THE HOUSING MARKET IN 1993

What hope is there of a recovery in the housing market in the rest of 1993? Jonathan Morris, of economic consultant Lombard Street Research, analyses the influences that will affect the housing market.     

A REVIEW OF THE KOREAN HOUSING MARKET AND RELATED POLICIES

Essentially an update of Renaud (1989). K.Y. Kim (1991), and K.H. Kim (1993), this paper introduces the Korean housing market and policies, but from a distinct perspective. Housing conditions in Korea have dramatically improved both in terms of quantity and quality over the past 35 years. The market has mainly accommodated buyers of new houses, while ignoring or even sacrificing needs of low income households. This is the result of government control of the market mostly by regulations on new for-sale houses rather than by budgetary or financial resources. Both the weakness and strength of this housing supply system were clearly revealed by the price hikes in the late 1980s and by the mass production of houses, which finally stabilized the market As for major current policy problems, the suggestions put forth in this paper emphasize fewer regulations and more involvement of the private sector.     

THE INFLUENCE OF THE GREAT HANSHIN-AWAJI EARTHQUAKE ON THE LOCAL HOUSING MARKET

The Great Hanshin-Awaji Earthquake destroyed a huge number of houses and caused housing problems in the disaster area. This paper investigates the influence of the earthquake on the related housing market, mainly in terms of changes in house prices and housing rents, and analyzes the machanism of the changes. Empirical results by Hedonic analyses indicate the influences are different between house prices and housing rents and also between the disaster district and the surrounding area. Those differences are explained by the factors of the earthquake that would affect the housing market, such as decrease in income, diversity of damage among the districts and others.     

MARKET INDUCED AND GOVERNMENT MANDATED ENERGY CONSERVATION IN THE HOUSING MARKET: Econometric Evidence from the U.S.

This paper integrates and compares me results of two large-scale econometric analyses of the effects of residential energy prices upon the U.S. housing market. A simple model of energy consumption in the housing market is developed, and the results of these studies are compared with the common model. The two studies, using very different bodies of data and very different econometric techniques, yield very similar implications in terms of household expenditures and patterns of consumption. In particular, both studies confirm the importance of "natural conservation" in the housing market. Higher energy prices lead to substantially lower consumption of residential energy, even in the absence of regulation. In particular, it is estimated that a doubling of energy prices leads to a reduction of residential energy consumption of about twenty-five percent.     

SEARCH AND VACANCY COSTS IN THE TOKYO HOUSING MARKET: ATTEMPT TO MEASURE SOCIAL COSTS OF IMPERFECT INFORMATION

The social cost of imperfect information, in terms of buyers' search costs and sellers' opportunity costs of vacancy, is estimated in the real estate market of resale condominiums in central Tokyo by using a new, comprehensive dataset of resale condominium transactions. The results suggest a substantial social cost. Specifically, if housing information were perfectly available and marketing time were null, sellers would get benefits of 22.59% of imputed net rents of their property. In addition, buyers would save 1,042,000 yen spent on search activities for one transaction, if information were perfect. This is equivalent to 13.2% of buyers' average annual income.     

BRITISH SOCIAL HOUSING AND THE VOLUNTARY SECTOR

Housing for the poor was a thriving part of the voluntary sector in the nineteenth century, providing thousands of homes through hundreds of societies without subsidy. It was undermined by state action which has effectively driven other providers from the field.     

HOUSING DEMAND IN A TRANSITIONAL MARKET: MOSCOW

Before Russia began its transition toward the market, its housing sector was perhaps the most controlled in the world. This paper employs data from a 1994 survey of Moscow households to estimate housing demand functions to evaluate whether behavior is consistent with market principles. Statistically significant, robust income elasticities are found for families who have engaged in recent market housing transfers. Insignificant results are found for those renting state-owned units. Families who have engaged in market housing transfers are smaller, younger and wealthier than other families in Moscow and end up living in less crowded conditions than state renters. The use of per capita living space as a proxy for market value, as has been done in previous studies of housing in Russia and the Soviet Union, is also evaluated.     

巴曙松：2011年宏观金融政策与市场展望

2011年宏观政策力度将会参照经济增长的波动趋势、CPI水平、海内外低利率金融市场条件以及成熟国家的经济复苏程度等相机抉择,动态调整。一种较为普遍的观点是强调目前市场对可能的通胀压力估计不足,包括劳动力成本上升带来的物价压力、     

THE MARKET ECONOMY AND THE TEACHINGS OF THE CHRISTIAN GOSPEL

The reality of the market economy is not an economy in which Christian values are generally evident. Although there are many prominent Christian capitalist writers, the real world is a world of rather more materialistic values. It does not have to be like that. It is possible for people to take Christian values out into the world of business and prosper.     

