scholarly journals A comparative study between the UK and the USA house price indicators before and during the financial crisis of 2007-2009

2018 ◽  
Vol 10 (4) ◽  
pp. 456-472
Author(s):  
Abdelhafid Benamraoui
Keyword(s):  
Interest Rate ◽  
Financial Crisis ◽  
House Price ◽  
Content Type ◽  
Economic Fundamentals ◽  
Study Results ◽  
Wide Range ◽  
The Us ◽  
The Usa ◽  
The Uk

Purpose This paper aims to examine the relationship between key economic fundamentals and average house price (AHP) movements before and during the financial crisis of 2007 to 2009 in the UK and the USA. Design/methodology/approach Multiple regression analysis is applied in assessing the correlation between AHPs and a set of selected economic fundamentals. Findings The study results show that earnings and to less extent interest rate have the highest correlation with the AHP and among the different types of interest rate used variable interest rate has the strongest correlation with AHP. The results also reveal that most indicators behave in the same way both before and during the financial crisis, but with better explanatory power for the pre-crisis period. Another key finding is that the directions of relationship for some of the parameters have changed when the market is in crisis, especially in the case of loans extended to house purchase for the UK market and number of households for the US market. Originality/value The originality of the paper stems in using a wide range and thoroughly selected economic fundamentals to explain the movement in house prices and to observe the effect of financial crisis on the correlation between each economic factor and house price movements. The study is also unique in comparing the UK and the US housing markets for the time frame under consideration and for the economic parameters used.

Housing markets and policy in the UK and the USA

2014 ◽  
Vol 7 (1) ◽  
pp. 129-144 ◽  
Author(s):  
Colin Jones ◽  
Harry W. Richardson
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Home Ownership ◽  
House Price ◽  
Housing Markets ◽  
Detailed Comparison ◽  
Exogenous Shock ◽  
Content Type ◽  
The Usa ◽  
The Global Financial Crisis

Purpose – This paper aims to examine how the exogenous shock of the global financial crisis has had a differential impact on the housing markets of the USA and UK. Design/methodology/approach – The paper begins by examining the nature and dynamics of the global financial crisis. It presents a detailed comparison of institutional and housing market characteristics in each country. A particular focus is the differences in mortgage funding and subprime lending trends over the decade leading up to the financial crisis. Findings – The analysis demonstrates the distinctiveness of the recent housing cycles and the geography of the downward price adjustments. Relative unemployment rates play a key role in these outcomes. Despite the different dynamics of the boom and bust, there is a common legacy in terms of the collapse of house building, repossessions/foreclosures and falling home ownership rates. The short-term policy responses by both governments addressed the same target issues in alternative ways but with different outcomes. Longer-term solutions are still being debated in both countries. Originality/value – Innovatory insights are provided by the comparison of the sub-national spatial pattern of the recent house price cycle in two countries.

Assessing Dutch housing cycle and near-term market prospects

2020 ◽  
Vol 13 (2) ◽  
pp. 257-270
Author(s):  
Arvydas Jadevicius ◽  
Peter van Gool
Keyword(s):  
Housing Market ◽  
House Prices ◽  
House Price ◽  
Future Market ◽  
Price Inflation ◽  
Content Type ◽  
Dutch Housing ◽  
The Usa ◽  
Near Term ◽  
The Uk

Purpose This study is a practice undertaking examining three main concerns that currently dominate Dutch housing market debate: how long is the cycle, will the current house price inflation continue and is housing market in a bubble. With national house prices reaching record highs across all major cities, future market prospects became a topic of significant debate among policymakers, investors and the populace. Design/methodology/approach A triangulation of well-established academic methods is used to perform investigation. The models include Hodrick-Prescott (HP) filter, volatility autoregressive conditional heteroskedasticity (ARCH approximation) and right tail augmented Dickey–Fuller (Rtadf) test (bubble screening technique). Findings Interestingly, over the years from 1985 to 2019 research period, filtering extracts only one Dutch national housing cycle. This is a somewhat distinct characteristic compared to other advanced Western economies (inter alia the UK and the USA) where markets tend to experience 8- to 10-year gyrations. Volatility and Rtadf test suggest that current house prices in most Dutch cities are in excess of historical averages and statistical thresholds. House price levels in Almere, Amsterdam, The Hague, Groningen, Rotterdam and Utrecht are of particular concern. Originality/value Retail investors should therefore be cautious as they are entering the market at the time of elevated housing values. For institutional investors, those investing in long-term, housing in key Dutch metropolitan areas, even if values decline, is still an attractive investment conduit.

