Monetary integration and real estate markets: an investigation of the impact of the introduction of a single currency on real estate performance

This paper assesses the impact of the monetary integration on different types of stock returns in Europe. In order to isolate European factors, the impact of global equity integration and small cap factors are investigated. European countries are sub-divided according to the process of monetary convergence. Analysis shows that national equity indices are strongly influenced by global market movements, with a European stock factor providing additional explanatory power. The global and European factors explain small cap and real estate stocks much less well –suggesting an increased importance of ‘local’ drivers. For real estate, there are notable differences between core and non-core countries. Core European countries exhibit convergence – a convergence to a European rather than a global factor. The non-core countries do not seem to exhibit common trends or movements. For the non-core countries, monetary integration has been associated with increased dispersion of returns, lower correlation and lower explanatory power of a European factor. It is concluded that this may be explained by divergence in underlying macro-economic drivers between core and non-core countries in the post-Euro period.

Eternal peace, perpetual war? A critical investigation into Kant's conceptualisations of war

Most discussions of Immanuel Kant's political theory of international politics focus on his work on Eternal Peace and its normative and empirical relevance for contemporary international relations and international law. Yet for all his concern with peace, Kant's work is characterised by a fascinating preoccupation with the concept of war and its role in human history. The purpose of this essay is to investigate critically Kant's different conceptualisations of war and to evaluate his writing as a critique against contemporary versions of Liberal war and peace, as well as recent attempts to reduce war to an immanent logic of biopolitics.