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The article investigates the features of private property as a legal paradigm that has been overlapped in an economic one, to which the normative formulations and legal dogmatics of property are functional. The evolution of the systems of ideas about private property is reviewed towards the construction of a private property canon that expresses the best possible version of property. From this, the article seeks to show an economic logic that has been fundamental for the construction of a legal canon, as the only possible way of approximating the relationships between people and the goods. That canon can be contested, based on technological developments and the new forms of transaction that they allow, which question the validity of private property as the only form of use of goods., El artículo indaga en los rasgos de la propiedad privada en tanto paradigma jurídico superpuesto a uno de orden económico, al que son funcionales las formulaciones normativas y la dogmática jurídica de la propiedad. Se repasa la evolución de los sistemas de ideas acerca de la propiedad privada hacia la construcción de un canon propietario privatista, que expresa la mejor versión posible de la propiedad. A partir de ello se busca develar una lógica económica que ha resultado fundamental para la construcción de un canon jurídico, en tanto única forma posible de apro­ximación a las relaciones entre las personas y los bienes. Dicho canon puede ser interpelado a partir de los desarrollos tecnológicos y las nuevas formas de transacción que estos permiten, que cuestionan la validez de lo propiedad privada como forma única de aprovechamiento de bienes.

The European Commission has developed a series of regulatory measures to introduce alternative energy technologies, including a binding target for a specified share of biofuel in petrol and diesel, in European Union (EU) member states. The instruments to achieve this goal include taxation, subsidies and legal restraints. Biofuel suffers from the problem of being uncompetitive, and the intervention addresses the price gap between conventional fuel and biofuel. The enthusiasm for biofuel is particularly high in peripheral regions such as the northern provinces of Sweden and Finland. Expectations include renewed economic growth and employment opportunities. However, when studying the economic impact of the biofuel regulatory framework with the help of the concept of property economics, it becomes clear that the framework generates investment in biofuel production due to distorted price signals and expected profits. From the perspective of property economics, the biofuel framework challenges property rights as it requires people’s appropriated means to be put into the effort of biofuel production. The artificial change of investment conditions may lead to the formation of an investment bubble. This distorts the interweaving structure of capital goods, which contributes to the manufacturing of biofuel, including machinery and wood products. As bubbles are bound to burst, people in the affected territories may be left with a lower living standard and greater exposure to the consequences. Therefore, the biofuel regulatory framework leads to unsustainable conditions. JEL Classification: O10, O20

Overview of negligence from the valuer’s perspective - Consideration of defences - Impact of lender conduct - Insurance obligations and impact for the valuer

Syfte: Studien syftar till att visa hur och varför volymen börsnoteringar av fastighetsbolag varierat över tid och hur denna volym har påverkats av det ekonomiska klimatet. Metod: Studien baseras på en kvantitativ metod. Multipel regressionsanalys tillämpas där makroekonomiska faktorers förklaringsvärde för volymen börsintroduktioner av fastighetsbolag undersöks. Teoretisk referensram: Det teoretiska ramverk som används i denna studie har sin primära utgångspunkt i tidigare forskning gjorda på börsnoteringar. Vidare har The Fisher Di Pasquale Wheaton model använts för att få en djupare förståelse för fastighetsbranschens mekanismer. Kopplingen till aktiemarknaden har sitt ursprung i Den effektiva marknadshypotesen tillsammans med The capital demand hypothesis. Resultat: Denna studie finner ett negativt samband mellan antalet introduktioner av fastighetsbolag samt det aktuella ränte- och konjunkturläget. Aktieprisutvecklingen bland fastighetsbolag och volatilitet på fastighetsaktiemarknaden har båda ett positivt samband med antalet introduktioner av fastighetsbolag. Denna studie finner inget samband mellan antalet introduktioner av fastighetsbolag och inflationsnivå. Objective: This thesis aims to gain a deeper understanding of IPO activity by real estate firms, and why its volume varies over time. The objective is also to obtain the impacts of macroeconomic factors on the volumes of initial public offerings. Method: This study uses a quantitative method were macroeconomic factors will be used as predictors in a multiple regression analysis. Further, IPO volumes of real estate firms will be considered as the constant. Theorethical references: The basic theories that are used in this thesis are Efficient Market Hypothesis, the FDW-model, and The Capital Demand Hypothesis. Previous thesis that covers IPOs are considered as the fundmental basis of this study. Results: The results shows a negative correlation between the IPO volumes of real estate firms, and the interest rate, as well as the economic cycle. Hence, this study finds a positive correlation between stock prices and the volatility at the stock market. The results don’t find any significant correlation between IPO volumes and the inflation rate.