Security and privacy of adolescents in social applications and networks: legislative aspects and legal practice of countering cyberbullying on example of developed and developing countries

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ahmad Ghandour ◽  
Viktor Shestak ◽  
Konstantin Sokolovskiy
Keyword(s):  
Developing Countries ◽  
Developed Countries ◽  
Legal Regulation ◽  
Security And Privacy ◽  
Content Type ◽  
Study Results ◽  
The Usa ◽  
The Developed Countries ◽  
The Uk ◽  
Social Applications

Purpose This paper aims to study the developed countries’ experience on the cyberbullying legal regulation among adolescents, to identify existing shortcomings in the developing countries’ laws and to develop recommendations for regulatory framework improvement. Design/methodology/approach The authors have studied the state regulatory practice of the UK, the USA, Canada, Malaysia, South Africa, Turkey, UAE and analyzed the statistics of 2018 on the cyberbullying manifestation among adolescents in these countries. Findings The study results can encourage countries to create separate cyberbullying legislation and periodically review and modify already existing legislation. Originality/value The study provides a list of the recommendations to regulate cybercrime in developing countries and prevent it as well. The results may contribute to creating laws related to the regulation of cyberbullying in countries where such legislation does not exist yet or existing regulatory legal acts do not bring the expected results, namely, in Post-Soviet countries and other developing countries of the world.

A review of angel investing research: analysis of data and returns in the US and abroad

2016 ◽  
Vol 33 (4) ◽  
pp. 716-734 ◽  
Author(s):  
Michael B. McDonald ◽  
Ramon P. DeGennaro
Keyword(s):  
Investment Project ◽  
Content Type ◽  
Wide Range ◽  
The Us ◽  
Angel Investing ◽  
The Usa ◽  
The Subject ◽  
Practical Implications ◽  
Research Analysis ◽  
Angel Investors

Purpose The purpose of this paper is to examine the literature on angel investors. Research on angel investors is sparse because data are sparse. Most comprehensive studies of angel investors have focused on the USA and UK. In these studies, definitions of angel investors and estimates of returns on angel investments vary dramatically. What can one make of this wide range of reported returns? Design/methodology/approach The authors examine the literature and find that the calculations of reported results are vague. Findings Most researchers do not explicitly report if their estimates are equal-weighted or value-weighted, nor do they say whether the results are weighted by the duration of the investment. The authors show that the unit of analysis – investment, project or angel – affects interpretations. Practical implications Limitations on the comparability between various studies of angel investing returns leave the current literature incomplete. They also offer opportunities for future study in the area. Originality/value The authors are the first to examine the angel investing literature in a comprehensive fashion, comparing between various returns found across all major studies of the subject done to date.

scholarly journals Are IPO underwriters paid for the services they provide?

2015 ◽  
Vol 11 (4) ◽  
pp. 414-437 ◽  
Author(s):  
Michele Meoli ◽  
Andrea Signori ◽  
Silvio Vismara
Keyword(s):  
Stock Price ◽  
Financial Intermediation ◽  
Institutional Setting ◽  
Anglo Saxon ◽  
Going Public ◽  
Content Type ◽  
Italian Market ◽  
The Us ◽  
The Usa ◽  
The Uk

Purpose – The purpose of this paper is to relate the fees paid to IPO underwriters to the nature and quality of the services they provide. Design/methodology/approach – Controlling for the characteristics of the firm going public, the risk associated with the offering, and the reputation of the underwriter, the authors study on a sample of Italian IPOs whether a formal commitment by underwriters to provide ancillary services allows them to charge higher fees. Findings – The authors document that asking underwriters to stabilize stock price is costly to the issuer, while to support liquidity is not. The authors’ also show that underwriters stabilize IPOs that really need it, whereas the provision of liquidity support does not seem to be always aligned with the issuer’s interest. Originality/value – Investigating the Italian underwriting market is instructive for two main reasons. First, the institutional setting in IPOs is similar to most continental European countries, but significantly different from the US market. For instance, allocation policies in US IPOs are discretionary for both retail and institutional investors, while in Europe shares cannot be discretionarily allocated to retail investors. Second, the Italian market offers the opportunity to study the going-public decision outside the typical Anglo-Saxon financial systems. This is of interest because while both the UK and the USA have well-developed equity markets and a related industry of financial intermediation centered on providing equity, our analysis sheds light on financial intermediation of IPOs in a bank-centered system.

