French housing markets after the subprime crisis: from exuberance to resilience

The purpose of this article is to explore whether housing policy has a special importance for immigrants, compared with the whole population, by comparing housing policies and immigrants’ housing outcomes in four Nordic countries: Denmark, Finland, Norway and Sweden. There are substantial differences between housing policies and housing outcomes in Nordic countries, despite their common background as social-democratic welfare states. The study shows that immigrants occupy a very different position on the housing market in each of these countries, and in particular that the degree of overcrowding among immigrants compared with the whole population varies a great deal. These differences can only to some extent be explained by inequalities between income groups on the housing markets in the countries: inequalities that affect immigrants. Other important explanations as to why immigrants have worse housing outcomes is the shortage of rental housing (e.g. in Norway), which increases the scope for discrimination and forces immigrants into overcrowded owner-occupied housing, and also rent and price control that create surplus demand and stronger competition between house hunters, which makes room for discrimination and reduces immigrants’ access to private renting in particular (e.g. in Denmark). Housing policy initiatives that improve immigrants’ housing options are strict needs tests for social/public housing (as is the case in Finland).

Purpose Increasing number of residents in rapidly urbanizing cities of sub-Saharan African are experiencing growing exclusion. This study aims to examine socio-spatial exclusion in housing markets and seeks to understand policy and market-based trajectories of exclusion in Hawassa City, Ethiopia. Design/methodology/approach A mixed-methods approach was used, combining primary and secondary data. Interviews, document reviews and housing price data were gathered. Tender-based data for 1,927 plots over a 10-year period was obtained from the city’s land development department. In addition, 120 Global Positioning System-based housing price data points were randomly collected, considering location in X-Y coordinates, housing types, distance from the central business district (CBD) and sale repetition. Data were analyzed thematically, and spatial patterns of housing prices were mapped using techniques like inverse distance weighted interpolation and Moran’s clustering in ArcGIS. Findings The study revealed a growing trend in housing prices driven by policy and market forces, leading to spatial exclusion. Gaps in housing policy drove demand for peri-urban areas, fueling black markets and gentrification, which exacerbated socio-spatial exclusion over time. Housing prices in formal and informal markets show a converging trend, driven by neoliberal policies and market forces prioritizing urban land values. Housing prices exhibit spatial disparity, with significant hikes observed at 4 km from the CBD, reflecting the impact of location and policy. The findings demonstrate an evolving polycentric urban hubs driving socio-spatial exclusion in housing markets. Research limitations/implications Based on the findings, this study calls for further research on viable housing policies to promote a socio-spatially inclusive housing market in rapidly urbanizing sub-Saharan African cities. This requires analyzing robust housing market data (both spatial and nonspatial) across inner-city and peri-urban areas, exploring innovative land management approaches and understanding the housing realities of low-income urban residents using ethnographic approaches, including deeper socioeconomic and political forces. Practical implications The study has implications for promoting inclusive housing policies and market options in rapidly urbanizing cities of sub-Saharan Africa, supported by robust housing/land market data, primarily targeting on the housing realities of households at the lower end of the market. Rapidly urbanizing cities could also promote urban entrepreneurialism by advocating policies that create markets to drive socio-spatial inclusivity. Originality/value This manuscript presents a scientific case on the social and spatial dimensions of housing markets within the context of embedded housing policy frameworks and market forces in sub-Saharan Africa. Drawing on a case study from Hawassa, Ethiopia, it also provides empirical data and sheds light on the exclusion/inclusion literature and urban rent theory. Based on the findings, the study also emphasizes the emerging implications – growing gentrification and socio-spatial exclusion – reflecting neoliberal urbanism in the housing markets of Hawassa City.

