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Chen, Haiwei. "International Real Estate Review". International Real Estate Review 20, n.º 2 (30 de junho de 2017): 207–19. http://dx.doi.org/10.53383/100241.
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Both parametric and nonparametric tests show that housing price volatility is lower in states that impose a real estate transfer tax on transaction values than those that impose no such tax in the United States. However, regression analyses show no difference in price volatility between the two tax regimes, after controlling for known economic and demographic factors, such as income, population growth, mortgage rates, property taxes, and jobless rates. Such a conclusion is robust because the fixed effect and the two-way clustering models are used to account for irregularities in the error structures.
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Majewska, Agnieszka. "Real estate derivatives as financial instrument – possibility prospects of usage in Poland". Investment Management and Financial Innovations 17, n.º 3 (18 de setembro de 2020): 148–59. http://dx.doi.org/10.21511/imfi.17(3).2020.12.
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The article refers to the theoretical framework of the possibility of using real estate derivatives in the Polish financial market. Although the Polish property market is well developed, and Poland is the leader in the Central and Eastern Europe region, there is a gap in the use of financial instruments concerning the property market. Given the lack of a property derivatives market in Poland, conditions and opportunities for this market development are presented. The experience of the United Kingdom and the United States in this field shows that one of the most important aspects is stable and a well-functioning financial market. Therefore, the macroeconomic data and the data of the Polish financial market are examined.The analysis carried out indicates sufficient conditions and opportunities for the development of real estate derivatives in Poland. The macroeconomic data and data from the capital market have shown the economic environment’s stability and balance. One of the limitations is the existence of a clear and respectable index used as an underlying asset in derivatives on the Polish market. Only WIG real estate index is listed on the Polish Exchange. Although there are sufficient conditions for introducing the real estate derivatives in Poland, the success of all financial innovations depends on the willingness of potential users to use them.
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Zhao, Qinna, Robert A. Simons e Zhong Fen. "International Real Estate Review". International Real Estate Review 19, n.º 4 (31 de dezembro de 2016): 515–46. http://dx.doi.org/10.53383/100231.
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Incineration plants and derelict industrial sites can have a number of adverse effects on the local environment and social welfare, including the diminution of property values. Although there are many incineration plants in China, there has been relatively little research done to quantify their negative externality effects. This study therefore considers the effects of three municipal incineration plants in Hangzhou city on residential property values. Hedonic pricing modeling of 2,200 residential transactions in over 70 multifamily buildings within ten kilometers of the incineration plants over a one year period including 2014 and 2015 is carried out. Generally, the results show that the neighboring properties show decreases in the initial listing price of up to 25%, declining until the effect is gone about three kilometers from the incinerator. The most consistent losses are approximately 10% between 1-2 kilometers from the nearest incinerator. These results are comparable to similar situations in the United States and Canada.
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Simons, Robert A., Jesse Saginor, Aly H. Karam e Hlengani Baloyi. "International Real Estate Review". International Real Estate Review 11, n.º 2 (31 de dezembro de 2008): 75–104. http://dx.doi.org/10.53383/100098.
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This study reports the results of a contingent valuation (CV) survey that was carried out in Johannesburg, South Africa. Students at Wits University conducted more than 300 face-to-face interviews with Africans living and/or working in Soweto, an African township located on the outskirts of Johannesburg, and nearby areas. The questions they asked were designed to determine the perceptions of risk regarding airborne mine dust and radon, a naturally occurring gas, and the effect that these perceptions had on the valuation of residential properties impacted by these substances. A probit model was used to evaluate the determinants of bidder behavior, using respondent demographics and other characteristics as independent variables. Residential property discounts for potentially contaminated housing sites by marginal bidders at the top of the market varied from -24% to -50%. Research issues in developing countries were addressed. Contingent valuation results in South Africa were compared to published results in the United States.
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Larsen, James E. "International Real Estate Review". International Real Estate Review 18, n.º 3 (30 de setembro de 2015): 317–29. http://dx.doi.org/10.53383/100204.
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A previous study led its authors to conclude that superstition impacts price formation for single-family dwellings in the Vancouver area. Houses there with an address that ends in the "unlucky¨ number 13 are found to sell at a discount compared to otherwise similar houses. The primary objective of this study is to determine whether the previous results apply in another North American housing market. Hedonic regression is applied to single-family house transactions that occurred in Montgomery County, Ohio, to determine if houses with an address of 13 sold for different prices than houses that comprise the remainder of the sample. The same test is then conducted for houses with an address other than 13. No mispricing associated with the number 13 is discovered, but seven other addresses are found to be significantly related to price. As all but one of the significant house numbers identified in this study are not reputed to be particularly lucky or unlucky, we conclude that the price effects discovered are attributable to coincidence. The results of this first study to investigate the possibility of mispricing due to superstition about the number 13 in a residential property market in the United States are consistent with rational market behavior.
