Macro-economic and financial determinants of comovement across global real estate security markets

This paper models the determinants of integration in the context of global real estate security markets. Using both local and U.S. Dollar denominated returns, we model conditional correlations across listed real estate sectors and also with the global stock market. The empirical results find that financial factors, such as the relationship with the respective equity market, volatility, the relative size of the real estate sector and trading turnover all play an important role in the degree of integration present. Furthermore, the results highlight the importance of macro-economic variables in the degree of integration present. All four of the macro-economic variables modeled provide at least one significant result across the specifications estimated. Factors such as financial and trade openness, monetary independence and the stability of a country’s currency all contribute to the degree of integration reported.

Area-wide development viability appraisals: the concept of threshold land value within a UK planning context

Area-wide development viability appraisals are undertaken to determine the economic feasibility of policy targets in relation to planning obligations. Essentially, development viability appraisals consist of a series of residual valuations of hypothetical development sites across a local authority area at a particular point in time. The valuations incorporate the estimated financial implications of the proposed level of planning obligations. To determine viability the output land values are benchmarked against threshold land value and therefore the basis on which this threshold is established and the level at which it is set is critical to development viability appraisal at the policy-setting (area-wide) level. Essentially it is an estimate of the value at which a landowner would be prepared to sell. If the estimated site values are higher than the threshold land value the policy target is considered viable. This paper investigates the effectiveness of existing methods of determining threshold land value. They will be tested against the relationship between development value and costs. Modelling reveals that threshold land value that is not related to shifts in development value renders marginal sites unviable and fails to collect proportionate planning obligations from high value/low cost sites. Testing the model against national average house prices and build costs reveals the high degree of volatility in residual land values over time and underlines the importance of making threshold land value relative to the main driver of this volatility, namely development value.

Planning for development or decline? Education policy for Chinese language in Singapore

This article examines how political discourse, language ideologies, recent Chinese curriculum reforms, and their representations in the media are inextricably related. Using the Speak Mandarin Campaign as background for the inquiry, I focus on textual features of the various media sources, TV advertisements, campaign slogans, official speeches, and newspaper excerpts to illuminate the status and changing role of the Chinese language in Singapore’s sociocultural, economic, and political development. Using critical discourse analysis as an analytical framework, I examine the contradictory ideologies that underpin the government’s language policies and planning activities. On the one hand, the government emphasizes the cultural and economic values of the Chinese language; on the other hand, government schools teach Chinese as a subject. In particular, the recent reforms in Chinese language curriculum have arguably further diluted the content of teaching. In addition I point out how conflicting ideologies behind language policies can lead to cultural confusion and educational uncertainty. These mixed messages make it difficult for schools to offer a consistent language education curriculum that will help students appreciate the value, be it economic, cultural or educational, of the Chinese language.

Re-evaluating the place of urban planning history

This commentary seeks to prompt new discussion about the place of urban planning history in the era of contemporary globalisation. Given the deep historic engagement of urban planning thought and practice with ‘place’ shaping and thus with the constitution of society, culture and politics, we ask how relevant is planning's legacy to the shaping of present day cities. Late twentieth century urban sociology, cultural and economic geography have demonstrated the increasing significance of intercity relations and the functional porosity of metropolitan boundaries in the network society, however statutory urban planning systems remain tied to the administrative geographies of states. This ‘territorial fixing’ of practice constrains the operational space of planning and, we argue, also limits its vision to geopolitical scales and agendas that have receding relevance for emerging urban relations. We propose that a re-evaluation of planning history could have an important part to play in addressing this spatial conundrum.

Financial viability appraisals for site-specific planning decisions in England

In England, appraisals of the financial viability of development schemes have become an integral part of planning policy-making, initially in determining the amount of planning obligations that might be obtained via legal agreements (known as Section 106 agreements) and latterly as a basis for establishing charging schedules for the Community Infrastructure Levy (CIL). Local planning authorities set these policies on an area-wide basis but ultimately development proposals require consent on a site-by-site basis. It is at this site-specific level that issues of viability are hotly contested. This paper examines case documents, proofs of evidence and decisions from a sample of planning disputes in order to address major issues within development viability, the application of the models and the distribution of the development gain between the developer, landowner and community. The results have specific application to viability assessment in England and should impact on future policy and practice guidance in this field. They also have relevance to other countries that incorporate assessments of economic viability in their planning systems.

