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.     

HOW TO MEASURE LABOUR MARKET EFFECTS OF IMMIGRATION: A REVIEW

Abstract.  This paper surveys available empirical evidence on labour market effects of immigration. Many different approaches have been used already to try to find out whether immigration hurts the labour market opportunities of natives. No doubt new approaches will follow in the future as globalization will keep the migration issue on the agenda. This literature review discusses the different approaches concentrating on both the methodology and the results. At the end, it tries to summarize available evidence.     

THE STOCK MARKET, HOUSING AND CONSUMER SPENDING: A SURVEY OF THE EVIDENCE ON WEALTH EFFECTS

Abstract.  This paper examines the time-series and micro-econometric evidence on the relationship between stock and house prices and consumer spending. The time-series studies distinguish between short-run and long-run links between consumption, income and wealth. They allow us to identify which variables adjust to restore the long-run equilibrium in the case of a shock, and to determine the time taken by the adjustment process. The micro-econometric literature improves our understanding of the link between wealth and expenditure and distinguishes among the alternative hypotheses – of direct wealth effect, common causality and collateral channel – that have been proposed to explain this relationship. The relationship between wealth and consumer spending appears to be strong, but there is some disagreement as to its size and nature. Furthermore, there appear to be some important differences across countries, which should be allowed for by policy makers when appraising the policy implications of a change in asset prices.     

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.     

THE USE AND ABUSE OF MARKETS IN HOUSING POLICY

This paper argues that, despite its rhetoric in support of markets, government does not understand how markets work, but is rather trying to use certain aspects of markets to control social housing. The paper looks at three areas: first, the idea of private finance and how this is used by government as a form of public policy; second, the notion of risk and whether it actually occurs in social housing; and third, the contention that government is incapable of appreciating the manner in which markets operate because it only wishes to provide safe options and so cannot countenance real choice and competition.     

THE LIMITS TO EMPLOYEE INVOLVEMENT: PROFIT SHARING AND DISCLOSURE OF INFORMATION

This article seeks to exsplore the ways in which profit sharing is used by employers as a means of securing more employoee involvement. Although this is the main reason employeras have gilven for introducing profit sharing, and has been a principal objective of the government's recent initiative over profitrelated pay, the evidence suggests that little so far has been achieved. By examining employers’deeep seated concerns about some of the implications of profit sharing, particularly those that involve disclosure of information, this article argues that employers are reluctant to pursue such a strategy of involvement because of the risk of stimulating employees to demand greater influence in how the enterprise is managed. This prompts a consideration of the conceptual ambiguity surrounding the notion of employee involvement, and the article concludes that the contradicatory implications this entails for employers renders it largely impotent except at the level of rhetoric     

THE BENEFITS AND COSTS OF MONETARY UNION IN SOUTHERN AFRICA: A CRITICAL SURVEY OF THE LITERATURE

Abstract.  With the 14 members of the Southern African Development Community (SADC) having set the objective of adopting a common currency for the year 2018, an expanding empirical literature has emerged evaluating the benefits and costs of a common-currency area in Southern Africa. This paper reviews that literature, focusing on two categories of studies: (1) those that assume that a country's characteristics are invariant to the adoption of a common currency and (2) those that assume that a monetary union alters an economy's structure, resulting in trade creation and credibility gains. The literature reviewed suggests that a relatively small group of countries, typically including South Africa, satisfies the criteria necessary for monetary unification. The literature also suggests that, in a monetary union comprising all SADC countries and a regional central bank that sets monetary policy to reflect the average economic conditions (e.g. fiscal balances) in the region, the potential losses (i.e. higher inflation) from giving up an existing credible national central bank, a relevant consideration for South Africa, could outweigh any potential benefits of trade creation resulting from a common currency.     

LEARNING TO WALK BEFORE WE CAN PRICE: THE COSTS AND BENEFITS OF ROAD PRICING POLICIES

The introduction of widespread road pricing is being considered in the UK and abroad as a means to allocate scarce road space. By looking at the economic costs and benefits of both national and local road pricing schemes, this paper seeks to examine how widely charging should be implemented.     

THE ROLE OF PATENTS IN INFORMATION AND COMMUNICATION TECHNOLOGIES: A SURVEY OF THE LITERATURE

During the last few decades, the number of patents in information and communication technologies has increased considerably. An increasing number of patents and the associated fragmentation of IP rights have generated a series of potentially problematic consequences. Patent thickets, royalty stacking, the emergence of patent assertion entities, increased patent litigation – particularly around standard essential patents – and the difficulties with defining fair, reasonable, and nondiscriminatory licensing terms are some of the most debated issues in the literature that we review in this paper. We devote a specific section of our survey to patent quality, currently one of the most debated issues surrounding the patent system. In our analysis, we mix theoretical and empirical arguments with a more policy‐oriented reasoning. This allows us to better position the different issues in the relevant political and economic context.     

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.     

DELIBERATIVE MONETARY VALUATION: IN SEARCH OF A DEMOCRATIC AND VALUE PLURAL APPROACH TO ENVIRONMENTAL POLICY

The use of deliberative methods to assess environmental values in monetary terms has been motivated by the potential for small group discussion to help with preference formation and the inclusion of non‐economic values. In this review, two broad approaches are identified: preference economisation and preference moralisation. The former is analytical, concentrates upon issues of poor respondent cognition and produces a narrow conception of value linked to utilitarianism. The latter emphasises political legitimacy, appeals to community values and tends to privilege arguments made in the public interest. Both approaches are shown to embrace forms of value convergence, which undermine the prospects for value pluralism. As a result exclusion and predefinition of values dominates current practice. In order to maintain democratic credentials, the importance attributed to monetary value needs to be left as an open question to be addressed as part of a process determining an “agreement to pay”. To this end we identify a discourse‐based approach as a third way consistent with the democratic and value plural potential of deliberative monetary valuation.     

PRIVATIZED HOUSING AND THE DEVELOPMENT OF CONDOMINIUMS IN CENTRAL AND EASTERN EUROPE: THE CASES OF POLAND, HUNGARY, SLOVAKIA, AND ROMANIA

This paper looks at the housing sector reform in Central and Eastern Europe and examines the progress to date in housing privatization and policies aimed at improving the management and condition of the existing housing stock through the establishment and operation of the condominium form of ownership. The paper compares and analyzes approaches taken in four countries with regard to four issues: (I) the legal framework and implementation strategies; (2) the role of local government housing strategies in supporting the development of viable condominium associations; (3) property management of privatized housing; and (4) financing rehabilitation and capital repair projects for condominiums. Findings include the need for a clear legal framework, competition in the property management market, more supportive local government policies, and public sector support in tackling rehabilitation finance issues.