Employment for all: United States disability policy

2016 ◽  
Vol 21 (3) ◽  
pp. 154-161
Author(s):  
Rebecca Monteleone
Keyword(s):  
Individuals With Disabilities ◽  
Employment Services ◽  
Content Type ◽  
Cross Cultural Communication ◽  
The Us ◽  
Us Government ◽  
The Usa ◽  
The Uk ◽  
The Impact ◽  
Individuals With Intellectual Disabilities

Purpose – The purpose of this paper is to provide a brief overview of policy regarding employment for individuals with intellectual disabilities (ID) in the USA. Drawing from recent data, it assesses the impact of policy on current employment services and rates of employment. Design/methodology/approach – An introduction provides details regarding the benefits of employment for individuals with disabilities, current demographic information in the USA and salient definitions. Next, ten key national laws and one state law relating to employment for individuals with disabilities are outlined briefly. Finally, current outcomes for adults with disabilities are presented in order to assess the implementation and effectiveness of the legislation presented. Findings – Whilst this paper is a policy review, and therefore no novel findings have been produced, it is clear by juxtaposing the mandates enacted by the US Government with practical outcomes that there is a need to assess implementation and effectiveness of such legislation. Originality/value – It is imperative to scrutinize policy in the context of practical outcomes in order to assess its viability and relevance. Additionally, it is crucial that practitioners and academics be aware of the legislation that impacts the populations with whom they interact. Finally, in the context of this publication, it is important that researchers and practitioners in the UK understand US policy, and likewise US professionals understand UK policies in order to facilitate greater cross-cultural communication and collaboration for the mutual benefit of both nations.

‘Too Scared to Prosecute and Too Scared to Jail?’ A Critical and Comparative Analysis of Enforcement of Financial Crime Legislation Against Corporations in the USA and the UK

2018 ◽  
Vol 82 (3) ◽  
pp. 245-263 ◽  
Author(s):  
Nicholas Ryder
Keyword(s):  
Criminal Responsibility ◽  
Criminal Liability ◽  
Interesting Case ◽  
Financial Crime ◽  
Senior Managers ◽  
Wide Range ◽  
The Us ◽  
The Usa ◽  
Crime Legislation ◽  
The Uk

This article has two aims. First, it critically considers the responses towards tackling corporate financial crime in the USA. Secondly, it analyses the UK’s efforts to tackle corporate financial crime and then compares them with the USA. The USA presents an interesting case study for this article due to its robust and aggressive stances towards tackling financial crime and also because it is one of the largest financial markets. Similarly, the UK has adopted a strong stance towards tackling financial crime and is also regarded as one of the most important global financial centres. Therefore, by comparing the two contrasting approaches towards corporate financial crime, it is hoped that the best practices from each country could be adopted. The first section of the article concentrates on the judicial response towards corporate financial crime in the USA and it then moves onto highlight and critique the decision of the US Department of Justice (DoJ) to alter its enforcement policy by moving away from indicting corporations to using deferred prosecution agreements (DPAs). Here, the continued use of DPAs is questioned because they have had a limited impact on the future conduct of corporations who are persistent reoffenders. The article sets out a wide range of arguments for why DPAs should not be the enforcement weapon of choice for the DoJ. The final part of this section critiques the ability of law enforcement and financial regulatory agencies to impose financial penalties and bring civil actions for a wide range of financial crimes under the Financial Institutions Reform, Recovery and Enforcement Act 1989. The second part of the article concentrates on the UK and concisely assesses the doctrine of corporate criminal liability, thus identifying the contrasting judicial approaches with the USA. The next section discusses the use of DPAs for breaches of the Bribery Act 2010 by the Serious Fraud Office. The section advocates that in the UK, DPAs must be utilised for a broader range of financial crime offences, thus drawing on the US model. The penultimate segment of the article identifies and comments on several alternative enforcement measures which could be used to counteract the limitations of the doctrine of corporate criminal responsibility in financial crime cases. This distinctively includes the Financial Conduct Authority’s Senior Managers and Certification Regime, its ability to impose financial penalties and to revoke the authorisation of a regulated corporation. The article concludes by making a number of recommendations and suggested reforms, thus further developing the scope of this research.

scholarly journals To What Extent did Monetary Policy Contribute Towards the Recent Financial Crisis and Subsequent Recession in the US and UK?

2019 ◽  
Vol 3 (2) ◽  
pp. 9
Author(s):  
Tao Hu ◽  
Ceri Davies
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Interest Rates ◽  
Taylor Rule ◽  
Economic Fundamentals ◽  
Nominal Interest Rates ◽  
The Us ◽  
Recent Financial Crisis ◽  
The Uk ◽  
The Relationship

This essay researches the question, “To what extent did monetary policy contribute towards the recent financial crisis and subsequent recession in the US and UK?” This article begins by demonstrating monetary policy’s role in guiding the economy’s development under different economic fundamentals. Then the essay puts forward the existence of possibility that monetary policy may cause potential dangers for the economy. In the next chapter, the essay illustrates the guideline for monetary policy namely Taylor rule and economists’ arguments and explanations for the US monetary policy in the past decade. In chapter 3, this article estimates the nominal interest rates for both the US and the UK based on Taylor rule for different periods and illustrates influences of monetary policy actually taken for each country in different periods. In chapter 4, the article tests the relationship between monetary policy’s deviations from Taylor rule and financial imbalances by using the OLS method and explains results. Finally, in chapter 5, the article concludes that in some degree monetary policy’s deviations from Taylor rule prescriptions contribute to a build-up of financial imbalances.

scholarly journals Does the African Growth and Opportunity Act (AGOA) impact EU-15 imports from Africa?

