The role of house price indices in managing the integration of finance and housing markets in the European Union

2014 ◽  
Vol 7 (3) ◽  
pp. 270-294 ◽  
Author(s):  
Richard Grover ◽  
Christine Grover
Keyword(s):  
European Union ◽  
Financial Integration ◽  
House Price ◽  
Quality Data ◽  
Residential Property ◽  
The European Union ◽  
Price Indices ◽  
Content Type ◽  
Price Bubbles ◽  
Property Price

Purpose – The article aims to examine why residential property price indices (RPPI) are important, particularly in the European Union (EU) with its highly integrated financial system and examines the problems in developing a pan-European price index that aggregates the indices of different countries. Design/methodology/approach – The reasons why RPPI are important is explored through a review of the literature on residential price bubbles and the issues with the indices through studies of individual examples. Findings – Financial integration in the EU has taken place without adequate consideration having been given to diversity in residential property markets. The development of means of monitoring them has lagged behind integration with the national price indices using a variety of methods and approaches to data that limit the extent to which they can be aggregated. Originality/value – The article shows the need for better quality data about house price trends in Europe if the consequences of future bubbles are to be avoided. Current initiatives are unlikely to satisfy this, as they leave too many choices about methodology and data in the hands of individual countries.

Residential property prices’ modeling: evidence from selected European countries

2016 ◽  
Vol 9 (3) ◽  
pp. 273-285 ◽  
Author(s):  
Iustina Alina Boitan
Keyword(s):  
Growth Rate ◽  
Real Estate ◽  
House Price ◽  
European Countries ◽  
Quality Data ◽  
Residential Property ◽  
Content Type ◽  
Eu Countries ◽  
Property Prices ◽  
Real Growth

Purpose The purpose of this study is to contribute to the relatively narrow existing residential real estate literature by developing and validating several univariate forecasting models, to reliably anticipate future house price dynamics across several European Union (EU) countries. Design/methodology/approach The research approach relies on the time series analysis, by using the Box–Jenkins autoregressive integrated moving average (ARIMA) methodology to explore the trends of residential property prices in selected EU countries and to obtain a snapshot of the potential signs of change to be witnessed by domestic residential markets on a short time-period. The analysis has been performed distinctly for each country in the sample, to account for country-specific past and future trends as well as similarities in their house price growth rate evolutions. The models were estimated for a broad sample of quarterly observations during 1990-2015, while the forecast horizon ranged between the third quarter of 2015 and the fourth quarter of 2016. Findings The findings suggested that residential property prices’ real growth rate can be modeled through the Box–Jenkins method for France, The Netherlands, Sweden and UK. The pattern of Italy’s residential property prices’ real growth rate cannot be explained by means of univariate ARIMA models, being more suited for multivariate models. Originality/value The article subscribes to the need for timely, high-frequency and quality data about house price trends in Europe, to increase the accuracy of forecasts and prevent the appearance of bubbles on real estate market. It compares residential property prices’ dynamics across European countries to identify housing markets with similar patterns of their prices.

Zie ik het of zie ik het niet?

2021 ◽  
Vol 49 (1) ◽  
pp. 51-83
Author(s):  
Jorre Vannieuwenhuyze ◽  
Karen Donders ◽  
Ike Picone
Keyword(s):  
European Union ◽  
Government Regulation ◽  
Video On Demand ◽  
The European Union ◽  
Content Type ◽  
Consumption Behavior ◽  
Local Content ◽  
Positive Effects ◽  
On Demand ◽  
The Impact

Abstract Do I see or not? A study on the impact of placement on program consumption in an on-demand environment The European Union (2018) stipulates that Member States can implement rules to ensure the findability and visibility of local content in video- on- demand environments. Indeed, several countries are concerned that their own audiovisual programs or journalistic products will be consumed less in such environments. It is argued that, in such environments, media users completely decide themselves about their consumption agency, but such statements are also contested. In this research we analyze the impact of placement on the consumption of audiovisual programs in the video-on-demand environments of the Flemish broadcasters VRT and DPG. From experimental research we conclude that there is indeed a significant impact of placement on consumption behavior and that, in other words, manipulations by intermediary gatekeepers can have potentially negative and positive effects on the consumption of local content. Government regulation would therefore be a useful tool to safeguard the importance of proximity of content.