The take-up of Neighbourhood Planning in England 2011-2015

Exploration of how neighbourhoods and others have responded to the UK government’s localism agenda in England, and specifically towards Neighbourhood Planning (NP), is important given that NP is a prominent part of that policy agenda. It is also of interest as the ramifications emerge for planning practice in the formal introduction of statutory plans which are ostensibly led by communities (Parker et al, 2015; Gallent, 2013). There is a necessary task to provide critical commentary on the socio-economic impact of localist policy. The paper explores the issues arising from experience thus far and highlights the take-up of Neighbourhood Planning since 2011. This assessment shows how a vast majority of those active have been in parished areas and in less-deprived areas. This indicates that government needs to do more to ensure that NP is accessible and worthwhile for a wider range of communities.

The calculative turn in land value capture: lessons from the English planning system

For over three decades, negotiated planning obligations have been the primary form of land value capture in England. Diffusing and evolving over the last decade, a significant policy innovation has been the use of financial calculations to estimate the extent to which policies on planning obligations for actual, proposed development projects and in plan making affect the financial viability of development. This paper assesses the extent to which the use of financial appraisals has provided a robust, just and practical procedure to support land value capture. It is concluded that development viability appraisals are saturated with intrinsic uncertainty and that land value capture that is based on such calculations is, to some extent, capricious. In addition, clear incentives for developers and land owners to bias viability calculations, the economic dependence of many viability consultants on developers and land owners, a lack of transparency, contested or ambiguous guidance and the opportunities created by input uncertainty for bias are further failings. It is argued that how viability calculations are applied has been, is being and will continue to be shaped by power relations.

A decision framework for considering climate change adaptation in biodiversity conservation planning

General principles of climate change adaptation for biodiversity have been formulated, but do not help prioritize actions. This is inhibiting their integration into conservation planning. We address this need with a decision framework that identifies and prioritizes actions to increase the adaptive capacity of species. The framework classifies species according to their current distribution and projected future climate space, as a basis for selecting appropriate decision trees. Decisions rely primarily on expert opinion, with additional information from quantitative models, where data are available. The framework considers in-situ management, followed by interventions at the landscape scale and finally translocation or ex-situ conservation. Synthesis and applications: From eight case studies, the key interventions identified for integrating climate change adaptation into conservation planning were local management and expansion of sites. We anticipate that, in combination with consideration of socio-economic and local factors, the decision framework will be a useful tool for conservation and natural resource managers to integrate adaptation measures into conservation plans.

Planning in the face of ‘deep divisions’: a view from Beirut, Lebanon

This article discusses planning in the global South-East while focusing on the specific context of social divides, political turmoil and conflict situations. The article proposes a five-way framework based on political science and planning to theory to analyse such contexts. The article explores the case of Beirut, Lebanon that has undergone several episodes of internal and external conflicts resulting in a society splintered along sectarianism. Three Two case studies of open urban spaces and their public activities are analysed using the five-way framework The discussion indicates how economic liberalism that is prevalent in countries of the South-East, along with place-based identities, interest-based identities, consensus orientated processes and institutionalism might facilitate a cultivation of deep values away from a narrowly constructed identity. The article argues that planners should understand the options for positive action that aim to bridge deep divisions and suggests that the five-way framework provides a reference for contextualising in different ways to suit particular contexts. Therefore, the framework is not necessarily restricted to the South-East but could be applicable to any context which manifests deep divisions.

Future cenario planning in Brazilian logistics and transportation sector

Nas últimas décadas o setor de logística passou por grandes transformações pelo mundo. Assim, a eficiência do sistema logístico é importante para o crescimento econômico, a diversificação, redução dos custos operacionais e da pobreza. Segundo o Banco Mundial, o Brasil tornou-se uma das maiores economias do mundo, mas os custos logísticos elevados colocam em risco esse crescimento. Estes custos são em grande parte o resultado de diferenças em infraestrutura de cada região, juntamente com os encargos do setor rodoviário, que corresponde por 60% do total do transporte de carga do país. Entretanto, a logística brasileira está às portas de uma nova revolução, em práticas de negócios e eficiência, e também na qualidade e disponibilidade da infraestrutura de transportes e comunicações, e novos projetos e práticas para superar a situação. O objetivo deste estudo não é analisar o presente e as atuais tendências de logística do Brasil e do setor de transporte, mas sim modelar possíveis cenários futuros para os próximos anos. Em outras palavras, este trabalho mostra diferentes possibilidades de como o setor de logística e transporte poderá ser no futuro. Para isso, este trabalho irá utilizar a metodologia de cenários prospectivos e entrevistas com especialistas relacionados da área.

