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Theory and explanation in international property cycles since 1980

Identifieur interne : 008839 ( Main/Curation ); précédent : 008838; suivant : 008840

Theory and explanation in international property cycles since 1980

Auteurs : Cedric Pugh [Royaume-Uni] ; Alireza Dehesh [Royaume-Uni]

Source :

RBID : ISTEX:403A9F52DF6A44940A2CE766EDAC678C26CE2890

Descripteurs français

English descriptors

Abstract

Since 1980, property cycles have emerged emphatically as a phenomenon of urban development in both developed and developing countries. Among the many things which need to be explained is the continuing high levels of financial investment in property sectors, even well past the time when supply exceeds demand and vacancy rates continue to grow. Various intellectuals have put forward new theories and some situational explanations of the periodic overcapitalisation in property. The economic adversities are not confined to the property and finance sectors. They extend into the socioeconomic performance of national economies, and in some cases they have international linkages and impacts. Gives exposition and evaluation relating to cyclicity in the USA, the UK, Japan, and some developing countries in Asia. The aim is mainly centred on explanation and theory, extending earlier published work in the authors research programmes in property cycles, urban development, and experience in both developing and developed countries. The economic, social, and political significance of property cycles is enormous.

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DOI: 10.1108/02637470110404092

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ISTEX:403A9F52DF6A44940A2CE766EDAC678C26CE2890