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Aronow, Mary Ellen, Clark S. Binkley e Courtland L. Washburn. "Explaining Timberland Values in the United States". Journal of Forestry 102, n.º 8 (1 de dezembro de 2004): 14–18. http://dx.doi.org/10.1093/jof/102.8.14.
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Abstract The financial fortunes of timberland investors ultimately depend on conditions in markets for timberland properties. The behavior of timberland markets, however, is not well understood. In this article, we use data from the National Council of Real Estate Investment Fiduciaries (NCREIF) Timberland Property Index to develop historical series of timberland property values in the US South and US Pacific Northwest. We then use these historical series to examine the influence of operating revenues and interest rates on timberland values in each region. The former is influential, while the latter is not.
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Sexton, Terri A. "Property Tax Expenditures: Classified Property Tax Systems". Public Finance and Management 14, n.º 2 (junho de 2014): 221–44. http://dx.doi.org/10.1177/152397211401400206.
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This paper focuses on the tax expenditures arising from property tax policies that apply different (non-zero) assessment ratios or tax rates to real property with the primary objective of redistributing the tax burden by taxing different classes of real property at different effective rates. In addition to reducing the property tax burden on favored classes of property, such classified property tax systems can result in reduced tax revenues. An overview of the various property tax classification systems used in the United States is provided along with tax expenditure estimates reported by several states. In a case study of local governments in Tennessee we provide estimates of two different measures of tax expenditures: The revenue lost to counties and municipalities resulting from a switch from a uniform to a classified property tax, and the shift in tax burden that results from a revenue-neutral switch from uniform to classified assessment.
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Collins, William J., e Katharine L. Shester. "Slum Clearance and Urban Renewal in the United States". American Economic Journal: Applied Economics 5, n.º 1 (1 de janeiro de 2013): 239–73. http://dx.doi.org/10.1257/app.5.1.239.
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We study the local effects of a federal program that helped cities clear areas for redevelopment, rehabilitate structures, complete city plans, and enforce building codes. We use an instrumental variable strategy to estimate the program's effects on city-level measures of income, property values, employment and poverty rates, and population. The estimated effects on income, property values, and population are positive and economically significant. They are not driven by changes in demographic composition. Estimated effects on poverty reduction and employment are positive but imprecise. The results are consistent with a model in which local productivity is enhanced. (JEL I32, N32, N92, R23, R38, R58)
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Rosato, Paolo, Raul Berto e Chiara D'Alpaos. "Risk and returns in real estate development projects at the black swan test [Rendimento e rischio d’investimento immobiliare alla prova del cigno nero]". Valori e Valutazioni 31 (fevereiro de 2023): 15–31. http://dx.doi.org/10.48264/vvsiev-20223103.
