The economic consequences of mortgage debt

Unsurprisingly, a great deal of attention has been paid to the economic consequences of the credit crunch. However, this paper shows that the credit crunch was preceded by a strong build-up of mortgage debt internationally, which, in the long run, could turn out to be more significant than the credit crunch itself. Indeed, the debt build-up suggests that the credit crunch is more likely to reoccur, because highly-indebted households have weaker buffers to withstand unexpected shocks to their incomes or to interest rates. The paper presents a model that can explain the debt build-up and changes to the distribution of debt between existing owners and first-time buyers, which hinders access to home-ownership for the latter, even amongst those households who would be considered as credit-worthy.

Motivations for innovation in the built environment: new directions for research

Innovation in the built environment involves multiple actors with diverse motivations. Policy-makers find it difficult to promote changes that require cooperation from these numerous and dispersed actors and to align their sometimes divergent interests. Established research traditions on the economics and management of innovation pay only limited attention to stakeholder choices, engagement and motivation. This paper reviews the insights that emerge as research in these traditions comes into contact with work on innovation from sociological and political perspectives. It contributes by highlighting growing areas of research on user involvement in complex innovation, collective action, distributed innovation and transition management. To differing extents, these provide approaches to incorporate the motivations of different actors into theoretical understanding. These indicate new directions for research that promise to enrich understanding of innovation.

Built environment research in West Africa current trends and future directions

The countries in West Africa (WA) are pushing for socio-economic development. The construction sector has an important part to play in helping to realise these aspirations. This necessitates an increased emphasis on research in the built environment, as a key contributor to developing capacity, knowledge and technologies for the sector. The West Africa Built Environment Research (WABER) conference was initiated in 2008. The objective was to: help young built environment researchers in West Africa (WA) to develop their research work and skills through constructive face-to-face interaction with their peers and experienced international academics; supply a platform for interaction among more senior academics and an outlet for disseminating their research work; and to serve as a vehicle for developing the built environment field in Africa. Three conferences have so far been organised, 2009 - 2011, bringing together ~300 academics, researchers and practitioners from the WA region. This paper draws on content analysis of the 189 papers in the proceedings of three conferences: 2009 (25); 2010 (57) and 2011 (107). These papers provide a window into current research priorities and trends and, thus, offer an opportunity to understand the kinds of research work undertaken by built environment researchers in West Africa. The aim is to illuminate the main research themes and methods that are currently pursued and the limitations thereof. The findings lay bare some of the many challenges that are faced by academics in WA and provide suggestions for alternative directions for future research and development work with indications of a potential research agenda.