Cities in developing countries are growing at extraordinary rates, often compressing into decades the urbanization process that has taken centuries in developed countries. In coping with this growth, public authorities have devised a wide range of policy instruments to influence the rate and character of city expansion, to meet the needs of people for shelter and urban services, and to allocate resources in ways that redistribute both the costs and benefits of urban growth. Ideally, such policy formulation should be informed by a careful understanding of the behavior of urban markets; in fact, little information on market behavior is available to the policymakers of developing countries. Such basic information is needed for improved project design and, even more important, for improved sector-wide policies. This paper reports on research conducted at the World Bank to increase understanding of developing country housing markets; in particular, of housing-demand behavior. While the overall project examines both the demand for housing characteristics' and the demand for housing as a composite good, this paper addresses only the latter. The objectives of this paper are (1) to review briefly previous evidence on housing-demand parameters in developing countries; (2) to present new evidence on housing-demand parameters based on application of standardized models and comparable variable definitions in 16 cities in eight developing countries (Colombia, Egypt, El Salvador, Ghana, India, Jamaica, Korea, and the Philippines); and (3) to examine similarities and differences among cities in housing demand and, in a preliminary way, offer explanations for place-to-place differences. Limited comparisons are also made to two U.S. cities in order to begin comparison of developing and developed country market behavior.

Urban housing development was an important factor for the sustained economic growth in China over the last three decades. The poor urban living environment and landscape formed from the 1950s to the 1970s were gradually replaced by modern, high-rise and well designed and managed housing estates. The socialist welfare housing provision has been reformed and publicly owned houses privatised. In the last fifteen years, housing market was established in all cities and commercially built properties became the main source of housing for most young people. The new housing market in large cities however performed very violently in response to the global, national and local economic situations. Government policies were changed frequently. This resulted in a series of short wave of booms and slowdowns. While the early housing reform policies were reported widely, recent housing market performance and policy changes were not examined systematically. This paper updates our understanding of the recent development of urban housing market and policies in China. After a brief review of the public housing system and the reform, the paper focuses on the last fifteen years with discussion of the social, demographic and economic changes in cities, the performance of the housing market, the recent housing policy changes and the re-introduction of the social housing ideas, and finally the problems and challenges for the future. Information and data mainly came from secondary sources. Analysis and discussion benefited from many fieldworks in China during the last several years.

Trends in motor vehicle crash mortality in Europe, 1980–2007

The chapter discusses social governance in six Southern European countries, namely Cyprus, Greece, Italy, Malta, Portugal and Spain, members of the European Union, comparing them among themselves and then with other groups of countries. In this chapter, social governance is defined as the setting and implementation of policies aimed at optimizing social wellbeing. The chapter identifies outcomes of social governance, namely education, health, living standards, gender equality and social cohesion. An index of social governance is constructed across countries using these five variables, with data sourced from global databases for the period 2010–19. The results show that the six Southern European countries registered relatively low scores, when compared to their northern European counterparts, and relatively high scores when compared to the Central and Eastern European EU member states. The average scores for the six Southern European countries was somewhat lower than the average for the EU as a whole. Practically the same results were obtained when the six Southern European countries were compared with 37 developed countries members of the Organisation for Economic Co-operation and Development. As expected, the six Southern European countries performed better than the developing countries in all the five mentioned variables. The finding that the six Southern European countries can be characterized as being socially well governed when compared to countries in Central and Eastern Europe does not detract from their need to improve social governance. If one takes some Nordic countries as benchmarks, it becomes evident that there is marked room for improvement in terms of social governance in the six Southern European countries, particularly in education and gender equality.