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The real estate market is affected by great uncertainty due to the nexus of various factors: a) the specificity of the assets traded, which are illiquid, unique and very hetherogeneous from each other; b) the ‘structural disequilibrium’ of the market caused by the differences emerging in elasticity of supply with respect to demand; c) the non-competitiveness of the market, which often turns into a bilateral monopoly; d) the great variability of market prices. Since the subprime mortgage crisis that broke out at the end of 2006 in the United States, it has clearly emerged that, in a sector that represents about a third of world wealth, it is necessary, on the one hand, to implement proper and increasingly sophisticated valuation tools, to support the design of effective risk management strategies and, on the other hand, to improve the reliability of real estate data, in order to allow for a more robust verification of the hypotheses on the trend of the cash flows generated by the investment and a more accurate valuation of the investment risk and, consequently, of the project expected rate of return. The main objective of this work is to investigate the accuracy and robustness of the estimates of real estate investors of the expected returns on an urban development project in a medium-sized city representative of the North East of Italy. Using a simulation-based approach, the gap between the observed internal rate of return, estimated ex post on the basis of the actual trend of the parameters that influence investment returns, and the expected internal rate of return, calculated ex ante on the basis of the information available at the time of the investment decision. Firstly, we constructed the time series from 1995 to 2015 of the expected and observed internal rates of return of investments in the residential sector. We obtained the time series of the cash flows generated by the investment under investigation by implementing a simulation-based approach. Starting from the comparison between observed internal rate of return and expected internal rates of return, we identified ex post the risk implicitly assumed by the investor at the time of the decision to undertake the investment. Secondly, the effectiveness of the Capital Asset Pricing Model as a method for estimating the return on a property investment was verified, by comparing the project’s observed (ex post) internal rate of return with its ex ante rate of return, estimated through the Capital Asset Pricing Model. To carry out the above analyses, we constructed the time series of observed and expected internal rate of returns from 1995 to 2015 of investments in the residential sector. The time series of the internal rate of returns of real estate investments were obtained by implementing a simulation-based approach to determine the cash flows of real estate investments representative of the context under investigation and by adopting as model inputs the parameters usually adopted in ex-ante and ex-post real estate valuations. Starting from the comparison between observed and expected internal rate of returns, we identified ex-post the risk implicitly assumed by the developer at the time of the decision to undertake the investment. Finally, by investigating the determinants of the divergence between the investment’s observed and expected internal rate of return and cyclical variables, we identified the factors (i.e., the macroeconomic fundaments) which, in the period under investigation, affected investment risk and, consequently, investment return. Finally, by investigating the relationships that account for the difference between the observed and expected internal rate of return and the economic factors that can determine the current stage in economic cycles, we identified the determinants of invetment risk and returns. Il mercato immobiliare è affetto da grande incertezza dovuta a una concatenazione di diversi fattori: a) la specificità dei beni scambiati che sono illiquidi, unici e molto eterogenei tra loro; b) il “disequilibrio strutturale” del mercato causato dalla diversa elasticità del- l’offerta rispetto alla domanda; c) la non concorrenzialità del mercato che, assume spesso le caratteristiche del monopolio bilaterale; d) la grande variabilità dei prezzi di mercato. A partire dalla crisi dei mutui sub- prime scoppiata alla fine del 2006 negli Stati Uniti, è emerso chiaramente come, in un settore che rappresenta circa un terzo della ricchezza mondiale, sia necessario, da un lato, operare con strumenti valutativi adeguati e sempre più sofisticati, in grado di suppor- tare l’individuazione di strategie efficaci di gestione dei rischi e, dall’altro, migliorare l’affidabilità dei dati immobiliari, in modo da consentire una verifica più ro- busta delle ipotesi sull’andamento dei flussi di cassa generati e una stima più accurata del rischio e, conseguentemente, del tasso di rendimento atteso. Obiettivo principale del presente lavoro è di investigare l’accuratezza delle previsioni effettuate da un ipotetico operatore immobiliare sul rendimento di un investi- mento a sviluppo in una città di medie dimensioni rap- presentativa della provincia dell’Italia settentrionale. Attraverso un approccio basato sulla simulazione, è stato calcolato lo scarto fra il tasso interno di rendimento effettivo, stimato ex post in base all’andamento effettivo dei parametri influenti sul rendimento stesso, e il tasso interno di rendimento atteso, calcolato ex ante sulla base delle informazioni disponibili al mo- mento della decisione d’investimento. In primo luogo, è stata costruita la serie storica dal 1995 al 2015 dei tassi interni di rendimento attesi ed effettivi dell’investi- mento immobiliare residenziale a sviluppo. Le serie storiche sono state ottenute mediante la simulazione dei flussi di cassa di investimenti immobiliari rappresentativi della realtà indagata. A partire dal confronto fra tassi interni di rendimento effettivi e tassi interni di rendimento attesi è stato individuato, ex post, il rischio assunto implicitamente dall’investitore al momento della decisione di intraprendere l’investimento stesso. In secondo luogo, è stata verificata la bontà del Capital Asset Pricing Model come metodo di stima del rendi- mento di un investimento immobiliare a sviluppo, confrontando il tasso interno di rendimento effettivo e il tasso di rendimento ex ante stimato attraverso il Capi- tal Asset Pricing Model stesso. Infine, indagando sulle relazioni che intercorrono fra lo scarto fra tasso di rendimento interno effettivo e atteso e le variabili congiunturali, sono stati individuati i fattori che, nel periodo considerato, hanno maggiormente influito sul rischio al quale si è esposto l’investitore al momento di investire.
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KONDRATEV, Vladimir. "Deindustrialization Issues in the United States". Perspectives and prospects. E-journal, n.º 3 (2019): 130–47. http://dx.doi.org/10.32726/2411-3417-2019-3-130-147.
