large countries with low inflation. The goals of ensuring money circulation and avoiding inflation can be settled more effectively in the euro area in case of more tight coherence in economic policy and strengthening of supranational mechanisms of economic governance.

Make the heat hotter. - marketing district heating to households in detached houses

Energy Technology Data Exchange (ETDEWEB)

Sernhed, Kerstin; Pyrko, Jurek

2008-09-15

For district heating (DH) companies, to expand in low heat density areas such as detached houses, it is essential to obtain a high rate of connections to the district-heating network in order to enhance the cost effectiveness. Marketing district heating to house owners is, however, a fairly different matter from selling it to customers in industrial, commercial, and multi-family buildings. Suitable market strategies need to be developed and the need for information about potential customers' preferences and attitudes are of great importance since the house-owners often constitute a heterogeneous group where different households have different requirements. This paper investigates a case of one Swedish district heating company's marketing activities and expansion strategies in a single family house area where the customers were offered conversion of their direct resistive electric heating (DEH) into district heating (DH). 88 out of 111 houses were converted in 2002. Four years later, interviews were carried out with 23 of the households in the area, both with those who had accept-ed the district heating offer and those who had not. The study shows that apart from the economic aspects, thermal comfort, aesthetics and practicalities also affected the buying decision. Since the different economic aspects of the offer were complex, it was very difficult for the households to make a strictly rational economical decision. Statistical analysis confirmed that variables such as age, type of household and energy use level could, to some extent, be related to the decision to convert from electric heating to district heating. Timing, low prices and the total solutions presented to the households were crucial factors in the success of the marketing strategy.

Financial Integration of European Money Market: from EMU to the Global Crisis and Beyond

OpenAIRE

Avadanei Andreea; Avadanei Anamaria; Ghiba Nicolae

2010-01-01

The scope of this article is to illustrate the general issues relevant for understanding the implications of the global crisis on European money market integration. We structured our paper on chapters that present the evolution of the considered market from the launch of euro until the financial turmoil, its main features in the actual context, and the central banks response to the rising tensions on the money market. Given its function of channeling funds to enable banks to cover their most ...

The downside of marketization: a multilevel analysis of housing tenure and types in reform-era urban China.

Science.gov (United States)

Fu, Qiang; Zhu, Yushu; Ren, Qiang

2015-01-01

Based on data from the 2005 National Population Sample Survey and compiled covariates of 205 prefectures, this research adopted principal-component and multilevel-logistic analyses to study homeownership in urban China. Although the housing reform has severed the link between work units and residence, working in state sectors (government, state-owned enterprises and collective firms) remained significant in determining a household's entitlement to reform-era housing with heavy subsidies or better qualities. While the prefecture-level index of marketization reduced local homeownership of self-built housing, affordable housing and privatized housing, its effect is moderated by cross-level interactions with income, education and working in state sectors across different types of housing. Meanwhile, the index of political and market connections promoted all types of homeownership except for self-built housing. By situating the downside of marketization within a context of urban transformation, this research not only challenges the teleological premise of the neoliberal market transition theory but calls for research on institutional dynamics and social consequences of urban transformation in China. Copyright © 2014 Elsevier Inc. All rights reserved.

MARKETING STRATEGY OF RUP «BMZ» IN THE PERIOD OF WORLD FINANCIAL-ECONOMIC CRISIS

Directory of Open Access Journals (Sweden)

V. V. Zaitsev

2010-01-01

Full Text Available The marketing strategy of RUP «BMZ» in the period of worldwide financial-economic crisis is disclosed. It is shown that it is aimed at the maximum increase of export in all directions.

EMERGING MARKETS

Directory of Open Access Journals (Sweden)

GHEORGHE CARALICEA-MĂRCULESCU

2012-03-01

Full Text Available The emerging markets are winning the currency war, because at this very moment its the battle of global financial institutions , as to who is more vulnerable and more exposed to the debt crisis and have their hands in more risky assets. US and Euro with their intertwining the financial stuff of the nation, the banks and the corporations are in a deep mess. One goes down, takes the other ones too. Right now , they all are struggling and getting beaten up , while the emerging markets are quiet and not really expressing their stands on the current situation except are reacting by all only putting their own houses in order.

78 FR 38070 - 30-Day Notice of Proposed Information Collection: Affirmative Fair Housing Marketing (AFHM) Plan

Science.gov (United States)

2013-06-25

... Information Collection: Affirmative Fair Housing Marketing (AFHM) Plan AGENCY: Office of the Chief Information Officer, HUD. ACTION: Notice. SUMMARY: HUD has submitted the proposed information collection requirement... Title of Information Collection: Affirmative Fair Housing Marketing (AFHM) Plan. OMB Approval Number...

Impact of energy prices: a housing-market analysis

Energy Technology Data Exchange (ETDEWEB)

Zaki, A.S.; Isakson, H.R.

1983-04-01

This paper investigates the effect of energy costs on the housing-market response. As the effect of energy costs has not been specifically investigated before in the literature, both a linear and nonlinear model were investigated. The choice of the appropriate model was determined using the Box-Cox transformation technique. The chosen model was then validated. The results reveal that in the Spokane, Washington, area, where energy costs are relatively low, energy prices do not have a significant effect on market response. However, applying the same methodology to areas where energy costs are higher might produce different results. 29 references, 3 tables.

MARKETING CHARACTERISTICS OF INSURANCE MARKET IN UKRAINE

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А. Sabirova

2014-03-01

Full Text Available The current state of the insurance market of Ukraine in the post-crisis period, by comparison with the pre-crisis was investigated in the paper. The insurance market in the pre-crisis period grew rapidly, but was unable to withstand the economic crisis and suffered a crushing blow. The economic crisis of 2008-2009 led to a decrease of the demand for financial services in general and insurance services in particular. The lack of development of the insurance market created high barriers for responding and adapting to changes that occurred during the crisis.

An analysis of the early-warning system in emerging markets for reducing the financial crisis

Science.gov (United States)

Shen, Xiangguang; Song, Xiaozhong

2009-07-01

The large number of financial crises in emerging markets over the past ten years has left many observers, both from academia and financial institutions, puzzled by an apparent lack of homogenous causal relations between endogenous economic variables and the bursting of large financial shocks. The frequency of financial crises in the last 20 years can be attributed to the lack of a comprehensive theory of financial regulation to guide policy makers. Existing theories fail to define the range of regulatory models, the causes of regulatory failure, and how to measure and prevent it. Faulty design of regulatory models, and the lack of ongoing performance monitoring incorporating early warning systems, is disrupting economic and social development. The main aim of this article is to propose an early warning system (EWS) which purposes issuing warning signal against the possible financial crisis in the emerging market, and makes the emerging market survived the first wave of the crisis be able to continue their operation in the following years.

The Czech labour market after the crisis of a real economy: negative development or return to steady-state?

Directory of Open Access Journals (Sweden)

Pavel Tuleja

2011-01-01

Full Text Available This paper studies the Czech economy before, during and after the economic crisis. Consequences on the labour market, respectively on unemployment are also discussed in the paper. According to most economists the cause of the economic crisis was the financial crisis which was triggered by a liquidity shortfall in the United States banking system. It has resulted in the collapse of large financial institutions, the “bail out” of banks by national governments and downturns in stock markets around the world. Real gross domestic product decreased in almost all EU countries including the Czech economy. Massive drop of gross domestic product led to increase in the unemployment rate. The purpose of this paper is to contribute to discussion about consequences of this crisis. The paper provides also an analysis of gross domestic product and its components. The empirical analysis also tried to answer the question if it is more a return to steady–state than the deterioration of economic performance in the case of the Czech economy. In other words, it means that economic performance of the Czech economy was above the level of potential output. Research in this study is based on basic macroeconomic quarterly data between the years 2000 and 2010 which were published by the Czech Statistical Office and Eurostat. We found out that the Czech labour market had to cope with the consequences of the economic crisis and now it is going to reach a long-term equilibrium.

The influence of economic crisis on directions of estructuring of marketing in research institutes

Directory of Open Access Journals (Sweden)

Marlena Elżbieta Maślanka

2013-03-01

Full Text Available On the eve of the third millennium the Polish economy is more and more subject to worldwide trends of globalization, which in a special way influences the scope and intensiveness of changes implemented in Research Institutes. It is accompanied by another more and more intensively transferred internationally and generally observed economic crisis, whose negative impulses cause the economic growth to slow down. The key determinant of the development of Research Institutes in the modern global economy is a skill to react on changes and a necessity to take restructuring actions within this range of marketing. Problems of a progressive global economic crisis and the influence of this process on restructuring of marketing in Research Institutes is an important research problem, requiring a deep and thorough analysis and research in this scope, hence this paper deals with all these important issues.

The 2007-2009 Financial Crisis: Changing Market Dynamics and the Impact of Credit Supply and Aggregate Demand Sensitivity

OpenAIRE

Theoharry Grammatikos; Robert Vermeulen

2012-01-01

This paper highlights the impact of credit supply and aggregate demand sensitivity on 91 US industries' stock performance during the 2007-2009 financial crisis. We account explicitly for changes in the market model and investigate, next to stock returns, the changes in systematic risk and idiosyncratic return induced by the financial crisis. The results show that leverage has a significantly positive effect on systematic risk changes during the financial crisis. After accounting for the chang...

ASEAN-5+3 AND US STOCK MARKETS INTERDEPENDENCE BEFORE, DURING AND AFTER ASIAN FINANCIAL CRISIS

OpenAIRE

Royfaizal, R. C; Lee, C; Mohamed, Azali

2007-01-01

The issues of international stock markets linkages had been investigated over the time. Since the Asian financial crisis in 1997, many economists are concerned about the relationship between Asian stock markets and others in the world. This paper is conducted to examine the linkages between ASEAN-5+3 namely Malaysia, Singapore, the Philippines, Thailand, Indonesia, China, Japan and Korea and US stock markets. The data consists of weekly stock indices data. The total samples are se...

Housing markets and housing policies in India

OpenAIRE

Tiwari, Piyush; Rao, Jyoti

2016-01-01

Issues of housing in India are synonymous with ignorance of housing in active government involvement at the policy and program formulation levels. They are also due to the problems that unplanned urbanization, income disparity, poverty, illiteracy, and unemployment brought. These issues extenuated the housing problem, causing a housing shortage of 51 million in 2011. Though India has a long history of establishing policies, programs, and institutions to cater to housing, without allocating ad...

Racial Segregation and the American Foreclosure Crisis

Science.gov (United States)

Rugh, Jacob S.; Massey, Douglas S.

2013-01-01

Although the rise in subprime lending and the ensuing wave of foreclosures was partly a result of market forces that have been well-identified in the literature, in the United States it was also a highly racialized process. We argue that residential segregation created a unique niche of poor minority clients who were differentially marketed risky subprime loans that were in great demand for use in mortgage-backed securities that could be sold on secondary markets. We test this argument by regressing foreclosure actions in the top 100 U.S. metropolitan areas on measures of black, Hispanic, and Asian segregation while controlling for a variety of housing market conditions, including average creditworthiness, the extent of coverage under the Community Reinvestment Act, the degree of zoning regulation, and the overall rate of subprime lending. We find that black residential dissimilarity and spatial isolation are powerful predictors of foreclosures across U.S. metropolitan areas. In order to isolate subprime lending as the causal mechanism whereby segregation influences foreclosures, we estimate a two-stage least squares model that confirms the causal effect of black segregation on the number and rate of foreclosures across metropolitan areas. In the United States segregation was an important contributing cause of the foreclosure crisis, along with overbuilding, risky lending practices, lax regulation, and the bursting of the housing price bubble. PMID:25308973

Racial Segregation and the American Foreclosure Crisis.

Science.gov (United States)

Rugh, Jacob S; Massey, Douglas S

2010-10-01

Although the rise in subprime lending and the ensuing wave of foreclosures was partly a result of market forces that have been well-identified in the literature, in the United States it was also a highly racialized process. We argue that residential segregation created a unique niche of poor minority clients who were differentially marketed risky subprime loans that were in great demand for use in mortgage-backed securities that could be sold on secondary markets. We test this argument by regressing foreclosure actions in the top 100 U.S. metropolitan areas on measures of black, Hispanic, and Asian segregation while controlling for a variety of housing market conditions, including average creditworthiness, the extent of coverage under the Community Reinvestment Act, the degree of zoning regulation, and the overall rate of subprime lending. We find that black residential dissimilarity and spatial isolation are powerful predictors of foreclosures across U.S. metropolitan areas. In order to isolate subprime lending as the causal mechanism whereby segregation influences foreclosures, we estimate a two-stage least squares model that confirms the causal effect of black segregation on the number and rate of foreclosures across metropolitan areas. In the United States segregation was an important contributing cause of the foreclosure crisis, along with overbuilding, risky lending practices, lax regulation, and the bursting of the housing price bubble.

Sensitivity, Persistence and Asymmetric Effects in International Stock Market Volatility during the Global Financial Crisis || Efectos de sensibilidad, persistencia y asimetría en la volatilidad de los mercados bursátiles internacionales
en el entorno de la crisis financiera global

Directory of Open Access Journals (Sweden)

Gabriel, Vítor

2015-06-01

Full Text Available Financial market volatility is an important element when setting up port- folio management strategies, option pricing and market regulation. The Subprime crisis affected all markets around the world. Daily data of twelve stock indexes for the period of October 1999 to June 2011 are studied using basic GARCH type models. The data were then divided into three different sub-periods to allow the behaviour of stock market in different sub-periods to be investigated. The following sub-periods are identified: Dot-Com crisis, Quiet and Subprime crisis. This paper revealed that the Subprime crisis turned out to have bigger impact on stock market volatility, namely at sensitivity, persistence and asymmetric effects. || La volatilidad de los mercados financieros es un importante elemento para la estrategia de carteras de inversión y para la regulación de los mercados. La crisis subprime afectó a los mercados bursátiles mundiales. Para realizar este estudio, fueron tomados datos diarios relativos a doce mercados bursátiles, desde el 4 de octubre de 1999 hasta el 30 de junio de 2011. El período de la muestra considerado ha sido subdividido en tres subperiodos distintos: crisis de las empresas tecnológicas, tranquilo y crisis financiera global. Para estudiar la volatilidad de los mercados bursátiles, se ha recurrido a modelos de tipo GARCH. Los resultados demuestran la influencia de la crisis financiera global en el comportamiento de la volatilidad del mercado bursátil, sobre todo en cuanto a la sensibilidad, la persistencia y la asimetría.

SERVICING THE MARKET NICHE – A POSSIBLE SOLUTION FOR THE MAINTENANCE AND/OR SUCCESS OF THE FIRM ON THE MARKET IN THE CONTEXT OF THE GLOBAL ECONOMIC CRISIS

OpenAIRE

Doina I. POPESCU

2013-01-01

This work shows the importance of servicing the market niche by firms operating in the garment industry in the context of the world economic crisis. The paper presents the necessity of adapting companies’ strategies based on the main trends set out by the global economic crisis. Within this work is presented a study that aims to highlight the degree in which Romanian firms acting in the clothing industry service the market niche, their identification, the measure in which these firms’ managem...

77 FR 69651 - Final Fair Market Rents for the Housing Choice Voucher Program for Small Area Fair Market Rent...

Science.gov (United States)

2012-11-20

... the Housing Choice Voucher Program for Small Area Fair Market Rent Demonstration Program Participants... Authorities (PHAs) participating in the Small Area FMR Demonstration. SUMMARY: Section 8(c)(1) of the United... Housing Choice Voucher (HCV) Program for those PHAs selected to participate in the Small Area FMR...

Contagion among Central and Eastern European stock markets during the financial crisis

Czech Academy of Sciences Publication Activity Database

Baruník, Jozef; Vácha, Lukáš

2013-01-01

Roč. 63, č. 5 (2013), s. 443-453 ISSN 0015-1920 R&D Projects: GA ČR(CZ) GBP402/12/G097 Institutional support: RVO:67985556 Keywords : wavelets * financial crisis * Central and Eastern European stock markets * comovement * contagion Subject RIV: AH - Economics Impact factor: 0.358, year: 2013 http://library.utia.cas.cz/separaty/2013/E/barunik-0396416.pdf

Analyzing Systemic Risk in CEE Markets in 2007–2008 Financial Crisis

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Renata Karkowska

2013-01-01

Full Text Available The purpose of the article is to attempt to answer the question ofhow the crisis affected the banking systems of cee countries, withspecial emphasis on liquidity risk. It seems that this problem hasparticularly affected emerging economies. First, the liquidity riskbegan to exert considerable influence on the functioning bankingsystem and, indirectly, the whole economy. In this paper authorwanted to answer the following questions: What are the channelsof transmission systemic risk on cee markets? What is the role ofbig world banking groups in these financial systems? This conceptis applied to ten Central Eastern European countries, whichexperienced a financial crisis. In the research author hypothesizedabout interconnectedness of liquidity in financial systemsand solvency problems of big banking groups operating in CEE.

SUBPRIME CRISIS AND FINANCIAL CONTAGION: EVIDENCE FROM TUNISIA

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Mongi GHARSELLAOUI

2013-01-01

Full Text Available The purpose of this paper is to study the subprime crisis while focusing on the phenomenon of financial contagion. Subprime crisis is a crisis that has hit the U.S. mortgage sector and helped to trigger the financial crisis of 2007-2009. In the context of this study, we are interested in exposing the subprime crisis and the contagion first point. The second point will be reserved for the transmission channels of contagion and the third point; we will try to assess the impact of liquidity on the capital market returns. This study shows that the Tunisian financial market does not seem to be very influenced by the subprime crisis. This can be explained by the intrinsic characteristics of the Tunisian market, an underdeveloped market and elemental thing that can make him more or less immune to that crisis.

Government regulation versus market orientation in social housing management : Limitations and opportunities of European and Australian landlords

NARCIS (Netherlands)

Nieboer, N.; Gruis, V.H.

2005-01-01

In the past ten to twenty years, governments in various countries have introduced or reinforced market principles in their housing systems. As a consequence, social landlords have increased opportunities to adopt a more market-oriented approach towards the management of their housing stock.

An analysis of the financial crisis in the KOSPI market using Hurst exponents

Science.gov (United States)

Yim, Kyubin; Oh, Gabjin; Kim, Seunghwan

2014-09-01

Recently, the study of the financial crisis has progressed to include the concept of the complex system, thereby improving the understanding of this extreme event from a neoclassical economic perspective. To determine which variables are related to the financial event caused by the 2008 US subprime crisis using temporal correlations, we investigate the diverse variables that may explain the financial system. These variables include return, volatility, trading volume and inter-trade duration data sets within the TAQ data for 27 highly capitalized individual companies listed on the KOSPI stock market. During 2008 and 2009, the Hurst exponent for the return time series over the whole period was less than 0.5, and the Hurst exponents for other variables, such as the volatility, trading volume and inter-trade duration, were greater than 0.5. Additionally, we analyze the relationships between the variation of temporal correlation and market instability based on these Hurst exponents and the degree of multifractality. We find that for the data related to trading volume, the Hurst exponents do not allow us to detect changes in market status, such as changes from normal to abnormal status, whereas other variables, including the return, volatility and weekly inter-trade duration, indicate a significant change in market status after the Lehman Brothers' bankruptcy. In addition, the multifractality and the measurement defined by subtracting the Hurst exponent of the return time series from that of the volatility time series decrease sharply after the US subprime event and recover approximately 50 days after the Lehman Brothers' collapse. Our findings suggest that the temporal features of financial quantities in the TAQ data set and the market complexity perform very well at diagnosing financial market stability.

Housing projects in Trabzon: Marketting discourses and physical environmental features

OpenAIRE

AYDIN TÜRK, Yelda; KARADENİZ, Beyza

2018-01-01

Thehousing projects, that have turned into concept projects promoted as acommodity since last decade in Turkey. These projects, are marketed withdiscourses such as “the long-awaited life”, “ideal home” and are constructed onthe urban fringes. In this study, the housing projects that developed inTrabzon in recent years have been examined in this context. Marketing discourseand physical environmental characteristics of the projects have been analyzed.Thus, the study finds out to what extent the...

Correlations between energy economy and housing market prices in the EU-impacts on future sustainability

Directory of Open Access Journals (Sweden)

Maassen Maria Alexandra

2017-07-01

Full Text Available The global economic system is facing multiple challenges in terms of social development, technology and innovation, as well as sustainability needs. As a result, the value of existing assets is changing globally depending on the scarcity, necessity and effects on the business field leading to increased prices of traditional sources of energy and increased competition in the economic field. Thus, the EU energy market has progressed in reducing its dependence on external energy sourcing, by increasing production of renewable energy, such as wind or solar, as well as by further integration of the electric grid. Based on the Pearson coefficient this article intends to research the correlations between the economic, energy and house prices in recent years and the future possible impacts depending on their evolution. For example, gas prices in the past decade increasing household costs in most countries due to the dependence on third parties for energy, lead to the need of increasing the share of renewable energy in total energy consumption, which have consequently decreased electricity prices since 2008. However, this development has still not solved the additional costs issue of households due to the new technologies implemented although wind and solar energy receive in general low margins. Such energy issues, as well as the increased housing prices after the financial crisis in 2008 have caused on their own an additional burden on the economy and households spending income in the next years following.

Crisis and Work: An Analysis of Emergency Labour Market Policies in Portugal, Spain and Greece

Directory of Open Access Journals (Sweden)

Margarida Martins Barroso

2017-01-01

Full Text Available In this article, we analyse the main reforms introduced in the Portuguese, Spanish and Greek labour-markets since the beginning of the crisis. Based in a documental and statistical analysis, the study takes in consideration the similar institutional, historical and geographic characteristics of these countries, but also their particularities. Results show that the emergency policies tend to resemble and to concentrate on dismissals, contracts, working time, salaries, collective bargaining and working conditions in the public sector. Nonetheless, the pre-crisis structural variations between these countries, together with the different effects that the crisis had in each one of them, help to understand possible differences in terms of results, giving a new contribution to the questioning of the internal homogeneity of the Mediterranean model.

Marketing analysis of the demand for housing under construction in Chelyabinsk

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Trofimenko Elena Jur'evna

2015-04-01

Full Text Available In the article the urgency of studying the demand for housing under construction in Chelyabinsk, studied Rosreestra data on quantity of completed contracts for the purchase of property, assess the current state of the real estate market in Chelyabinsk; consumer demand in the property market in Chelyabinsk (size, structure; socio-demographic characteristics of consumers of residential property; consumer preferences when buying a residential property.

Marketing strategies in financial crisis : with change in mobile phone technology

OpenAIRE

Shabbir, Rizwan; Ur Rehman, Attiq

2010-01-01

The financial crisis has affected every economy during the last decade thus under this changing environment that effect the marketing strategies and these strategies began to change according to the buying behavior of the people. In this research the consumer perspective is examined with the change in mobile phone technology. This is an industry of constant change and innovation in which manufacturers are continually developing new technologies for consumers. As the buying behavior of the con...