THE ECONOMICS OF COMMUTING AND THE URBAN LABOUR MARKET

ABSTRACT. The spatial distribution of households and firms, or urban spatial structure, is a core element of the study of urban economics and the crucial determinant of commuting patterns. This paper examines developments in the analysis of urban spatial structure and commuting are related to the urban labour market—that is the analysis of labour supply and labour demand in a spatial context. These developments have been overlooked in the traditional approach to urban structure and commuting where most attention has been devoted to the markets for land and housing rather than the market for labour. Yet a little reflection suggests that the labour market might have a great deal to do with the location decisions of households and firms, and hence with commuting patterns. We argue that much criticism of the economic analysis of urban structure and commuting can be addressed by explicit incorporation of the labour market into the conventional model of urban location. This criticism includes findings that the theory cannot explain the tendency for richer households to live farther from the central business district and commute farther to work (Wheaton, 1977) and findings of substantial unexplained or 'wasteful' commuting according to conventional theory (Hamilton, 1982). The paper begins by outlining the basic model of residential location and commuting (Section 2). We then consider extensions that involve the introduction of labour supply decisions and which determine the value of commuting time (Section 3). More recent extensions involve the introduction of decentralized workplaces (Section 4) and, logically, the issues of job search and migration (Section 5). We conclude with a summary of the progress in incorporating labour market behaviour into the analysis of urban structure and commuting and our suggestions for further research in this area.     

要深化房改而不是二次房改

中等收入者的住房问题是一个复杂的系统工程,只有在发展经济的基础上优先提高中低收入者的收入,及政府管理切实到位,方位解决之道。     

CHRISTIANITY, THE MARKET ECONOMY AND THE LIMITS TO HUMAN KNOWLEDGE

At one time, the prevailing view amongst Christian clergy in Britain would have been sympathetic towards the spontaneous order of the market economy and not sympathetic towards socialism. The spontaneous order, would, of course, have included the rich tapestry of philanthropic organisations and mutual societies that used to provide welfare for the poor. The clergy today are not generally sympathetic towards the market order. An understanding of Austrian ideas takes us to the view that, at the very least, socialist rationalism is the common enemy of Christians and those who support a free market order.     

ASSISTING DEMOBILIZED RUSSIAN OFFICERS OBTAIN HOUSING: THE HOUSING CERTIFICATE OPTION

Under the dwelling purchase certificate program a retired or demobilized Russian officer returning from the "near abroad" is given a certificate which he can use to purchase a new housing unit in the market. The certificate is priced at estimated market price of dwellings, and prices vary by unit size and location (region). There was great uncertainty when the program was launched as to whether officers would find units available for purchase. In fact, most officers succeeded in using their certificate and most contacted several sellers in searching for housing.     

MARKET POWER AND THE PHARMACEUTICAL INDUSTRY IN SOUTH AFRICA

This paper examines the social cost of the pharmaceutical industry in South Africa. From a regulatory perspective the industry is seen to exhibit monopolylike behaviour resulting in monopoly prices on the supply (manufacturing) side and diminished consumption on the demand (consumer) side. The evidence presented here, which is complementary to that of previous studies, does not support that view. The findings contained here are relevant to the highly contentious subject of access to drugs.     

“三旧”改造系列之时代样本：广州：当保障房“邂逅”三旧改造

＂旧城改造＂既是一件＂利在千秋万代＂的大事,又是一道复杂难解的题。 题虽难解,但很多城市却已在用自己的实践与智慧在求解答案。 广州、佛山、成都……在一个个时代样本的背后,是旧城改造的几大强有力的＂法宝＂：规划、法制、民本、市场、保护、创新。     

MORALITY, ECONOMICS AND THE MARKET IN THE THOUGHT OF BENEDICT XVI

While not uncritical of aspects of modern capitalism, John Paul II's 1991 social encyclical, Centesimus Annus , directed official Catholic teaching towards more explicit affirmation of the moral potential of free markets, exchange and enterprise. Analysis of the pre-pontifical writings of Pope John Paul's successor, Benedict XVI, suggests that an equally nuanced approach to economics and the market from the most authoritative Catholic teaching authority is likely to continue.