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According to conventional wisdom accepted at the end of the 20th century, the United States had to move to a "post-industrial" economy, transfer production offshore and concentrate on research, software and finance. However, over time, real national costs of that strategy have become obvious. Not only has the U.S. manufacturing sector lost 5 million jobs in 20 years. Its persistent pattern of weakness is indicated by weak productivity growth, production increases in just a few industries, decreasing numbers of small and medium-sized enterprises, shortages of skilled personnel, expanding trade deficits in advanced technologies and increased risks for defense sector.
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Mutti, John. "Intellectual Property Protection in the United States under Section 337". World Economy 16, n.º 3 (maio de 1993): 339–57. http://dx.doi.org/10.1111/j.1467-9701.1993.tb00171.x.
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Du, Wenjie, Huiling Zhao, Futong Zhu, Juxian Liu, Wenfei Zhou e Yifei Li. "Optimizing Site Selection Under Extreme Weather Conditions Based on Multi-Layered Raster Overlay Technology". Highlights in Science, Engineering and Technology 101 (20 de maio de 2024): 283–91. http://dx.doi.org/10.54097/he5bxb81.
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With the increasing likelihood of more severe weather and natural disasters due to climate change, extreme weather events are becoming a crisis for property owners and insurance companies. The Resilient Property Assessment Model (RPE) is established based on geostatistical kriging techniques to evaluate property locations under extreme weather conditions in the United States, aiding decision-making for real estate and insurance industries. Initially, discrete meteorological data is extrapolated into continuous fields, forming the optimization model. Subsequently, it integrates GIS’s multi-layered raster overlay technology to precisely identify prime areas for property development and insurance coverage through comprehensive assessments of 13 natural and social factors. Findings reveal that 8 states possess high-quality insurance markets, primarily concentrated in the eastern and central border regions of the United States. Additionally, leveraging existing data, it investigates the spatial dynamics of North Atlantic tropical cyclones, tracking them to enhance regional insurance strategies, further affirming the reliability of the RPE model. This paper aims to provide corresponding recommendations for local real estate site selection and insurance model adjustments through the RPE model, to better cope with the crisis of frequent extreme weather events.
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Brzeski, Jan, Austin Jaffe e Stellan Lundström. "Institutional Real Estate Investment Practices: Swedish and United States Experiences". Journal of Real Estate Research 8, n.º 3 (1 de janeiro de 1993): 293–323. http://dx.doi.org/10.1080/10835547.1993.12090714.
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Einhorn, Robin L. "SPECIES OF PROPERTY: THE AMERICAN PROPERTY-TAX UNIFORMITY CLAUSES RECONSIDERED". Journal of Economic History 61, n.º 4 (dezembro de 2001): 974–1008. http://dx.doi.org/10.1017/s002205070104205x.
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Economic historians have traced the origin of the uniform property tax in the United States to the insertion of uniformity clauses into state constitutions in the Northwest and to efforts to tax commercial wealth. This article shows that the tax was created by legislation in the Northeast and that the first constitutional clauses were adopted in the South to protect slaveholders. It is time for historians of the U.S. political economy to abandon the dated paradigms of the “progressive history” tradition.
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Lădaru, Georgiana Raluca, Carol Cristina Gombos, Carmen Spiridon e Victor Adrian Troaca. "Analysis of real estate market in United Kingdom". Proceedings of the International Conference on Business Excellence 16, n.º 1 (1 de agosto de 2022): 336–45. http://dx.doi.org/10.2478/picbe-2022-0033.
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Abstract Most people make very few real estate transactions on life transactions, and these, in addition to the fact that the most important financial transaction in which they are involved, also have a high degree of complexity from a legal and financial point of view. This finding is valid in all countries with market-based economic systems, regardless of their degree of development. The three elements that are common to real estate transactions in these states are: meeting demand with supply, transfer of property rights, and mortgage financing. Over time, each of these elements has been in the attention of the world’s competition authorities in general and the Competition Council in particular. Activity in the UK real estate market has always been at European economic events, and its action is very important, manifesting itself both as an international trigger - a conclusive example would be the “subprime” residential crisis in the United States. and an important transmission mechanism to the real economy, which affects the transactions carried out, influencing mortgages, etc. or the effective application of competition rules. However, these measures require the construction of a consistent argument that address both the causes of these anti - competitive restrictions and their effects on consumers. It is also necessary to quantify the possible effects that they can have reforms in this area, as well as a comparison of the results obtained with empirical evidence from the states in which these reforms were undertaken.
