Dynamic analysis of house price diffusion across Asian financial centres

The aim of this paper is to explore effects of macroeconomic variables on house prices and also, the lead-lag relationships of real estate markets to examine house price diffusion across Asian financial centres. The analysis is based on the Global Vector Auto-Regression (GVAR) model estimated using quarterly data for six Asian financial centres (Hong Kong, Tokyo, Seoul, Singapore, Taipei and Bangkok) from 1991Q1 to 2011Q2. The empirical results indicate that the global economic conditions play significant roles in shaping house price movements across Asian financial centres. In particular, a small open economy that heavily relies on international trade such as – Singapore and Tokyo - shows positive correlations between economy’s openness and house prices, consistent with the Balassa-Samuelson hypothesis in international trade. However, region-specific conditions do play important roles as determinants of house prices, partly due to restrictive housing policies and demand-supply imbalances, as found in Singapore and Bangkok.

Natal nest locations of the Asian house rat (Rattus tanezumi) in lowland rice–coconut cropping systems: a coconut penthouse or rice bunds with water frontage?

CONTEXT. Rattus tanezumi is a serious crop pest within the island of Luzon, Philippines. In intensive flood-irrigated rice field ecosystems of Luzon, female R. tanezumi are known to primarily nest within the tillers of ripening rice fields and along the banks of irrigation canals. The nesting habits of R. tanezumi in complex rice–coconut cropping systems are unknown. AIMS. To identify the natal nest locations of R. tanezumi females in rice–coconut systems of the Sierra Madre Biodiversity Corridor (SMBC), Luzon, during the main breeding season to develop a management strategy that specifically targets their nesting habitat. METHODS. When rice was at the booting to ripening stage, cage-traps were placed in rice fields adjacent to coconut habitat. Thirty breeding adult R. tanezumi females were fitted with radio-collars and successfully tracked to their nest sites. KEY RESULTS. Most R. tanezumi nests (66.7%) were located in coconut groves, five nests (16.7%) were located in rice fields and five nests (16.7%) were located on the rice field edge. All nests were located above ground level and seven nests were located in coconut tree crowns. The median distance of nest sites to the nearest rice field was 22.5m. Most nest site locations had good cover of ground vegetation and understorey vegetation, but low canopy cover. Only one nest location had an understorey vegetation height of less than 20 cm. CONCLUSIONS. In the coastal lowland rice–coconut cropping systems of the SMBC, female R. tanezumi showed a preference for nesting in adjacent coconut groves. This is contrary to previous studies in intensive flood-irrigated rice ecosystems of Luzon, where the species nests mainly in the banks of irrigation canals. It is important to understand rodent breeding ecology in a specific ecosystem before implementing appropriate management strategies. IMPLICATIONS. In lowland rice–coconut cropping systems, coconut groves adjacent to rice fields should be targeted for the 20 management of R. tanezumi nest sites during the main breeding season as part of an integrated ecologically based approach to rodent pest management.

Prêt-à-Médiatiser by House of POLLYFIBRE

Prêt-à-Médiatiser by House of POLLYFIBRE is a performance/film that takes the fashion show catwalk as a site for exploration, with a focus on the dialogue between liveness and mediatisation. The performance showcases a clothing collection that has been designed to be documented and thus is challenged in the context of the live event. Motivated by the 2-dimensionality and biased perspective of mediated images such as magazine photography, social network profiles images and the surfaces of digital interfaces, the garments are one sided and obstruct the models in their attempt to play out familiar fashion poses, unless they align themselves 'correctly' for the lense. There is material metaphor and wordplay throughout, for example the clothing pieces are made from interfacing fabrics that are physically cut, pasted and layered to create the rigid flat silhouettes. The performance is accompanied by live sound created by tools of the fashion industry (including scissors and camera clicks) that have been adapted and amplified to be used as instruments. The audience and press are invited to document the live event and the subsequent film is made using footage collated from the crew, the audience and the official press