2020 ◽  
Vol 47 (5) ◽  
pp. 1155-1180
Author(s):  
Aruneema Mahabir ◽  
Jingwen Fan ◽  
Robert Mullings
Keyword(s):  
Gravity Model ◽  
Free Access ◽  
Percentage Increase ◽  
Content Type ◽  
Wide Range ◽  
The Us ◽  
The Usa ◽  
Special Rule ◽  
Displacement Effects ◽  
The Eu

PurposeAt the heart of the African Growth and Opportunity Act (AGOA) are substantial trade preferences, which coupled with the Generalised System of Preferences (GSP) grant a wide range of goods produced in qualified African countries duty-free access to the USA. To be AGOA-eligible, countries are assessed annually on their progress in undertaking appropriate economic, institutional and human rights reforms. This paper seeks to cover new grounds by exploring whether exports of apparel to US crowds out EU-15's imports from Africa.Design/methodology/approachThis paper employs the gravity model to gauge trade displacement effects from the EU to the US due to AGOA, and whether the more relaxed special waiver embodied in AGOA's apparel provision causes non-knitted exports to EU-15 to be crowded out. The basic gravity model, which posits that trade between two countries is positively influenced by the economic size and negatively affected by the distance between them, is augmented with other trade inhibiting and trade facilitating variables.FindingsThe gravity model provides no evidence of trade displacement but, instead, provides support for the hypothesis of complementarity of African exports to the two key markets. A strong positive impact of the bilateral trade between the US and Africa on the EU–African trade is evident mainly before the phasing out of the Agreement on Textiles and Clothing (ATC). This paper finds that Special Rule beneficiaries' exports to the two markets still complement each other, but for every percentage increase in exports to the USA, there is a less than proportionate increase in exports to EU-15 indicating a higher utilisation of the special waiver. This paper also provides evidence for complementary apparel exports to both LDCs (least developing countries) and non-LDCs, with stronger effects on non-LDCs and the non-knitted sector.Research limitations/implicationsFuture work could consider the longer lifespan of AGOA following its latest renewal in 2015. This would allow one to also capture the ongoing changes in EU trade arrangements in particular implementation of Economic Partnership Agreements (EPAs). This new agreement comes with more flexible rules of origin requiring single transformation step instead of the double step. As most African nations are still in the process of adopting EPAs, new research can shed more light on complementary or displacement effects once these agreements are adopted.Originality/valueSince the main intent of AGOA is to enhance Africa's integration into the global economy by encouraging trade and investment, generate employment and increase productivity and per capita income growth, its impact on Special Rule beneficiaries' exports to the US has been extensively examined. However, the indirect effects of this trade agreement on African exports to other key markets providing similar preferences such as the EU has not been fully explored. This study also covers new grounds by examining whether there has been any apparel trade displacement from the EU to the US, as a result of the Act, over 2001–2016 period right from AGOA's inception.

A review of policy, practices, and players governing and involved in the United States vaccine and immunization enterprise

2017 ◽  
Vol 22 (3) ◽  
pp. 138-151
Author(s):  
Angela K. Shen ◽  
Alice Y. Tsai ◽  
Guthrie S. Birkhead
Keyword(s):  
Public Health ◽  
Decision Making ◽  
Vaccine Development ◽  
The United States ◽  
Federal State ◽  
Content Type ◽  
Wide Range ◽  
The Us ◽  
The Usa ◽  
State And Local

Purpose The purpose of this paper is to outline the organization and governance of the US vaccine and immunization enterprise. It describes the major components of the US system including the various relationships between major federal government entities, stakeholders, and advisory committees that inform government policymaking at various points in the system. Design/methodology/approach The authors describe the complex interdependent network of partners that engage in a wide range of activities such as disease surveillance, research, vaccine development, regulatory licensure, practice recommendations, financing, service delivery, communications, and post-licensure monitoring. Findings The US system of governance is highly participatory and focuses on a transparent and open engagement, with input from a wide range of partners to inform decision-making. This collaborative framework allows many inputs to be heard and helps support the US vaccine and immunization system as it evolves to meet the continued public health needs in the USA through the optimal use of safe and effective vaccines. Originality/value This is an invited article on the US vaccine and immunization enterprise. The development and availability of vaccines in the USA has had profound impact on mortality and morbidity and public health (Centers for Disease Control and Prevention, 2011). The success of this enterprise is a result of a blended public and private sector system with partnerships at the federal, state, and local levels of government to optimize the use of safe and effective vaccines. Governance structures have been established to support the interaction and decision-making among the federal and non-federal actors toward the common goal of controlling and preventing infectious diseases.

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