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Mah, Gisele. "The governance of federal debt in the United States of America". Risk Governance and Control: Financial Markets and Institutions 7, n.º 1 (2017): 91–98. http://dx.doi.org/10.22495/rgcv7i1art12.
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The United State of America has been experiencing high debt to GDP ratio of more than 100% and these Public debts are detrimental. The main purpose of this study was to examine the shocks of the variables on others in the USA economy by using quarterly data. The variance decomposition and the Generalised Impulse Response Function techniques were employed to analyse the data. The result revealed that high variation of shocks in real federal debt is explained by their own innovations in the short run, by CPI followed by real federal debt its self. In the long run, this leads to CPI and real government spending. The GIRF reveals that in the short run, real federal debt responds negatively to shocks from CPI, real federal interest payment and real federal government tax receipts and positively to real federal debt and real government spending. In medium term, only real federal government tax receipts are negative while the others are positive. In the long run, the response are all positive to shock from the independent variables. The results lead to the recommendation that the US government should focus on real federal debt in the short run. In the medium term, US government should focus on increasing real government spending and reducing only real federal government tax receipts. In the long run the target should real be federal debt, CPI, real federal interest payment, real government spending and real federal government tax receipts.
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Almudhaf, Fahad, e J. Andrew Hansz. "International Real Estate Review". International Real Estate Review 14, n.º 1 (30 de abril de 2011): 61–84. http://dx.doi.org/10.53383/100134.
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This study investigates systematic monthly return regularities in the listed equity returns of twelve European property companies.? Significant monthly effects exist in all sampled countries with Germany as the single exception. Furthermore, the findings provide evidence of abnormally high December returns, or a December effect, in four international indices (FTSE EPRA/NAREIT international Europe, Euro-zone, Global, and North America) and five European countries (Finland, France, Netherlands, Norway, and the United Kingdom). With the exception of Switzerland, the well-documented January effect is absent from all European property company equity returns.
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Wei, Xuzhe. "Problems in the US, UK and Hong Kong Property Markets Under the Impact of COVID-19". BCP Business & Management 34 (14 de dezembro de 2022): 1145–50. http://dx.doi.org/10.54691/bcpbm.v34i.3152.
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Contemporarily, the COVID-19 has negative affected various field globally including property markets. On this basis, this paper discusses the existing real estate problems in some countries and some new problems caused by the COVID-19 epidemic, as well as the causes of these problems. Subsequently, implementations and policies that the governments of these countries proposed to address issues are discussed. To be specific, this paper focuses on the distance and analysis of three countries or regions, namely the United Kingdom, the United States and Hong Kong. According to the analysis, the United Kingdom mainly focused on immigration under the pandemic; the United States focused on analyzing different problems in real estate markets caused by the epidemic among cities with different functions; while Hong Kong, China focused on analyzing the problems and causes of low human settlement wages and low per capita land occupation area. These results shed light on guiding further exploration of policy implementation under risk conditions.
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Pivo, Gary, e Paul McNamara. "International Real Estate Review". International Real Estate Review 8, n.º 1 (30 de junho de 2005): 128–43. http://dx.doi.org/10.53383/100064.
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This paper was written for the principles for responsible investment project of the United Nations Environment Programme Finance Initiative (UNEP FI). The UNEP FI is a global partnership between UNEP and the financial sector to understand the impacts of environmental and social considerations on financial performance. As recommended in this paper, the UNEP FI is organizing a Property Working Group (PWG) to further examine the issues discussed here. Information about the PWG can be obtained from the authors. Responsible property investing (RPI) means maximizing the positive and minimizing the negative social and environmental effects of property investing, consistent with fiduciary responsibilities. Our understanding of these issues has progressed a good deal over the decades due to work by the United Nations and others. Property markets are inextricably linked to urban problems and better management of both new and existing properties is needed to resolve them. The perception that RPI necessarily dilutes investment returns should be challenged. There is mounting evidence that RPI can be financially sound and socially beneficial. Leaders have emerged that are demonstrating its feasibility. Their activity should be considered as a basis for best practice guidelines. There is a need to develop metrics for comparing progress on RPI. We recommend: 1) establishing an RPI working group, 2) summarizing prior reports on urban issues, 3) identifying investment strategies that are profitable and responsive to the issues, 4) clarifying the financial effects of different responses and improving our means of measuring them, 5) identifying best practices, 6) adopting a rating system, 7) supporting RPI investment funds, and 8) recognizing leaders in the field.
