The macroeconomics of sovereign wealth funds

The dramatic growth in sovereign wealth funds (SWFs) has implications which are still emerging for national economies and globally. This paper considers why SWFs have become key international financial institutions for some countries, particularly developing ones. This adds to the literature on second best development strategies (Hausmann and Rodrik 2003), here applying it to SWFs. A macroeconomic approach is taken towards the phenomenon of reserves accumulation and motives for SWFs. These are evaluated in terms of the pattern of balance of payments and inferred trade and exchange policies. The role of SWFs in promoting country growth and international stability is considered in view of the global financial crisis (GFC).

Household composition and housing expenditures in rental-occupied and owner-occupied markets

This article examines the relationship between household compositions and housing expenditures in rental-occupied and owner-occupied markets. The author finds that renters allocate their budget proportionately between housing and nonhousing goods for an additional household member, leaving the budget share of housing expenditures unchanged. For homeowners, nevertheless, an extra member implies a reduction in housing expenditures as a share of total budget. Although age and gender compositions turn out to be significant in determining the budget share of housing expenditures for renters, they play no major role for homeowners. And although an increase in the number of working members for renters significantly reduces the share of budget spent on housing, it has no significant impact for their owner counterparts. Moreover, keeping total expenditures constant, the main income source of the head of the household does not make any difference in terms of resource allocation across housing and nonhousing goods for both renters and owners.

Towards prefabricated sustainable housing - an introduction

Prefabricated building systems are once again gaining popularity. The new prefabricated paradigm offers the integration of several approaches previously ignored: automated manufacturing, integrated building services and environmental sustainable principles. Consistency, predictable environmental control, modular flexibility, quick assembly and affordability are promising features of modern manufactured construction. Though the concept of prefabricated building is not new, this type of construction may be the only hope in obtaining a truely sustainable architecture for our future.

This paper attempts to define and evaluate several prefabricated building systems, ranging from a ‘kit-of-parts’ to fully assembled ‘volumetric’ modules. It aims to categorise various manufactured types among a vast amount of information, and to observe their attributes regarding materials, flexibility, structural integrity, delivery and constructability. This paper suggests that pre-fabricated architecture can deliver high order design and diversity within the framework of waste reduction, renewable systems integration and optimal performance.

Ethnography of housing : a conclusion

This paper is the final report of a research project spanning three years, exploring three field locations and capturing the stories of forty (plus) housing workers. Using an ethnographic research approach, this paper provides an account of how housing workers use language and stories to understand and make sense of their challenging and changing work. First hand accounts ('stories') about every day housing work frame the data in this paper, explaining how housing workers in Victoria have experienced and made sense of the shift from public housing as 'affordable housing for the working poor' to 'housing of last resort for the most vulnerable and needy members of the community'. Using a number of composite stories, this paper provides the reader with a glimpse into the work of public housing staff, transporting the leader from the relatively static world of policy and procedure to the more colorful world of tenants with 'high and complex' needs, 'wicked' problems, weary staff and the daily reality of organisational change.

A unique feature of this research is the comparison of how different workers use stories to build a range of 'socially constructed realities' around the housing work and its wicked problems. This paper compares and contrasts the socially constructed realities of frontline staff with the corresponding social realities of the managers at head office (and vice versa). This 'same problem, different perspective' approach allows the reader to better understand how the same problem is understood and approached in different ways, depending on the individual's organisational role, responsibly and authority. Using stories about 'working with problem tenants', 'collecting rental arrears from the poor and marginalised', 'maintaining old, neglected properties' and 'coping with organisational change', this paper illustrates how the shifting (and sometimes contradictory) construction of housing problems has meant that the organisation has long struggled to devise and implement sustainable remedies to these problems.

The following pages describe how the problems identified in the Housing Office Review (and experienced in the daily work of the 'modern day' housing worker) are simply a contemporary manifestation of 'age old public housing issues'. This paper describes and explains how housing staff have long used narrative to make sense of their often difficult work and ultimately, how they understand and experience a major process of operational policy change associated with the shift from 'public' housing to 'welfare' housing.

A question of continuing control -balancing building quality of housing and building codes

The Building Code of Australia seeks to establish “nationally consistent, minimum necessary standards of relevant, health, safety (including structural safety and safety from fire), amenity and sustainability objectives efficiently”. These goals are laudable – but where are the goals of quality and maintenance, which are also an essential part of achieving adequate and continuing health and safety for the built environment?

Defects such as dampness, settlement and cracking, staining, wood rot, termite damage, rusting, and roof leakage are common enough to suggest that there are still issues with building quality in housing. They are caused by a combination of initial poor workmanship and poor quality materials and latterly by poorly executed or inadequate maintenance.

Local architecture, developed over many years of trial and error, produce buildings linked to their climate and local materials (think of the typical “Queenslander” house). Today’s architecture imports technologies and materials from many differing countries and climates – that are not necessarily suitable for the location, nor is there necessarily the same quality control over the material quality and production. Inappropriate use and inadequate understanding of new materials and techniques can lead to the generation of further defects.

Whilst the building code contains provisions for initial-build material quality and workmanship, there is no continuing control over a house over its life span. Reliance is placed on advertising the need, for example, to employ qualified tradespeople; replace batteries in smoke detectors; and other good advice to help maintain housing to a minimum standard. Is this sufficient?

Mechanisms to make the transfer of knowledge to those who need to use it – be it the workforce or the houseowner – need to be improved. Should the building code be more visual and accessible in it’s content? Should the building code include provisions for maintenance? Should the building code require every house to have a “users manual” – much like a car? An extensive review of literature identifies the scale of the problem of poor quality housing and highlights some suggested causes – inadequate knowledge of the BCA by general housebuilders being one. However little work has been done to investigate what could be done to improve the situation. This work suggests that improvements to knowledge transfer would improve the quality of housing and a model of the knowledge transfer process is proposed, identifying those areas where the knowledge flows need to occur that would impact both the builders and users of housing.

Living high but healthy : high-rise housing, nature, health and wellbeing

This exploratory mixed method study investigated the factors, including access to nature (i.e. parks and gardens), impacting on inner city high-rise residents' health and wellbeing. Analysis of the integrated findings revealed that a range of factors (including accessibility, choice and control and tenure) impact on residents' health and wellbeing.

Malaysia's terraced housing : towards an environmentally sustainable future

Housing developers in Malaysia have been focusing on providing more homes to deal with the ever growing urban population, and have failed to address environmental issues which run parallel to these housing developments. The thesis identifies and suggests possible actions enabling future housing developments to incorporate sustainable elements.

Survey of a group of nineteenth and early twentieth century British millionaires : the influence of this wealth on their descendants

This study selected British wealth holders who died between 1858 and 1914 and registered probate values of over 1 million pounds. Their descendants were traced using an array of sources. These descendants generally consisted af a group of wealthy individuals in the upper few percent of wealth holders in the British community as indicated by their probate valuations. Generally the male descendants were wealthier, received a better education, and dominated in commerce and business activities.

Analysis of public housing standards in Victoria : 1939-1995

The "housing standard" is a government policy document which defines minimum dwelling standards. This thesis outlines the development of public housing standards in Victoria between 1939 and 1995. The Hotham Housing Estate, North Melbourne, was the case study from which a proposed framework for critical analysis of minimum housing standards was derived.