Tail Behavior of the Central European Stock Markets during the Financial Crisis

Czech Academy of Sciences Publication Activity Database

Baruník, Jozef; Vácha, Lukáš; Vošvrda, Miloslav

2010-01-01

Roč. 2010, č. 4 (2010), s. 1-17 R&D Projects: GA ČR GP402/08/P207; GA ČR GD402/09/H045; GA ČR GA402/09/0965 Institutional research plan: CEZ:AV0Z10750506 Keywords : financial crisis * tail behavior * stock markets * stable probability distribution Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2010/E/barunik-0341829.pdf

An alternative method for identifying booms and busts in the euro area housing market

OpenAIRE

Gerdesmeier, Dieter; Roffia, Barbara; Lenarcic, Andreja

2012-01-01

The main aim of this paper is to apply a method based on fundamentals ─ which has already been applied in the stock market analysis ─ to detect boom/bust in the housing market, with a focus on the euro area. In this context, an underlying model is developed and tested. It turns out that the user cost rate, a demographic variable, the unemployment rate, disposable income (or disposable income per capita), the debt-to-income ratio and, finally, the housing stock are fundamental variables which ...

The financial crisis and securitization

Directory of Open Access Journals (Sweden)

Ewa Szabłowska

2010-06-01

Full Text Available Securitization means the change of non-liquid assets into securities. This topic has become more popular, mainly due to the U.S. subprime mortgage crisis. In this article, an analysis is given of the current situation in financial markets and the changes, which were implemented from the first days of subprime crisis. Also mentioned is the impact the crisis has had on securitization development. Part of the article is devoted to the situation on the Polish financial market. It is quite a new market and it is susceptible to such crises. The Article presents the part played by securitization in the Polish financial market and the circumstances for its growth in the near future. It also covers the latest information related to financial market regulations, which could have direct or indirect impact on the quantity and value of securitization transactions.

Real Options Effect of Uncertainty and Labor Demand Shocks on the Housing Market

OpenAIRE

Lee, Gabriel; Nguyen Thanh, Binh; Strobel, Johannes

2016-01-01

This paper shows that uncertainty affects the housing market in two significant ways. First, uncertainty shocks adversely affect housing prices but not the quantities that are traded. Controlling for a broad set of variables in fixed-effects regressions, we find that uncertainty shocks reduce housing prices and median sales prices in the amount of 1.4% and 1.8%, respectively, but the effect is not statistically significant for the percentage changes of all homes sold. Second, when...

Housing policy and the granting of mortgage loans in the city of Cúcuta

Directory of Open Access Journals (Sweden)

Jhon Antuny Pabón-León

2017-02-01

Full Text Available This reflection article focuses on housing policy and the granting of mortgage loans in the city of Cúcuta from promulgation of housing policy. It is a descriptive study of quantitative approach, non-experimental, transectional supported in document review addressing three thematic areas: housing policies of the Government, the housing market and housing finance. The House today on day one of the problems that most affect society due among other factors to the growth of cities and next to it is tenure and housing needs. The crisis of housing in Colombia has been one of the most crippling economic problems in recent years and as a result new instruments are designed to provide effective access to housing and care for the potential beneficiaries. Thus arises the concern about what was the impact on the allocation of mortgage loans in the city of Cúcuta from promulgation of housing policy? It is concluded that although opinions differ on the effectiveness of housing policy clearly program presented a positive balance in the city of Cúcuta.

Immigration and urban housing market dynamics : the case of Haifa

NARCIS (Netherlands)

van der Vlist, Arno J.; Czamanski, Daniel; Folmer, Henk

2011-01-01

This paper addresses the interplay between demographics and housing market dynamics in Haifa, Israel. In the 1990s the city of Haifa, with a population of approximately 220,000, absorbed about 45,000 immigrants. The case of Haifa offers a typical non-controlled experiment on how demographic shocks

Future economics of the fuel cell housing market

International Nuclear Information System (INIS)

Erdmann, G.

2003-01-01

This paper examines how a market of small-scale stationary fuel cells of up to 20 kW could look like, if costs of stationary fuel cell systems allow market entry. This paper analyses what the market potential for this technology would be, what types of residential buildings might be most attractive, and what would be the quantitative changes in the fuel and the power market. Finally, does the perspective of stationary fuel cells offer a business opportunity for power and gas distribution companies? The methodology of this paper differs from that of other studies in that we model the operation of stationary fuel cells on the basis of 15 min power load profiles of individual buildings. From these we draw synthetic functions describing the fuel cell power output/natural gas input, as a function of a number of specific properties of individual buildings. We then develop a statistical distribution of these properties of the residential building stock in Germany (15 million units), finally using a Monte Carlo simulation the relevant market shares are calculated. The methodology that is developed here has an advantage in that it is flexible and can be applied for different population of buildings. We know, for example, that the results would differ between rural and urban areas. The model may reflect these differences thus allowing deeper insights into future fuel cell housing markets. (author)

The Financial Crisis: Origins, Causes And Conclusions

Directory of Open Access Journals (Sweden)

Eneida Permeti

2015-03-01

Full Text Available The crisis in recent years took start in response to a crisis of the real estate market in the United States in 2007. The year 2009 has seen an economic crisis and between 2010 and 2011 it was known the spreading of the crisis sovereign debt and public finances of many countries. The financial markets failed in their main task: the allocation of risk. The products and services traded in the financial market are characterized by the immateriality and legal complexity. It means a high uncertainty degree and a high risk. Therefore is very important to protect the investors and this means: give them the right information, right legislation, market confidence and a product that respond to their needs. The crisis causes are: weaknesses in the regulatory, malfunction of the rating agencies, political errors and conflicts of interest. This means that we need: more rules, more capital, less debt, more transparency. The financial markets and the economy have always moved in harmony and savers have undertaken a countercyclical behavior, against trend or against the cycle and for investing in financial markets with the probability in favor we need a map that comes from the statistics.

Immigration and the Housing Market: The Case of Castel Volturno, in Campania Region, Italy

Directory of Open Access Journals (Sweden)

Fabiana Forte

2018-01-01

Full Text Available According to Eurostat, Italy is the fifth country of the European Union per immigrant population. The complexity of the phenomenon, as it has evolved in recent years, leads to analyzing it from a specific point of view, that of the real estate market. The article represents the early stage of research on the housing condition of the immigrant population in the Southern Italy and its effect on the housing market. First, we describe the spatial segregation phenomenon affecting the immigrant population in Campania Region; then we analyze data of the municipality of Castel Volturno, which has one of the greater migratory pressure throughout the whole region. We provide statistical regressions correlating housing prices and socio-economic features from 2006 to 2016. The results confirm the findings of the current literature on the subject: there is a specific phenomenon associated with the presence of an immigrant population residing in conjunction with a reduction of housing prices.

Mortgage lending and house prices in Albania - a co-integrated analysis based on VECM

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Erjona REBI

2014-06-01

Full Text Available The general view that the banks’ lending plays a crucial role in the real estate market was again confirmed during the recent financial crisis. During the precrisis period, house prices in Albania increased rapidly, supported also by a fast expansion of mortgage lending. This study aims to empirically analyse the relation between housing prices and banks’ financing in the long run, referring to a VECM model. The estimated results confirm the important role of mortgage to house prices. Meanwhile, the relation between house prices and interest rates resulted statistically insignificant. Unlike the previous literature, exchange rate has been included as an endogenous variable. Results show positive correlation and statistical significance between house prices and exchange rate. Finally, this paper is expected to contribute to the literature as there are very few studies that elaborate on the macroeconomic factors’ influence on the housing prices in Albania.

European Electricity Markets in Crisis: Diagnostic and Way Forward

International Nuclear Information System (INIS)

Roques, Fabien

2013-01-01

The European electricity industry is going through a profound crisis as several factors combine to create a challenging operating environment for thermal plants. The key issue is that the regulatory and market framework create a climate of deep policy and regulatory uncertainty which will hamper investments and will not deliver on the long term objectives of decarbonization and competitiveness of the European economy. This report analyses both the short and long term challenges for the European electricity markets, and highlights some directions for reform. The report has three main parts. The first part describes the current status quo and challenges associated with the long term decarbonization of the European economy: Section 1 sets the scene by describing the current challenges for the European electricity industry and the challenges associated with the long term decarbonization of the European economy; Section 2 quantifies the investment challenge for the electricity industry and shows how the current regulatory uncertainty undermines investments and will likely not deliver on the stated policy objectives; The second part of the report focusses on the 'extrinsic' issues which affect electricity markets: Section 3 reviews the wider context for electricity market liberalization, which calls for a rethink of the European energy policy framework, including the recent developments in global energy markets, as well as the impact of rising energy prices on economic competitiveness; Section 4 presents the distortive effects of support policies for low carbon technologies and the issues with the European carbon Trading Scheme; The third and last part of the report concentrates on the 'intrinsic issues' with electricity markets: Section 5 details the experience to date with European electricity markets liberalization, and highlights the achievements as well as the shortcomings of the liberalization and integration process; Section 6 dwells into the 'intrinsic issues

Companies’ management during economic crisis

OpenAIRE

Kumpikaitė, Vilmantė; Grybauskas, Andrius; Juodelis, Mantas; Strumyla, Dovydas

2011-01-01

Lots of companies faced recent economic crisis. It was generated by global markets deregulation and it triggered relevant situation to emerge other types of crisis. Many scientists all over the world analyses how crisis affected global economy and changed companies’ management actions. Scientists exclude these types of crisis: economic, informational, physical, human resource, reputational, psychopathic acts production and financial. This paper examines economic crisis generated negative effe...

Being on the field when the game is still under way. The financial press and stock markets in times of crisis.

Directory of Open Access Journals (Sweden)

Roberto Casarin

Full Text Available This paper looks at the relationship between negative news and stock markets in times of global crisis, such as the 2008/2009 period. We analysed one year of front page banner headlines of three financial newspapers, the Wall Street Journal, Financial Times, and Il Sole24ore to examine the influence of bad news both on stock market volatility and dynamic correlation. Our results show that the press and markets influenced each other in generating market volatility and in particular, that the Wall Street Journal had a crucial effect both on the volatility and correlation between the US and foreign markets. We also found significant differences between newspapers in their interpretation of the crisis, with the Financial Times being significantly pessimistic even in phases of low market volatility. Our results confirm the reflexive nature of stock markets. When the situation is uncertain and unpredictable, market behaviour may even reflect qualitative, big picture, and subjective information such as streamers in a newspaper, whose economic and informative value is questionable.

Being on the Field When the Game Is Still Under Way. The Financial Press and Stock Markets in Times of Crisis

Science.gov (United States)

Casarin, Roberto; Squazzoni, Flaminio

2013-01-01

This paper looks at the relationship between negative news and stock markets in times of global crisis, such as the 2008/2009 period. We analysed one year of front page banner headlines of three financial newspapers, the Wall Street Journal, Financial Times, and Il Sole24ore to examine the influence of bad news both on stock market volatility and dynamic correlation. Our results show that the press and markets influenced each other in generating market volatility and in particular, that the Wall Street Journal had a crucial effect both on the volatility and correlation between the US and foreign markets. We also found significant differences between newspapers in their interpretation of the crisis, with the Financial Times being significantly pessimistic even in phases of low market volatility. Our results confirm the reflexive nature of stock markets. When the situation is uncertain and unpredictable, market behaviour may even reflect qualitative, big picture, and subjective information such as streamers in a newspaper, whose economic and informative value is questionable. PMID:23861791

Financial Contagion in the BRICS Stock Markets: An empirical analysis of the Lehman Brothers Collapse and European Sovereign Debt Crisis

Directory of Open Access Journals (Sweden)

DIRCEU PEREIRA

2018-01-01

Full Text Available This research analyzes and extends the study of contagion for BRICS emerging stock markets in the context of the last two international financial crises: the Lehman Brothers Bankruptcy Crisis and the European Sovereign Debt Crisis. We investigate changes in the relationship and the co-movements between BRICS markets in response to international shocks that are originated in advanced markets like USA and Europe. Employing data of daily stock market indices of BRICS countries, this research tests for contagion, examining the interactions and characteristics of price movements of BRICS stock markets by applying cointegration, causality and VECM/Gonzalo-Granger statistic and variance decomposition methodology on stock returns as a measure of perceived country risk. The results exhibit that both long-run and short-run relationships patterns exist between BRICS stock markets and have drastically changed during turbulent periods compared with tranquil period, pointing towards the occurrence of contagion phenomenon among BRICS markets during the last two crises. These findings also indicate that changes in the USA and the Euro Zone indices affect BRICS stock markets in the short-run, acting as a leading indicator for investing in BRICS markets. Also imply an increasing degree of global market integration, bringing major implications for portfolio diversification and policy makers.

Dislocations in FX Swap and Money Markets in Hong Kong and Policy Actions during the Financial Crisis of 2008

OpenAIRE

Laurence Fung; Ip-wing Yu

2009-01-01

When US dollar interbank markets malfunctioned during the global financial crisis of 2008, many non-US financial institutions relied heavily on the foreign-exchange (FX) swap markets for US-dollar funds. This one-sided market induced a risk premium of the FX swap-implied US-dollar rate across a range of funding currencies, i.e. a deviation from the covered interest parity (CIP) condition. The turbulence in the global interbank markets therefore spilled over to the FX swap markets, including t...

Global financial crisis and weak-form efficiency of Islamic sectoral stock markets: An MF-DFA analysis

Science.gov (United States)

Mensi, Walid; Tiwari, Aviral Kumar; Yoon, Seong-Min

2017-04-01

This paper estimates the weak-form efficiency of Islamic stock markets using 10 sectoral stock indices (basic materials, consumer services, consumer goods, energy, financials, health care, industrials, technology, telecommunication, and utilities). The results based on the multifractal detrended fluctuation analysis (MF-DFA) approach show time-varying efficiency for the sectoral stock markets. Moreover, we find that they tend to show high efficiency in the long term but moderate efficiency in the short term, and that these markets become less efficient after the onset of the global financial crisis. These results have several significant implications in terms of asset allocation for investors dealing with Islamic markets.

A Trust-driven Financial Crisis.Implications for the Future of Financial Markets.

OpenAIRE

Luigi Guiso

2010-01-01

The financial crisis has brought to light diffuse opportunistic behaviour and some serious frauds. Because of this trust towards banks, bankers, brokers and the stock market has collapsed to unprecedented levels and there are so far no signs of recovery. This paper uses survey-based information to document the collapse of trust, show its link to the emergence of frauds in the financial industry and discuss its consequences for the demand of financial instruments, investors portfolios and more...

Tail Behavior of the Central European Stock Markets during the Financial Crisis

Czech Academy of Sciences Publication Activity Database

Baruník, Jozef; Vácha, Lukáš; Vošvrda, Miloslav

2010-01-01

Roč. 4, č. 3 (2010), s. 282-294 ISSN 1802-4696 R&D Projects: GA ČR GA402/09/0965; GA ČR GD402/09/H045; GA ČR GP402/08/P207 Grant - others:GA MŠk(CZ) 0021620840 Institutional research plan: CEZ:AV0Z10750506 Keywords : Financial crisis * tail behavior * stock markets * stable probability distribution Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2010/E/barunik-0349713.pdf

Rethinking Affordable Housing Delivery: An Analytical Insight

Directory of Open Access Journals (Sweden)

Olanrewaju Abdullateef

2016-01-01

Full Text Available Malaysia currently has a housing shortage of 12 million units. Towards the year 2020, this would require an annual supply of a minimum of 2 million homes. With the current production rate, the deficits will remain over the next 100 years. The crisis will lead to poor standards of living, un-affordable rental price, high mortgage payment, abandonment, and dilapidation of the existing housing stock. Lack of affordable housing is already a source of concern among many Malaysians. The middle and lower income earners spend more than 30% of their income on rent or for mortgage payment. Housing rent or mortgage is a basic need like foods, education, clothing and health. The government has introduced various measures to address the housing deficit. Despite these measures, the housing supply and distribution gaps continue to grow. To better understand the issues, there is a need to examine how the procurement planning in the affordable housing delivery supply chain and market is formulated, explore how cost of affordable housing would be reduced, identify the user value systems in affordable housing, and identify the criteria in the current regulatory framework? For these purposes, this paper reviews the relevant literature to reach preliminary findings on the stated issues. Among the factors found accounting for housing shortages, the overwhelming factors were that of poor policies, strategies, practice, management, and finance. The findings are meaningful in framing an affordable housing delivery model. It could also be useful to stakeholders involved in affordable housing delivery in Malaysia and elsewhere.

Financial Investment Management: Testing the Market Model on the Romanian Capital Market during the Post Financial Crisis

Directory of Open Access Journals (Sweden)

Radu CIOBANU

2011-06-01

Full Text Available This article presents an analysis of the decision of investing in the capital market in Romania during 2009-2010, in the context of overcoming the global financial crisis. In the first part of the paper, we have made a brief presentation of the simplified model of market analysis introduced in the specialized literature by William Sharpe, the respective model representing the starting point in our study. The purpose of the present study is to emphasize how the evolutions of the financial securities rates listed on the Bucharest Stock Exchange could be explained based on the evolution of BET Romanian capital market index. Although the study over this phenomenon has begun in the middle of the last century, every day new studies appear that are either coming in addition to the already existing ones or are bringing a new approach regarding the financial theory. The novelty of the present study conducted by us resides in the highlighting of the evolutions of the financial securities rates during July 2009 – December 2010 periods. The second part of the paper presents the results of a study conducted on the Romanian capital market, emphasizing the correlations between the most important securities on the Romanian capital market, as parts of BET index and market index. The aim is to check whether during this period the evolution of the financial securities’ return can be explained more or less by the return of the capital market.

The impact of 'studentification' on the rental housing market

OpenAIRE

Mira G. Baron; Sigal Kaplan

2011-01-01

Recent 'studentification' processes raise issues regarding the positive and negative impacts of student influx on the urban environment. The positive impacts discussed in the literature include urban core revitalization, employment generation and economic growth. The negative externalities comprise the formation of temporary sub-communities, competition with low-income groups in the rental housing market, and an increase in traffic volume. The current study adds to the literature by focusing ...

Wealth Effects on Household Final Consumption: Stock and Housing Market Channels

Directory of Open Access Journals (Sweden)

Yener Coskun

2018-06-01

Full Text Available The study primarily explores the linkage between wealth effects, arising from stock and housing market channels, and household final consumption for 11 advanced countries over the period from 1970 Q1 to 2015 Q4. As a modelling strategy, we employ regression analysis through the common correlated effects mean group (CCEMG estimator, as well as Durbin–Hausman cointegration and Dumitrescu and Hurlin (2012 causality tests. The study provides various pieces of evidence through whole-panel and country-level analyses. In this respect, we find that consumption is mostly explained by income and housing wealth is positively and significantly correlated with consumption. As counter-intuitive evidence, we detect a negative linkage between consumption and stock wealth. The evidence also suggests a long-run cointegration relationship among consumption, income, interest rates, housing wealth, and stock wealth. Moreover, we find bidirectional causality between consumption and income, stock wealth, housing wealth, and interest rates. Overall, the evidence implies that housing wealth, rather than stock wealth, is the primary source of consumption growth in advanced countries.

Predicting downturns in the US housing market: a Bayesian approach [Conference presentation

CSIR Research Space (South Africa)

Gupta, R

2008-10-01

Full Text Available stream_source_info Gupta1_2008.pdf.txt stream_content_type text/plain stream_size 13351 Content-Encoding ISO-8859-1 stream_name Gupta1_2008.pdf.txt Content-Type text/plain; charset=ISO-8859-1 Background and Motivation... (Economics), University of Pretoria 2Senior Researcher (Statistics), CSIR, Pretoria. SASA 2008 Gupta and Das Predicting downturns in US housing market Background and Motivation Models - VARs, BVARs and SBVARs Forecasting House Prices in the Twenty...

CONTAGION EFFECTS OF US FINANCIAL CRISIS ON INDONESIA

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Anika Sedyaning Wikanti

2011-09-01

Full Text Available This research analyzes the contagion effects of the US financial markets on Indonesian fi-nancial markets during the 2008 global financial crisis. It specifically investigates whether the slump in the US stock prices directly produced a slump in Indonesian stock prices, or indirectly through the slump in regional stock prices. It also examines whether the slump spilled over into rupiah exchange rate. Using Vector Autoregression and Vector Error Correction Model, the paper finds direct contagion effect of the US financial crisis into Indonesian stock markets. It also finds both direct and indirect contagion effect of the US financial crisis into foreign exchange market.Keywords: Contagion, stock price, exchange rate, financial crisisJEL classification numbers: G12, G15

THE ROLE AND IMPORTANCE OF COMPANY CRISIS DIAGNOSIS IN ANTI-CRISIS MANAGEMENT

OpenAIRE

Klodane, Alona

2016-01-01

Nowadays, under a free market, crises at companies are a frequent phenomenon; however, anti-crisis management and related aspects are currently a little researched problem in Latvia. The research aim is to examine the nature of company crisis diagnosis and its role and importance in the anti-crisis management system. The research general tasks are: to describe the nature of company crisis diagnosis and review the scope, purpose and tasks of performing a diagnosis; to examine the role and impo...

MARKET WATCH

Institute of Scientific and Technical Information of China (English)

2007-01-01

The hottest financial market topic of the moment could be the subprime loan crisis in the United States. The crisis has stormed the U.S. stock market, dragging it to its biggest falls in a single trading day. Other markets, such as Japan’s, were also vul

The current international financial crisis: how much is new?

OpenAIRE

Steven B. Kamin

1999-01-01

The paper surveys a broad array of data to compare the scope and impact of three emerging-market financial crises: the debt crisis of the 1980s, the Mexican financial crisis of 1994-95, and the current international financial crisis. While certain conventional views regarding the three episodes are supported by the data examined in this paper, we find that in several respects, the current crisis is more similar to prior emerging-market crisis episodes than is commonly believed.

The 2008 Financial Crisis and Taxation Policy

OpenAIRE

Thomas Hemmelgarn; Gaetan Nicodeme

2010-01-01

The 2008 financial crisis is the worst economic crisis since the Great Depression of 1929. It has been characterised by a housing bubble in a context of rapid credit expansion, high risk-taking and exacerbated financial leverage, ending into deleveraging and credit crunch when the bubble burst. This paper discusses the interactions between tax policy and the financial crisis. In particular, it reviews the existing evidence on the links between taxes and many characteristics of the crisis. Fin...

The clash of rural-urban migrants and real estate investors on Phnom Penh's housing market: Prospects for garment workers

OpenAIRE

Buttmann, Vera

2017-01-01

Housing markets of large cities around the world, particularly in so-called developing and emerging countries, are currently experiencing a clash: On the one hand, large numbers of labour migrants arrive from rural areas and need cheap rental housing. On the other hand, international real estate investment, particularly in the upper market segment, is strong. The resulting mismatch of housing demand and supply increases segregation, marginalises the vulnerable and leads to massive urban devel...

House Price, House Quality and Economic Growth

NARCIS (Netherlands)

De Vries, P.; Boelhouwer, P.J.