Estimating economic interactions of financial suppliers in Thailand

This paper presents a methodology to estimate and identify different kinds of economic interaction, whenever these interactions can be established in the form of spatial dependence. First, we apply the semi-parametric approach of Chen and Conley (2001) to the estimation of reaction functions. Then, the methodology is applied to the analysis financial providers in Thailand. Based on a sample of financial institutions, we provide an economic framework to test if the actual spatial pattern is compatible with strategic competition (local interactions) or social planning (global interactions). Our estimates suggest that the provision of commercial banks and suppliers credit access is determined by spatial competition, while the Thai Bank of Agriculture and Agricultural Cooperatives is distributed as in a social planner problem.

Combined cycle versus one thousand diesel power plants: pollutant emissions, ecological efficiency and economic analysis

The increase in the use of natural gas in Brazil has stimulated public and private sectors to analyse the possibility of using combined cycle systems for generation of electrical energy. Gas turbine combined cycle power plants are becoming increasingly common due to their high efficiency, short lead times, and ability to meet environmental standards. Power is produced in a generator linked directly to the gas turbine. The gas turbine exhaust gases are sent to a heat recovery steam generator to produce superheated steam that can be used in a steam turbine to produce additional power. In this paper a comparative study between a 1000 MW combined cycle power plant and 1000 kW diesel power plant is presented. In first step, the energetic situation in Brazil, the needs of the electric sector modification and the needs of demand management and integrated means planning are clarified. In another step the characteristics of large and small thermoelectric power plants that use natural gas and diesel fuel, respectively, are presented. The ecological efficiency levels of each type of power plant is considered in the discussion, presenting the emissions of particulate material, sulphur dioxide (SO2), carbon dioxide (CO2) and nitrogen oxides (NOx). (c) 2006 Elsevier Ltd. All rights reserved.

Specialised branch-and-bound algorithm for transmission network expansion planning

An algorithm is presented that finds the optimal plan long-term transmission for till cases studied, including relatively large and complex networks. The knowledge of optimal plans is becoming more important in the emerging competitive environment, to which the correct economic signals have to be sent to all participants. The paper presents a new specialised branch-and-bound algorithm for transmission network expansion planning. Optimality is obtained at a cost, however: that is the use of a transportation model for representing the transmission network, in this model only the Kirchhoff current law is taken into account (the second law being relaxed). The expansion problem then becomes an integer linear program (ILP) which is solved by the proposed branch-and-bound method without any further approximations. To control combinatorial explosion the branch- and bound algorithm is specialised using specific knowledge about the problem for both the selection of candidate problems and the selection of the next variable to be used for branching. Special constraints are also used to reduce the gap between the optimal integer solution (ILP program) and the solution obtained by relaxing the integrality constraints (LP program). Tests have been performed with small, medium and large networks available in the literature.

RESTRUCTURING of SYSTEMS and LOGISTICS of MOVEMENT and ITS IMPACT on URBAN and REGIONAL PLANNING PAULISTA

Report some of the changes in production and consumption occurring in the state of São Paulo. through the restructuring in motion systems, logistics and standards and taxation, as well as the impacts on urban spaces through new economic dynamics, imposed by the demands of corporate, is the purpose of this article. The decentralization of production and consumption towards the interior was made possible by the combination of hierarchical and ordered some basic elements such as technological innovations (ways and means of transport) and organizational (logistics, standards and taxation) which optimized the flow territorial state São Paulo. It is noteworthy, therefore: 1) the improvement of logistics as a strategy, planning and management of transport, storage and communications (including the granting of public services to private), 2) the technological improvement and expansion of motion systems (infrastructure, means of transport) and 3) the systems of rules and regulations through taxation and deregulation affect the circulatory system of a given space. Thus, both systems aims to disentangle the economic flows (goods, services, information, capital and people) and provide a more fluid territorial. The impacts on the State of São Paulo, mainly through its economic dynamics, revert positively and negatively, by changing the way one thinks and performs planning.

Mathematical optimisation techniques applied to power system operation and planning

Nowadays, power system operation becomes more complex because of the critical operating conditions resulting from the requirements of a market-driven operation. In this context, efficient methods for optimisation of power system operation and planning become critical to satisfy the operational (technical), financial and economic demands. Therefore, the detailed analysis of modern optimisation techniques as well as their application to the power system problems represent a relevant issue from the scientific and technological points of view. This paper presents a brief overview of the developments on modern mathematical optimisation methods applied to power system operation and planning. Copyright © 2007 Inderscience Enterprises Ltd.