2008년 세계 금융위기를 계기로 국내 주택시장의 가격정체와 전세가격의 상승이 오랫동안 지속되고 있다. 전세가격의 지속적인 가격 상승은 대부분 사회초년생 및 무주택자가 선호하는 거주지인 전세주택에 있어 가격 상승으로 인하여 이들의 직접적인 거주 위협이 된다는 점에서 사회적 문제로 대두되고 있다. 정부는 다양한 정책을 통하여 이러한 전세가격의 안정과 무주택자의 거주지 안정을 위해 노력하고 있지만, 주택시장과 전세시장내의 구조적 이해관계에 대한 인식 부족으로 정책의 효과를 제대로 보지 못하고 있다. 이에 본 연구는 주택시장을 포함한 전세시장의 작동원리를 시스템 다이내믹스를 통하여 분석하고, 이를 바탕으로 정부의 전 월세 정책을 분석하였다. 분석결과 정부의 전월세 대책은 전세시장이 주택시장과 연결되어있다는 시각이 부족하고, 전세보증금의 지원이나, 임대인 세제지원 등의 단기적 미봉책 위주로서, 주택시장의 수요 공급 안정화를 전제로 하는 전세시장 공급 확대에 큰 영향을 미치지 못한다. Since the sub-prime mortgage crisis from the US in 2008, Korean housing market has plummeted. However, Korean local lease contract, Chonsei, price has been increasing. This increase of Chonsei price can be a threat to the low-income people because most of them prefer to live at the house with a Chonsei contract. In order to solve this problem, the Korean Government implemented several Chonsei policies to secure low-incomers' residence by decreasing the price of Chonsei; however, due to the lack of understanding on housing and Chonsei market, Korean government policy seemed to fail on getting effective results. In the housing and Chonsei market, there are many stakeholders with their own interest, hence, simple thoughts about housing and Chonsei market, such as more house supply will decrease house price, would not work in a real complex housing market. In this research, we suggests system dynamics conceptual model which consists of causal-loop-diagrams for the Chonsei market as well as the housing market. In addition, we tries to explain why the policy did not work effectively using the examples from the government's past measures. In results, Chonsei price has its own homeostasis characteristic and different price movement with housing price in the short and long term period. Unless government does not have a structural causation mind in implementing policies in the real estate market, the government may not attain intended effectiveness on both markets.

1 Housing Markets and Housing Institutions in a Comparative Context.- Housing Is Peculiar.- Housing Policies Are Special.- The Rationale of this Book.- Metropolitan Markets in National Economies.- A Taxonomy of Housing Policies.- Conclusion.- 2 The Swedish Housing Market: Development and Institutional Setting Alex Anas.- The State, the Counties, and the Municipalities.- Housing Policy.- The Planning System.- Land Use and the Ownership, Supply, and Pricing of Land.- The Housing Stock, Housing Production, and the Building Sector.- Financing of New Construction and Modernization.- Pricing, Rent Control, Rent Pooling, and Rent Negotiations.- The Public Queue: The Case of Greater Stockholm.- Swapping, Black Markets, Mobility, and Household Formation.- Housing Allowances.- Housing and Income Tax.- Conclusions.- 3 The Finnish Housing Market: Structure, Institutions, and Policy Issues.- Historical Background.- Urban Land.- Administration of Housing and Urban Planning.- Housing Production.- Development of the Dwelling Stock and Housing Finance.- Pricing of Housing.- Obtaining Shelter in the Helsinki Metropolitan Area.- Mobility, Household Formation, and the Housing Market.- Housing Allowances.- Housing and the Income and Wealth Taxes.- Conclusions.- 4 The Functioning of the Housing Market in Amsterdam.- An Institutional-Economic Framework.- The City of Amsterdam.- The Development of the Housing System.- Population, Housing, and Mobility in Amsterdam.- The Planning System.- Pricing and Financing.- The Allocation of Households to Dwellings.- The Black Market: Squatting.- Conclusions.- 5 Housing in San Francisco: Shelter in the Market Economy.- The San Francisco Bay Area.- Federal and State Housing Policy.- Regionalism and Localism in Bay Area Land Use and Development 195 Summary and Conclusions.- 6 Analysis of the Housing Sector, The Housing Market, and Housing Policy in the Budapest Metropolitan Area.- The Budapest Metropolitan Area in the Settlement System of Hungary and Central Europe.- Development of the Housing Sector in Budapest.- Housing Quality and the Evolution of Financing.- Conclusion.- 7 The Vienna Housing Market: Structure, Problems, and Policies.- The Structure of the Housing Market in Metropolitan Vienna.- The Governmental Role in the Housing Market.- Conclusion: Major Impacts of Housing Policies.- 8 Glasgow: From Mean City to Miles Better.- The Message and the Medium.- Time's Arrow.- New Pluralism.- Remaking Council Housing.- Conclusion.