2010-01-01

The literature on housing markets suggest that periods of economic growth are characterised by a demand for better housing quality and increasing prices. The basic principles of the theory are that the short-run price fluctuations occur due to market imperfection, while over the long term, causality

The CDS and the Government Bonds Markets During the Last Financial Crisis

Directory of Open Access Journals (Sweden)

Križanič France

2015-11-01

Full Text Available Financial market had developed a special instrument to insure the buyers of bonds. This instrument is so called Credit Default Swap (CDS. The CDS price is a kind of insurance premium that the buyer of CDS pays to the seller of CDS in exchange for compensation of possible loss in operation. Paper analyses causality between CDS price and dynamics of bond yields and influence of macroeconomic factors on it in four selected countries during the last financial crisis. Analysis results show that there is no important macroeconomic variable included in the analysis that preceded the CDS prices connected with German government bonds. Sellers of CDS were apparently aware of the systemic nature of the financial crisis in the euro area. In the case of the United Kingdom, Russia and Slovenia we can observe the unemployment rate as the most important macroeconomic variable that preceded the CDS prices for government bonds.

The Danish Social Housing Sector

DEFF Research Database (Denmark)

Nielsen, Rikke Skovgaard; Haagerup, Christian Deichmann

2017-01-01

With Denmark faring reasonably well through the global financial crisis, the policy changes to the social housing sector caused by the crisis have been limited. Nevertheless, changes have taken place nonetheless both in terms of policy and in the residential composition of the sector which polici...

Marketing Research on the Retail Market in Braşov with a View to Obtaining Solutions to Diminish the Negative Effects of the Economic Crisis

Directory of Open Access Journals (Sweden)

Bălăşescu S.

2009-12-01

Full Text Available Under the present circumstances of the economic crisis, studying the retail market is a must. The tendencies emphasize a diminution of consumption. Retailers face a long series of problems in the present context. These problems refer to the reduction of turnover, as the number of clients reduces as well. The research in the domain shows what instruments retailers use in order to diminish the negative effects of the crisis. The present work presents some of the results of the qualitative research, as well as of the quantitative one.

The crisis of capitalism and the marketization of health care: the implications for public health professionals

Directory of Open Access Journals (Sweden)

Martin McKee

2012-12-01

Full Text Available The current economic crisis in Europe has challenged the basis of the economic model that currently prevails in much of the industrialised world. It has revealed a system that is managed not for the benefit of the people but rather for corporations and the small elite who lead them and which is clearly unsustainable in its present form. Yet, there is a hidden consequence of this system: an unfolding crisis in health care, driven by the greed of corporations whose profit-seeking model is also failing. Proponents of commodifying healthcare simultaneously argue that the cost of providing care for ageing populations is unaffordable while working to create demand for their health care products among those who are essentially healthy. Will healthcare be the next profit-fuelled investor bubble? In this paper we call on health professionals to heed the warnings from the economic crisis and, rather than stand by while a crisis unfolds, act now to redirect increasingly market-oriented health systems to serve the common good.

Miraculous financial engineering or toxic finance? The genesis of the U.S. subprime mortgage loans crisis and its consequences on the global financial markets and real economy

Directory of Open Access Journals (Sweden)

Ivo Pezzuto

2012-09-01

around the world, transferring to these investors the rights to the mortgage payments and the related credit risk. With the collapse of the first banks and hedge funds in 2007 the rising number of foreclosures helped speed the fall of housing prices, and the number of prime mortgages in default began to increase. As many CDO products were held on a “mark to market” basis, the paralysis in the credit markets and the collapse of liquidity in these products let to the dramatic write-downs in 2007. When stock markets in the United States, Europe and Asia continued to plunge, leading central banks took the drastic step of a coordinated cut in interest rates and Governments coordinated actions that included taking equity stakes in major banks. This paper written by the Author (on October 7th, 2008 at the rise of these dramatic events, aims to demonstrate, through solid and fact-based assumptions, that this dramatic global financial crisis could have been addressed and managed earlier and better by many of the stakeholders involved in the subprime mortgage lending process such as, banks’ and investment funds management, rating agencies, banking and financial markets supervisory authorities. It also unfortunately demonstrates the corporate social responsibility failure and the moral hazard of many key players involved in this crisis, since a lot of them probably knew quite well what was happening but have preferred not to do anything or to do little and late in order to change the dramatic course of the events.

Financial crisis and global imbalances: its labour market origins and the aftermath

OpenAIRE

Pasquale Tridico

2012-01-01

The objective of this paper is to articulate how the 2007--09 economic crisis is rooted in the uneven income distribution and inequality caused by the current finance-led model of growth. The process of financialisation that took place in the 1980s in the USA and then in the European Union was coupled with labour flexibility, wage moderation and soaring profits. The flexibility agenda of the labour market and the end of wage increases, along with the contraction of indirect wages (i.e. public...

The Euro crisis. Causes and Symptoms

Directory of Open Access Journals (Sweden)

Christoph S. Weber

2015-06-01

Full Text Available The Euro crisis is mainly a consequence of the international financial crisis of 2008. Thereby, the term Euro crisis is misleading as there is no currency crisis. First, the article shows some of the birth defects of the Euro. Second, it shows that the increase in public debt was caused by rescue measures for banks and anti-cyclical fiscal policy. Third, we argue that the Euro crisis is not just one crisis (a sovereign debt crisis but it is a combination of several macroeconomic crises including a growth crisis, a labour market crisis, a public debt crisis, and a current account crisis.

CORPORATIONS CRISIS - BEYOND THE FRONTIERS OF MANAGEMENT

Directory of Open Access Journals (Sweden)

Liviu NEAMTU

2009-12-01

Full Text Available The economic crisis registered on international markets can be seen simply as corporate crisis as a result of that crash is the effect of large financial institutions and companies in the field of goods and services. Corporate crisis is a process that develops in nearly 10 years on the international market falling to the level of maximum development and producing her effects for 10 years hence. The paper tries to follow the stages of evolution of this crisis together with factors such as management and the economic environment characterized current economy. Also the relationship between companies management and "macroeconomic management" that generates these developments should be defined so that for future periods to be offered the best solutions to balance the market domestically and internationally

Housing Systems and Ethnic Spatial Segregation

DEFF Research Database (Denmark)

Andersen, Hans Skifter; Andersson, Roger; Wessel, Terje

Residential spatial segregation is related to housing markets and housing policies. In this paper, ethnic segregation is compared across four Nordic capitals and explanations for the differences are examined by comparing the housing markets and housing policies of the countries. The housing markets...

The financial crisis in an operational risk management context—A review of causes and influencing factors

International Nuclear Information System (INIS)

Andersen, L.B.; Häger, D.; Maberg, S.; Næss, M.B.; Tungland, M.

2012-01-01

Global macroeconomic imbalance combined with deregulation of US banks and increasing US real estate prices formed the basis for aggressive growth in worldwide trading of so called Collateralized Debt Obligations (CDO), i.e. similar loans pooled to create a financial derivative that can be bought or sold. The CDOs consisted mainly of prime and subprime housing loans, where the latter type is characterized by a high probability for default. Due to the growing market demand for this derivative and the subsequent shortage of prime loans, the subprime share in the CDOs increased from 43% to 71% from 2003 to 2007. Surprisingly the credit rating agencies did not change the top level (AAA) credit rating of the CDOs in the same period of time. How was this possible? And how could the tremendously resourceful firms that insured the derivatives by selling so called Credit Default Swaps to CDO owners avoid understanding the enormous risk they took on? What later was to be called the financial crisis emerges in the spring of 2008 in line with the fall in US real estate prices and subsequent evaporation of the CDO market. The chain of events that led to numerous bankruptcies and threw the world into a recession not seen since the early 1930s has been labeled a system crisis, liquidity crisis, and a crisis of confidence (in the financial markets) among others. In this paper we survey how, and to what extent, operational risk exposure in the organizations of mortgage brokers and banks, insurance companies, credit rating agencies, and investment banks contributed to the financial crisis. Bayesian Network analysis of causes and influencing factors in these four types of organizations indicates that operational risk exposure played a crucial role in triggering the financial crisis. Our findings suggest that the financial crisis for a large part was the result of an industry wide failure to manage risk in general, and operational risk in particular.

Discrimination of tenants with a visual impairment on the housing market: Empirical evidence from correspondence tests.

Science.gov (United States)

Verhaeghe, Pieter-Paul; Van der Bracht, Koen; Van de Putte, Bart

2016-04-01

According to the social model of disability, physical 'impairments' become disabilities through exclusion in social relations. An obvious form of social exclusion might be discrimination, for instance on the rental housing market. Although discrimination has detrimental health effects, very few studies have examined discrimination of people with a visual impairment. We aim to study (1) the extent of discrimination of individuals with a visual impairment on the rental housing market and (2) differences in rates of discrimination between landowners and real estate agents. We conducted correspondence tests among 268 properties on the Belgian rental housing market. Using matched tests, we compared reactions by realtors and landowners to tenants with and tenants without a visual impairment. The results show that individuals with a visual impairment are substantially discriminated against in the rental housing market: at least one in three lessors discriminate against individuals with a visual impairment. We further discern differences in the propensity toward discrimination according to the type of lessor. Private landlords are at least twice as likely to discriminate against tenants with a visual impairment than real estate agents. At the same time, realtors still discriminate against one in five tenants with a visual impairment. This study shows the substantial discrimination against visually people with an impairment. Given the important consequences discrimination might have for physical and mental health, further research into this topic is needed. Copyright © 2016 Elsevier Inc. All rights reserved.

Analysis of Marketing and Customer Satisfaction in Base Housing Communities of the Monterey Bay Area

Science.gov (United States)

2011-06-01

in Seattle, Washington. The company claims to be based on four basic principles : “exceptional people, strong customer service, market knowledge, and...FtOrd.html Keller, K., & Kotler , P. (2009). A framework for marketing management. Upper Saddle River, NJ: Pearson Education, Inc. Office of...SUBTITLE Analysis of Marketing and Customer Satisfaction in Base Housing Communities of the Monterey Bay Area 5. FUNDING NUMBERS 6. AUTHOR(S

The U.S. Money Market and the Term Auction Facility in the Financial Crisis of 2007-–2009

OpenAIRE

Tao Wu

2011-01-01

The interbank money market in the United States and Europe became turbulent during the financial crisis of 2007-–2009, with the counterparty default risk premiums and liquidity premiums of short-term financing among major financial institutions rising sharply to unprecedented levels. Using various measures of macroeconomic and financial risks, I find that the surges in counterparty risk premiums were predominantly driven by heightened uncertainties about the macroeconomy and financial market,...

The Reasons for UK Large Financial Institutions' Failure during the Recent Financial Crisis in 2007

OpenAIRE

LI, ZHAOYI

2012-01-01

Most UK financial institutions have failed during the recent financial crisis. Although this depression is triggered by the failure of US housing market, the business model for the UK is still different with US financial institutions. Most failed companies are not hold large amount of sub-prime loans in their asset portfolio in the UK, the most important reason is the wholesale funding strategies became the central business model for the most failed firms, therefore the retail deposits are no...

Mezinárodní konference ENHR 09 – Prague Changing Housing Markets: Integration and Segmentation

Czech Academy of Sciences Publication Activity Database

Lux, Martin; Vojtková, Michaela

2009-01-01

Roč. 45, č. 5 (2009), s. 1141-1142 ISSN 0038-0288. [ENHR 09 Prague: Changing Housing Markets : Integration and Segmentation. Praha, 28.06.2009-01.07.2009] Institutional research plan: CEZ:AV0Z70280505 Keywords : international conference * housing * integration Subject RIV: AO - Sociology, Demography Impact factor: 0.562, year: 2009 www.enhr2009.cz

Risk shocks and housing markets

OpenAIRE

Dorofeenko, Viktor; Lee, Gabriel S.; Salyer, Kevin D.

2010-01-01

Abstract: This paper analyzes the role of uncertainty in a multi-sector housing model with financial frictions. We include time varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production. The analysis demonstratesthat risk shocks to the housing production sector are a quantitatively important impulse mechanism for the business cycle. Also, we demonstrate that bankruptcy costs act as an endogenous markup factor in housing prices; as a consequence, the volati...

The world oil market after the Iraq-Kuwait crisis: Economic and politicoeconomic considerations

International Nuclear Information System (INIS)

Wirl, F.

1994-01-01

The recent crisis in the Gulf (Iraq's temporary annexation of Kuwait) will presumably inflict enormous damage on future oil markets on both sides, consumers and producers. Consumers will be aware of the potential insecurity of the oil supply from the Arab-Persian Gulf, ironically, at a time when OPEC members (others than Iraq and Kuwait) stood up to their commitment. The reason for this lack of confidence is that political objectives may dominate conventional economic goals so that the future oil market becomes unpredictable and potentially insecure. As a consequence, consumers may conserve even in period of low oil prices so that billions and billions of (opportunity) dollars might be wasted. Vertical integration may be a way to mitigate this insecurity and to increase the credibility of a reliable supply. Presumably the easiest way to regain some of the consumers' confidence seems to be to again offer the international oil companies larger responsibility for the oil market

The struggle for Via Bologna street market: crisis, racial denial and speaking back to power in Naples Italy.

Science.gov (United States)

Dawes, Antonia

2018-01-10

This paper is based on ethnographic research conducted with migrant and Italian street vendors in Naples, southern Italy, in 2012. It tells the story of Via Bologna market which was nearly closed down by the City Hall at the time. Naples is a city where issues of poverty and unemployment pre-date and have been exacerbated by manifold narratives of crisis now unfolding across Europe regarding the economy, political legitimacy, security and migration. Street markets have always been an important and visible economic survival strategy for both Neapolitans and migrants there. This article shows how the Via Bologna street vendors appropriated and adapted discourses about crisis to form their own cosmopolitan social movement that halted the closure of the market. It argues that, in the age of globalized migration, the multilingual nature of such collective action is central to understanding social struggles that must be organized between marginalized groups of people divided by race, religion, politics and legal status. This, frequently ambiguous, transcultural solidarity speaks back against a mainstream post-racial discourse - often articulated by the Neapolitan street vendors at the market - that would reduce the complexity of such collective action to questions of poverty and class struggle. © London School of Economics and Political Science 2018.

The role of government and financial institutions during a housing market crisis : a case study of the Netherlands

NARCIS (Netherlands)

Boelhouwer, P.J.

2017-01-01

The generous mortgage tax relief enjoyed in the Netherlands and the possible existence of a house price bubble cannot explain the sharp decrease of house prices in the Netherlands in the period from 2011–2013. This sharp decline can, however, be explained by the rigorous adjustments to mortgage

Towards a Continental Energy Market: From the Energy Crisis to the Free Trade Agreement, 1970-88.

Science.gov (United States)

Bennett, Paul W.

1989-01-01

Discusses the impact the 1973 oil embargo and resulting energy crisis had on Canadian energy policies, which eventually led in 1987 to the enactment of the Free Trade Agreement between Canada and the United States. Includes excerpts of three documents which reveal much about the shift in Canadian policy toward a continental energy market. (LS)

Patterns of residential crowding among Hispanics in later life: immigration, assimilation, and housing market factors.

Science.gov (United States)

Burr, Jeffrey A; Mutchler, Jan E; Gerst, Kerstin

2010-11-01

We describe patterns of residential crowding among older Hispanics and non-Hispanic Whites. We also examine hypotheses about the relationship of residential crowding with assimilation (language and duration of residence) and housing market characteristics. We employ a multilevel research design, using data from the 2000 U.S. Census of Population. Hierarchical linear models are utilized to estimate the association between residential crowding and both individual and housing market factors. Approximately one third of older Hispanics in metropolitan areas live in crowded housing compared with only one tenth of older non-Hispanic Whites. Foreign-born older persons report higher levels of crowding than U.S.-born older persons. Residential crowding differences between older Hispanics and non-Hispanics are not eliminated after controls are included. Older Hispanics who report better English language skills and a longer duration of residence in the United States live in less crowded housing. We do not find evidence for a relationship between crowding and residential segregation, but we find consistent evidence for an association between residential crowding and relative size of the Hispanic population. The forces that shape household composition and access to housing among older Hispanics appear to result in higher levels of residential crowding for this population.

The role of currency swaps in the domestic banking system and the functioning the swap market during the crisis

OpenAIRE

Judit Páles; Zsolt Kuti; Csaba Csávás

2011-01-01

The basic purpose of this study is to didactically demonstrate the factors shaping the currency swap stock of domestic banks prior to the crisis and to provide a descriptive analysis of how the structure and the functioning of the market changed during the crisis. The main conclusions of the study are as follows. In addition to the wide ranging applicability of the transaction, the rise in the currency swap stock of domestic credit institutions is also attributable to macroeconomic factors. T...

Chapter 2: The Financial Crisis

OpenAIRE

Hans-Werner Sinn; John Hassler; Gilles Saint-Paul; Giancarlo Corsetti; Michael P. Devereux; Tim Jenkinson; Jan-Egbert Sturm; Xavier Vives

2009-01-01

The financial turmoil that originated in 2007 and developed into an unprecedented crisis battering financial and real markets is the latest manifestation, on a grand scale and with new attributes, of a welldefined pathology in the process of market liberalization and integration in the post-Bretton Woods era. At the root of the crisis lies a fundamental inconsistency between financial globalisation – the process of liberalization and deregulation driving the impressive growth of world finan...

An agent-based approach equipped with game theory. Strategic collaboration among learning agents during a dynamic market change in the California electricity crisis

Energy Technology Data Exchange (ETDEWEB)

Sueyoshi, Toshiyuki [Department of Management, New Mexico Institute of Mining and Technology, Socorro, NM 87801 (United States); Department of Industrial and Information Management, National Cheng Kung University, Tainan (China)

2010-09-15

An agent-based approach is a numerical (computer-intensive) method to explore the complex characteristics and dynamics of microeconomics. Using the agent-based approach, this study investigates the learning speed of traders and their strategic collaboration in a dynamic market change of electricity. An example of such a market change can be found in the California electricity crisis (2000-2001). This study incorporates the concept of partial reinforcement learning into trading agents and finds that they have two learning components: learning from a dynamic market change and learning from collaboration with other traders. The learning speed of traders becomes slow when a large fluctuation occurs in the power exchange market. The learning speed depends upon the type of traders, their learning capabilities and the fluctuation of market fundamentals. The degree of collaboration among traders gradually reduces during the electricity crisis. The strategic collaboration among traders is examined by a large simulator equipped with multiple learning capabilities. (author)

An agent-based approach equipped with game theory. Strategic collaboration among learning agents during a dynamic market change in the California electricity crisis

International Nuclear Information System (INIS)

Sueyoshi, Toshiyuki

2010-01-01

An agent-based approach is a numerical (computer-intensive) method to explore the complex characteristics and dynamics of microeconomics. Using the agent-based approach, this study investigates the learning speed of traders and their strategic collaboration in a dynamic market change of electricity. An example of such a market change can be found in the California electricity crisis (2000-2001). This study incorporates the concept of partial reinforcement learning into trading agents and finds that they have two learning components: learning from a dynamic market change and learning from collaboration with other traders. The learning speed of traders becomes slow when a large fluctuation occurs in the power exchange market. The learning speed depends upon the type of traders, their learning capabilities and the fluctuation of market fundamentals. The degree of collaboration among traders gradually reduces during the electricity crisis. The strategic collaboration among traders is examined by a large simulator equipped with multiple learning capabilities. (author)

Analyzing the financial crisis using the entropy density function

Science.gov (United States)

Oh, Gabjin; Kim, Ho-yong; Ahn, Seok-Won; Kwak, Wooseop

2015-02-01

The risk that is created by nonlinear interactions among subjects in economic systems is assumed to increase during an abnormal state of a financial market. Nevertheless, investigating the systemic risk in financial markets following the global financial crisis is not sufficient. In this paper, we analyze the entropy density function in the return time series for several financial markets, such as the S&P500, KOSPI, and DAX indices, from October 2002 to December 2011 and analyze the variability in the entropy value over time. We find that the entropy density function of the S&P500 index during the subprime crisis exhibits a significant decrease compared to that in other periods, whereas the other markets, such as those in Germany and Korea, exhibit no significant decrease during the market crisis. These findings demonstrate that the S&P500 index generated a regular pattern in the return time series during the financial crisis.

Market efficiency in foreign exchange markets

Science.gov (United States)

Oh, Gabjin; Kim, Seunghwan; Eom, Cheoljun

2007-08-01

We investigate the relative market efficiency in financial market data, using the approximate entropy(ApEn) method for a quantification of randomness in time series. We used the global foreign exchange market indices for 17 countries during two periods from 1984 to 1998 and from 1999 to 2004 in order to study the efficiency of various foreign exchange markets around the market crisis. We found that on average, the ApEn values for European and North American foreign exchange markets are larger than those for African and Asian ones except Japan. We also found that the ApEn for Asian markets increased significantly after the Asian currency crisis. Our results suggest that the markets with a larger liquidity such as European and North American foreign exchange markets have a higher market efficiency than those with a smaller liquidity such as the African and Asian markets except Japan.

Temporary agency work, migration and the crisis in Greece: labour market segmentation intensified.

Science.gov (United States)

Maroukis, Thanos

2016-05-01

This article focuses on the under-researched temporary agency employment in Greece. It shows that the development of the temporary employment agency sector has gone hand in hand with the flow of undocumented and exploitable migrant labour in Greece over the past 25 years, reflecting the segmentation of the Greek labour market along ethnic lines. Using empirical research evidence on the operation of temporary employment agencies in the Greek hospitality and health care sectors, the article highlights the precarious or even illicit nature of agency employment in a context in which labour outsourcing and flexible employment are promoted by policy-makers. Last but not least, it suggests that the segmented landscape of the Greek labour market has become more complex during the economic crisis, with more and more Greeks drawn to agency-mediated precarious employment.

Appraisal of the adequacy of the application of customer-driven marketing strategies to the Nigeria National Housing Fund scheme

Directory of Open Access Journals (Sweden)

Chuka Uzoma Ifediora

2015-07-01

Full Text Available This study appraised the adequacy of the application of customer-driven marketing strategies to the Nigeria National Housing Fund (NHF scheme. The study objective was to assess the adequacy of the application of market segmentation, targeting, differentiation and positioning by the NHF implementers. The study adopted descriptive and exploratory research designs. Various offices of the Federal Mortgage Bank of Nigeria (the implementers of the NHF scheme in Abuja, Lagos, PortHarcourt, Ibadan and Enugu, as well as the 19 state/ district offices in these zones were studied. The study population comprised 201 management staff and officers in these offices. A census was carried out, considering the size of the population and the nature of the investigation. Structured questionnaire was used to collect data for this study. Analysis of variance (ANOVA was used to test the formulated hypothesis at 5% level of significance. The hypothesis test revealed that the application of market segmentation, targeting, differentiation and positioning by the NHF implementers is not adequate (Fcal = 95.239, p = 0.000 < 0.05. Following the finding, it is concluded that there is a low level of application of customer-driven marketing strategies in the National Housing Fund (NHF implementation. In line with the finding and conclusion of this study, it is recommended that the adoption and application of the customer-driven marketing strategies model for housing development programmes will aid the successful implementation of housing development programmes, thus leading to a substantial reduction in housing deficit level.