Prêt-à-Médiatiser by House of POLLYFIBRE

Prêt-à-Médiatiser by House of POLLYFIBRE is a film made from diverse footage of a performance. The live event takes the fashion show catwalk as a site for exploration, with a focus on the dialogue between liveness and mediatisation. The audience and press are invited to document the event and the subsequent film is made using footage collated from the crew, the audience and the official press. RAPID PULSE International Performance Festival presents international, national, and local artists who were invited or selected from an international call for proposals. The curatorial committee consisted of Julie Laffin, Steven Bridges, Giana Gambino, And Joseph Ravens. The festival includes live gallery performances, public performances, a video series, social events, artist talks and panel discussions.

Reforming the House of Lords: difficult but not impossible

Despite apparent cross-party and public support, Nick Clegg’s plan to reform the House of Lords is dead. This article asks what explains its demise and analyses whether comprehensive Lords reform is ever likely to get off the ground in the future.

House price dynamics and their reaction to macroeconomic changes

This article applies a three-regime Markov switching model to investigate the impact of the macroeconomy on the dynamics of the residential real estate market in the US. Focusing on the period between 1960 and 2011, the methodology implemented allows for a clearer understanding of the drivers of the real estate market in “boom”, “steady-state” and “crash” regimes. Our results show that the sensitivity of the real estate market to economic changes is regime-dependent. The paper then proceeds to examine whether policymakers are able to influence a regime switch away from the crash regime. We find that a decrease in interest rate spreads could be an effective catalyst to precipitate such a change of state.

Timing and depositional environments of a Middle Pleistocene glaciation of northeast England: New evidence from Warren House Gill, County Durham

At various times during the Quaternary, north-eastern England was a zone of confluence between dynamic ice lobes sourced from the Pennines, northern Scotland, the Cheviots, and Scandinavia. The region thus has some of the most complex exposures of Middle to Late Pleistocene sediments in Britain, with both interglacial and glacial sediments deposited in terrestrial and marine settings. We investigated sedimentary sequences exposed on the coastline of County Durham at Warren House Gill, and present a new model of British and Fennoscandian Ice Sheet interaction in the North Sea Basin during the Middle Pleistocene. The stratigraphy at Warren House Gill consists of a lower diamicton and upper estuarine sediments, both part of the Warren House Formation. They are separated from the overlying Weichselian Blackhall and Horden tills by a substantial unconformity. The lower diamicton of the Warren House Formation is re-interpreted here as an MIS 8 to 12 glaciomarine deposit containing ice-rafted lithics from north-eastern Scotland and the northeast North Sea, and is renamed the ‘Ash Gill Member’. It is dated by lithological comparison to the Easington Raised Beach, Middle Pleistocene Amino Acid Racemisation values, and indirectly by optically stimulated luminescence. The overlying shallow subaqueous sediments were deposited in an estuarine environment by suspension settling and bottom current activity. They are named the ‘Whitesides Member’, and form the uppermost member of the Warren House Formation. During glaciation, ice-rafted material was deposited in a marine embayment. There is no evidence of a grounded, onshore Scandinavian ice sheet in County Durham during MIS 6, which has long been held as the accepted stratigraphy. This has major implications for the currently accepted British Quaternary Stratigraphy. Combined with recent work on the Middle Pleistocene North Sea Drift from Norfolk, which is now suggested to have been deposited by a Scottish ice sheet, the presence of a Scandinavian ice sheet in eastern England at any time during the Quaternary is becoming increasingly doubtful.

Provenance of chalk tesserae from a Roman town-house in Vine Street, Leicester

Fourth-century a.d. chalk tesserae from Roman Leicester (Ratae Corieltavorum) yield rich microfossil assemblages that identify a biostratigraphical age of Cretaceous Late Cenomanian to Early Turonian. The nearest chalk outcrops to Leicester lie in Hertfordshire, Lincolnshire, Yorkshire and north Norfolk, indicating that the material for the tesserae must have been sourced remotely and transported to Ratae. Superimposing the Roman road network onto a map of the relevant Chalk Group distribution provides a guide to possible sources. A process of evaluation identifies Baldock in Hertfordshire and Bridlington in Yorkshire as the most likely sources for the Leicester tesserae.

