Local seismic cultures: the use of timber frame structures in the south of Portugal

Given the fact that using timber frame structures has proven to improve the seismic behavior of vernacular architecture, as has been reported in past earthquakes in many countries, its preservation as a traditional earthquake resistant practice is important. This paper firstly intends to evaluate whether the use of timber frames as a traditional seismic resistant technique for vernacular architecture in the South of Portugal, traditionally a seismic region, is still active. Secondly, the city of Vila Real de Santo António was selected as a case study because it also followed a Pombaline development contemporary to the reconstruction of Lisbon. The plan included the provision of timber frame partition walls for some of the buildings and, thus, an overview of the type of constructions originally conceived is provided. Finally, the alterations done in the original constructions and the current state of the city center are described and the effect of these changes on the seismic vulnerability of the city is discussed.

Consumption, wealth, stock and housing returns: evidence from emerging markets

We test the predictive ability of the transitory deviations of consumption from its common trend with aggregate wealth and labour income, cay, for both future equity and housing risk premia in emerging market economies. Using quarterly data for 31 markets, our country-level evidence shows that forecasting power of cay vis-à-vis stock returns is high for Brazil, China, Colombia, Israel, Korea, Latvia and Malaysia. As for housing returns, the empirical evidence suggests that financial and housing assets are perceived as complements in the case of Chile, Russia, South Africa and Thailand, and as substitutes in Argentina, Brazil, Hong Kong, Indonesia, Korea, Malaysia, Mexico and Taiwan. Using a panel econometric framework, we find that the cross-country heterogeneity observed in asset return predictability does not accrue to regional location, but can be attributed to differences in the degree of equity market development and in the level of income.