Effects of financial crisis on the industry sector of Chinese stock market — from a perspective of complex network

Science.gov (United States)

Yang, Chunxia; Chen, Yanhua; Hao, Weiwei; Shen, Ying; Tang, Minxuan; Niu, Lei

2014-05-01

In this paper, we use mutual information to measure the statistical interdependence between 23 industry sectors of Shanghai stock market and construct corresponding correlation network to analyze the shock of 2008 financial crisis on industry sectors. The obtained meaningful facts are as follows. First, such crisis has only a limited impact on leading industries such as Manufacturing, Commercial trade and Machinery & Equipment, which still play an important role in Chinese economy. Second, the crisis badly attacks China's export industries like Electronics, Wood & Furniture and Textile & Clothing. The damage further hurts other industries, and then export industries' influence becomes larger. Third, the crisis adversely impacts the import industries like Petrochemical, Metal & Nonmetal and Pharmaceutical Biotechnology. While due to the stimulation of macroeconomic policies, the influence of crisis on import industries is limited. Similarly, due to relatively strict capital control and the macroeconomic policies stimulating the domestic demand, those industries like Construction, Real Estate and Financial Services are slightly wounded. All these findings suggest that Chinese government should transform from the external demand to the domestic consumption to sustain economic growth.

Ethnic and gender discrimination in the private rental housing market in Finland: A field experiment.

Directory of Open Access Journals (Sweden)

Annamaria Öblom

Full Text Available Ethnic and gender discrimination in a variety of markets has been documented in several populations. We conducted an online field experiment to examine ethnic and gender discrimination in the private rental housing market in Finland. We sent 1459 inquiries regarding 800 apartments. We compared responses to standardized apartment inquiries including fictive Arabic-sounding, Finnish-sounding or Swedish-sounding female or male names. We found evidence of discrimination against Arabic-sounding names and male names. Inquiries including Arabic-sounding male names had the lowest probability of receiving a response, receiving a response to about 16% of the inquiries made, while Finnish-sounding female names received a response to 42% of the inquires. We did not find any evidence of the landlord's gender being associated with the discrimination pattern. The findings suggest that both ethnic and gender discrimination occur in the private rental housing market in Finland.

Ethnic and gender discrimination in the private rental housing market in Finland: A field experiment.

Science.gov (United States)

Öblom, Annamaria; Antfolk, Jan

2017-01-01

Ethnic and gender discrimination in a variety of markets has been documented in several populations. We conducted an online field experiment to examine ethnic and gender discrimination in the private rental housing market in Finland. We sent 1459 inquiries regarding 800 apartments. We compared responses to standardized apartment inquiries including fictive Arabic-sounding, Finnish-sounding or Swedish-sounding female or male names. We found evidence of discrimination against Arabic-sounding names and male names. Inquiries including Arabic-sounding male names had the lowest probability of receiving a response, receiving a response to about 16% of the inquiries made, while Finnish-sounding female names received a response to 42% of the inquires. We did not find any evidence of the landlord's gender being associated with the discrimination pattern. The findings suggest that both ethnic and gender discrimination occur in the private rental housing market in Finland.

Crisis-like behavior in China's stock market and its interpretation.

Science.gov (United States)

Fan, Fangli; Gao, Jianbo; Liang, Shuhong

2015-01-01

In order for China to play a bigger, more positive role in the world, it is important for China to have a healthy capital market. This perception motivates us to examine the health of China's capital market, especially the severity of the overall loss of the listed companies in China and the effects of accounting irregularities on the losses. We show the overall loss of the listed companies was very severe, in particular, crisis-like behavior emerged in the fourth quarter of 2002, 2004, 2005, and 2008. We further observe that loss in the fourth quarter was much greater than the average loss of the first three quarters in the same year. The most straightforward interpretation of this loss pattern is that companies underreported losses in the first three quarters, to boost their stock values in most time of the year. However, in the fourth quarter, accounting balance of the whole year dictated that the reported loss in the fourth quarter had to be much greater than the actual loss. Fortunately, such irregularity has been greatly reduced, thanks to the accounting reforms in China in 2007.

The impact of the crisis on employment and the role of labour market institutions

OpenAIRE

Eichhorst, Werner; Escudero, Verónica; Marx, Paul; Tobin, Steven

2010-01-01

The paper takes a comparative perspective on the labour market impact on G20 and EU countries of the financial and economic crisis that began in 2008. It starts from the observation that the decline in employment and rise in unemployment in relation to output or GDP reductions varies significantly across countries. It examines the impacts from an institutional perspective taking into account different channels of external, internal and wage flexibility determined by both the institutional arr...

Why is no financial crisis a dress rehearsal for the next? Exploring contagious heterogeneities across major Asian stock markets

Science.gov (United States)

Dewandaru, Ginanjar; Masih, Rumi; Masih, A. Mansur M.

2015-02-01

Our study attempts to discover pure contagion or interdependence amongst the Asian equity markets (China, India, Taiwan and South Korea) due to the shocks stemming from eleven major crises around the world. We apply wavelet decomposition in both its discrete and continuous forms to unveil the multi-horizon nature of co-movement, volatility and lead-lag relationship. We find that most of the earlier shocks were transmitted via excessive linkages or pure contagion, while the recent subprime crisis appears to have resulted mostly in fundamentals-based contagion or interdependence. This assertion is based mainly on the deepening fundamental integration particularly after the Asian financial crisis period. We also find the relatively dominating role of China and South Korea after this crisis.

Endogenous Price Bubbles in a Multi-Agent System of the Housing Market.

Science.gov (United States)

Kouwenberg, Roy; Zwinkels, Remco C J

2015-01-01

Economic history shows a large number of boom-bust cycles, with the U.S. real estate market as one of the latest examples. Classical economic models have not been able to provide a full explanation for this type of market dynamics. Therefore, we analyze home prices in the U.S. using an alternative approach, a multi-agent complex system. Instead of the classical assumptions of agent rationality and market efficiency, agents in the model are heterogeneous, adaptive, and boundedly rational. We estimate the multi-agent system with historical house prices for the U.S. market. The model fits the data well and a deterministic version of the model can endogenously produce boom-and-bust cycles on the basis of the estimated coefficients. This implies that trading between agents themselves can create major price swings in absence of fundamental news.

Endogenous Price Bubbles in a Multi-Agent System of the Housing Market.

Directory of Open Access Journals (Sweden)

Roy Kouwenberg

Full Text Available Economic history shows a large number of boom-bust cycles, with the U.S. real estate market as one of the latest examples. Classical economic models have not been able to provide a full explanation for this type of market dynamics. Therefore, we analyze home prices in the U.S. using an alternative approach, a multi-agent complex system. Instead of the classical assumptions of agent rationality and market efficiency, agents in the model are heterogeneous, adaptive, and boundedly rational. We estimate the multi-agent system with historical house prices for the U.S. market. The model fits the data well and a deterministic version of the model can endogenously produce boom-and-bust cycles on the basis of the estimated coefficients. This implies that trading between agents themselves can create major price swings in absence of fundamental news.

Endogenous Price Bubbles in a Multi-Agent System of the Housing Market

Science.gov (United States)

2015-01-01

Economic history shows a large number of boom-bust cycles, with the U.S. real estate market as one of the latest examples. Classical economic models have not been able to provide a full explanation for this type of market dynamics. Therefore, we analyze home prices in the U.S. using an alternative approach, a multi-agent complex system. Instead of the classical assumptions of agent rationality and market efficiency, agents in the model are heterogeneous, adaptive, and boundedly rational. We estimate the multi-agent system with historical house prices for the U.S. market. The model fits the data well and a deterministic version of the model can endogenously produce boom-and-bust cycles on the basis of the estimated coefficients. This implies that trading between agents themselves can create major price swings in absence of fundamental news. PMID:26107740

EFFECT OF INTERNET MARKETING ON THE PURCHASE PATTERN OF THE HOUSE-HOLDS OF TOWNS IN JABALPUR

OpenAIRE

Uma V.P.Shrivastava; Dilip Singh Hazari

2014-01-01

Combining the traditional methods with online information marketers has discovered a successful marketing pattern. The traditional marketing methods of print, television, and direct mailings are being complemented with the use of e-marketing strategies; thus saving time and money. Over the last two decades it has been noticed that the human lifestyles are changing faster than their thoughts. This study is focused on the middle income house-holds with a monthly income ranging from 30k to 60k. ...

CRISIS-DIAGNOSTICS IN ANTI-CRISIS MANAGEMENT

Directory of Open Access Journals (Sweden)

Gavrylenko Valentina

2018-01-01

Full Text Available Introduction. In today’s conditions of a changing market environment, uncertainty and risk, one of the main tasks of management is the timely detection of crisis symptoms and the development of measures aimed at preventing their negative impact on the activities of the enterprise. The purpose of this article is to determine the accounting and analytical information for the development of the model KRIZІS-diagnostics and ensure the effectiveness of its functioning in anti-crisis management. Results. The analysis of definition of the concept «KRIZІS-diagnostics» in the scientific literature is carried out. Multi-factor models for assessing the financial status and the diagnostics of enterprises bankruptcy for different countries are presented. The specified classification of management KRIZІS-diagnostics is specified. The stages and tasks of KRIZІS-diagnostics are determined. The sources of information, which are determinants of the early symptoms of the crisis and necessary for KRIZІS-diagnostics are indicated and the characteristic is also given. Qualitative and quantitative indicators that characterize the business processes of the enterprise and can be used to analyze the state of the enterprise in a changing environment for preventing the crisis are determined. Conclusions. This approach of identifying crisis symptoms in business processes is the basis for managing an enterprise to make strategic management decisions in order to prevent a crisis at its early stages. The development of KRIZІS-diagnostics as an information provision for anti-crisis management is the direction of further research.

Housing market volatility in the OECD area: Evidence from VAR based return decompositions

DEFF Research Database (Denmark)

Engsted, Tom; Pedersen, Thomas Quistgaard

. For the majority of countries news about future returns is the main driver, and both real interest rates and risk premia play an important role in accounting for housing market volatility. Bivariate cross-country correlations and principal components analyses indicate that part of the return movements have......Vector-autoregressive models are used to decompose housing returns in 18 OECD countries into cash ‡ow (rent) news and discount rate (return) news. Only for two countries - Germany and Ireland - do changing expectations of future rents play a dominating role in explaining housing return volatility...... a common factor among the majority of countries. However, in a minority of countries (Germany, Japan, and the Netherlands) return movements have been basically unrelated to return movements in other countries....

The Housing Finance Revolution

OpenAIRE

Richard K. Green; Susan M. Wachter

2007-01-01

While other countries dismantled their segmented housing finance systems and linked housing finance to capital markets through deregulated depositories, the US linked housing finance to capital markets through depository deregulation and securitization. Elsewhere securitization has not developed. The US provided the underpinnings for its mortgage security infrastructure with the creation of FNMA in 1938 and in order to create liquidity in the mortgage market required the standardization of mo...

Terms of orientation on customer needs in the housing sector

Directory of Open Access Journals (Sweden)

Rozhentsova Irina

2017-01-01

Full Text Available Currently, the housing and utilities sector is one of the main sectors of the national economy of the Russian Federation, covering diversified industrial and technical complex, the need for products and services which are practically unlimited. Radical transformation carried out in the sector of housing and communal services (HCS, primarily associated with the formation of the new management model, which reflects the market relationship between the subjects and objects of management. The necessity of transition to new management models in housing and communal services is caused by the deregulation of the sector, separation of functions of owner, customer and producers, suppliers of housing and communal services, formation of private ownership of objects of housing and communal services. The relevance of the research topic is dictated by the low quality of management at all levels of the system of housing and communal services of Russia, insufficient knowledge of the specifics of management of the industry, as well as the need to develop ways to improve management efficiency, to ensure its exit from the crisis and further development. Development of system of housing and communal services becomes impossible without the use of new forms, methods of management of organizations. Consequently, the efficiency of management is relevant and very important problem, both for the theory and practice of management in this area of work.

Dynamic communities in multichannel data: an application to the foreign exchange market during the 2007-2008 credit crisis.

Science.gov (United States)

Fenn, Daniel J; Porter, Mason A; McDonald, Mark; Williams, Stacy; Johnson, Neil F; Jones, Nick S

2009-09-01

We study the cluster dynamics of multichannel (multivariate) time series by representing their correlations as time-dependent networks and investigating the evolution of network communities. We employ a node-centric approach that allows us to track the effects of the community evolution on the functional roles of individual nodes without having to track entire communities. As an example, we consider a foreign exchange market network in which each node represents an exchange rate and each edge represents a time-dependent correlation between the rates. We study the period 2005-2008, which includes the recent credit and liquidity crisis. Using community detection, we find that exchange rates that are strongly attached to their community are persistently grouped with the same set of rates, whereas exchange rates that are important for the transfer of information tend to be positioned on the edges of communities. Our analysis successfully uncovers major trading changes that occurred in the market during the credit crisis.

Dynamic communities in multichannel data: An application to the foreign exchange market during the 2007-2008 credit crisis

Science.gov (United States)

Fenn, Daniel J.; Porter, Mason A.; McDonald, Mark; Williams, Stacy; Johnson, Neil F.; Jones, Nick S.

2009-09-01

We study the cluster dynamics of multichannel (multivariate) time series by representing their correlations as time-dependent networks and investigating the evolution of network communities. We employ a node-centric approach that allows us to track the effects of the community evolution on the functional roles of individual nodes without having to track entire communities. As an example, we consider a foreign exchange market network in which each node represents an exchange rate and each edge represents a time-dependent correlation between the rates. We study the period 2005-2008, which includes the recent credit and liquidity crisis. Using community detection, we find that exchange rates that are strongly attached to their community are persistently grouped with the same set of rates, whereas exchange rates that are important for the transfer of information tend to be positioned on the edges of communities. Our analysis successfully uncovers major trading changes that occurred in the market during the credit crisis.

Community Analysis of Global Financial Markets

Directory of Open Access Journals (Sweden)

Irena Vodenska

2016-05-01

Full Text Available We analyze the daily returns of stock market indices and currencies of 56 countries over the period of 2002–2012. We build a network model consisting of two layers, one being the stock market indices and the other the foreign exchange markets. Synchronous and lagged correlations are used as measures of connectivity and causality among different parts of the global economic system for two different time intervals: non-crisis (2002–2006 and crisis (2007–2012 periods. We study community formations within the network to understand the influences and vulnerabilities of specific countries or groups of countries. We observe different behavior of the cross correlations and communities for crisis vs. non-crisis periods. For example, the overall correlation of stock markets increases during crisis while the overall correlation in the foreign exchange market and the correlation between stock and foreign exchange markets decrease, which leads to different community structures. We observe that the euro, while being central during the relatively calm period, loses its dominant role during crisis. Furthermore we discover that the troubled Eurozone countries, Portugal, Italy, Greece and Spain, form their own cluster during the crisis period.

The role of currency swaps in the domestic banking system and the functioning of the swap market during the crisis

OpenAIRE

Páles, Judit; Kuti, Zsolt; Csávás, Csaba

2011-01-01

The basic purpose of this study is to didactically demonstrate the factors shaping the currency swap stock of domestic banks prior to the crisis and to provide a descriptive analysis of how the structure and the functioning of the market changed during the crisis. The main conclusions of the study are as follows. In addition to the wide ranging applicability of the transaction, the rise in the currency swap stock of domestic credit institutions is also attributable to macroeconomic factors. T...

Local and global analysis of a speculative housing market with production lag

Science.gov (United States)

Campisi, Giovanni; Naimzada, Ahmad K.; Tramontana, Fabio

2018-05-01

We extend the model of Dieci and Westerhoff [J. Evol. Econ. 22(2), 303-329 (2012)], where the authors analyse a speculative housing market populated by heterogeneous interacting agents described by a two dimensional nonlinear discrete time dynamical system. They show the emergence of complicated dynamics through the occurrence of bifurcations for particular parameter combinations. We enlarge their model in several ways. On one hand, we introduce time lag in the supply side and we consider two new scenarios characterised by agents' expectations formation. First, naive expectations instead of perfect foresight are considered, while in the second scenario, we study a mix between the model of Dieci and Westerhoff [J. Evol. Econ. 22(2), 303-329 (2012)] and the one we propose. As a consequence, we, analytically and numerically, explain the appearance of instability in the housing market providing conditions on the parameters that lead to a bifurcation. On the other hand, thanks to further numerical simulations, we conduct a global analysis providing the structure of the basin of attractions of the map showing coexistence of attractors.

The Special Importance of Housing Policy for the Housing Situation of Ethnic Minorities

DEFF Research Database (Denmark)

Andersen, Hans Skifter; Magnusson Turner, Lena; Søholt, Susanne

The purpose of this article is to uncover, whether housing policy has a special importance for immigrants, compared with the whole population, by comparing housing policies and immigrants’ housing outcomes in four Nordic countries: Denmark, Finland, Norway and Sweden. There are substantial...... population varies much. These differences can only to some extent be explained by income inequalities on the housing markets in the countries, inequalities that affect immigrants. Other important explanations of why immigrants perform worse on the housing market is the shortage of rental housing (Norway......’ housing options are strict needs test for social/public housing (Finland)....

The Special Importance of Housing Policy for the Housing Situation of Ethnic Minorities

DEFF Research Database (Denmark)

Andersen, Hans Skifter; Turner, Lena Magnusson; Søholt, Susanne

2013-01-01

The purpose of this article is to uncover, whether housing policy has a special importance for immigrants, compared with the whole population, by comparing housing policies and immigrants’ housing outcomes in four Nordic countries: Denmark, Finland, Norway and Sweden. There are substantial...... population varies much. These differences can only to some extent be explained by income inequalities on the housing markets in the countries, inequalities that affect immigrants. Other important explanations of why immigrants perform worse on the housing market is the shortage of rental housing (Norway......’ housing options are strict needs test for social/public housing (Finland)....

Temporary agency work, migration and the crisis in Greece: labour market segmentation intensified

Science.gov (United States)

2016-01-01

This article focuses on the under-researched temporary agency employment in Greece. It shows that the development of the temporary employment agency sector has gone hand in hand with the flow of undocumented and exploitable migrant labour in Greece over the past 25 years, reflecting the segmentation of the Greek labour market along ethnic lines. Using empirical research evidence on the operation of temporary employment agencies in the Greek hospitality and health care sectors, the article highlights the precarious or even illicit nature of agency employment in a context in which labour outsourcing and flexible employment are promoted by policy-makers. Last but not least, it suggests that the segmented landscape of the Greek labour market has become more complex during the economic crisis, with more and more Greeks drawn to agency-mediated precarious employment. PMID:27499601

QUALITATIVE MARKETING RESEARCH REGARDING THE IMPACT OF THE CRISIS ON THE ACTIVITY OF THE LEASING COMPANIES

Directory of Open Access Journals (Sweden)

CRISTINA BĂLTEANU

2012-01-01

Full Text Available The financial crisis has caused the economic system both direct and indirect effects. Negative macroeconomic shocks have had a direct impact on the results of leasing companies, and effects such as panic and "nervous breakdown" also had major repercussions. The purpose of this paper based on a qualitative marketing research is knowing, on the one hand, the effects of the crisis on the consumption of leasing products/services and, on the other hand, the factors that caused these effects. The study also aimed to outline the possible evolution of the leasing services offers over the next three years, taking in consideration the measures taken by leasing companies in order to restart the financing process through this system.

On The Economics of Energy Labels in the Housing Market

Energy Technology Data Exchange (ETDEWEB)

Brounen, D. [Erasmus University, Rotterdam (Netherlands); Kok, N. [Maastricht University, Maastricht (Netherlands)

2010-08-15

The residential housing market can play an important role in the reduction of global carbon emissions. This paper reports the first evidence on the market adoption and economic implications of energy performance certificates implemented by the European Union. The results show that adoption rates are low and declining over time, coinciding with negative sentiment regarding the label in the popular media. Labels are clustered among smaller, post-war homes in neighborhoods with more difficult selling conditions. We also document that the adoption rates of energy labels have a positive relation to the number of 'green' voters during the 2006 national elections. Within the sample of labeled homes, the energy label creates transparency in the energy performance of dwellings. Our analysis shows that consumers capitalize this information into the price of their prospective homes.

La crisis económica en España : la crisis del sistema bancario

OpenAIRE

Pachón Gallegos, Ana Luna

2014-01-01

El trabajo profundiza en los factores determinantes que favorecieron la aparición de la crisis economica en España, haciendo una especial mención al desarrollo de dicha crisis en el sistema bancario nacional. Departamento de Economía Aplicada Grado en Marketing e Investigación de Mercados

Crisis management in metallurgical enterprises

Directory of Open Access Journals (Sweden)

B. Gajdzik

2014-07-01

Full Text Available On the basis of report analysis which presents situation in metallurgical sector after 2008 the range of changes implemented in management of metallurgical enterprises was characterised. A definition approach to crisis management was suggested as the process when the enterprise is managed during the breakdown period in market condition of the economy in the way directed towards preventing the negative effects of crisis inside enterprises. The publication presents the key aspects of enterprise management in the period of collapse of the balance between the supply and demand on the metallurgical market.

Equity Returns and Volatilities Before and After the 2007-08 Financial Crisis

Directory of Open Access Journals (Sweden)

Dedi Lidija

2017-05-01

Full Text Available This paper investigates the linkages among equity markets of four European countries (Germany, France, Italy, UK and the USA in terms of market returns and transmission of volatilities. We use daily exchange traded funds (ETF data from January 2002 to March 2016 and utilize both a Multivariate Autoregressive Moving Average model (MARMA and a Generalized Autoregressive Conditional Heteroskedasticity model (GARCH. We divided the data into three separate periods: before the 2007-08 financial crisis, during the crisis and after the crisis. The results show the existence of significant co-movement of returns in all three selected periods although some important differences before and after the financial crisis are noted. Findings also include marked increases in integration of the markets and thus diminishing diversification opportunities for investors. Volatilities appear to react strongly to market movements and their shocks fade away slowly in all five countries during the crisis period. There is also strong evidence of volatility spillovers particularly during and after the crisis periods.

Evolving impact of the auction houses in Turkish contemporary art market

OpenAIRE

Kaya, Güldehen

2017-01-01

There are vital institutions serving theproduction, distrubution and consumption of the contemporary art works andconstituting the value of art. One of those institutions, an Auction House, asbeing solely a commercial entity, directly affects the perception of the artvalue via pricing. However, market value is not necessarily a fair andsufficient indicator and does not necessarily correspond to the artist’s careerpath. According to the artists, the perception of value attributed by thatprice ...

The 2008 Global Financial Crisis: The Case of a Market with Consistent Losses Ever Since

Directory of Open Access Journals (Sweden)

Hadeel Yaseen

2015-03-01

Full Text Available Following the 2008 global financial crisis, and in common with many stock markets around the world, the Amman Securities Exchange (ASE experienced some heavy losses. However, what makes the Jordanian market probably different is its inability to recover. The weighted price index fell from 7519.3 points in 2007 to 5520.1 points in 2009, to 4593.9 points in 2012, and to 4336.7 points by the end of 2013 respectively. With a statutory minimum tick which is equal to one pence, this observation has some serious implications to the liquidity cost that prevails in the Jordanian capital market, and the cost of financing listed firms. The primary aim of this research paper is to examine the impact of the stock market crash in Jordan on liquidity cost. Based on a total number of 108 listed stocks and daily data during the years 2007 and 2009, the empirical results indicate that liquidity cost on the Jordanian capital market is high. In addition, the results show that the 2009 stock market crash has led to a substantial increase in liquidity cost. In other words, the market must consider a number of remedial measures to improve its’ operational efficiency.