Housing Markets and the Global Financial Crisis is worth reading for policymakers (in central banks, governments or municipalities) who are in charge of the introduction of regulatory or fiscal measures in the housing sector. I enjoyed reading this small and handy book and recommend that researchers and political decision makers involved in housing buy it, read it and finally recommend it to others as a means of achieving a more global insight.

This paper explores that if noise trader sentiment (NTS) poses effect on the real returns of the U.S. existing one-family homes sold, and by employing the proposed theory of De Long, Shleifer, Summers, and Waldmann (1990), a GARCH-in-mean model, the event study is based on the subprime mortgage crisis. In the past, the valuation for housing prices is placed on the factors in terms of demand and supply. However, after the subprime mortgage crisis, many scholars attempt to explore whether other factors exist in driving this crisis. In particular, are there any speculations or non-rational factors that push the U.S. housing prices up? This paper mainly focuses on the impact of the changes and volatility of noise trader sentiment on the U.S. housing returns. The recent studies have evidenced the effect of noise trader sentiment on stock markets, but such analyses are few in housing markets. Furthermore, we apply the event study to shed light on whether the effect of noise trader sentiment on the U.S. housing markets still exists or not after the subprime mortgage crisis. This paper finds that the effect of noise trader sentiment on the U.S. real housing returns varies across the three subperiods-before, during, and after the subprime mortgage crisis. More importantly, after the crisis, the effect of noise trader sentiment on the U.S. real housing returns disappears.

Primarily using data from the 2010 European Social Survey, we analyze intergenerational educational persistence in 20 European countries, studying cross-country and cross-cluster differences; changes in the degree of intergenerational persistence over time; and the role of gender in determining educational persistence across generations. We find that persistence is highest in the Southern and Eastern European countries, and lowest in the Nordic countries. While persistence in the Nordic and Southern countries has declined over time, it has remained relatively steady in the rest of Europe. Our analysis highlights the importance of a detailed gender analysis in studying intergenerational persistence, finding that mothers’ education is a stronger determinant of daughters’ (instead of sons’) education and fathers’ education a stronger determinant of the education of their sons. For most clusters, declines in intergenerational persistence over time are largely driven by increasing mobility for younger women.

BackgroundMucopolysaccharidoses (MPS) are a group of lysosomal storage disorders caused by defects in genes coding for different lysosomal enzymes which degrade glycosaminoglycans. Impaired lysosomal degradation causes cell dysfunction leading to progressive multiorgan involvement, disabling consequences and poor life expectancy. Enzyme replacement therapy (ERT) is now available for most MPS types, offering beneficial effects on disease progression and improving quality of life of patients. The landscape of MPS in Europe is not completely described and studies on availability of treatment show that ERT is not adequately implemented, particularly in Southern and Eastern Europe. In this study we performed a survey analysis in main specialist centers in Southern and Eastern European countries, to outline the picture of disease management in the region and understand ERT implementation. Since the considerable number of MPS IVA patients in the region, particularly adults, the study mainly focused on MPS IVA management and treatment.Results19 experts from 14 Southern and Eastern European countries in total responded to the survey. Results outlined a picture of MPS management in the region, with a high number of MPS patients managed in the centers and a high level of care. MPS II was the most prevalent followed by MPS IVA, with a particular high number of adult patients. The study particularly focused on management and treatment of MPS IVA patients. Adherence to current European Guidelines for follow-up of MPS IVA patients is generally adequate, although some important assessments are reported as difficult due to the lack of MPS skilled specialists. Availability of ERT in Southern and Eastern European countries is generally in line with other European regions, even though regulatory, organizational and reimbursement constrains are demanding.ConclusionsThe landscape of MPS in Southern and Eastern European countries is generally comparable to that of other European regions, regarding epidemiology, treatment accessibility and follow up difficulties. However, issues limiting ERT availability and reimbursement should be simplified, to start treatment as early as possible and make it available for more patients. Besides, educational programs dedicated to specialists should be implemented, particularly for pediatricians, clinical geneticists, surgeons, anesthesiologists and neurologists.