Has Jesus’ Nazareth house been found?

Summary and discussion of the work of the Nazareth Archaeological Project between 2004-2010, focussing on the discovery of a first-century AD house below the 'lost' Byzantine 'Church of the Nutrition', said to have been built over the house where Jesus Christ was brought up.

Population ecology of the Asian house rat (Rattus tanezumi) in complex lowland agroecosystems in the Philippines

Context. Rattus tanezumi (the Asian house rat) is the principal rodent pest of rice and coconut crops in the Philippines. Little is known about the population and breeding ecology of R. tanezumi in complex agroecosystems; thus, current methods of rodent control may be inappropriate or poorly implemented. Aims. To investigate the habitat use, population dynamics and breeding biology of R. tanezumi in complex lowland agroecosystems of the Sierra Madre Biodiversity Corridor, Luzon, and to develop ecologically based rodent management (EBRM) strategies that will target specific habitats at specific times to improve cost-efficiency and minimise non-target risks. Methods. An 18-month trapping study was conducted in rice monoculture, rice adjacent to coconut, coconut groves, coconut-based agroforest and forest habitats. Trapped animals were measured, marked and assessed for breeding condition. Key results. Five species of rodent were captured across all habitats with R. tanezumi the major pest species in both the rice and coconut crops. The stage of the rice crop was a major factor influencing the habitat use and breeding biology of R. tanezumi. In rice fields, R. tanezumi abundance was highest during the tillering to ripening stages of the rice crop and lowest during the seedling stage, whereas in coconut groves abundance was highest from the seedling to tillering stage of nearby rice crops. Peaks in breeding activity occurred from the booting stage of the rice crop until just after harvest, but >10% of females were in breeding condition at each month of the year. Conclusions. In contrast with the practices applied by rice farmers in the study region, the most effective time for lethal management based on the breeding ecology of R. tanezumi is likely to be during the early stages of the rice crop, before the booting stage. Farmers generally apply control actions as individuals. We recommend coordinated community action. Continuous breeding throughout the year may necessitate two community campaigns per rice cropping season. To limit population growth, the most effective time to reduce nesting habitat is from the booting stage until harvest. Implications. By adopting EBRM strategies, we expect a reduction in costs associated with rodent control, as well as improved yield and reduced risk to non-target species.

House price dynamics in Panama City

In this paper, we analyze the drivers of the housing markets in Panama City. To the best of our knowledge, no formal academic analysis has been documented on the Panamanian housing market. In this paper, we outline key unique characteristics of the market and provide a brief review of broader economic indicators and housing market literature. Using a unique dataset comprising property-level information over 2007–2014, we employ a hedonic modeling framework to analyze the impacts of certain amenities and drivers that may affect housing values. The results indicate several unique features of the Panamanian housing market.

House price dynamics and bank herding: European empirical evidence

This paper investigates the behavior of residential property and examines the linkages between house price dynamics and bank herding behavior. The analysis presents evidence that irrational behaviour may have played a significant role in several countries, including; United Kingdom, Spain, Denmark, Sweden and Ireland. In addition, we also provide evidence indicative of herding behaviour in the European residential mortgage loan market. Granger Causality tests indicate that non-fundamentally justified prices dynamics contributed to herding by lenders and that this behaviour was a response by the banks as a group to common information on residential property assets. In contrast, in Germany, Portugal and Austria, residential property prices were largely explained by fundamentals. Furthermore, these countries show no evidence of either irrational price bubbles or herd behaviour in the mortgage market. Granger Causality tests indicate that both variables are independent.