Multivariate Models to Forecast Portfolio Value at Risk: from the Dot- Com crisis to the global financial crisis

Directory of Open Access Journals (Sweden)

Manuel Sousa Gabrie

2014-09-01

Full Text Available This study analyzed market risk of an international investment portfolio by means of a new methodological proposal based on Value-at- Risk, using the covariance matrix of multivariate GARCH-type models and the extreme value theory to realize if an international diversification strategy minimizes market risk, and to determine if the VaR methodology adequately captures market risk, by applying Backtesting tests. To this end, we considered twelve international stock indexes, accounting for about 62% of the world stock market capitalization, and chose the period from the Dot-Com crisis to the current global financial crisis. Results show that the proposed methodology is a good alternative to accommodate the high market turbulence and can be considered as an adequate portfolio risk management instrument.

Housing and construction markets

Science.gov (United States)

Delton Alderman

2013-01-01

The UNECE region's economic recovery has been sluggish; national income in more than half of the region’s countries has yet to return to 2008 levels and unemployment remains high. Numerous risks remain that could endanger even moderate growth in 2014 and beyond as the eurozone crisis appears to be deepening. Further deterioration in the eurozone or an economic...

Contagion Effect of Natural Disaster and Financial Crisis Events on International Stock Markets

Directory of Open Access Journals (Sweden)

Kuo-Jung Lee

2018-03-01

Full Text Available In the contemporary world bustling with global trade, a natural disaster or financial crisis in one country (or region can cause substantial economic losses and turbulence in the local financial markets, which may then affect the economic activities and financial assets of other countries (or regions. This study focuses on the major natural disasters that occurred worldwide during the last decade, especially those in the Asia–Pacific region, and the economic effects of global financial crises. The heteroscedasticity bias correlation coefficient method and exponential general autoregressive conditional heteroscedasticity model are employed to compare the contagion effect in the stock markets of the initiating country on other countries, determining whether economically devastating factors have contagion or spillover effects on other countries. The empirical results indicate that among all the natural disasters considered, the 2008 Sichuan Earthquake in China caused the most substantial contagion effect in the stock markets of neighboring Asian countries. Regarding financial crises, the financial tsunami triggered by the secondary mortgage fallout in the United States generated the strongest contagion effect on the stock markets of developing and emerging economies. When building a diversified global investment portfolio, investors should be aware of the risks of major natural disasters and financial incidents.

The bishops and housing.

Science.gov (United States)

Shellabarger, Thomas

2005-01-01

According to Catholic social teaching, housing is not a commodity but a human right. To ensure that all people--especially low-income elderly and other vulnerable populations--have access to affordable housing, the church has established a variety of programs, services, and advocacy efforts. Much of this work is based on key concepts: preserving existing housing stock, creating new programs to provide more options for the underserved, empowering residents and communities to deal with housing issues, establishing partnerships to make organizations' efforts more successful, making housing affordable, and ending discrimination in housing. Although church ministries, community groups, the private sector, and other players must work together to find solutions to the housing crisis, federal leadership is essential. Especially with the housing affordability gap growing and the U.S. population aging, the federal government must provide the resources, leadership, and direction for effective housing solutions.

Disagreement in the Norwegian housing market

OpenAIRE

Wingate, Alexander; Svensen, Michael

2016-01-01

Do differences of opinion affect house prices? This thesis investigates how disagreement affects house prices and housing turnover. We construct a disagreement index using household’s beliefs on future house price developments. The main contribution of this study is that the household survey captures real expectations in contrast to many similar studies that use analyst forecasts or volatility based measures. This study finds that higher disagreement is significantly associated wi...

From Subprime and Eurozone Crisis with Full Speed into the Next Financial Crisis

Directory of Open Access Journals (Sweden)

Strašek Sebastjan

2017-09-01

Full Text Available This paper offers an analysis of the road from subprime and eurozone crisis to the elements of a new systemic crisis. Our aim is to research common issues that accompany each of these crises and to explore elements that hint that the financial systems are moving toward a new crisis. By holding short-term interest rates near zero, the central banks have encouraged malinvestment and speculation. Fuelling the bubble is the fear of missing out on trade. We find that actual events and movements on security markets follow a typical pattern, which indicates a serious threat for the next financial crisis. We also find enough signs that old crises lessons haven’t been learned.

Moderating role of brand attachment in brand crisis. To what extent does brand attachment affect purchase intention in brand crisis: a study based on Apple’s crisis in China.

OpenAIRE

Shestakov, Anton Alexandrovich

2012-01-01

Brand crisis can often lead to negative publicity which substantially affects purchase intention. Brand attachment, on the other hand, possesses marketing value since it helps the consumer choose a brand from a set of available brands in a certain market, has a positive effect on repeat purchase, and provokes the willingness to recommend a brand. This study attempts to examine purchase intention after Apple’s employee management crisis in China. It will do so by testing the blame attribution ...

Few Aspects Regarding the Promotional Tools Used in the Marketing Activity of Publishing Houses

Directory of Open Access Journals (Sweden)

Silvia Muhcina

2016-01-01

Full Text Available As they operate in an increasingly turbulent environment, modern organizations have toorganize their activity in such a way that they meet the needs of their target audience as well, asquicker and as appropriate as possible, that they meet the consumers’ demand and that theyachieve a profitable and positively perceived existence. Alongside other categories of goods andservices suppliers, publishing houses are organizations that operate in an intensely competitivemarket. Through their specifics, publishing houses target specific categories of audience, not onlyinstitutions and enterprises (such as: public and private libraries, educational institutions, othertypes of cultural institutions etc., but also individuals. Consequently, publishing houses have todesign, target and promote their offer so that they meet the demand for this specific type of culturalconsumption in an appropriate manner. The purpose of this paper is to present the main techniquesand tools used by publishing houses to implement communicational marketing activities.

Integrating housing and long-term care services for the elderly: a social marketing approach.

Science.gov (United States)

Moore, S T

1991-01-01

Subsidized senior high-rise apartments have tended to neglect the needs of an increasingly aged and frail resident population. Research demonstrates that this population has greater unmet needs than elderly who reside in traditional community housing. This paper makes the case for a vertically integrated marketing approach to serving the elderly. Such an approach would combine housing and community based long-term care services into a single system of care. Enriched senior high-rise apartments are a viable alternative for elders who need assistance in order to maintain an independent lifestyle.

THE 2000-2001 FINANCIAL CRISIS IN TURKEY AND THE GLOBAL ECONOMIC CRISIS OF 2008-2009: REASONS AND COMPARISONS

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Dilek TEMİZ

2009-01-01

Full Text Available The economic crisis of 2000-2001 was proved to be demolishing for Turkey after the abundance of currency peg in the same year. The crisis in question stemmed from insufficient implementation of regulations, inadequate depth of the capital markets, lack of assessment of risk, excessive lending to incorporated institutions by national banks, restricted interest rates, monitored foreign exchange operations, limited foreign asset holding, lack of competition, barriers to foreign entry high liquidity, chronic inflation and a deficit in balance of payments. However, the crisis that Turkey was subject to in 2008-2009 was quite different than the previous ones as to be a result of world matters. The sparking effect begun in the USA at the mortgage market, the fail of the mortgage market negatively influenced the capital, stock and derivative markets and spread the world. Thus, this study aims to analyze and reveal the reflections of the 2000-2001 and 2008-2009 crises and their comparison with regards to Turkey on theoretical basis resting on numerous comprehensive and credible national and international publications.

7 CFR 3560.104 - Fair housing.

Science.gov (United States)

2010-01-01

... DIRECT MULTI-FAMILY HOUSING LOANS AND GRANTS Borrower Management and Operations Responsibilities § 3560... Housing Marketing Plan. (1) Borrowers with housing projects that have four or more rental units must prepare and maintain an Affirmative Fair Housing Marketing Plan (AFHMP) as defined in 24 CFR part 200...

A Crisis of Missed Opportunities?

DEFF Research Database (Denmark)

Gabriel, Stuart; Iacoviello, Matteo M.; Lutz, Chandler

This paper investigates the housing and broader economic effects of the 2000s crisis-period California Foreclosure Prevention Laws (CFPLs). The CFPLs encouraged lenders to modify mortgage loans by increasing the required time and pecuniary costs of foreclosure. Using the Synthetic Control...

Social Policy Trends- Housing Affordability for Families with Low Incomes Across Canada

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Margarita (Gres Wilkins

2017-06-01

Full Text Available HOUSING AFFORDABILITY FOR FAMILIES WITH LOW INCOMES ACROSS CANADA Percentage of income devoted to paying lowest-priced rent in a city, by low-income family type, select years, 1990-2015 Much public attention has been directed towards the issue of a Canada-wide housing crisis. The focus has typically been on the cost of housing for an average income Canadian family. Less attention has been paid to families with incomes much lower than those of the average Canadian household, for which the housing crisis is far more severe. Households and individuals with particularly low incomes are at the highest risk of experiencing the worst effects of a lack of housing affordability, including homelessness.

Impact of the subprime crisis on commercial banks’ financial performance

Directory of Open Access Journals (Sweden)

Fang Hao

2013-01-01

Full Text Available We investigated changes in the financial performance of representatives of the world’s top 200 commercial banks after the global subprime financial crisis. Our empirical results show that following the subprime-crisis disclosure, all commercial banks exhibited worse performance in asset quality, profitability, liquidity, and growth index, accompanied by risk increases in asset adequacy, managerial ability, profitability, and growth index. Developed markets have suffered a greater negative influence than emerging markets, causing downward pressure on asset adequacy, asset quality, and profitability since the subprime crisis. Commercial banks within developed nations suffered more direct pronounced effects from the subprime crisis than did those in emerging markets. Our results prove that larger commercial banks, particularly those with larger capitalization, have the economies-of-scale advantage to resist the negative effects of economic downturns.

ANTI-CRISIS MANAGEMENT IN CONTEXT OF ITS THEORETICAL AND METHODOLOGICAL RESEARCH BASES

Directory of Open Access Journals (Sweden)

A. V. Trapitsyn

2011-01-01

Full Text Available Effective country and enterprise economic management determines survival of dozens thousand Russian enterprises under market economics conditions any time, but management on the basis of marketing elements gains particular importance during crises. Anti-crisis management is a complex preventive management model created and functioning to neutralize or mitigate crisis phenomena. Different anti-crisis management theoretical and practical concepts used in the world are discussed and compared along with the management research approaches. Described in the article is author’s approach to anti-crisis enterprise management based on the need for enterprise to study relations between certain marketing elements and project efficiency indices and to take them into account.

Do Markets Cointegrate after Financial Crises? Evidence from G-20 Stock Markets

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Mahfuzul Haque

2015-12-01

Full Text Available The results of the single-equation cointegration tests indicate that patterns of cointegration in the two main and four sub-periods are not homogeneous. Two key findings emerge from the study. First, fewer stock markets cointegrated with S&P 500 during the crisis period than they did during the pre-crisis. In other words, as the 2008 financial crisis deepened, S&P 500 and G-20 stock indices moved towards less cointegration. The decreasing number of cointegrating relationships implies that the U.S. stock markets and other G-20 markets have experienced different driving forces since the start of the U.S. crisis. Second, among those markets that are cointegrated with S&P 500, they happened to be deeply affected by S&P and the shocks emerging from it. The 2007–2009 financial crises can be considered a structural break in the long-run relationship and may have resulted from effective joint intervention/responses taken by members of G-20 nations.

Comparing the Nordic and South Korean Models: Labour-Market Regulation and Social Welfare in Times of Crisis

DEFF Research Database (Denmark)

Schmidt, Johannes Dragsbæk

2012-01-01

The first part of the paper briefly describes the causes and impacts of the US induced financial crisis cum “Great Depression”. The second part discusses the status of the various models of contemporary capitalism – the discredited Anglo-Saxon finance-driven model versus the export-driven product......The first part of the paper briefly describes the causes and impacts of the US induced financial crisis cum “Great Depression”. The second part discusses the status of the various models of contemporary capitalism – the discredited Anglo-Saxon finance-driven model versus the export......-driven production model of growth, with weak safety nets, adopted by East Asian countries in contrast to the export-oriented Nordic social welfare model. The third section documents the impact of the crisis on the economies, and discusses core examples of state intervention in the socio-economic sectors...... such as labor markets and social welfare in the Nordic as well as Korean contexts. The final section discusses some tentative conclusions about the resilience of the Nordic and ROK models and their potential for recovery....

The impact of the financial crisis on the global seaborne hard coal market. Are there implications for the future?

Energy Technology Data Exchange (ETDEWEB)

Rademacher, Maggi; Braun, Raphael [E.ON Kraftwerke GmbH, Hannover (Germany)

2011-06-15

The global financial crisis in 2008 sent commodity markets spinning which caused demand to erode, price levels to quickly plummet and project financing costs to rise. In this paper, the authors examine the impacts the economic slowdown has had on the global seaborne hard coal market looking at the impacts for both coking (metallurgical) and thermal (steam) coals including pricing, supply availability, demand and aggregated mine level production costs. The hard coal market experienced a significant slow down; the commodity has bounced back strongly in 2010 driven by strong Asian demand at growth rates above historic levels and strong projections for the future. (orig.)

The US Financial Crisis

DEFF Research Database (Denmark)

Campbell, John L.

2011-01-01

Many comparative political economists hold that market performance depends on the presence of institutional complementarities. Some argue that when institutions reinforce similar incentives markets work best. Others disagree and argue that for markets to function well institutions must compensate...... for each other's shortcomings rather than reinforce each other's incentives. This paper uses evidence from the US financial crisis of 2008 to adjudicate this debate. It argues that different types of institutional complementarities are necessary in combination to ensure market stability and successful...

Liquidity in Government versus Covered Bond Markets

DEFF Research Database (Denmark)

Dick-Nielsen, Jens; Gyntelberg, Jacob; Sangill, Thomas

We present findings on the secondary market liquidity of government and covered bonds in Denmark before, during and after the 2008 financial crisis. The analysis focuses on wholesale trading in the two markets and is based on a complete transaction level dataset covering November 2007 until end...... 2011. Overall, our findings suggest that Danish benchmark covered bonds by and large are as liquid as Danish government bonds - including in periods of market stress. Before the financial crisis of 2008, government bonds were slightly more liquid than covered bonds. During the crisis, trading continued...... in both markets but the government bond market experienced a brief but pronounced decline in market liquidity while liquidity in the covered bond market was more robust - partly reflective of a number of events as well as policy measures introduced in the autumn of 2008. After the crisis, liquidity...

The credit crunch : Impacts on the housing market and policy responses in the Netherlands

NARCIS (Netherlands)

Priemus, H.

2009-01-01

This contribution deals with the impact of the credit crunch on the Dutch housing market and the policy responses of the Dutch government so far. Reinhart and Rogoff have presented an overview of credit crises after WW II: what are the general characteristics and impacts? Also in the Netherlands,

Geographies of the financial crisis

NARCIS (Netherlands)

Aalbers, M.

2009-01-01

Real estate is, by definition, local as it is spatially fixed. Mortgage lending, however, has developed from a local to a national market and is increasingly a global market today. An understanding of the financial crisis is ultimately a spatialised understanding of the linkages between local and

Spatial Analysis on Future Housing Markets: Economic Development and Housing Implications

Directory of Open Access Journals (Sweden)

Xin Liu

2014-01-01

Full Text Available A coupled projection method combining formal modelling and other statistical techniques was developed to delineate the relationship between economic and social drivers for net new housing allocations. Using the example of employment growth in Tyne and Wear, UK, until 2016, the empirical analysis yields housing projections at the macro- and microspatial levels (e.g., region to subregion to elected ward levels. The results have important implications for the strategic planning of locations for housing and employment, demonstrating both intuitively and quantitatively how local economic developments affect housing demand.

The new international financial crisis: causes, consequences and perspectives

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Flavio Vilela Vieira

2011-06-01

Full Text Available The paper investigates the recent financial crisis within a historical and comparative perspective having in mind that it is ultimately a confidence crisis, initially associated to a chain of high risk loans and financial innovations that spread thorough the international system culminating with impressive wealth losses. The financial market will eventually recover from the crisis but the outcome should be followed by a different and more disciplined set of international institutions. There will be a change on how we perceive the widespread liberal argument that the market is always efficient, or at least, more efficient than any State intervention, overcoming the false perception that the State is in opposition to the market. A deep financial crisis brings out a period of wealth losses and an adjustment process characterized by price corrections (commodities and equity price deflation and real effects (recession and lower employment, and a period of turbulences and end of illusions is in place.

Cluster approach to the development of housing services and public utilities in the region

Directory of Open Access Journals (Sweden)

Sergey Ivanovich Bazhenov

2012-03-01

Full Text Available The ongoing crisis in the housing services and public utilities sphere determines the need to accelerate its integration into the market space. The author proposes to apply the cluster initiatives, which, in his opinion, provide the solution of housing services and public utilities problems in terms of their broader vision. This paper attempts to highlight the benefits of the cluster approach to the development of housing services and public utilities, and identifies the main provisions in the process of its implementation. The essence of the concept of «housing services and social cluster of the region» in terms of housing services and public utilities development is revealed, members of cluster unification are designated, its components are identified, the purpose of introducing the cluster model of housing services and public utilities reform management is determined, which essence is to change the mentality of the producers and consumers of housing services and public utilities in the direction of increasing responsibilities and respect for mutual interests in the market of housing services and public utilities. The main provisions and principles of formation of housing services and social cluster of the region are reviewed, as well as the characteristics and trends of its development. An authorial approach to the development of a strategy of forming a housing services and social cluster in the region in accordance with modern trends is presented. The leading role of several factors in establishing the basic prerequisites for sustainable operation of housing services and social cluster of the region is justified. These factors include governmental regulation of pricing and forms of support to small entrepreneurship development, creation of financial security system, development of public-private partnerships and implementation of innovative technologies. The role of non-governmental organizations and public associations in the formation of

Decoupling the Oil and Gas Prices. Natural Gas Pricing in the Post-Financial Crisis Market

International Nuclear Information System (INIS)

Kanai, Miharu

2011-01-01

This paper looks into natural gas pricing in the post-financial crisis market and, in particular, examines the question whether the oil-linked gas pricing system has outlived its utility as global gas markets mature and converge more rapidly than expected and as large new resources of unconventional gas shift the gas terms-of-trade. Two opposing natural gas pricing systems have coexisted for the last two decades. On the one hand, there is traditional oil-linked pricing, used in pipeline gas imports by Continental European countries and in LNG imports by the countries in Far East. The other is the system led by futures exchanges in deregulated, competitive markets largely in the UK and the US. World gas markets are changing and the basis and mechanisms of price formation are changing with them. There is no reason to expect a revolution in gas pricing, but formulas designed to address the challenges of the 1970's will need to adjust to the realities of the present and expectations for the 21. century. Because such changes will imply a redistribution of costs and benefits, vested shareholders will defend the status quo. But hopefully and ultimately, appropriately regulated markets will assert themselves and shareholders along the entire value chain will have their interests served

Correlating stock exchange indices under both normal and financial crisis conditions

Directory of Open Access Journals (Sweden)

Gabriela-Victoria ANGHELACHE

2012-11-01

Full Text Available Until the years 1980 the financial crisis were considered as being limited to the level of the capital market (individually, without bearing a systemic character. If considering the intensification of the globalization process, we attended at the increase of the degree of commercial and financial integration of the states all over the world. Thus, gradually, the local financial crisis have propagated at the level of the world financial system. The consequences of these financial crisis did not limited to the markets of the countries where they launched, but spread rapidly on the world markets – an effect known in the literature as contagion. In this article we have tried to evaluate the importance of the contagion effects on the capital markets, by utilizing certain econometric methods, from the correlation tests, to the co-integration tests. Meantime, we have tried to show that during the period of the most severe financial crisis from the Second World War up to date, the degree of correlation of the markets amplifies.

Capital Gains Taxation and House Price Fluctuations

DEFF Research Database (Denmark)

Fuest, Clemens; Nielsen, Søren Bo

2004-01-01

Recent years have seen large swings in house prices in many countries. Motivated by housing price variations, proposals for taxing capital gains on housing have repeatedly been put forth. The idea seems to be that such taxes would curb the redistribution occurring between those owning houses...... and those trying to get into the market for owner-occupied housing. Our paper shows that at least in simple settings, a tax on real capital gains on housing will only lead to even bigger price swings and will not be able to redistribute between people appearing on either side of the housing market.......Keywords: capital gains tax, housing market, price fluctuationsJEL-Classification: H23, H24, R 31.Addresses:...

Local Crisis of Global Brand And Monitoring of Use of Social Media

Directory of Open Access Journals (Sweden)

Alexandre Borba Salvador

2015-12-01

Full Text Available In a context of globalization of products and brands, changes in control of information generation and increased visibility of brand crises, becomes more relevant for marketing managers to assess the possibility of the negative effects of a local crisis of a global brand spillover to different markets. This article has as its aim to investigate the visibility of a local crisis of a global brand in other markets. The method used was contend analyses applied to a database of Twitter posts. The result of the study suggests the confirmation of the existence global repercussion in other markets of a local crisis of a global brand. 

The prevention of an electricity crisis by smart action

International Nuclear Information System (INIS)

De Jong, C.; Steenbeek, O.W.

2001-01-01

Because of large variations in energy prices risk management is very important in a liberalized market. A sound trade of energy contracts can help to prevent an energy crisis. In this article it is highlighted how the Dutch energy market differs from other (financial) markets, and what lessons can be learned from the recent energy crisis in California, USA. The possibility to introduce the so-called Value-at-Risk standard is discussed. Also other tools which are available for parties to manage and control old and new risks in a liberalized market for electricity are outlined. 3 refs

RELATIONSHIP BETWEEN STOCK MARKET RETURNS AND EXCHANGERATES IN EMERGING STOCK MARKETS

Directory of Open Access Journals (Sweden)

M.N. Arshad

2017-04-01

Full Text Available Abstract-This paper aims to study the relationship between stock market returns and exchange rates in emerging stock markets including Malaysia, Singapore, Thailand, Indonesia and Philippines. The data is taken from January 2003 to December 2012 using weekly closing indices and separated in two periods; before (2003-2007 and second, after (2008-2012 the financial crisis of 2008. Johansen-Juselius (JJ. Granger causality tests show that unidirectional causality exists between the stock market returns and exchange rates for Thailand before the financial crisis, whilst, for Indonesia and Singapore, the unidirectional causality between the two variables is detected in the period after the financial crisis. Error Correction Model (ECM indicates the existence of long run causality between the two variables for Philippines. This study also finds that most of the emerging stock markets are informationally inefficient.