The aim of this study was to analyze mothers’ working time patters across 22 European countries. The focu was on three questions: how much mothers prefer to work, how much they actually work, and to what degree their preferred and actual working times are (in)consistent with each other. The focus was on cross-national differences in mothers’ working time patterns, comparison of mothers’ working times to that of childless women and fathers, as well as on individual- and country-level factors that explain the variation between them.In the theoretical background, the departure point was an integrative theoretical approach where the assumption is that there are various kinds of explanations for the differences in mothers’ working time patterns – namely structural, cultural and institutional – , and that these factors are laid in two levels: individual- and country-levels. Data were extracted from the European Social Survey (ESS) 2010 / 2011.The results showed that mothers’ working time patterns, both preferred and actual working times, varied across European countries. Four clusters were formed to illustrate the differences. In the full-time pattern, full-time work was the most important form of work, leaving all other working time forms marginal. The full-time pattern was perceived in terms of preferred working times in Bulgaria and Portugal. In polarised pattern countries, full-time work was also important, but it was accompanied by a large share of mothers not working at all. In the case of preferred working times, many Eastern and Southern European countries followed it whereas in terms of actual working times it included all Eastern and Southern European countries as well as Finland. The combination pattern was characterised by the importance of long part-time hours and full-time work. It was the preferred working time pattern in the Nordic countries, France, Slovenia, and Spain, but Belgium, Denmark, France, Norway, and Sweden followed it in terms of actual working times. The fourth cluster that described mothers’ working times was called the part-time pattern, and it was illustrated by the prevalence of short and long part-time work. In the case of preferred working times, it was followed in Belgium, Germany, Ireland, the Netherlands and Switzerland. Besides Belgium, the part-time pattern was followed in the same countries in terms of actual working times. The consistency between preferred and actual working times was rather strong in a majority of countries. However, six countries fell under different working time patterns when preferred and actual working times were compared.Comparison of working mothers’, childless women’s, and fathers’ working times showed that differences between these groups were surprisingly small. It was only in part-time pattern countries that working mothers worked significantly shorter hours than working childless women and fathers. Results therefore revealed that when mothers’ working times are under study, an important question regarding the population examined is whether it consists of all mothers or only working mothers.Results moreover supported the use of the integrative theoretical approach when studying mothers’ working time patterns. Results indicate that mothers’ working time patterns in all countries are shaped by various opportunities and constraints, which are comprised of structural, cultural, institutional, and individual-level factors.Keywords: mother, working time pattern; preferred working time, actual working time, integrative theoretical approach, comparative research

In this paper we discuss some of the pressing problems in the theory of size income distribution policy. We consider the following problems: The definition of the income unit for purposes of income distribution policy. The relevance of individual labour-leisure choices for income distribution policy. The trade-off between equity and efficiency and the implications. The treatment of tertiary income in income distribution policy. Many recent contributions to the theory of size income distribution start with the remark that a coherent theory of income distribution is lacking. Since these contributions all aim to improve on the situation, it is at least amusing to note that this remark is about the only constant in the various attempts. This bodes ill for income distribution policy. As long as there are controversies as deep as in income distribution theory, it will be impossible to formulate policy recommendations that obtain unanimous support from the economics professions. Economists’ continuous attempts to disentangle positive analysis and normative judgements are most visible in this area.

European Housing Markets - An Overview.- An Analysis of the Housing Market in Greater Brussels.- Metropolitan Housing Markets - The Case of Helsinki.- Housing Markets and Policies in the Munich Metropolitan Area.- Recovery and Change: Glasgow's Housing 1991-2001.- The Housing Market in Zurich's Urban Agglomeration.- The Amsterdam Metropolitan Housing Market: How a Prosperous Metropolitan Area Co-exists with a Central City Dominated by Social Rental Housing for the Poor.- The Oslo Metropolitan Housing Market.- The Milan Housing Market.- Housing in Vienna.- Housing Market and Housing Policy in Hamburg. Evidence and Prospects.- Housing Market and Housing Policy in Copenhagen.- The Stockholm Housing Market.