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1.
    
In the fallout of the 2008 crisis, macroprudential policy has been installed as the policy remedy against future financial instability, a primary focus being developments in the real estate sector. With house prices consistently rising in the EU since 2014, causing alarm among macroprudential supervisory bodies, a core question of EU regulatory governance is how far macroprudential bodies have been capable of bringing about countercyclical actions against the build-up of such vulnerabilities. This paper investigates this question using a novel dataset of macroprudential intensity coded for the 17 EU countries that experienced real estate vulnerabilities post-euro crisis. Specifically, it asks which configuration of conditions account for the (in)capacity of countries to impose stringent countercyclical regulations against housing booms? Using fuzzy set qualitative comparative analysis technics coupled with qualitative analysis of country cases using expert interviews, we find that the absence of political salience of homeownership and the political independence of macroprudential authorities to be crucial conditions that jointly explain countercyclical macroprudential activity. These findings, which show two pathways to action have implications for the capacity of the EU to prevent future crises and future reform of the EU prudential framework.  相似文献   

2.
本文从案例分析入手,对房地产开发的营销价值进行再认识.在分析房地产商品的营销价值因素的基础上,构建中国房地产商品的营销价值评价指标体系,为改进政府宏观管理、实现土地资源的集约经营与可持续开发、创造更多的社会财富提供理论依据.  相似文献   

3.
    
The collapse of the housing bubble and the ensuing wave of foreclosures have led to a dramatic increase in investor activity in distressed single-family markets, particularly in high-foreclosure areas such as Las Vegas, Nevada. Using a case study of investors in the Las Vegas market as the starting point, supplemented by research in the Detroit, Michigan, area and elsewhere, this article analyzes the strategies being followed by investors and the relationship between investor behavior and market conditions, presenting a market-based typology of single-family property investors and assessing the effects of investors on markets and neighborhood conditions.  相似文献   

4.
    
ABSTRACT

Solar radiation management (SRM) – a form of geoengineering – creates a risk of ‘termination shock’. If SRM was to be stopped abruptly then temperatures could rise very rapidly with catastrophic impacts. Two prominent geoengineering researchers have recently argued that the risk of termination shock could be minimised through the adoption of ‘relatively simple’ policies. This paper shows their arguments to be premised on heroically optimistic assumptions about the prospects for global cooperation and sustained trust in an SRM deployment scenario. The paper argues that worst-case scenarios are the right place to start in thinking about the governance of SRM.  相似文献   

5.
Little is known about the relationship between land use regulations and profits from subdivision development. Using data from a heavily regulated market, this article presents analyses that for the first time determine actual profits from subdivision development.

This study found an average profit, measured by internal rates of return, of 29%, which is statistically greater than what scholars consider normal. Profits decreased as time to complete the subdivision increased. Profits also decreased because of delays due to regulations and voluntary decisions by developers. The findings suggest that higher profits could be attainable in more-regulated areas because regulations may create amenities whose value exceeds the costs of providing them, while the same regulations may make it difficult for outside developers to enter the market thus limiting competition among developers. The findings suggest that policy makers should be cautious about regulations that create amenities when these regulations may inhibit competition among developers.  相似文献   

6.
Research has linked concentrated foreclosures with negative neighborhood outcomes; for instance, increased crime and decreased property values. These outcomes drain community asset holdings and impact the longer term trajectory of the neighborhood. However, data reported in this article from a Boston study challenge the assumption that negative neighborhood outcomes are a foregone conclusion in the face of foreclosures. Analysis of interviews with real estate agents and other foreclosure professionals, neighborhood ethnographic observation, and citywide sales and foreclosure sales documents demonstrate that the distinct nature of the foreclosure sales process creates market disruptions heightening the risk for documented negative neighborhood outcomes. Attempts by the seller to reduce financial risks in the sale increase the likelihood of vacancy and create a market oriented toward investor–buyers. Understanding the risk preferences of key decision makers in the foreclosure sale process reveals new intervention points—such as intervening at the short sale, or expanding and updating foreclosure laws to reflect current foreclosure sales markets—to reduce market disruptions and preserve community assets in the face of foreclosures.  相似文献   

7.
    