Contagion Effects of US Subprime Crisis on ASEAN-5 Stock Markets: Evidence from MGARCH-DCC Application

OpenAIRE

Chunxiu, Ma; Masih, Mansur

2014-01-01

We attempted to investigate the contagion effects of the US subprime crisis on ASEAN-5 stock markets [including Malaysia (conventional and Islamic), Thailand, Singapore, Indonesia, Philippines] by applying MGARCH-DCC through the period of January 1, 2004 to July 5, 2012 on daily stock indices returns, and also Continuous Wavelet Transform coherence method through the period of January 1, 2006 to December 31, 20091 on daily stock indices returns. This is motivated by the fact that the 2007-200...

BANKING INTERMEDIATION AND CONSEQUENCES OF FINANCIAL CRISIS

Directory of Open Access Journals (Sweden)

Medar Lucian-Ion

2012-12-01

Full Text Available The financial intermediation of bank institutions, has an essential role in mobilising of the available funds and their distribution in various products and services, for economic growth. The extent that banking system is in distress or passing through a period of crisis, then, everything turns into a general crisis, especially that, in some states, natural and legal persons have been learned ,,to live’’ on the credits.The effectiveness of banking intermediation activity in Romania depends on how fast the market is enabled under the influence of the new European regulations. The Romanian market in all its forms is the second largest in the EU, and the banking system is almost entirely made up of banks with foreign capital. The romanian banking market has not suffered so much because of the financial crisis. To the extent that banking institutions provide the necessary funds, Romania has important resources for the transition to a new economic cycle based on sustainable development.

The Spatial Dimension of House Prices

Directory of Open Access Journals (Sweden)

Yunlong Gong

2017-04-01

This research underlines market forces in the operation of Chinese interurban housing markets in the post-reform era, and contributes to the understanding of spatial dimension of house prices, not only in China, but also in other market-oriented economies.

Financial crisis 2007-2009. How real estate bubble and transparency and accountability issues generated and worsen the crisis

Directory of Open Access Journals (Sweden)

Bilal Aziz

2012-07-01

Full Text Available This paper seeks to explain some main factors behind the Financial Crisis 2007–2009 with a special focus on the Real Estate Bubble and Transparency and Accountability Issues in US Financial System and how these two factors generated and worsen the crisis. Financial Crisis 2007–2009, which starts from the United States sub–prime mortgage market and spread to US financial sector and later on spread to the rest of world, is said to be an even bigger crisis than the Great Depression of 1929. This crisis is unique in this way and we haven’t seen such a bigger impact world wide from any other crisis. This paper would empirically prove the main causes which are right in the heart of the crisis and least discussed

After the crisis: which future for the competitive power market of Ontario?; Apres la crise: quel avenir pour le marche concurrentiel d'electricite de l'Ontario?

Energy Technology Data Exchange (ETDEWEB)

Fraser, P

2003-07-01

This document presents the power distribution system of Ontario (Canada) and the crisis that followed the opening of the electricity market on May 1, 2002 in Ontario. The author explains the process of reforms of the power market, the re-structuration of Ontario Hydro company and the occurrence of new energy companies (73 new retailers), the launching of a wholesale market, the reasons of the crisis (25% average rise of electricity prices) and the lessons to be learned from. In front of this situation, a freezing of electricity prices to their level prior to May 2002 and a reimbursement of the difference paid by consumers since May 2002 have been decided by the government up to 2006. (J.S.)

Currency Crisis Revisited: A Literature Review

Directory of Open Access Journals (Sweden)

Teuta Ismaili Muharremi

2015-12-01

Full Text Available This paper elaborates on currency crisis, focusing on the main factors causing the currency crisis. After a brief overview of the main factors driving currency crisis, the paper provides a literature review highlighting that the history of the global economy experienced a number of currency crisis whereas as relates to the triggers of the currency crisis there are three generations of models that have been used to explain currency crisis during the last four decades. Underscoring the role of the government in financial market, in particular the evolution of this role as a result of the recent global financial crisis and highlighting other factors that trigger such crisis, the paper concludes that the potential financial crisis can be addressed using early warning system, which consists of indicators proven to be beneficial in anticipation of the currency crisis, and using the advanced empirical models of currency crisis. In this context the paper reveals that currency crisis are associated with all factors impacting them such as inflation, real exchange rate, import growth, US interest rates, public debt/GDP, and current account/GDP – all with a slightly different time lag.

The effects of the global economic crisis in Latin America

Directory of Open Access Journals (Sweden)

Arturo Guillén R.

2011-06-01

Full Text Available The aim of this article is to analyze the current phase of the global crisis and the way it has manifested itself in Latin America. The global crisis is the most important capitalist crisis since World War II. It is a new type of debt-deflation crisis, highlighting the limits of the finance-dominated regime of accumulation and characterized by securitization. Latin American countries have not been immune to the global crisis. Since it sets limits on globalization, the impossibility of maintaining export-driven accumulation sustained by restrictive monetary and fiscal policies becomes clear. This time, there will be no way out in external markets for any country. That fact will force them to restructure productive systems and search for a way out in domestic markets and in regional spaces for integration.

Financial Crisis Now Striking Home for School Districts: Project Delays, Worries About Cash Flow Result of Tight Credit Markets

Science.gov (United States)

Davis, Michelle R.

2008-01-01

This article reports that the crisis besetting U.S. and world financial markets is hitting school districts hard, as they struggle to float the bonds needed for capital projects, borrow money to ensure cash flow, and get access to investment funds locked up in troubled institutions. Some schools districts depend heavily on borrowed money to pay…

TARP Monthly Housing Scorecard

Data.gov (United States)

Department of the Treasury — Treasury and the U.S. Department of Housing and Urban Development (HUD) jointly produce a Monthly Housing Scorecard on the health of the nation’s housing market. The...

Attitudes and experiences with secondhand smoke and smoke-free policies among subsidised and market-rate multiunit housing residents living in six diverse communities in the USA.

Science.gov (United States)

Gentzke, Andrea S; Hyland, Andrew; Kiviniemi, Marc; Travers, Mark J

2018-03-01

Given that higher smoking rates persist among lower socioeconomic populations, multiunit housing (MUH) environments may result in higher secondhand smoke (SHS) exposures among subsidised MUH residents. This cross-sectional assessment compares experiences with SHS and smoke-free policies among subsidised and market-rate MUH residents living in six US communities. MUH residents (n=1565) were surveyed regarding their smoke-free rules (home and building), SHS exposures and preferences towards smoke-free policies. Binary logistic regression identified predictors of each outcome, focusing on differences by subsidised housing status (subsidised vs market rate). Among residents enforcing smoke-free home rules (76%, overall), 50% reported SHS incursions into their unit. Only 23% reported living in a smoke-free building; 56% of those living in smoking-allowable buildings reported preferences towards smoke-free building policies. Among market-rate housing residents, smoke-free home (OR=4.18) and building (OR=2.26) rules were significantly higher when children were present. Smoke-free building rules reduced the odds of SHS incursions among market-rate housing residents (OR=0.50), but no association was observed among subsidised housing residents. Non-smoking subsidised housing residents exhibited stronger preferences for smoke-free policies compared with those in market-rate housing. Smoke-free home rules may not protect MUH residents from SHS exposures, particularly in subsidised MUH. Although strong preferences towards smoke-free policies were present overall, subsidised MUH residents may have fewer alternative smoke-free housing options available. Therefore, all publicly funded housing should be smoke free to protect these vulnerable populations. However, continued efforts to encourage privately owned MUH operators to adopt smoke-free policies are also necessary. © Article author(s) (or their employer(s) unless otherwise stated in the text of the article) 2018. All rights

Public relations in crisis management

Directory of Open Access Journals (Sweden)

Anna Dziadkiewicz

2012-12-01

Full Text Available The company crisis decreases its value. Undoubtedly, it ruins the company’s image, the stakeholders’ opinion and puts the company at a disadvantage on the market. It strikes very unexpectedly and destroys the company financially. Moreover, the company loses its credibility and limits its relations with the environment. It does effect the emotional sphere of the top management and employees, which is crucial for the company. This report presents the heart of crisis management. It defines such terms as issue and crisis management, as well as shows the most effective way to create the communications channel in case of crisis and its reduction. Apart from the academic aspect, there are also practical references concerning insurance agreement as a means of risk elimination.

Social Housing: wood prefabrication techniques

Directory of Open Access Journals (Sweden)

Tiziana Ferrante

2012-10-01

Full Text Available Student housing, a particular and quite significant part of social housing, and innovation in processing and production of industrial building components made of a material (wood not adequately inquired: two fields of research that have been explored for a long time allowing here to share and compare experiences gained thus far. By a selection of samples of wooden student housing in Europe we have documented the performances of this material and we have underlined, at the same time, through what happens abroad, the need of an organic national social housing plan that can meet an unsatisfied demand and boost the construction industry during this particular stage of economic crisis.

A Comparison of the Long Term Interdependence of Southeast Asian Equity Markets

Directory of Open Access Journals (Sweden)

Raisul Islam

2014-06-01

Full Text Available The purpose of this paper is to examine the equity market crisis contagion in major Asian economic markets. A comparative assessment of Asian markets during the Asian Financial Crisis and Global Financial crisis may clearly identify the changing nature of long term integration of major Asian markets. The selection criteria of specific Asian markets of different peripheries depend particularly on the roles and structure of these markets. The impact of the global financial contagion and the lingering financial linkage in the aftermath of crisis will explain the reaction of the majority of Asian markets to global linkage. While majority of the studies focused on dynamic short term association in European and MENA contagions in the post global financial crisis period; after the global financial crisis, attention paid to long term Asian contagion adds new perspective to hitherto disorganized theories.

Optimal Advertising When Envisioning a Product-Harm Crisis

OpenAIRE

Olivier Rubel; Prasad A. Naik; Shuba Srinivasan

2011-01-01

How should forward-looking managers plan advertising if they envision a product-harm crisis in the future? To address this question, we propose a dynamic model of brand advertising in which, at each instant, a nonzero probability exists for the occurrence of a crisis event that damages the brand's baseline sales and may enhance or erode marketing effectiveness when the crisis occurs. Because managers do not know when the crisis will occur, its random time of occurrence induces a stochastic co...

Essays on the economics of housing subsidies

NARCIS (Netherlands)

Schilder, F.P.W.

2012-01-01

In a perfect market a government needs not to intervene. For several reasons the housing market is not a perfect market and, thus, governments generally tend to intervene. The Dutch government, however, intervenes mainly by subsidies to such an extent that the housing market has become strongly

STRATEGIC MARKETING ALTERNATIVES AT AGRO-TOURISM GUEST HOUSE LEVEL

Directory of Open Access Journals (Sweden)

Violeta-Andreea ANDREIANA

2013-10-01

Full Text Available During the last years, tourists started to turn away from the mass tourism and consider the alternative one. Therefore, various forms of tourism were born, among which the rural tourism, to be regarded from two perspectives: it contributes to local and regional development and brings benefits to tourism by creating a new, higher quality holiday concept. This requires the participation of local authorities in the preparing of area development strategies, involving the inhabitants and local traders. By following up the dramatic condition of the Romanian tourism, the insufficient development of the rural tourism and the low involvement degree of the local authorities, we proposed an assessment and recommended strategic marketing alternatives for the improvement of the current condition of the agro tourism guest houses.

Heterogeneous convergence of regional house prices and the complexity in China

Directory of Open Access Journals (Sweden)

Rui Lin

2015-12-01

Full Text Available The purpose of this research is to analyze the convergence of regional house prices and its complexity in China. In this purpose it used nonlinear time varying factor model. The obtained results have provided evidences for the existence of some degree of segmentation in China’s housing market. By further dynamic analysis of the convergence, we have found that important housing policies from Chinese central government can significantly alter the housing market but with a time lag of 4 to 5 months, and that quite different behaviors exist between the new house market and the second-hand house market in China, which provides the evidence for the complexity of housing market in China. Multiple factors together are the driving forces for the regional house price convergence. And the driving forces differ among three clubs. The basic conclusion provided from the realized research is that the conventional definitions of economic regions may not be appropriate to analyze house price segregation in China. Heterogeneous convergence exists in China’s regional house prices, indicating the complexity of regional house prices in China. And housing policies should be implemented with different focus among the regions. The way of the central government is to make housing policies aiming at different sub-markets of the new house market and the second-hand house market.

Reasoning behind choices: rationality and social norms in the housing market behaviour of first-time buyers in the Czech Republic.

Czech Academy of Sciences Publication Activity Database

Lux, Martin; Gibas, Petr; Boumová, Irena; Hájek, Martin; Sunega, Petr

2017-01-01

Roč. 32, č. 4 (2017), s. 517-539 ISSN 0267-3037 R&D Projects: GA ČR(CZ) GAP404/12/1446 Institutional support: RVO:68378025 Keywords : housing market * social norms * housing system Subject RIV: AO - Sociology, Demography OBOR OECD: Sociology Impact factor: 1.513, year: 2016

The Portaal housing corporation in crisis : Portaal case (A)

NARCIS (Netherlands)

Lachotzki, F.; Schoenmakers, J.

2011-01-01

In the Netherlands, housing corporations have historically occupied a middle ground as a hybrid between a commercial organization and a public entity with the mission of providing housing to all who need it. Recent years, however, have not only seen commercial considerations come to the fore, but

Mass Housing and Changings in Housing Demand, Case of Diyarbakir, Turkey

OpenAIRE

M. Oguz Sinemillioglu; Can Tuncay Akın; Havva Özyılmaz

2005-01-01

The aim of this study is to analyze changings in housing demand, especially in term of house size in Diyarbakır case, in Turkey. Though Housing in Turkey is in a free market system, there is a Mass Housing Administration (TOKÃ ) has been doing mass houses for, relatively, middle class income people. Diyarbakır, one of the cities that TOKÃ has done two thousand houses, has taken too much migration, so that the demand in housing form and structure has different alterations. This process should ...

United States housing, 2012

Science.gov (United States)

Delton Alderman

2013-01-01

Provides current and historical information on housing market in the United States. Information includes trends for housing permits and starts, housing completions for single and multifamily units, and sales and construction. This report will be updated annually.

Housing preferences of young adults in Indonesia: housing attributes and consequences

Science.gov (United States)

Farasa, N.; Kusuma, H. E.

2018-03-01

Nowadays, the housing demand of young adults in Indonesia is important issues for the sustainable development of the market. Facing differences of life phases, such as marriage, leaving home after graduation, and new job positioning, young adults become the main segment facing constant housing choice decisions in the housing market. In their particular phase of life, young adults have distinct preferences for housing attributes which bring a great influence on their lives in the future. Data was gathered from a survey questionnaire that was answered by 180 young adults in Indonesia, ranging from age 22-33 years. The findings suggest that the green area and view, location, simplicity, home design, and accessibility are the significant parts as housing attributes for young adults’ housing preferences in Indonesia. The effect of these attributes has many consequences such as security, personalization, mood/ambiance, maintenance, interaction, image, flexibility, environmental, economy, durability, convenience, comfort, and circulation. The biggest group of young adults who prefer comfort as their wanted consequences tend to have high preferences on housing attributes of the green area and view, and simplicity.

Passive houses in Norway

Energy Technology Data Exchange (ETDEWEB)

Halse, Andreas

2008-12-15

The paper analyzes the introduction of passive houses in the Norwegian house market. Passive houses are houses with extremely low levels of energy consumption for heating, and have not yet been built in Norway, but have started to enter the market in Germany and some other countries. The construction sector is analyzed as a sectoral innovation system. The different elements of the innovation system are studied. This includes government agencies, producers, consumers, finance and education. The analysis shows that passive and low-energy houses are on the verge of market breakthrough. This can partly be explained by economic calculations, and partly by processes of learning and change in the institutional set-up of the sector. The construction sector is a sector characterized by low innovative intensity and little interaction between different agents. Those working to promote passive houses have to some extent managed to cope with these challenges. This has happened by breaking away from the traditional focus of Norwegian energy efficiency policies on technology and the economically rational agents, by instead focusing on knowledge and institutional change at the level of the producers. (Author)

Social mixing through densification? The struggle over the Little Mountain public housing complex in Vancouver

Directory of Open Access Journals (Sweden)

Rosol, Marit

2015-09-01

Full Text Available In times of peak-oil and the on-going ‘urban renaissance’ (Porter and Shaw 2009, urban densification becomes increasingly more important. Densification is promoted not only for environmental reasons – in the sense of developing more compact and thus more sustainable cities – but also, as is the case in Vancouver, in the name of ‘social mixing’. Taking the conflict over “Little Mountain” – the oldest public housing complex in the province of British Columbia, Canada – as example, the article shows the conflicts that can arise in the process of densification. Despite the protests of residents and their supporters and without any concrete plans for redevelopment, almost all of the once 224 social housing units were demolished in 2009 to make room for at least 1,400 market condos (besides the 1-for-1 replacement of the social units. The example shows that densification processes that lack social measures for securing tenure for long-time residents lead to the displacement of poorer people, and to increased socio-spatial disparities. Furthermore, densification will not alleviate the affordability crisis but intensify it, if all the additionally created housing units will be market-housing only. Based on this example, the article shows that a purported social-mix policy is mainly motivated by recapturing prime real-estate, and identifies the rhetoric of ‘social mixing’ as ‘gentrification by stealth’ (Bridge et al. 2012.

Flexicurity strategies on the economic crisis background

Directory of Open Access Journals (Sweden)

Daniela PAŞNICU

2010-06-01

Full Text Available • The flexicurity concept – a combination of flexibility and security strategies, specific to each country – is a successful outcome[1] of the 2010 Lisbon Strategy. Ever since 2000, this concept has been implemented for continuing the European labour markets reform. The conclusion of the Mission for Flexicurity[2] is that the European labour markets challenges have not changed, therefore flexicurity is the strategy to be further implemented in order to align to the new competition requirements, providing also the necessary social protection, especially on the current economic crisis background.   The paper addresses the flexicurity concept development, the implications of the flexicurity strategies and of the steps taken on the European Union Member States labour markets, on the economic crisis background.

Spanning trees and the Eurozone crisis

Science.gov (United States)

Dias, João

2013-12-01

The sovereign debt crisis in the euro area has not yet been solved and recent developments in Spain and Italy have further deteriorated the situation. In this paper we develop a new approach to analyze the ongoing Eurozone crisis. Firstly, we use Maximum Spanning Trees to analyze the topological properties of government bond rates’ dynamics. Secondly, we combine the information given by both Maximum and Minimum Spanning Trees to obtain a measure of market dissimilarity or disintegration. Thirdly, we extend this measure to include a convenient distance not limited to the interval [0, 2]. Our empirical results show that Maximum Spanning Tree gives an adequate description of the separation of the euro area into two distinct groups: those countries strongly affected by the crisis and those that have remained resilient during this period. The measures of market dissimilarity also reveal a persistent separation of these two groups and, according to our second measure, this separation strongly increased during the period July 2009-March 2012.

Credibility and Crisis Stress Testing

Directory of Open Access Journals (Sweden)

Li Lian Ong

2014-02-01

Full Text Available Credibility is the bedrock of any crisis stress test. The use of stress tests to manage systemic risk was introduced by the U.S. authorities in 2009 in the form of the Supervisory Capital Assessment Program. Since then, supervisory authorities in other jurisdictions have also conducted similar exercises. In some of those cases, the design and implementation of certain elements of the framework have been criticized for their lack of credibility. This paper proposes a set of guidelines for constructing an effective crisis stress test. It combines financial markets impact studies of previous exercises with relevant case study information gleaned from those experiences to identify the key elements and to formulate their appropriate design. Pertinent concepts, issues and nuances particular to crisis stress testing are also discussed. The findings may be useful for country authorities seeking to include stress tests in their crisis management arsenal, as well as for the design of crisis programs.

Derivative Securities and Financial Crisis in Romania

OpenAIRE

Gogoncea Ramona

2012-01-01

This paper aims to investigate the impact of the global financial crisis on the young Romanian market of derivative securities. It also describes the recent developments within Romanian capital market, in general, with focus on innovation in the field of derivative products.

Integrated project delivery methods for energy renovation of social housing

NARCIS (Netherlands)

Salcedo Rahola, T.B.

2015-01-01

European Social Housing Organisations (SHOs) are currently facing challenging times. The ageing of their housing stock and the economic crisis, which has affected both their finances and the finances of their tenants, are testing their capacity to stick to their aim of providing decent and

How healthy and sustainable is the Dutch housing mix? Measuring and comparing the theoretical housing market balance of Dutch regional housing markets

NARCIS (Netherlands)

Janssen-Jansen, Leonie; Schilder, F.P.W.

2015-01-01

Housing and its distribution over groups of households dominates debates on urban socio-spatial justice. Amsterdam even received the label ‘Just City’ as the large stock of social housing in the core of the city is said to increase societal equity. Within the Netherlands, however, the Greater

GLOBAL FINANCIAL CRISIS 2008 CAUSES AND CONSEQUENCES FOR RUSSIAN MACROPRUDENTIAL REGULATION

Directory of Open Access Journals (Sweden)

Егор Николаевич Поляков

2013-09-01

Full Text Available This article analyzes the impact of volatility in global financial markets on the economy of developing countries and the analysis of factors contributing to a greater or lesser degree of vulnerability of the financial systems of developing countries in the global crisis of 2008-2010. Particular attention is paid to the influence of the global financial crisis on the economies of the two groups of developing countries of Southeast Asia and Central and Eastern Europe. On the basis of the analysis due to the dynamics of the main macroeconomic indicators of the Russian Federation during the acute phase of the crisis. The author presents an analysis of the vulnerability of the Russian economy in the event of possible instability in global financial markets at present. The author came to the conclusion that the main reason for which in 2009 the level of GDP growth Russia won 178 seats out of 184 countries, were 2 groups of errors. The first group of errors - errors are system of macro-prudential regulation made by the Central Bank from 2002 to 2007, such as: lack of control and regulation of borrowings of the private and banking sectors to foreign markets, as well as in the domestic market in foreign currency, the loss of control over domestic financial markets, such as: the interbank lending market, the stock market. The second group of errors - errors it committed securities during the crisis. The first error of the Central Bank - a rejection Vat refinance foreign debt of non-financial sector, resulting in an acute liquidity crisis. The second error is stretched for a few months, not a one-time devaluation of the ruble. Price of the second error was 200 billion USD, which the Central Bank lost and speculators earned.DOI: http://dx.doi.org/10.12731/2218-7405-2013-9-4

The housing policy nexus and people’s responses to housing challenges in post-communist cities

Directory of Open Access Journals (Sweden)

Sasha Tsenkova

2014-12-01

Full Text Available This article explores major trends and patterns of change embedded in the overall process of economic, social and political transformation reshaping the urban challenges in eastern European cities. It reflects on important drivers of change such as efforts to create a market-based housing system and competitive housing markets in the post-communist urban world. The research draws much-needed attention to an important set of urban and housing policy issues with broad implications for understanding the transition process in the region. It explores the multi-layered processes of market-based housing reforms (privatisation, deregulation and devolution and their impact on the spatial transformation of urban housing markets in eastern European cities. The main argument, supported with empirical evidence from a number of eastern European cities, is that the impact of these most significant processes of urban change has created a mosaic of diverse urban challenges. Exploring these urban challenges through the housing lens sets the stage for a better understanding of urban social movements in eastern European cities and their dynamic realities. The article argues that the diverse role of urban social movements can be explained by reference to democratic traditions, practices and policy cultures in eastern European cities, and also to institutional structures and the capacity of non-market stakeholders. In some cases, stronger government and governance traditions since the political changes of the 1990s would allow non-government organisations to “voice” their concerns and be accepted as a legitimate partner in coalitions responding to urban challenges. In other cases, such capacity and institutional collaboration may be non-existent, leading to “exit” and abandonment of formal systems. In the first option, urban social movements have resurrected debates about gentrification and social segregation in housing estates and neighbourhoods previously

Obesogenic and youth oriented restaurant marketing in public housing neighborhoods.

