The 1985-94 Global Real Estate Cycle: Its Causes and Consequences

Renaud, Bertrand

doi:10.1596/1813-9450-1452

Cited by 28 publications

(36 citation statements)

References 17 publications

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“…An It is thus interesting to ask whether or not real estate markets and equity markets behaved differently in the time period surrounding the Asian crisis and also to investigate if these shocks affected returns and volatilities in the same way. An excellent overview of the role of real estate in the Asian crisis focusing on Thailand is Renaud (1999); see also his earlier analysis of global real estate cycles Renaud (1997).…”

Section: 1999mentioning

confidence: 99%

Regime Shifts in Asian Equity and Real Estate Markets

Kallberg

Liu

Pasquariello

2002

Real Estate Economics

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The recent Asian financial crisis has emphasized the volatility of modern financial markets. This crisis, and other recent financial shocks, suggest that returns may switch regimes: that is, randomly change from one distribution to another. This paper analyzes regime shifts in real estate and equity markets in ten Far Eastern countries, focusing on the period 1994 -1998. We find little evidence for regime shifts in equity markets. However, with striking regularity, we find that Asian real estate markets generally are shifting between one (low probability) regime with very high returns and another with slightly negative returns. This suggests that there was a structural difference between the behavior of Asian real estate and equity markets during the study period: the former switching between periods of boom and quiescence, the latter exhibiting more stationary behavior.

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Section: 1999mentioning

confidence: 99%

Regime Shifts in Asian Equity and Real Estate Markets

Kallberg

Liu

Pasquariello

2002

Real Estate Economics

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“…From 1985 to 1994, a great many countries experienced strong real estate booms that peaked around 1989 followed by severe asset price deflation and output contraction that usually lasted until 1994 (Renaud, 1997). The research by Renaud (1997) follows three threads of thought: What triggered this first global cycle? What has been its impact?…”

Section: Crisis Management Aspects In Construction and Real Estatementioning

confidence: 99%

“…Would it have been more efficient to invest in technology, manufacturing, agriculture, education or the like? These factors also have the following subprime crisis implications (Renaud, 1997):…”

Section: Macro-level Global Development Trend Identificationmentioning

confidence: 99%

Crisis management in construction and real estate: Conceptual modeling at the micro-, meso- and macro-levels

et al. 2011

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“…Formerly, developers of the so-called bureaux en blancs (speculative office projects) were required to obtain clearance at a central administrative level, but political decentralization initiated in 1982 led to the end of these types of regulations. Much of this deregulation took place in the context of increasing urban competition for the role of Europe's leading financial and business center (Reynaud 1997).…”

Section: Paris: Capital Of Modernitymentioning

confidence: 99%

Marseille's Not for Burning: Comparative Networks of Integration and Exclusion in Two French Cities

Mitchell

2011

Annals of the Association of American Geographers

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Many scholarly studies focus on the historical processes that lead to rioting and war, but few examine the forces that produce peace. This article is a broad, comparative examination of three variables that were important in the relative lack of ethnic conflict in Marseille, France, during an intense period of national rioting and tension in 2005. The three processes highlighted in the research are (1) Marseille's particular form of transnational, highly networked, ethnicity-based capitalism; (2) the specific geography, public infrastructure, and social organization of the city; and (3) the communitarian (difference-oriented) cultural approach of local officials. The case for Marseille's unique position is made through a comparative investigation of the economic and cultural development of Paris. Although both cities are globally integrated, they have developed in quite different ways in these three areas. I argue that these differences are important in explaining the dissimilar outcomes for the two cities during the October and November riots of 2005. Although the particular constellation of these three historical processes might not continue through time, it is worthwhile to consider why and how certain historical moments and places can become shelters of tolerance in violent times. Key Words: ethnic, Marseille, networks, peace, space.Muchos estudios académicos se enfocan sobre los procesos históricos que desembocan en amotinamientos y guerra, pero muy pocos examinan las fuerzas que generan paz. El presente artículo es un amplio examen comparativo de tres variables que fueron importantes para la relativa falta de conflictoétnico en Marsella, Francia, durante un intenso período de desórdenes y tensión nacional en 2005. Los tres procesos que se destacan en la investigación son (1) la forma particular del capitalismo de Marsella, transnacional, altamente eslabonado y basado en etnicidad;(2) la geografía específica, infraestructura pública y organización social de la ciudad; y (3) el enfoque cultural comunitario (orientado por las diferencias) de los oficiales locales. El caso de la posiciónúnica de Marsella está fundamentado en investigación que la relaciona comparativamente con el desarrollo económico y cultural de París. Aunque ambas ciudades están integradas globalmente, se han desarrollado de maneras muy diferentes en estas tresáreas. Sostengo que estas diferencias son importantes para explicar las maneras disímiles como actuó la gente de las dos ciudades durante los desórdenes de octubre y noviembre de 2005. Si bien la constelación particular de estos tres procesos históricos podría no continuar en el futuro, bien vale la pena considerar por qué y cómo ciertos momentos históricos y lugares pueden convertirse en bastiones de tolerancia en tiempos violentos.

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The 1985-94 Global Real Estate Cycle: Its Causes and Consequences

Cited by 28 publications

References 17 publications

Regime Shifts in Asian Equity and Real Estate Markets

Regime Shifts in Asian Equity and Real Estate Markets

Crisis management in construction and real estate: Conceptual modeling at the micro-, meso- and macro-levels

Marseille's Not for Burning: Comparative Networks of Integration and Exclusion in Two French Cities

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