Practice of the member states of the European Union in the field of anti-corruption regulation

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Dmytro S. Melnyk ◽  
Oleg A. Parfylo ◽  
Oleksii V. Butenko ◽  
Olena V. Tykhonova ◽  
Volodymyr O. Zarosylo
Keyword(s):  
European Union ◽  
System Analysis ◽  
The European Union ◽  
Analysis Method ◽  
Member States ◽  
Content Type ◽  
Eu Member States ◽  
Legal Method ◽  
Content Analysis Method ◽  
The Eu

Purpose The experience of most European Union (EU) Member States has demonstrated effective anti-corruption practices, making the EU one of the leaders in this field, which can be used as an example to learn from in the field of anti-corruption. The purpose of this study is to analyze and identify the main features of anti-corruption legislation and strategies to prevent corruption at the national and supranational levels of the EU. Design/methodology/approach The following methods were used in the work: discourse and content analysis, method of system analysis, method of induction and deduction, historical-legal method, formal-legal method, comparative-legal method and others. Using the historical and legal method, the evolution of the formation of anti-corruption regulation at the supranational level was revealed. The comparative law method helped to compare the practices of the Member States of the EU in the field of anti-corruption regulation. The formal-legal method is used for generalization, classification and systematization of research results, as well as for the correct presentation of these results. Findings The main results, prospects for further research and the value of the material. The paper offers a critical review of key EU legal instruments on corruption, from the first initiatives taken in the mid-1990s to recent years. Originality/value In addition, the article analyzes the relevant anti-corruption legislation in the EU member states that are in the top 10 countries with the lowest level of corruption, namely: Denmark, Finland, Sweden, the Netherlands, Germany and Luxembourg.

scholarly journals The Comparative Analysis Of Asking And Traded Price Indices In Different Floor Area Subsegments Of The Residential Property Market

2015 ◽  
Vol 23 (3) ◽  
pp. 14-25
Author(s):  
Sebastian Kokot ◽  
Marcin Bas
Keyword(s):  
Comparative Analysis ◽  
Empirical Analysis ◽  
Residential Property ◽  
Price Indices ◽  
Property Market ◽  
Floor Area ◽  
Property Price

Abstract There are several acknowledged methods for determining residential property price indices. However, all of them have their drawbacks and advantages and reflect the averaged real movements of prices with varying accuracy. The paper attempts to answer the question: How faithfully do indices based on asking prices reflect the movements of traded prices? As a result we will find out whether, in the situation when property price indices cannot be determined, asking price based indices can be used instead. The paper specifies theoretical and practical aspects of constructing residential property price indices on the basis of asking and traded prices. It also contains an empirical analysis of these two index types.

Migration and outward FDI: a double direction approach

2018 ◽  
Vol 28 (2) ◽  
pp. 240-257 ◽  
Author(s):  
Jorge Alcaraz ◽  
Elizabeth Salamanca
Keyword(s):  
European Union ◽  
Latin America ◽  
Social Network ◽  
North America ◽  
International Migration ◽  
Network Theory ◽  
Social Network Theory ◽  
Best Interests ◽  
The European Union ◽  
Content Type

Purpose The purpose of this study is to identify, based on social network theory, the relationship between the direction of international migration (immigration/emigration) and the international movement of enterprises and their location. Design/methodology/approach A traditional gravity model and the Tobit estimation method are applied to three groups of countries from three different regions: Latin America, North America and the European Union. The study considers a period from 2001 to 2012. Findings The main results suggest that the international migration that goes from the European Union and North America to Latin America is related with the firms’ internationalization and their respective location. Practical implications Given that migration can be an important and reliable source of information, trust and knowledge, managers should see it as a “bridge” between the home and host countries, which, in turn, can increase their competitive advantage. Social implications Governments can learn how migration and outward foreign direct investment interact. In addition, they could develop political frameworks to accurately and effectively manage international migration (immigration and emigration) and FDI in the best interests of the stakeholders. Originality/value This study extends the social network theory by suggesting that networks are not only related with firms’ expansion abroad but as well with their location. This statement could be generalizable as long as emigration/networks (ethnic ties) are considered the links between the home and the host country.