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<term>Annual rates</term>
<term>Asian</term>
<term>Asian countries</term>
<term>Asian crisis</term>
<term>Asian development bank</term>
<term>Asian studies</term>
<term>Asset</term>
<term>Asset inflation</term>
<term>Asset prices</term>
<term>Asset values</term>
<term>Asymmetric information</term>
<term>Austerity</term>
<term>Balance sheets</term>
<term>Bank lending</term>
<term>Banking</term>
<term>Banking sector</term>
<term>Barclays bank</term>
<term>Bond markets</term>
<term>Bretton woods institutions</term>
<term>Bubble economy</term>
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<term>Commercial office sector</term>
<term>Commercial office sectors</term>
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<term>Corporate sectors</term>
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<term>Cycle</term>
<term>Cyclicity</term>
<term>Debt finance</term>
<term>Debt forgiveness</term>
<term>Debt overhang</term>
<term>Deep significance</term>
<term>Default</term>
<term>Dehesh</term>
<term>Deregulation</term>
<term>Developmental recovery</term>
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<term>East asia</term>
<term>Economic adjustments</term>
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<term>Exchange rates</term>
<term>Exogenous cycles</term>
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<term>Finance capital markets</term>
<term>Finance companies</term>
<term>Finance sector</term>
<term>Finance sectors</term>
<term>Finance systems</term>
<term>Financial crisis</term>
<term>Financial deregulation</term>
<term>Financial institutions</term>
<term>Financial instruments</term>
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<term>General coherence</term>
<term>General development</term>
<term>Growth rates</term>
<term>High costs</term>
<term>High interest rates</term>
<term>High liquidity</term>
<term>High rates</term>
<term>High risk</term>
<term>Housing markets</term>
<term>Human settlements</term>
<term>Inefficiency</term>
<term>Inflow</term>
<term>Institutional conditions</term>
<term>Institutional reform</term>
<term>Intensive competition</term>
<term>Interest rate risk</term>
<term>Interest rates</term>
<term>International economies</term>
<term>International economy</term>
<term>International finance</term>
<term>International finance capital</term>
<term>International flows</term>
<term>International integration</term>
<term>International journal</term>
<term>International perspective</term>
<term>International property cycles</term>
<term>International settlements</term>
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<term>Investment funds</term>
<term>Investor</term>
<term>Japanese assets</term>
<term>Japanese flows</term>
<term>Japanese investment</term>
<term>Japanese investors</term>
<term>Japanese property</term>
<term>Jubilee line</term>
<term>Korean institute</term>
<term>Krugman</term>
<term>Land policies</term>
<term>Land policy problems</term>
<term>Land prices</term>
<term>Large impacts</term>
<term>Large volumes</term>
<term>Leaseback arrangements</term>
<term>Liabilities</term>
<term>Liberalisation</term>
<term>Liquidity</term>
<term>Liquidity risks</term>
<term>Long periods</term>
<term>Many countries</term>
<term>Market imperfections</term>
<term>Market values</term>
<term>Methodological issues</term>
<term>Modern property cycles</term>
<term>Monetary authorities</term>
<term>Monetary policy</term>
<term>Municipal governments</term>
<term>National economies</term>
<term>Nominal interest rates</term>
<term>Nonperforming loans</term>
<term>Olympia</term>
<term>Other asian countries</term>
<term>Other authors</term>
<term>Other sectors</term>
<term>Other words</term>
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<term>Payments deficits</term>
<term>Payments surpluses</term>
<term>Political economy</term>
<term>Present value</term>
<term>Property cycle</term>
<term>Property cycles</term>
<term>Property finance</term>
<term>Property prices</term>
<term>Property rights</term>
<term>Property sector</term>
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<term>Property values</term>
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<term>Recessionary impacts</term>
<term>Regional research</term>
<term>Rescue packages</term>
<term>Rescue plan</term>
<term>Restructuring</term>
<term>Risky assets</term>
<term>Risky sectors</term>
<term>Sector</term>
<term>Share values</term>
<term>Shortterm liabilities</term>
<term>Singapore</term>
<term>Social economics</term>
<term>Squatter settlements</term>
<term>States government</term>
<term>Stiglitz</term>
<term>Structural change</term>
<term>Subsequent sections</term>
<term>Technological change</term>
<term>Thailand</term>
<term>Transactions costs</term>
<term>Unsecured creditors</term>
<term>Urban agglomeration economies</term>
<term>Urban development</term>
<term>Urban investment</term>
<term>Vacancy rates</term>
<term>Various countries</term>
<term>Volatile flows</term>
<term>Wider economy</term>
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<term>Asian</term>
<term>Asian countries</term>
<term>Asian crisis</term>
<term>Asian development bank</term>
<term>Asian studies</term>
<term>Asset</term>
<term>Asset inflation</term>
<term>Asset prices</term>
<term>Asset values</term>
<term>Asymmetric information</term>
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<term>Balance sheets</term>
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<term>Bond markets</term>
<term>Bretton woods institutions</term>
<term>Bubble economy</term>
<term>Building cycle</term>
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<term>Commercial paper</term>
<term>Comparative study</term>
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<term>Construction sector</term>
<term>Corporate sectors</term>
<term>Credit cycles</term>
<term>Creditor</term>
<term>Creditor banks</term>
<term>Cycle</term>
