The transition of the Polish real estate market within a Central and Eastern European context

The real estate market in Poland is a relatively immature market, but one that has been experiencing substantial transformation. The development of the market has been encouraged by a number of factors, including changes arising as a result of new legislation and the migration of capital between capital markets. The progress of the real estate sector towards a western style competitive market has taken place within the gradual transformation of the Polish economy into a free market economy. As investment grade property is in relatively short supply in Poland, investors consider opportunities within the wider CEE block. An analysis of the risk-return characteristics of the three largest CEE real estate markets namely, Poland, Hungary and Czech Republic, shows that the returns in these markets have been negatively correlated with the UK. As these economies and markets evolve, and being part of the wider EU trading block, their economic performance will slowly converge and become more synchronized with their western counterparts. However, the catch-up of the CEE markets to western European performance cycles will be protracted and consequently there are likely to be significant ongoing portfolio risk reduction opportunities

Holocene palaeoenvironmental history and the impact of prehistoric salt production in the Seille Valley, Eastern France

The Seille Valley in eastern France was home to one of Europe’s largest Iron Age salt industries. Sedimentology, palynology and geochronology have been integrated within ongoing archaeological investigations to reconstruct the Holocene palaeoenvironmental history of the Seille Valley and to elucidate the human–environment relationship of salt production. A sedimentary model of the valley has been constructed from a borehole survey of the floodplain and pollen analyses have been undertaken to reconstruct the vegetation history. Alluvial records have been successfully dated using optically stimulated luminescence and radiocarbon techniques, thereby providing a robust chronological framework. The results have provided an insight into the development of favourable conditions for salt production and there is evidence in the sedimentary record to suggest that salt production may have taken place during the mid-to-late Bronze Age. The latter has yet to be identified in the archaeological record and targeted excavation is therefore underway to test this finding. The development of the Iron Age industry had a major impact on the hydrological regime of the valley and its sedimentological history, with evidence for accelerated alluviation arising from floodplain erosion at salt production sites and modification of the local fluvial regime due to briquetage accumulation on the floodplain. This research provides an important insight into the environmental implications of early industrial activities, in addition to advancing knowledge about the Holocene palaeoenvironmental and social history of this previously poorly studied region of France.

Population estimates and habitat use by the critically endangered Taita Apalis Apalis fuscigularis in south-eastern Kenya

The Taita Apalis Apalis fuscigularis (IUCN category: Critically Endangered) is a species endemic to south-eastern Kenya. We assessed population size and habitat use in the three forest sites in which it is known to occur (Ngangao, Chawia and Vuria, totalling 257 ha). The estimate of total population size, derived from distance sampling at 412 sample points, ranged from 310 to 654 individuals, with the northern section of Ngangao fragment having 10-fold higher densities than Chawia (2.47-4.93 versus 0.22-0.41 birds ha(-1)). Ngangao north alone hosted 50% of the global population of the species. The highly degraded Vuria fragment also had moderately high densities (1.63-3.72 birds ha(-1)) suggesting that the species tolerates some human disturbance. Taita Apalis prefers vegetation with abundant climbers, but the predictive power of habitat use models was low, suggesting that habitat structure is not a primary cause for the low density of the species in Chawia. Protecting the subpopulation in the northern section of Ngangao is a priority, as is identifying factors responsible of the low abundance in Chawia, because ameliorating conditions in this large fragment could substantially increase the population of Taita Apalis.

The investment development path in a globalised world: implications for Eastern Europe

This article summarises recent revisions to the investment development path (IDP) as postulated by Narula and Dunning (2010). The IDP provides a framework to understand the dynamic interaction between foreign direct investment (FDI) and economic development. The revisions take into account some recent changes in the global economic environment. This paper argues that studies based on the IDP should adopt a broader perspective, encompassing the idiosyncratic economic structure of countries as well as the heterogeneous nature of FDI. It is critical to understand the complex forces and interactions that determine the turning points in a country’s IDP, and to more explicitly acknowledge the role of historical, social and political circumstances in hindering or promoting FDI. We discuss some of the implications for Eastern European countries and provide some guidelines for future research.