Responsiveness of residential construction-production progress to house price dynamics

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Le Ma ◽  
Henry Liu ◽  
Michael Sing
Keyword(s):  
Research Output ◽  
Housing Prices ◽  
Activity Level ◽  
Residential Construction ◽  
Residential Property ◽  
Price Dynamics ◽  
Content Type ◽  
Property Price ◽  
Under Construction ◽  
Practical Implications

Purpose This study aims to address the gap by empirically exploring how residential construction-production progress, which includes project commencement, under-construction and project completion, responds dynamically to fluctuations in house prices. Design/methodology/approach A vector autoregressive model and an impulse response function are applied to simulate and analyse the circle of the stage-responsiveness of residential construction to residential property price dynamics in the state of Victoria, Australia. The quarterly numbers of dwelling units commenced, under-construction and completed are used as the proxy for the residential construction activities at three stages over the construction progress. Findings The analysis indicates that the dynamics are essentially transmitted throughout the construction process and can substantially impact the pace of production progress. The findings from this study provide an empirical base that should be useful in developing price-elasticity and production theories applicable to the context of residential property construction. Research limitations/implications The findings described above have been generated basically by examining the case of Victoria, Australia at a macro level. The generalisation of the research output needs to be verified further by future researchers using data collected from other regions/countries. Nevertheless, the reliability of the conclusions with particular practical implications can be substantially improved by future researchers by analysing more markets and production proxies at the activity level. Practical implications Based on new empirical findings, this research argues that building activity (i.e. under construction) played as a gateway between the construction and housing sectors, via which the inter-responsiveness of the housing supply in terms of construction activities and housing prices are transmitted. Originality/value This research firstly attempts to explore the inter-responsiveness between the real estate and construction sectors. A simulated circle of the stage-responsiveness of residential construction to residential property price dynamics is proposed, which can serve as a significant foundation for developing the theory of construction production.

Envelope wages as a new normal? An insight into a pool of prospective quasi-formal workers in the European Union (EU)

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Josip Franic ◽  
Stanislaw Cichocki
Keyword(s):  
European Union ◽  
Pension System ◽  
Older Individuals ◽  
The European Union ◽  
Content Type ◽  
Random Intercept ◽  
Novel Approach ◽  
Wage Earners ◽  
Insight Into

PurposeIn spite of millions of quasi-formal workers in the European Union (EU), there is still limited understanding of what motivates workers to participate in these detrimental employment schemes, and why certain groups of workers exhibit higher inclination towards it. This article takes a novel approach by putting prospective envelope wage earners in the centre of this analysis.Design/methodology/approachData from the 2019 Special Eurobarometer on undeclared work are used, and two-level random intercept cumulative logit modelling is applied.FindingsOne in seven fully declared EU workers would have nothing against receiving one part of their wages off-the-books. Manual workers and individuals whose job assumes travelling are the most willing to accept such kind of remuneration, and the same applies to workers with low tax morale and those who perceive the risk of being detected and persecuted as very small. On the other hand, women, older individuals, married persons and employees from large enterprises express the smallest inclination towards envelope wages. The environment in which an individual operates also plays a non-negligible role as the quality of the pension system and the strength of social contract were also identified as significant determinants of workers' readiness to accept envelope wages.Originality/valueThis article fills in the gap in the literature by analysing what workers think about wage under-reporting and what factors drive their willingness to accept envelope wages.