Syfte: Studien syftar till att visa hur och varför volymen börsnoteringar av fastighetsbolag varierat över tid och hur denna volym har påverkats av det ekonomiska klimatet. Metod: Studien baseras på en kvantitativ metod. Multipel regressionsanalys tillämpas där makroekonomiska faktorers förklaringsvärde för volymen börsintroduktioner av fastighetsbolag undersöks. Teoretisk referensram: Det teoretiska ramverk som används i denna studie har sin primära utgångspunkt i tidigare forskning gjorda på börsnoteringar. Vidare har The Fisher Di Pasquale Wheaton model använts för att få en djupare förståelse för fastighetsbranschens mekanismer. Kopplingen till aktiemarknaden har sitt ursprung i Den effektiva marknadshypotesen tillsammans med The capital demand hypothesis. Resultat: Denna studie finner ett negativt samband mellan antalet introduktioner av fastighetsbolag samt det aktuella ränte- och konjunkturläget. Aktieprisutvecklingen bland fastighetsbolag och volatilitet på fastighetsaktiemarknaden har båda ett positivt samband med antalet introduktioner av fastighetsbolag. Denna studie finner inget samband mellan antalet introduktioner av fastighetsbolag och inflationsnivå. Objective: This thesis aims to gain a deeper understanding of IPO activity by real estate firms, and why its volume varies over time. The objective is also to obtain the impacts of macroeconomic factors on the volumes of initial public offerings. Method: This study uses a quantitative method were macroeconomic factors will be used as predictors in a multiple regression analysis. Further, IPO volumes of real estate firms will be considered as the constant. Theorethical references: The basic theories that are used in this thesis are Efficient Market Hypothesis, the FDW-model, and The Capital Demand Hypothesis. Previous thesis that covers IPOs are considered as the fundmental basis of this study. Results: The results shows a negative correlation between the IPO volumes of real estate firms, and the interest rate, as well as the economic cycle. Hence, this study finds a positive correlation between stock prices and the volatility at the stock market. The results don’t find any significant correlation between IPO volumes and the inflation rate.

This paper assesses the different models, in conjunction with the different theories surrounding the distinction and interdependencies between space- and capital markets. First, the theory of space- and capital markets is discussed with reference to two models, the FDW and the REEFM models. The FDW model provides a diagrammatic explanation of the behaviour of the property market, while the REEFM is an econometric model based on statistical principles that are able to forecast property-market behaviour by interpreting specific given variables. The REEFM model as the perceived more sophisticated model, untested in South Africa, was then analysed to test its applicability in the South African context. The findings confirmed the applicability of the model, although one part is not confirmed and is suggested for further research.

Recently, the U. S. subprime crisis has shown that a weak collateralization of credits may have massive economic implications, entailing severe perturbations of the international financial system. We focus on central bank lending and try to pin down the quantitative impact of the collateralization of central banks' credits. A questionnaire on national monetary frameworks was used to collect data from central banks. Drawing on these data we derive an index of the quality of eligible assets measuring the minimum requirements for the issue of money by the respective central bank. We provide data for 62 countries and we show that this index has the potential to affect monetary stability as measured by national inflation rates. The existence of a correlation between inflation and the quality of eligible collateral would strongly support fundamental claims of property economics, an economic theory based on a clear cut distinction between property and possession. Property economics emphasizes the role of collateralized lending in explaining the process of money creation and, more generally, the emergence of any economic activity.