Science.gov (United States)

Lee, Rebecca E; Heinrich, Katie M; Reese-Smith, Jacqueline Y; Regan, Gail R; Adamus-Leach, Heather J

2014-03-01

To compare restaurant marketing by restaurant and neighborhood type. All restaurants (61=fast food, FF; 72=table service, TS) within an 800-meter radius of 13 public housing developments (HD) and 4 comparison neighborhoods were audited using the Restaurant Assessment Tool©2010. HD neighborhoods were lower income and higher minority than comparison neighborhoods with similar density and street connectivity. Restaurants in HD neighborhoods had fewer healthy entrées than comparison neighborhoods. FF restaurants had cheaper beverages and more children's meals, supersize drinks, free prize with purchase, super-size items, special characters, and more items geared to driving than TS restaurants. Residents of lower socioeconomic neighborhoods may be differentially exposed to unhealthy food options.

PERFORMANCE OF ISLAMIC UNIT TRUSTS DURING THE 2007 GLOBAL FINANCIAL CRISIS: EVIDENCE FROM MALAYSIA

Directory of Open Access Journals (Sweden)

Salina H. Kassim

2012-01-01

Full Text Available By focusing on the Malaysian Islamic unit trusts over the period of January 2000 to December 2009, this study attempts to analyse the performance of the Islamic unit trusts in various economic conditions; during a crisis period and non-crisis period. The adjusted Sharpe index, adjusted Jensen Alpha index, and Treynor index are adopted to compare the performance of the Islamic unit trusts against the market benchmark and risk-free return. In measuring risk and diversification, the study relies on the standard deviation and R2 coefficient of determination, respectively. The findings reveal that during the non-crisis period, the performance of the Islamic unit trusts is comparable to that of the market benchmark, while during the crisis period, the Islamic unit trusts perform better compared to the non-crisis period. These findings suggests that the Islamic unit trust funds can be an ideal hedging instrument during a down market and provide potential portfolio diversification benefits for the investors. Based on these findings, the investors could strategize and diversify their portfolio accordingly during different market conditions.

24 CFR 886.121 - Marketing.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Marketing. 886.121 Section 886.121... Projects With HUD-Insured and HUD-Held Mortgages § 886.121 Marketing. (a) Marketing of units and selection... Housing Marketing Plan, if required, and with all regulations relating to fair housing advertising...

Security and labour market flexibility

DEFF Research Database (Denmark)

Refslund, Bjarke; Rasmussen, Stine; Sørensen, Ole H.

2017-01-01

In the face of the economic and financial crisis, several European countries have implemented a number of structural reforms to increase employment and the flexibility of the labour market, in particular by reducing employment protection in an effort to deregulate labour markets. Reform proponents...... employment. Conversely, reform opponents claim that this view builds on a misguided view of labour market dynamics. They do not believe that such reforms will lead to job growth, asserting that such reforms are as likely to reduce as to increase employment and that they will lead to growing inequality...... and labour market segmentation. In Denmark, employee protection in terms of notice periods and dismissal compensation, which is mainly regulated by collective agreement, is among the lowest in the EU. Unemployment was, before the crisis, among the lowest in the EU but the crisis also negatively affected...

A clustering approach to examine the dynamics of the NASDAQ topology in times of crisis

Directory of Open Access Journals (Sweden)

Salim Lahmiri

2012-10-01

Full Text Available This paper investigates the dynamics of the NASDAQ topology before, during, and after 2008 financial crisis. First, multiresolution analysis by virtue of wavelet transform is employed to denoise each NASDAQ sector return series. Second, the correlation matrix of sectors is built and analyzed in each time period to view comovements of sectors. Third, hierarchical clustering trees are constructed in each time period to find out how the structure of the NASDAQ market evolves through time. Our results suggest that interrelationships between sectors become stronger in times of crisis and especially in post-crisis period. In addition, some markets tend to form the same cluster in all time periods; for instance the Industrial and Bank sectors and the Telecommunication and Computer sectors. However, the general topology of the NASDAQ market has been considerably changed over periods. In sum, the complex structure of the NASDAQ market is dynamic and is more integrated after 2008 financial crisis. This result indicates that there are less diversification opportunities in the post-crisis period in comparison with pre-crisis period. These empirical findings are important for the development of subsequent portfolio strategies.

Dutch house price fundamentals

NARCIS (Netherlands)

Haffner, M.E.A.; de Vries, P.

2009-01-01

This paper discusses house price developments in the Netherlands, specifically focussing on the question whether current house prices in the Dutch owner-occupied market are likely to decrease. We analyse three aspects of the question based on a literature review: (1) whether there is a house price

CONFLICT MANAGEMENT CRISIS THE SITUATION IN ORDER TO FORM THE PROPERTIES OF THE COMMERCIAL ORGANIZATION IN THE CONDITIONS OF MARKET: SURVIVAL

Directory of Open Access Journals (Sweden)

P. V. Sаmоilоv

2015-01-01

Full Text Available The need for conflict management in crisis poses questions about the decision of the leaders of emerging new challenges and dialogue in the team. Ignoring conflicts that arise in the collective unacceptable, because it can lead to wrong actions in the administration. Therefore, conflicts must be analyzed from the standpoint of the theory of organization, considering it as a set of relationships between organizational units. The experience of conflict resolution points to a sequence of actions for constructive management. The article discusses the strategy of effective interventions by the manager on the conflicts (personnel manager or psychologist for the purpose of settlement, and provides a sequence of structuring the conflict in block diagram form. In a crisis, the organization to minimize the time for conflict resolution is one of the most important requirements for its effective overcoming. In a crisis, the organization to minimize the time for conflict resolution is one of the most important requirements for its effective overcoming. Direction of action discussed above consultant on crisis management issues, refer to the table. The proposed approach of conflict resolution in crisis mode, considering the direction of formation of such an important organization in the commercial property market conditions as the survival rate. However, the manager of the proposed expansion of differentiated arsenal of interventions in the inevitable conflicts between organizational units.

INSURANCE MARKET DEVELOPMENT BEFORE AND AFTER THE FINANCIAL CRISIS IN THE CONTEXT OF ETHICS AND CORRUPTION

Directory of Open Access Journals (Sweden)

GABRIEL ARMEAN

2017-02-01

Full Text Available The financial crisis can generate instability in any field. High levels of perceived corruption, unethical behavior or high unemployment rate can be several relevant examples that can influence well-being. The purpose of this study is to group and compare EU countries in two important moments: before and after the financial crisis using clusters analysis. Our contributions consist in a new effort to understand the life insurance market. For example, in 2006 countries such as: Cyprus, Denmark, Estonia, Finland, Spain, Sweden or the UK were remarked by the lowest perceived corruption and inflation, medium levels of the population growth and highest: ethical behavior of firms, human development, penetration rate and employment, while Romania and other countries were characterized by the lowest levels of development and highest perceived corruption and inflation. In 2014, Austria, Czech Republic, Denmark, Estonia, Finland, Germany, Lithuania, Luxembourg, Spain, Sweden or the UK recorded the best values of our indicators. In addition, the situation of Romania has not improved significantly between 2006 and 2014.

Keep calm and carry on: A crisis communication study of Cadbury and McDonalds

Directory of Open Access Journals (Sweden)

Telang Achyut

2016-04-01

Full Text Available Many organizations, at some point or another, have to face a crisis situation. In that scenario, the way in which the organization communicates makes or breaks the organization’s success in dealing with the crisis. Especially after the emergence of the social media, the impact of crisis communication on the process of successful crisis management has become even greater than before. Organizations have to take the initiative, to be proactive and create a plan for crisis communication. This paper is focused on the comparative study of the communication approaches followed by Cadbury and McDonalds during a period when the companies were dealing with a crisis. The findings of the content analysis show that a company should respond to the crisis as quickly as possible to avoid loss in terms of sales. The initial statement of the companies during a crisis should be clear, positive and through the right channel to help the company regain its reputation on the market. Advertising is the best way to convey the message across the world because the crisis situation that has come up in one market can soon catch-up in the other markets where the company operates. The company has to connect with the consumers on emotional grounds because the crisis breaks down the faith of the consumers in the company. The recovery actions that support the statements also play an important role during the crisis situation. By following the above-mentioned communication strategies, organizations can achieve damage control as well as turn the crisis into an opportunity to grow.

World Copper Market Outlook: 2003-2014

OpenAIRE

Florela Stoian

2015-01-01

This paper presents synthetically the copper market outlook (demand, supply, and prices) during 2003-2014, highlighting the impact of economic crisis of 2008-2009 on the world copper market. During the crisis, the decline in demand caused increases in excess supply of metal, as the supply has followed an upward trend, contributing to the imbalances of the copper market and putting pressure on stock prices at LME London Metal Exchange.

Housing Cycles in Switzerland - A Time-Varying Approach

OpenAIRE

Drechsel, Dirk

2015-01-01

In light of the strong increase of house prices in Switzerland, we analyze the effects of mortgage rate shocks, changes in the interplay between housing demand and supply and GDP growth on house prices for the time period 1981- 2014. We employ Bayesian time-varying coefficients vector autoregressions to allow different monetary and immigration regimes over time. A number of structural changes, such as regulatory changes in the aftermath of the 1990s real estate crisis, the introduction of fre...

Considerations on the Impact of the Global Financial Crisis on Economies from Eastern Europe

Directory of Open Access Journals (Sweden)

Lucian Belașcu

2016-01-01

Full Text Available The paper investigates the causes and consequences of the 2007-2008 global financial crisis on five Eastern European countries, namely the Czech Republic, Hungary, Poland, Romania and Russia, with the purpose of identifying the common points and the differences between these economies in terms of crisis impact, with an accent on their capital markets. Our findings indicate that although the countries under scrutiny have displayed somehow different paths of economic development before the crisis, they were affected, to a higher or smaller extent, by the financial crisis. Also, the crisis was felt in these countries, at least in terms of impact on capital markets, with different lags: in some of these countries the crisis hit at beginning of 2008, while in others signs of the crisis were visible only towards the end of 2008.

Fiscal policy and the global financial crisis

DEFF Research Database (Denmark)

Andersen, Torben M.

 The financial crisis raises demands for fiscal policy interventions. While a fall in aggregate demand is an important consequence of the crisis, it also reflects more underlying structural problems and changes. Hence, appropriate policy designs have to take account of the nature of the crisis......-run objectives are discussed. Past experience shows that deep recessions become persistent due to marginalization of unemployed, and therefore labour market policies have to be considered as an integral part of policy packages. Finally the question of international policy coordination is addressed....

Gender and ethnic discrimination in the rental housing market

DEFF Research Database (Denmark)

Bengtsson, Ragnar; Iverman, Elis; Hinnerich, Bjørn Tyrefors

2012-01-01

*Corresponding author. E-mail: bjorn.hinnerich@ne.su.se We use a field experiment to measure discrimination in the housing market in Stockholm. Four fictitious persons, of different gender, with distinct-sounding Arabic or Swedish names, are randomly assigned to vacant apartments. We extend...... the study by Ahmed and Hammarstedt (2008). There are two new results. First, we provide evidence that there is no or little gender premium for the female with the Arabic name, which suggests that ethnic discrimination dominates the effects of gender. Secondly, discriminatory behaviour is only found...... in the suburbs or satellite cities/towns of Stockholm County not in the densely populated, affluent, city center. Moreover, we can replicate that there is a gender premium for females with Swedish names. However, we are not able to confirm that males with Arabic names face discrimination....

The CEE housing markets before, during and after the transition: an overview of property prices and home ownership rates

OpenAIRE

Elena IONASCU

2017-01-01

The purpose of this research is to investigate relevant economic aspects, which characterized housing markets from Central and Eastern European (CEE) countries, to identify the factors which determine the house prices and to find the economic implications of property investments, under an international micro and macroeconomic environment. Methodological, the article uses the deduction and comparative analysis of collected statistical data, and strategic reforms in post-communist countries are...

House Prices, Geographical Mobility, and Unemployment

DEFF Research Database (Denmark)

Ingholt, Marcus Mølbak

2017-01-01

Geographical mobility correlates positively with house prices and negatively with unemployment over the U.S. business cycle. I present a DSGE model in which declining house prices and tight credit conditions impede the mobility of indebted workers. This reduces the workers’ cross-area competition...... for jobs, causing wages and unemployment to rise. A Bayesian estimation shows that this channel more than quadruples the response of unemployment to adverse housing market shocks. The estimation also shows that adverse housing market shocks caused the decline in mobility during the Great Recession. Absent...

Systemic Liquidity Crisis with Dynamic Haircuts

OpenAIRE

Sever, Can

2014-01-01

In this paper, using network tools, I analyse systemic impacts of liquidity shocks in interbank market in case of endogenous haircuts. Gai, Haldane and Kapadia (2011) introduce a benchmark for liquidity crisis following haircut shocks, and Gorton and Metrick (2010) reveal the evidence from 2007-09 crisis for increasing haircuts with banking panic. In the benchmark model, I endogenize and update haircuts dynamically during the period of stress. The results significantly differ from...

Post-neoliberal electricity market 're-reforms' in Argentina. Diverging from market prescriptions?

International Nuclear Information System (INIS)

Haselip, James; Potter, Clive

2010-01-01

This paper focuses upon the policy and institutional change that has taken place within the Argentine electricity market since the country's economic and social crisis of 2001/2. As one of the first less developed countries (LDCs) to liberalise and privatise its electricity industry, Argentina has since moved away from the orthodox market model after consumer prices were frozen by the Government in early 2002 when the national currency was devalued by 70%. Although its reforms were widely praised during the 1990s, the electricity market has undergone a number of interventions, ostensibly to keep consumer prices low and to avert the much-discussed energy 'crisis' caused by a dearth of new investment combined with rising demand levels. This paper explores how the economic crisis and its consequences have both enabled and legitimised these policy and institutional amendments, while drawing upon the specifics of the post-neoliberal market 're-reforms' to consider the extent to which the Government appears to be moving away from market-based prescriptions. In addition, this paper contributes to sector-specific understandings of how, despite these changes, neoliberal ideas and assumptions continue to dominate Argentine public policy well beyond the postcrisis era. (author)

Influence of the economy crisis on project cost management

Science.gov (United States)

Simankina, Tatyana; Ćetković, Jasmina; Verstina, Natalia; Evseev, Evgeny

2017-10-01

Economy crisis significantly affects primarily the project cost management. The article considers the problems of project management in the field of housing under conditions of economy crisis. Project budgets are reduced, their mutual interference grows and framework of risks changes. Apparently, specific approaches are required to be developed to optimize the expenses and guarantee the project implementation within the approved budget. There is considered domestic and foreign experience in terms of project cost management with involvement of BIM technologies.

Brand crisis management: the use of information for prevention, identification and management

Directory of Open Access Journals (Sweden)

Alexandre Borba Salvador

2018-01-01

Full Text Available Purpose – To understand, from the management perspective, the use of information on brand crisis management in moments involving prevention, identification and management. Design/methodology/approach – This article is the result of an exploratory, qualitative study. Primary data was collected through interviews with marketing executives and crisis management specialists. Findings – We concluded that managers use information in very different ways, and, taking possession of information and decisionmaking attitudes into account, four groups of crisis managers were found. Originality/value – In order to contribute to the expansion of academic knowledge in the field of marketing administration and brand crisis management, this study presented the crossing of three different fields (information systems, brand crisis management and organizational development to structure knowledge concerning brand crisis management. From the managerial perspective, certain crises could be avoided by monitoring internal and external information, and by identifying problems in their early stages. From the social perspective, reducing brand crisis cases positively affects society as a whole (organizations and individuals.

Are The ASEAN-5 Foreign Exchange Market Efficient? Evidence From Indonesia, Thailand, Malaysia, Singapore, and Philippines: Post-Global Economic Crisis 2008

Directory of Open Access Journals (Sweden)

Aditya Andika Putra

2016-07-01

Full Text Available Normal 0 false false false IN X-NONE X-NONE This paper examines market efficiency of foreign exchange markets in South East Asia (Indonesia, Thailand, Malaysia, Singapore, and Philippines after the global crisis period 2008. The time span covered by the samples are from 2009 to 2014, with the total number of observations for spot and forward exchange rate data amounting to 1565 data points. This study uses three different approaches to examine efficiency within countries and across countries. The result of this study shows that foreign exchange markets in the ASEAN-5 countries are efficient within countries, but have not been efficient across countries, especially when the country has a bivariate relationship with Thailand's foreign exchange market. The main implication of this study is that investors in the ASEAN-5 market cannot obtain abnormal returns using technical analysis on within countries foreign exchange market. In addition, there is no significant differences for participants in the foreign exchange market whether they are using hedging or not hedging. Normal 0 false false false IN X-NONE X-NONE

The Economic Crisis and Public Health

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Victor Sidel

2009-06-01

Full Text Available The current global economic crisis seriously threatens the health of the public. Challenges include increases in malnutrition; homelessness and inadequate housing; unemployment; substance abuse, depression, and other mental health problems; mortality; child health problems; violence; environmental and occupational health problems; and social injustice and violation of human rights; as well as decreased availability, accessibility, and affordability of quality medical and dental care. Health professionals can respond by promoting surveillance and documentation of human needs, reassessing public health priorities, educating the public and policymakers about health problems worsened by the economic crisis, advocating for sound policies and programs to address these problems, and directly providing necessary programs and services.

PERSISTENCE IN PERFORMANCE FOR MUTUAL FUNDS IN PERIODS OF CRISIS

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Theodoros KARGIDIS

2012-09-01

Full Text Available The study investigates the persistence in performance for a sample of South European funds, domiciled in Portugal, Italy, Greece and Spain. Employing the Sharpe ratio, risk adjusted performance is measured in an attempt to judge the influence of the 2008 crisis and the current debt crisis on funds’ inclination to persist in their previous returns record. Examination period extends from January 2004 to December 2010 incorporating stages of relative stability in the stock and bond markets while also capturing the early stages of the eurozone crisis. We categorize funds as winners and losers in consecutive 6-monthly periods, thus being able to judge persistence in the short run, while our results suggest that the identification of winners and losers could enable us to investigate the possibility to gain investment advantages through this finding. Overall results suggest evidence of persistent results, whether positive or negative, both during the 2008 crisis and the current debt crisis, leading us to deduce that factors leading to performance persistence are not affected by market changes, since medium to long term persistence bypasses any temporary market mischief. This finding could be of use for fund managers aiming at establishing viable investment strategies, at their epicenter being the exploitation of such clues, suggesting persistence in returns. A fund of funds manager employing funds both in equities and fixed income could potentially choose to invest exclusively or more heavily in the winners of previous periods and avoid accordingly poor performers, thus achieving higher returns on average. For this purpose simple investment strategies are employed where we test the outcome of an investment strategy that would invest on fixed income securities by choosing those funds that were winners in the distribution of returns in the previous 6-monthly period, while disinvesting from poor performers and funds switching sides in performance

The CEE housing markets before, during and after the transition: an overview of property prices and home ownership rates

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Elena IONASCU

2017-10-01

Full Text Available The purpose of this research is to investigate relevant economic aspects, which characterized housing markets from Central and Eastern European (CEE countries, to identify the factors which determine the house prices and to find the economic implications of property investments, under an international micro and macroeconomic environment. Methodological, the article uses the deduction and comparative analysis of collected statistical data, and strategic reforms in post-communist countries are qualitatively explored through content analysis. In the case of CEE region, fundamentals determinants, such as real income, real interest rate, demographic factors, play an extremely important role in explaining house price distortions. The principles of communist ideology added a special note in the evolution of prices, so the home ownership rate, the housing quality, the financial housing system, European integration represent a number of traditional factors with significant impact.

About Crisis. A Short and Joyless Description

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Ion Pohoata

2009-05-01

Full Text Available Crisis clearly distinguishes itself from the large mass of economic phenomena through its provocative force, which fuels theoretical discourse. The more harmful, the more generous the energies it deploys and consumes for explanatory and obstacle overcoming purposes. The result is that every crisis teaches us a lesson. What interests us is who writes and who learns from this lesson, and if they do. Then we try to find why serious crises, like the current one, occur once or twice in a century. What is the role that big world market players have in crisis "preparation", onset and resorption? Do solutions originate in the state's support or in the market? Does globalization erase national borders in such situations? How and to what extent real economy may penalize a guilty party that constantly comes from nominal economy? What are the problems raised by such an outcome for the strategy to follow and for economic sciences in general, etc.?

United States housing, first quarter 2013

Science.gov (United States)

Delton Alderman

2014-01-01

Provides current and historical information on housing market in the United States. Information includes trends for housing permits and starts, housing under construction, and housing completions for single and multifamily units, and sales and construction. This report will be updated regularly.

CHANGES IN CONSUMER’S BEHAVIOUR ON THE ROMANIAN RETAIL MARKET IN THE CONTEXT OF ECONOMIC CRISIS

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Catana Adina

2012-07-01

Full Text Available In order to observe the impact of the economic crisis of consumer’s behaviour on the Romanian retail market, I focused my research on the evolution of consumption expenditure of households. I studied aspects from European Union and Romania. The study is based on the research taken in the project of PhD research with the theme: The impacts of Economic Integration on Romanian Retail. I used data from Eurostat, the Romanian Statistical Institution, specialised studies etc.

The global financial crisis and health equity: early experiences from Canada.