scholarly journals Information security frameworks for assisting GDPR compliance in banking industry

2020 ◽  
Vol 22 (3) ◽  
pp. 227-244
Author(s):  
João Serrado ◽  
Ruben Filipe Pereira ◽  
Miguel Mira da Silva ◽  
Isaías Scalabrin Bianchi
Keyword(s):  
European Union ◽  
Information Security ◽  
Design Science ◽  
Science Research ◽  
Research Process ◽  
The Body ◽  
The European Union ◽  
Structured Interviews ◽  
Content Type ◽  
General Data Protection Regulation

Purpose Data can nowadays be seen as the main asset of organizations and data leaks have a considerable impact on the organization’s image, revenues and possible consequences to the affected clients. One of the most critical industries is the bank. Information security frameworks (ISF) have been created to assist organizations and other frameworks evolved to update these domain practices. Recently, the European Union decided to create the general data protection regulation (GDPR), applicable to all organizations dealing with personal data of citizens residing in the European Union. Although considered a general regulation, GDPR implementation needs to align with some industries’ laws and policies. Especially in the Bank industry. How these ISF can assist the implementation of GDPR is not clear. Design/methodology/approach The design science research process was followed and semi-structured interviews performed. Findings A list of practices to assist the bank industry in GDPR implementation is provided. How each practice map with assessed ISF and GDPR requirements is also presented. Research limitations/implications As GDPR is a relatively recent subject, it is hard to find experts in the area. It is more difficult if the authors intend to find experienced people in the GDPR and bank industry. That is one of the main reasons this study does not include more interviews. Originality/value This research provides a novel artefact to the body of knowledge. The proposed artefact lists which ISF practices banks should implement to comply with GDPR. By doing it the artefact provides a centralized view about which ISF frameworks (or part of them) could be implemented to help banks comply with GDPR.

scholarly journals House price cycles in emerging economies

2015 ◽  
Vol 32 (1) ◽  
pp. 17-52 ◽  
Author(s):  
Alessio Ciarlone
Keyword(s):  
Emerging Economies ◽  
House Prices ◽  
Small Body ◽  
House Price ◽  
Hedonic Pricing ◽  
Empirical Literature ◽  
Residential Property ◽  
Index Number ◽  
Price Dynamics ◽  
Content Type

Purpose – This paper aims to investigate the characteristics of house price dynamics for a sample of 16 emerging economies from Asia and Central and Eastern Europe over the period of 1995-2011. Design/methodology/approach – Linking housing valuations to a set of conventional fundamental determinants – relative to both the supply and the demand side of the market, institutional factors and other asset prices – and modelling short-term price dynamics – which reflect gradual adjustment to underlying fundamentals –conclusions about the existence and the basic nature of house price overvaluation (undervaluation) are drawn. Findings – Overall, it was found that actual house prices in the sample of emerging economies are not overly disconnected from fundamentals. Rather, they tend to reflect a somewhat slow adjustment to shocks to the latter. Moreover, the evidence that housing valuations may be driven by overly optimistic (or pessimistic) expectations is, in general, weak. Research limitations/implications – Residential property prices used in the empirical analysis have many limitations: while some series are derived using a hedonic pricing method, others are based on floor area prices collected by national authorities; while some countries publish house prices in national currency per-square metre (or per apartment or per dwelling), others calculate an index number scaled to some base year; while some countries publish statistics for the whole national territory, others produce data only for the capital city or for the largest cities in the country; data from national sources refer to different types of residential property; finally, available time series are relatively short, which may adversely affect the robustness of estimation results. Practical implications – The decomposition suggested in the paper has important implications: it would be paramount, in fact, for policymakers to implement market-specific diagnoses, and to find the right policy instruments that can ideally distinguish between the two underlying components driving house price short-run dynamics. Originality/value – There is a very small body of empirical literature on housing market developments in emerging economies, especially if focussed on the comparisons between the actual dynamics of housing valuations and the equilibrium ones.

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