Asia's Financial Crisis and the Role of Real Estate

Mera, Koichi; Renaud, Bertrand

doi:10.4324/9781315500010

Cited by 47 publications

(16 citation statements)

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“…During the period of our analysis, the Asian stock market experienced unstable dynamics, with large booms and bursts. These up and down swings reflect the 2008 global financial crisis firstly, and, more recently, the real estate bubble and the flood of debt by municipal governments and local enterprises designed to fund infrastructure investments [45][46][47][48] . We also provide additional evidence on stocks constituting the STOXX North America 600 Index (see Supplementary information, Section 3.7).…”

Section: Resultsmentioning

confidence: 99%

A behavioral approach to instability pathways in financial markets

et al. 2020

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We introduce an indicator that aims to detect the emergence of market instabilities by quantifying the intensity of self-organizing processes arising from stock returns' comovements. In financial markets, phenomena like imitation, herding and positive feedbacks characterize the emergence of endogenous instabilities, which can modify the qualitative and quantitative behavior of the underlying system. The impossibility to formalize ex-ante the dynamic laws that rule the evolution of financial systems motivates the use of a parsimonious synthetic indicator to detect the disruption of an existing equilibrium configuration. Here we show that the emergence of an interconnected sub-graph of stock returns co-movements from a broader market index is a signal of an out-of-equilibrium transition of the underlying system. To test the validity of our approach, we propose a model-free application that builds on the identification of up and down market phases.

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Section: Resultsmentioning

confidence: 99%

A behavioral approach to instability pathways in financial markets

et al. 2020

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“…Moreover, Golub et al [4], Keffala [5], and Knights and McCabe [6] determined that the derivatives played a key role in the 2008 global financial crisis. Additionally, Gilchrist et al [27] and Mera and Renaud [28] underlined the importance of the inflation effect on financial crises. Additionally, Ferrero [29] and Stockhammer et al [30] determined that the current account deficit is the main indicator of the financial crises.…”

Section: A Literature Review Of Global Risks and Financial Crisesmentioning

confidence: 99%

“…Furthermore, in the fourth step, the distances of the best and the worst alternatives for each criterion are calculated. For this purpose, Equations (27) and (28) are taken into consideration.…”

Section: Hesitant Fuzzy Topsismentioning

confidence: 99%

Analyzing the Global Risks for the Financial Crisis after the Great Depression Using Comparative Hybrid Hesitant Fuzzy Decision-Making Models: Policy Recommendations for Sustainable Economic Growth

2018

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The aim of this study is to analyze the effects of global risks on financial crises. For this purpose, five different outstanding crises after the Great Depression of 1929 are taken into the consideration. Additionally, four different dimensions are selected regarding global risk by considering the Global Risk Report. Moreover, the hesitant fuzzy DEMATEL, the hesitant fuzzy VIKOR, and the hesitant fuzzy TOPSIS methodologies are used to reach this objective. We concluded that, with respect to global risks, the industry-based dimension has the highest importance in comparison to other dimensions. In addition, we also identified that the 2010 European debt crisis and the 1982 Latin American debt crisis were the most influenced crises in terms of global risk. The main reason for this is that the macroeconomic problems such as high inflation and unemployment had negative impacts on the industries of these countries. Another important point is that the results of the hesitant fuzzy VIKOR and hesitant fuzzy TOPSIS models are quite different, but they are the most similar when the experts do not reach the consensus. This situation shows that this analysis is quite appropriate with respect to the hesitant approach. While considering these aspects, we recommended that countries should firstly focus on the solutions related to industry level problems in order to minimize the global risk. Owing to this issue, it can be more possible to reach sustainable economic growth in the world.

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“…likewise, property cycle research agenda gained impetus internationally with articles on the subject growing geographically. researchers inspected cycles in the other mature economies (inter alia, Baum 2001;rottke et al 2003) as well as emerging markets (inter alia, Wand et al 2000;Mera, renaud 2000;collyns, Senhadji 2002).…”

Section: Modern Studiesmentioning

confidence: 99%

Century of research on property cycles: a literature review

Jadevicius

Sloan

Brown

2017

International Journal of Strategic Property Management

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The existence of cycles in building and property, has grown to have significant importance in the uK and internationally; whereas property markets have been characterised by boom and bust cycles with a negative impact on the national economies. as a result, property cycles became a popular research topic amongst property professionals and scholars, with a greater understanding of the cyclical behaviour of the property market being seen as a major guide to the financial success (failure) of property investments. consequently, considerable literature has accumulated over the years on the subject. this paper provides a review of this literature, mostly written in the uK and uS, with international insights on the subject. this paper reviews research on the subject chronologically over a one hundred-year period. the study is designed to provide readers with a historical overview of Property cycles research by emphasising the underlying theme which dominated a particular period of this research, as well as indicating methods, data analysis techniques employed and outcomes of these studies. Its ai is to put more clarity on the subject, as well as help to navigate anyone interested in Property cycles through a considerable amount of research which has accumulated over the last century.

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Asia's Financial Crisis and the Role of Real Estate

Cited by 47 publications

References 0 publications

A behavioral approach to instability pathways in financial markets

A behavioral approach to instability pathways in financial markets

Analyzing the Global Risks for the Financial Crisis after the Great Depression Using Comparative Hybrid Hesitant Fuzzy Decision-Making Models: Policy Recommendations for Sustainable Economic Growth

Century of research on property cycles: a literature review

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