Science.gov (United States)

Ruckert, Arne; Labonté, Ronald

2014-01-06

It is widely acknowledged that austerity measures in the wake of the global financial crisis are starting to undermine population health results. Yet, few research studies have focused on the ways in which the financial crisis and the ensuing 'Great Recession' have affected health equity, especially through their impact on social determinants of health; neither has much attention been given to the health consequences of the fiscal austerity regime that quickly followed a brief period of counter-cyclical government spending for bank bailouts and economic stimulus. Canada has not remained insulated from these developments, despite its relative success in maneuvering the global financial crisis. The study draws on three sources of evidence: A series of semi-structured interviews in Ottawa and Toronto, with key informants selected on the basis of their expertise (n = 12); an analysis of recent (2012) Canadian and Ontario budgetary impacts on social determinants of health; and documentation of trend data on key social health determinants pre- and post the financial crisis. The findings suggest that health equity is primarily impacted through two main pathways related to the global financial crisis: austerity budgets and associated program cutbacks in areas crucial to addressing the inequitable distribution of social determinants of health, including social assistance, housing, and education; and the qualitative transformation of labor markets, with precarious forms of employment expanding rapidly in the aftermath of the global financial crisis. Preliminary evidence suggests that these tendencies will lead to a further deepening of existing health inequities, unless counter-acted through a change in policy direction. This article documents some of the effects of financial crisis and severe economic decline on health equity in Canada. However, more research is necessary to study policy choices that could mitigate this effect. Since the policy response to a similar set of

Woodworking & housing: Positive trends and actions

Science.gov (United States)

Urs Buehlmann; Matt Bumgardner; Karen. Koenig

2016-01-01

This exclusive study looks at the housing market's impact on woodworking businesses and the actions taken to increase wood product sales. A majority of the woodworking industry remains intrinsically tied to the housing industry, particularly businesses involved in producing cabinetry, furniture, millwork and components. For that reason, construction market...

LESSONS FROM THE CRISIS – TURKISH BANKING CRISIS OF 2000-2001

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Gabriela PICIU

2015-04-01

Full Text Available In the past two decades or so the Turkish banking system has experienced many changes especially with the liberalization of the financial markets, financial inovations, inovations in the information technology and the increase in the number of financial transactions. With consolidations, competition has grown among banks and they are now competing for smaller profit margins. With all these changes, there has also been a change in the type of risks to which banks are now exposed. If the banking system in Turkey is following the right path as the authorities in Turkey claim then how did the country get into the grip of the banking crisis of 2000-2001? What went wrong and why bank loans turned into bad debts must be examined. The Turkish Experience resulting from the financial crisis of 2000-2001 shows that the country has learned the lesson. The financial crisis of 2008 hadn't an impact so great in Turkey compared with other countries.

A Place To Call Home. The Crisis in Housing for the Poor.

Science.gov (United States)

Leonard, Paul A.; And Others

For most low-income households, housing has become increasingly unaffordable. High housing cost burdens have serious implications, including the growing problems of homelessness and hunger. Data on national trends and housing conditions suggest that just as the affordable housing problems worsened dramatically for low-income households between the…

Weathering The Storm – Icelandic Municipalities’ Handling of an Unprecedented Economic Crisis

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Magnús Árni Skjöld MAGNÚSSON

2016-04-01

Full Text Available Within a few days in October 2008, following serious turmoil on financial markets worldwide, some 85% of the Icelandic banking sector collapsed, together with the Icelandic currency, the króna. Almost all the rest followed early in 2009. The Icelandic stock market took a nosedive. The Republic of Iceland had entered the worst economic crisis of its history. Icelandic municipalities, which had taken on an increasing burden of running the welfare state, were hard hit financially, without the ability of the state to help out. In fact, some of the post-crisis actions of the state, under IMF direction, were difficult for the municipalities. It did not make things easier that the crisis had been precluded by an unprecedented period of growth, encouraging the municipalities to borrow in international markets and invest in infrastructure that turned out to be superfluous in the post-crisis period. This paper will look at the reactions of the Icelandic municipalities to the crisis, the political implications of it, where they are now and if there are lessons that can be learned from the difficult years in the last decade.

THE SIGNAL APPROACH TO MODELLING THE BALANCE OF PAYMENT CRISIS

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O. Chernyak

2016-12-01

Full Text Available The paper considers and presents synthesis of theoretical models of balance of payment crisis and investigates the most effective ways to model the crisis in Ukraine. For mathematical formalization of balance of payment crisis, comparative analysis of the effectiveness of different calculation methods of Exchange Market Pressure Index was performed. A set of indicators that signal the growing likelihood of balance of payments crisis was defined using signal approach. With the help of minimization function thresholds indicators were selected, the crossing of which signalize increase in the probability of balance of payment crisis.

THE PROBLEM OF REGULATING THE MARKET OF COLLECTIVE INVESTMENTS IN RUSSIA IN CONDITIONS OF FINANCIAL CRISIS

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N. Redko

2016-01-01

Full Text Available At the moment the Bank of Russia became the megaregulator of the fi nancial market of Russia that opens new opportunities and prospects for development on the one hand, with another - there is a full monopolization of control and supervision of its participants. The author of article describes actual problems of regulation of the market of collective investments, relying on the existing practice of activity of management companies. Analyzing a situation from the point of view of protection of interests of the investor, and also for development of this sector of economy he suggests to shift focus in regulation. The main attention, in his opinion, needs to be turned on involvement of the experts conducting practicians and analysts in the sphere of professional and trust management for development of optimal solutions of the existing problems of the fi nancial market, and also for creation of the transparent and healthy economic environment of his activity. Aiming efforts at the development of innovative instruments of collective investment, it is possible to make signifi cant progress in overcoming of the crisis phenomena in fi nancial sector of economy

A Life-Cycle Analysis of Social Security with Housing

OpenAIRE

Chen, Kaiji

2009-01-01

This paper incorporates two features of housing in a life-cycle analysis of social security: housing as a durable good and housing market frictions. We find that with housing as a durable good unfunded social security substantially crowds out housing consumption throughout the life cycle. By contrast, aggregate non-durable consumption is higher when social security is present, although it is postponed until late in life. Moreover, in the presence of housing market frictions, social security l...

Le origini culturali della crisi

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ALESSANDRO RONCAGLIA

2010-01-01

Full Text Available After recalling the financial origin of the crisis and the persistent worldwide fragility of the financial sector, and after citing papers which before 2007 had pointed out the elements of systemic fragility of the US and world economy, the paper illustrates the cultural roots of the crisis, namely the economic views which favoured deregulation policies: the fallacy of the invisible hand of the market and a simplistic view of uncertainty, to which Keynesian uncertainty is opposed, with the consequent underevaluation of the risks of systemic instability.

Myths, Mix-ups and Mishandlings : What Caused the Eurozone Crisis?

NARCIS (Netherlands)

Storm, S.T.H.; Naastepad, C.W.M.

2015-01-01

The Eurozone crisis has been wrongly interpreted as either a crisis of fiscal profligacy or of deteriorating unit-labour cost competitiveness (caused by rigid labour markets), or a combination of both. Based on these diagnoses, crisiscountries have been treated with the bitter medicines of fiscal

How Do Stamp Duties Affect the Housing Market?

OpenAIRE

Davidoff, Ian; Leigh, Andrew

2013-01-01

Land transfer taxes are a substantial portion of the cost of moving house in many developed countries. Since stamp duties are endogenous with respect to the house price, we create an instrumental variable that is the stamp duty on a property, given that postcode's starting house price and the national house price trend. In a specification with postcode and year fixed effects, this instrument effectively captures policy changes and nonlinearities in the stamp duty schedule. We find that the im...

Housing trends & impacts on wood products manufacturing

Science.gov (United States)

Matt Bumgardner; Urs Buehlmann; Al Schuler; Karen. Koenig

2012-01-01

While there are some signs of improvement in the business conditions and sales volume faced by the secondary wood industry in relation to the housing market, they are slow in coming. This third annual housing market survey looks at the trends in the industry and analyzes what has changed in terms of market conditions, company performance and the actions being taken by...

Financiamiento de vivienda/Funding for Housing

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Javier Serrano Rodríguez

2011-12-01

Full Text Available En este artículo se hace una revisión del desarrollo del crédito de vivienda en Colombia antes y después de la crisis del sistema UPAC, sus instituciones y los cambios principales que se presentan desde el comienzo del UPAC hasta el final del primer semestre del año 2011. Se analiza la estructura actual del sistema de financiamiento de vivienda tanto para vivienda no VIS como para vivienda VIS, los apoyos existentes, destacando la importancia del subsidio de vivienda para completar el financiamiento necesario para la adquisición de vivienda no VIS. Con ejemplos ilustrativos se muestra que el subsidio se está quedando corto frente al precio que ha adquirido la vivienda VIS; así mismo, se muestra que no obstante la recuperación que ha tenido el crédito de vivienda, su saldo aún no llega a los niveles que había alcanzado al momento de la crisis del sistema UPAC, si la comparación se hace en pesos constantes.This article reviews the development of the financing for home purchasing in Colombia before and after the crisis of the UPAC system, their institutions and the major events occurring since the beginning of the UPAC to the end of the first half of 2011. In this article it is analyzed the current structure of housing finance system for both, Social Interest Housing (SIH and non SIH, the existing supports, emphasizing the importance of housing subsidies to complete the necessary financing for non SIH purchases. Through two examples it is shown that the subsidy is not enough because of home prices; it is also shown that despite the recovery that has taken place, the financing outstanding balance for home purchases has not yet reached the levels it had when the UPAC system crisis occurred, as long as the comparison is done in constant pesos.

Financial Crisis and Corporate Social Responsible Mutual Fund Flows

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Sitikantha Parida

2018-01-01

Full Text Available In this paper, we investigate investment flows into mutual funds that hold more high corporate social responsible stocks (top CSR funds vs. mutual funds that hold more low corporate social responsible stocks (bottom CSR funds. Using a large sample of equity mutual funds spanning 2003–2012, we find that top CSR funds on average receive about 5% less investment per annum compared to the other funds; whereas bottom CSR funds receive about 5.6% more investments. These relative negative and positive flows into the top and bottom CSR funds respectively were larger during the pre-financial crisis period (2003–2007. This trend, however, reversed during the financial crisis (2008–2009. Top CSR funds attracted about 8.7% more investments during the financial crisis compared to the pre-crisis period; whereas bottom CSR funds received about 9.8% less investment. This higher investment into the top CSR funds during the crisis seems to have disappeared during the post-crisis period (2009–2012. Additional analysis shows that the corporate social ratings of top CSR funds improved through the crisis, whereas it deteriorated for the bottom CSR funds. Our findings are consistent with the “flight to quality” phenomenon observed in financial markets during market crises, indicating that investors perceive top CSR fund investments as relatively safe or of higher quality and hence, invest more in them during financial crises.

Social Housing in Denmark

DEFF Research Database (Denmark)

Vestergaard, Hedvig; Scanlon, Kath J

2014-01-01

Social housing is a cornerstone in the Danish welfare society and is accessible for all households. By law, social housing must be rented at cost rents, which are based on historical costs; rents do not respond to market forces. Social housing aims to provide good standard, secure and affordable...... as social initiatives in the existing stock....

EU SINGLE FINANCIAL MARKET – PROSPECTS FOR CHANGES

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Małgorzata Mikita

2012-04-01

Full Text Available The global financial crisis has revealed the weaknesses of the European financial market, which triggered the European Union (EU work on further integration of this market. The aim of this article is to present the direction of changes concerning the integration of the EU financial market. These changes are mainly related to the issue of supervising the EU financial market, regulating the institutions operating in this market, protecting customers, improving the effectiveness of the market, its transparency and liquidity, as well as improving management in crisis situations.

A Mean-Variance Diagnosis of the Financial Crisis: International Diversification and Safe Havens

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Alexander Eptas

2010-12-01

Full Text Available We use mean-variance analysis with short selling constraints to diagnose the effects of the recent global financial crisis by evaluating the potential benefits of international diversification in the search for ‘safe havens’. We use stock index data for a sample of developed, advanced-emerging and emerging countries. ‘Text-book’ results are obtained for the pre-crisis analysis with the optimal portfolio for any risk-averse investor being obtained as the tangency portfolio of the All-Country portfolio frontier. During the crisis there is a disjunction between bank lending and stock markets revealed by negative average returns and an absence of any empirical Capital Market Line. Israel and Colombia emerge as the safest havens for any investor during the crisis. For Israel this may reflect the protection afforded by special trade links and diaspora support, while for Colombia we speculate that this reveals the impact on world financial markets of the demand for cocaine.

Framing the Newspaper Crisis

DEFF Research Database (Denmark)

Bruggemann, Michael; Humprecht, Edda; Kleis, Rasmus

2016-01-01

as well as a qualitative analysis of policy documents and relevant media coverage. The study demonstrates that debates on the newspaper crisis are only partly influenced by (1) economic realities and (2) media policy traditions in the six countries but also reflect (3) the strategic motives of powerful...... the problem mainly by developing innovative content and business strategies. This liberal market paradigm displays one blind spot however: it does not seriously consider a scenario where the market is failing to provide sustainable journalistic quality....

Economic crisis and the automotive industry in Romania

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Iosip, A.

2010-12-01

Full Text Available The economic crisis has affected many areas but the auto industry is perhaps one of the most affected. Renault, Ford, General Motors, Toyota, Volkswagen, BMW are just some of the big players caught unprepared. Through this paper we propose an analysis of the automotive market in Romania in order to understand the sales decrease of the last two years. At the same time we aimed at understanding the reasons that led to a decrease in car sales, what were the measures taken by the government to stop this phenomenon and how the economic crisis influenced the automotive field in Romania. An objective image of the situation in the automobile market in Romania at this moment also requires an analysis of the marketing environment and the changes it has undergone over time. Last but not least we will try to find a series of measures to re-launch the car market in Romania.

Credit market Jitters in the course of the financial crisis: A permutation entropy approach in measuring informational efficiency in financial assets

Science.gov (United States)

Siokis, Fotios M.

2018-06-01

We explore the evolution of the informational efficiency for specific instruments of the U.S. money, bond and stock exchange markets, prior and after the outbreak of the Great Recession. We utilize the permutation entropy and the complexity-entropy causality plane to rank the time series and measure the degree of informational efficiency. We find that after the credit crunch and the collapse of Lehman Brothers the efficiency level of specific money market instruments' yield falls considerably. This is an evidence of less uncertainty included in predicting the related yields throughout the financial disarray. Similar trend is depicted in the indices of the stock exchange markets but efficiency remains in much higher levels. On the other hand, bond market instruments maintained their efficiency levels even after the outbreak of the crisis, which could be interpreted into greater randomness and less predictability of their yields.

Fear and Loathing in the Housing Market

DEFF Research Database (Denmark)

Chauvet, Marcelle; Gabriel, Stuart; Lutz, Chandler

We use Google search data to develop a broad-based and real-time index of housing distress. Unlike established indicators, this new Housing Distress Index (HDI) directly reflects sentiment revealed through search queries. Research findings indicate that the HDI provides important new insights in ...

Understanding the Puzzling Risk-Return Relationship for Housing

OpenAIRE

Lu Han

2013-01-01

Standard theory predicts a positive relationship between risk and return, yet recent data show that housing returns vary positively with risk in some markets but negatively in others. This paper rationalizes these cross-market differences in the risk-return relationship for housing, and in so doing, explains the puzzling negative relationship. The paper shows that when the current house provides a hedge against the risk associated with the future housing consumption, households are willing to...

Investing against the wind : contagion during the recent financial crisis

NARCIS (Netherlands)

Lu, Liping; Wang, Chunyang

2016-01-01

This article examines the effect of Warren Buffett’s investment in Goldman Sachs on 24 September 2008, during the subprime mortgage crisis. Although this event is arguably perceived to be the biggest expression of confidence in the financial market during the crisis, by conducting event studies, we

Are Vietnam and Chinese stock markets out of the US contagion effect in extreme events?

Science.gov (United States)

Nguyen, Cuong; Ishaq Bhatti, M.; Henry, Darren

2017-08-01

This paper employs Chi-plots, Kendall (K)-plots and three different copula functions to empirically examine the tail dependence between the US stock market and stock markets in Vietnam and China in order to test contagion effects pre- and post- the US subprime mortgage crisis. The results based on data between 2003 and 2011 indicate the presence of left tail dependence before and after the crisis suggesting no change in dependence structure, but there exists stronger left tail dependence between the US and Vietnam stock markets. It is observed that the US and Vietnam stock markets are more prone to crashing than booming together. For the Chinese market, the US and Shanghai stock markets exhibit left tail dependence before the crisis, but no evidence of post-crisis tail dependency. On the contrary, the Shenzhen stock market is independent of the US market before and after the crisis which implies that an extreme event in the US market is less likely to influence the Shenzhen stock market. This suggests that there is significant potential for risk diversification by investing in the Shenzhen market by US investors after the financial crisis. These results have not been documented in the existing literature and provide a new insight into risk diversification between the two important Asian emerging stock markets.

Frame Complexity and the Financial Crisis

DEFF Research Database (Denmark)

Kleinnijenhuis, Jan; Schultz, Friederike; Oegema, Dirk

2015-01-01

. The financial crisis in the United States, the United Kingdom, and Germany (2007–2012) offers an example. An automated content analysis was applied to over 160,000 newspaper articles. Frame complexity decreased until the spotlight fell on the demise of Bear Stearns and Lehman Brothers (2008). The subsequent...... gradual recovery was only partly interrupted by the euro crisis. A Vector AutoRegression time series analysis shows that increasing frame complexity may indeed have fostered the recovery of financial markets and consumer confidence....

Institutions and Social Change: implementing co-operative housing and environmentally sustainable development at Christie Walk

Directory of Open Access Journals (Sweden)

Susan McClean

2009-09-01

Full Text Available How can institutions contribute to the building of civil society in the twenty- first century? It is clear that the old laissez-faire approach and the more recent neo-conservative reliance on the market have failed to deliver housing for many people. On the other hand the state-based welfare housing model espoused by the Australian Labor Party over the twentieth century has also been beset by problems. Social alienation, and the crisis in affordable housing make the case that individualist approaches to urban living are not working. More communal solutions are needed - solutions attuned to a complex view of civil society outlined by Michael Edwards' tripartite definition. At the same time the onset of global warming now prompts Australians to create more environmentally sustainable ways of living. Addressing the theme of responsibility, this paper focuses on citizenship in its broader environmental, social and active forms. It analyses interviews and documentary evidence concerning the planning and development of Christie Walk, an innovative, medium density eco-city development in Adelaide. The investigation reveals the effects of some Australian institutions on residents' efforts to live socially and environmentally sustainable lives in an urban environment. The paper offers transdisciplinary research and analysis, linking the fields of history, urban housing, community development and environmental theory.

The financial crisis, health and health inequities in Europe: the need for regulations, redistribution and social protection.

Science.gov (United States)

De Vogli, Roberto

2014-07-25

In 2009, Europe was hit by one of the worst debt crises in history. Although the Eurozone crisis is often depicted as an effect of government mismanagement and corruption, it was a consequence of the 2008 U.S. banking crisis which was caused by more than three decades of neoliberal policies, financial deregulation and widening economic inequities.Evidence indicates that the Eurozone crisis disproportionately affected vulnerable populations in society and caused sharp increases of suicides and deaths due to mental and behavioral disorders especially among those who lost their jobs, houses and economic activities because of the crisis. Although little research has, so far, studied the effects of the crisis on health inequities, evidence showed that the 2009 economic downturn increased the number of people living in poverty and widened income inequality especially in European countries severely hit by the debt crisis. Data, however, also suggest favorable health trends and a reduction of traffic deaths fatalities in the general population during the economic recession. Moreover, egalitarian policies protecting the most disadvantaged populations with strong social protections proved to be effective in decoupling the link between job losses and suicides.Unfortunately, policy responses after the crisis in most European countries have mainly consisted in bank bailouts and austerity programs. These reforms have not only exacerbated the debt crisis and widened inequities in wealth but also failed to address the root causes of the crisis. In order to prevent a future financial downturn and promote a more equitable and sustainable society, European governments and international institutions need to adopt new regulations of banking and finance as well as policies of economic redistribution and investment in social protection. These policy changes, however, require the abandonment of the neoliberal ideology to craft a new global political economy where markets and gross

Navigating the field of housing: housing pathways of young people in Amsterdam

NARCIS (Netherlands)

Hochstenbach, C.; Boterman, W.R.

2015-01-01

In many western cities, housing opportunities of young people are increasingly constrained due to housing market reforms and decreasing affordability as a result of processes of gentrification. Little is known about how young people deal with these constraints and how this differs across class and

[Crisis and future of humanity].

Science.gov (United States)

Bellver Capella, Vicente

2012-09-01

We live in troubling times. The economic crisis fills us with anxiety. Young, unemployed and throes to finish living worse fear that their parents are not able to take charge of the situation. What has happened to that Spain and Europe, less than four years ago seemed to land of opportunities for native and foreign, have become hostile territories? The economic crisis does not explain everything; It is only a symptom that the basis on which we were building the future were not as firm. It is true that the crisis has brought to bare the obscenity of speculative financial capitalism. It is also true that this crisis can be the great opportunity to build the world on a human and sustainable economic basis, i.e.,just the opposite of the current submission to the dictatorship of the financial markets. But the contemporary crisis has deep and extensive roots. I will refer to other crises, as important or more than the economic one, because to glimpse the future it is essential to carefully track the present and discover the "weak signals" the latent opportunities that await we become them realities.

Tendencies of overcoming crises in the housing-and-communal sphere: international aspect

Directory of Open Access Journals (Sweden)

Skrypnik Oksana

2017-01-01

Full Text Available In the condition of market economy in the housing sphere it is accepted to differentiate two interacting markets - the market of housing stock and the market of housing services. The beginning of market grouping of the housing stock as basic element of the real estate market in Russia, it was necessary in 1991 by adoption of legal acts for privatization of housing. After that the market of housing services began to be arranged. The historical development of the housing market can be considered through the system of institutional changes with respect to the development of the economy and enhancement of the infrastructure. Institutes represent the rules, mechanisms providing their accomplishment, and standards of behavior which structure the repeating interactions among citizens. It becomes obvious that the institutes determine and limit the set of alternatives which are available for each economic actor, they include all forms of the restrictions created by people to give a certain structure to human relations. However it is also important to understand that institutes, being standard restrictions, create opportunities which members of the society have, thanks to the fact that the same institutes reduce uncertainty, structuring activities of individuals. The set of the formal and informal institutes created in economy represents the institutional environment. As a result the institutes perform functions of so called first and second order. Functions of the first order have specific character and solve specific objectives which are the cornerstone of rules: coordination, cooperation and distribution. The institutional environment performs the functions of the second order, which are aimed on market regulation, ensuring predictability and stability, safety, minimization of costs for transactions and training. In this article the main directions, conditions and approaches of transformations in the housing market are revealed. Forming of the

Dynamic linkages among the gold market, US dollar and crude oil market

Science.gov (United States)

Mo, Bin; Nie, He; Jiang, Yonghong

2018-02-01

This paper aims to examine the dynamic linkages among the gold market, US dollar and crude oil market. The analysis also delves more deeply into the effect of the global financial crisis on the short-term relationship. We use fractional cointegration to analyze the long-term memory feature of these volatility processes to investigate whether they are tied through a common long-term equilibrium. The DCC-MGARCH model is employed to investigate the time-varying long-term linkages among these markets. The Krystou-Labys non-linear asymmetric Granger causality method is used to examine the effect of the financial crisis. We find that (i) there is clearly a long-term dependence among these markets; (ii) the dynamic gold-oil relationship is always positive and the oil-dollar relationship is always negative; and (iii) after the crisis, we can observe evidence of a positive non-linear causal relationship from gold to US dollar and US dollar to crude oil, and a negative non-linear causal relationship from US dollar to gold. Investors who want to construct their optimal portfolios and policymakers who aim to make effective macroeconomic policies should take these findings into account.