The central banking literature regards central bank independence and a transparent monetary policy as best suited to achieve and safeguard monetary stability. The existing empirical literature, however, failed in establishing a solid ground for this consensus. This paper sheds some new light on the empirical evidence on determinants of monetary stability. In addition, it expands the current research agenda by considering a neglected factor: The quality of eligible collateral (QEC). Recently, the U. S. subprime crisis has shown that a weak collateralization of credits may have massive economic implications, entailing severe perturbations of the international financial system. This paper focuses on central bank lending and investigates to what extent the quality of eligible collateral is able to explain inflation employing the first comprehensive dataset to assess the significance of QEC for monetary stability. Data have been collected using an online questionnaire that was answered by central bank officials. For the period 1990 to 2003 and a sample of 62 countries a robust negative and statistically significant correlation between QEC and average inflation is found. This result is robust to the use of control variables from the literature on institutional determinants of monetary stability. These findings have to be regarded as establishing QEC as one pivotal element of a theory of central banking. Collateralisation of the issuance of money and the elimination of financing the government deficit directly via the central bank can be seen as necessary conditions for achieving monetary stability. Good central bank money should be backed by the liable property of creditors to safeguard monetary stability. This finding can be utilized by policy makers especially in less developed and transition countries on their way towards a more stable economic development.

It is widely acknowledged that a strong relationship exists between environment and human physical condition, with living conditions in particular contributing to the health and well being of particular population groups. More specifically, various research conducted throughout Australia and elsewhere has concluded that there are strong linkages between housing and health. For example, Currie and Carapetis (2000) infer that poor health is directly linked to poor housing and housing infrastructure. People with unmet housing needs tend to be socio-economically disadvantaged, and experience higher death rates, poor health, and are more likely to have serious chronic illnesses . Evidence suggests strong linkages between poor housing and infrastructure, and subsequent impact on health. However, whilst much of the research conducted has found statistical associations existing between housing aspects (tenure, dwelling quality and type, home and location) and health outcomes, there has been little investigation into determining how the various aspects relate to one another for particular population groups. Further, commonalities that may exist between both indigenous and non-indigenous communities have implications for improved planning especially in the area of public housing assistance. This paper provides an in depth commentary on the literature and in particular the key health issues related to housing. More importantly, it endeavours to research specifically in an Australian context enabling a comparison and determination of the real drivers and relationships that exist between several groups – the indigenous community, and selected sectors of the non-indigenous population. It will therefore cut across several disciplines including property economics, town planning, engineering and medicine.

The search for determinants of economic development in this work focuses on the institution of property, whose theoretical foundation is provided by the property economics, founded by Gunnar Heinsohn and Otto Steiger. In the frame of property economics it is the interdependence of property rights, justice and freedom which is the driving force economic activity is based on. In contrary to rules of possession, property rights must be understood as the constituent element of economic activity. Property operations like credit and sales contracts between free proprietors, whose enforceability independent legal institutions have to ensure, make economic operations measurable so that interest and genuine money can arise. The institutional background of a genuine money issue is a modern two-tiered banking system in which one independent central bank and competing commercial banks act as market participants. They have to ensure the ability of money to fulfill contracts on international credit and capital markets. The significant impact of the institution of property for the transformation process is shown by highlighting the case of Slovenia. The Housing Act in particular has created lendable property rights while other property laws resulted in a relatively balanced distribution of property within the Slovenian population. In contrast to other transformation economies selective capital controls hindered foreign direct and portfolio investments. The transformation process in Slovenia shows that not due to a shortage of resources or money countries are underdeveloped. But moreover, without the institution of property a sustainable resource management and a self-sustaining economic development will fail.