Macroeconomic impacts of politics and policy: Applications to financial and real markets

A PhD Dissertation, presented as part of the requirements for the Degree of Doctor of Philosophy from the NOVA - School of Business and Economics

Broadside advertising a Real Estate Auction in the Village of Niagara Falls [New York], July, 1836.

Benjamin Rathburn (1790-1873) was a builder, banker and hotel-keeper who was well-known for his work in the development and expansion of Buffalo in the 1830s. He also conducted business in the Village of Niagara Falls. He purchased large tracts of land (largely on credit) with the intent to sell the land at a profit. However, the sales did not meet his expectations and Rathburn found himself over-extended on credit, ultimately leading to his financial ruin.Jesse P. Haines (1793-1877) was an American cartographer who is credited with mapping the Villages of Lockport and Niagara Falls, New York.

Broadside advertising a Real Estate Auction in the Village of Niagara Falls [New York], July, 1836.

Benjamin Rathburn (1790-1873) was a builder, banker and hotel-keeper who was well-known for his work in the development and expansion of Buffalo in the 1830s. He also conducted business in the Village of Niagara Falls. He purchased large tracts of land (largely on credit) with the intent to sell the land at a profit. However, the sales did not meet his expectations and Rathburn found himself over-extended on credit, ultimately leading to his financial ruin. Jesse P. Haines (1793-1877) was an American cartographer who is credited with mapping the Villages of Lockport and Niagara Falls, New York.

International financial centres, office market rents and volatility

Despite continuing developments in information technology and the growing economic significance of the emerging Eastern European, South American and Asian economies, international financial activity remains strongly concentrated in a relatively small number of international financial centres. That concentration of financial activity requires a critical mass of office occupation and creates demand for high specification, high cost space. The demand for that space is increasingly linked to the fortunes of global capital markets. That linkage has been emphasised by developments in real estate markets, notably the development of global real estate investment, innovation in property investment vehicles and the growth of debt securitisation. The resultant interlinking of occupier, asset, debt and development markets within and across global financial centres is a source of potential volatility and risk. The paper sets out a broad conceptual model of the linkages and their implications for systemic market risk and presents preliminary empirical results that provide support for the model proposed.