<term>Cyclicity</term>
<term>Debt finance</term>
<term>Debt forgiveness</term>
<term>Debt overhang</term>
<term>Deep significance</term>
<term>Default</term>
<term>Dehesh</term>
<term>Deregulation</term>
<term>Developmental recovery</term>
<term>Dynamic modelling</term>
<term>East asia</term>
<term>Economic adjustments</term>
<term>Economic change</term>
<term>Economic development</term>
<term>Economic growth</term>
<term>Economic liberalisation</term>
<term>Economic perspectives</term>
<term>Economic recession</term>
<term>Economic studies</term>
<term>Equities markets</term>
<term>Equity</term>
<term>Equity finance</term>
<term>Exchange rates</term>
<term>Exogenous cycles</term>
<term>Finance</term>
<term>Finance capital</term>
<term>Finance capital markets</term>
<term>Finance companies</term>
<term>Finance sector</term>
<term>Finance sectors</term>
<term>Finance systems</term>
<term>Financial crisis</term>
<term>Financial deregulation</term>
<term>Financial institutions</term>
<term>Financial instruments</term>
<term>Financial investment</term>
<term>Financial liberalisation</term>
<term>Financial markets</term>
<term>Financial restructuring</term>
<term>Financial system</term>
<term>Fluctuation</term>
<term>Foreign funds</term>
<term>Free fall</term>
<term>Gale</term>
<term>General coherence</term>
<term>General development</term>
<term>Growth rates</term>
<term>High costs</term>
<term>High interest rates</term>
<term>High liquidity</term>
<term>High rates</term>
<term>High risk</term>
<term>Housing markets</term>
<term>Human settlements</term>
<term>Inefficiency</term>
<term>Inflow</term>
<term>Institutional conditions</term>
<term>Institutional reform</term>
<term>Intensive competition</term>
<term>Interest rate risk</term>
<term>Interest rates</term>
<term>International economies</term>
<term>International economy</term>
<term>International finance</term>
<term>International finance capital</term>
<term>International flows</term>
<term>International integration</term>
<term>International journal</term>
<term>International perspective</term>
<term>International property cycles</term>
<term>International settlements</term>
<term>Internationalisation</term>
<term>Investment funds</term>
<term>Investor</term>
<term>Japanese assets</term>
<term>Japanese flows</term>
<term>Japanese investment</term>
<term>Japanese investors</term>
<term>Japanese property</term>
<term>Jubilee line</term>
<term>Korean institute</term>
<term>Krugman</term>
<term>Land policies</term>
<term>Land policy problems</term>
<term>Land prices</term>
<term>Large impacts</term>
<term>Large volumes</term>
<term>Leaseback arrangements</term>
<term>Liabilities</term>
<term>Liberalisation</term>
<term>Liquidity</term>
<term>Liquidity risks</term>
<term>Long periods</term>
<term>Many countries</term>
<term>Market imperfections</term>
<term>Market values</term>
<term>Methodological issues</term>
<term>Modern property cycles</term>
<term>Monetary authorities</term>
<term>Monetary policy</term>
<term>Municipal governments</term>
<term>National economies</term>
<term>Nominal interest rates</term>
<term>Nonperforming loans</term>
<term>Olympia</term>
<term>Other asian countries</term>
<term>Other authors</term>
<term>Other sectors</term>
<term>Other words</term>
<term>Outflow</term>
<term>Payments deficits</term>
<term>Payments surpluses</term>
<term>Political economy</term>
<term>Present value</term>
<term>Property cycle</term>
<term>Property cycles</term>
<term>Property finance</term>
<term>Property prices</term>
<term>Property rights</term>
<term>Property sector</term>
<term>Property sectors</term>
<term>Property values</term>
<term>Public finance</term>
<term>Pugh</term>
<term>Real estate</term>
<term>Real estate cycles</term>
<term>Real estate finance</term>
<term>Recessionary impacts</term>
<term>Regional research</term>
<term>Rescue packages</term>
<term>Rescue plan</term>
<term>Restructuring</term>
<term>Risky assets</term>
<term>Risky sectors</term>
<term>Sector</term>
<term>Share values</term>
<term>Shortterm liabilities</term>
<term>Singapore</term>
<term>Social economics</term>
<term>Squatter settlements</term>
<term>States government</term>
<term>Stiglitz</term>
<term>Structural change</term>
<term>Subsequent sections</term>
<term>Technological change</term>
<term>Thailand</term>
<term>Transactions costs</term>
<term>Unsecured creditors</term>
<term>Urban agglomeration economies</term>
<term>Urban development</term>
<term>Urban investment</term>
<term>Vacancy rates</term>
<term>Various countries</term>
<term>Volatile flows</term>
<term>Wider economy</term>
<term>World bank</term>
<term>World city</term>
<term>World development</term>
<term>World economy</term>
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<div type="abstract" xml:lang="en">Since 1980, property cycles have emerged emphatically as a phenomenon of urban development in both developed and developing countries. Among the many things which need to be explained is the continuing high levels of financial investment in property sectors, even well past the time when supply exceeds demand and vacancy rates continue to grow. Various intellectuals have put forward new theories and some situational explanations of the periodic overcapitalisation in property. The economic adversities are not confined to the property and finance sectors. They extend into the socioeconomic performance of national economies, and in some cases they have international linkages and impacts. Gives exposition and evaluation relating to cyclicity in the USA, the UK, Japan, and some developing countries in Asia. The aim is mainly centred on explanation and theory, extending earlier published work in the authors research programmes in property cycles, urban development, and experience in both developing and developed countries. The economic, social, and political significance of property cycles is enormous.</div>
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