The purpose of this paper is to determine the impact of real estate agents on the price of houses that are located close to an environmental disamenity. Our main hypothesis is that real estate agents obtain higher prices than those theoretically expected when the houses are located closer to an environmental disamenity. We attribute this result to agents' ability to effectively match potential buyers to house sellers as well as their influence on bargaining power. Estimates from a sample selection corrected hedonic model suggest that the percentage increase in the house price obtained by a real estate agent is greater than the commission rate.  相似文献   

8.
农村干部是农村发展与治理的核心力量,是连接政府与农民的中介,农村干部的工作不仅影响政府在农民心目中的形象,同时也影响农村的发展与稳定。受计划经济、市场经济、地域差异的影响,不同地区村庄的经济发展水平出现较大的差异,村干部的职能也随之发生了转变与分化。而村干部选举、计划生育与土地转让及房屋拆迁则是村干部履职中最常遇到的问题。  相似文献   

9.
10.
    
Filing for bankruptcy is the primary legal mechanism by which homeowners in foreclosure can exert control over ownership of their home, yet little is known about the interplay among bankruptcy types, mortgage servicers, state foreclosure laws, and home foreclosure auctions. We analyze 4,280 lower-income homeowners in the United States who were more than 90 days late paying their 30-year fixed-rate mortgages. Two dozen organizations serviced these mortgages and initiated foreclosure between 2003 and 2012. We identify wide variation between mortgage servicers in their likelihood of bringing a property to auction. We also show that when homeowners in foreclosure filed for bankruptcy, foreclosure auctions were 70% less likely. Chapters 7 and 13 filings both reduce the hazard of auction, but the effect is 5 times greater for Chapter 13, which contains enhanced tools to preserve homeownership. Bankruptcy's effects are strongest in states that permit power-of-sale foreclosure or withdraw homeowners' right-of-redemption at the time of auction.  相似文献   

11.
朱丽夏 《学理论》2012,(17):145-146
房地产行业的融资问题是影响房地产企业发展的关键问题.在宏观调控累积效应的影响下,我国房地产市场进入周期性调整阶段,融资难度加大.当前,充分发展现有的融资模式的同时,应大力发展房地产信托,减少银行压力,缓解社会矛盾.  相似文献   

12.
通过分析我国目前房地产开发经营活动中存在的部分问题,运用法社会学方法论中的功能主义方法论重新审视了房地产开发经营的实践情况,指出了政府监管部分失灵、政府机关实践中的执行操作与法律文本严重违背、行政效率低下等问题的存在与影响,并对政府机关的执政方式提出了一些思考和建议。  相似文献   

13.
公众预期对我国房地产宏观调控政策影响分析   总被引:1,自引:0,他引:1  
1998年以来中国的房地产宏观调控发展历程经历了五阶段,各阶段公众预期呈现出不同的特征,并对调控政策效果产生了影响。因此,房地产市场调控政策的出台必须从调整房地产市场供求关系、建立长效机制、加强媒体与舆论的引导和管理以及保持政策的连续性、稳定性和长期性等加强公众预期管理等方面考虑。  相似文献   

14.
As housing production was ramping up in the 1990s and 2000s, some of the industry’s largest firms experienced remarkable growth primarily through mergers and acquisitions and the issuance of debt; the market share of the 10 largest firms tripled between 1995 and 2005. This article describes the role of financial firms in encouraging that growth and some of its consequences. Drawing on financial filings, news reports, investor analyses, and other relevant data, this article offers an overview of the relationship between homebuilders and investment firms, as well as a new explanation of the oversupply of housing in the 2000s. In doing so, this article seeks to bring attention to homebuilders as a missing feature in analyses of housing supply and housing markets, and proposes directions for future research.  相似文献   

15.
There is strong evidence that land use regulations constrain housing production. We know less about how real estate developers respond to specific zoning provisions. I compare the characteristics of new multifamily housing with baseline land use regulations in two sets of rail station areas in Los Angeles. I supplement this building-scale analysis with expert interviews. I find that developers were most sensitive to density restrictions and parking requirements. The average development in the Vermont/Western area had 112% of the maximum allowable residential density and 94% of the minimum required parking. Koreatown’s average development had 99% of the maximum density and 88% of the required parking. But, there was variation by area and whether a building was affordable or market rate, apartment or condominium, and by development size. Additionally, regulatory implementation can matter as much as the written regulations themselves. I recommend that cities take an evidence-based approach to reforming regulations and implementation processes.  相似文献   

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