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Ross, Justin M. "Local Government Property Tax Amnesty Programs: Structures and Themes". Public Finance and Management 12, n.º 2 (junho de 2012): 146–73. http://dx.doi.org/10.1177/152397211201200203.
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While the use of tax amnesty programs has been commonplace for decades among sub-national governments in the United States, historically these offers have not been extended to delinquent real property taxes. There have been 29 property tax amnesties offered by local governments in seven states, however, and most of these programs have appeared in just the last 10 years. This paper presents data on these programs, and then provides a narrative analysis of these cases by drawing upon archival data from press releases, media reports, comprehensive annual financial reports, city council minutes, and policy memos. Several themes emerge from this study revealing the role of real property tax amnesty to be more diverse than their state counterparts. The conclusion summarizes these lessons and offers some considerations for policy makers.
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Hino, Miyuki, e Marshall Burke. "The effect of information about climate risk on property values". Proceedings of the National Academy of Sciences 118, n.º 17 (20 de abril de 2021): e2003374118. http://dx.doi.org/10.1073/pnas.2003374118.
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Floods and other climate hazards pose a widespread and growing threat to housing and infrastructure around the world. By reflecting climate risk in prices, markets can discourage excessive development in hazardous areas. However, the extent to which markets price these risks remains poorly understood. Here we measure the effect of information about flood risk contained in regulatory floodplain maps on residential property values in the United States. Using multiple empirical approaches and two decades of sales data covering the universe of homes in the United States, we find little evidence that housing markets fully price information about flood risk in aggregate. However, the price penalty is larger for commercial buyers and in markets where buyers are more risk aware, suggesting that policies to improve risk communication could influence market outcomes. Our findings indicate that houses in flood zones in the United States are currently overvalued by a total of $43.8 billion (95% confidence interval: $32.6 to $55.6 billion) based on the information in publicly available flood hazard maps alone, raising concerns about the stability of real estate markets as climate risks become more salient and severe.
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Ziobrowski, Alan, e Harry McAlum. "The Real Estate Portfolio of the United States House of Representatives". Journal of Real Estate Research 24, n.º 1 (1 de janeiro de 2002): 97–116. http://dx.doi.org/10.1080/10835547.2002.12091088.
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Fabozzi, Frank J., Robert J. Shiller e Radu S. Tunaru. "A 30-Year Perspective on Property Derivatives: What Can Be Done to Tame Property Price Risk?" Journal of Economic Perspectives 34, n.º 4 (1 de novembro de 2020): 121–45. http://dx.doi.org/10.1257/jep.34.4.121.
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The housing sector is the largest spot market in the world without a developed derivative contract to serve the risk management needs of market participants. This paper describes the evolution within a wider economic context of property derivatives in the United States and worldwide. We review various economic arguments presented in the literature to highlight the advantages of these financial instruments to society. The paper also provides a critical perspective on the principal obstacles hindering the development of property derivatives based on real estate prices—especially housing prices—and what can be done to overcome these difficulties. The issues discussed can serve as a guide for designing property derivatives capable of hedging real estate risk that has resurfaced time and time again in financial crises.
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Hummel, Daniel, e Blake Goud. "An esham-ijara structure in the United States?" Journal of Islamic Accounting and Business Research 8, n.º 4 (4 de setembro de 2017): 455–67. http://dx.doi.org/10.1108/jiabr-10-2015-0050.
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Purpose The purpose of this paper is to explore Islamic borrowing at the local level in redevelopment authorities in the USA through an ijara and esham framework. Design/methodology/approach A hypothetical example is approached with a real redevelopment authority in the City of Pompano Beach, Florida. Actual data from past borrowing in a tax increment financing district are compared to an Islamic financing approach to test for competitiveness to a conventional approach. Findings It was found that when incorporating a crowdsourced option along with an ijara and esham approach, the returns on investment are higher than for a conventional approach. The risk is higher, but the returns are also higher which possibly increases the incentive to invest in these options. Research limitations This scenario is only hypothetical and based on many assumptions. A real-world application of the approach would have to be attempted to confidently determine its viability. Practical implications The potential competitiveness of this financing approach as well as its higher sustainability makes this a favorable approach for local redevelopment authorities to implement for needed money for infrastructure projects in blighted areas of the city. It is also of interest to Muslim countries that are devolving authority to their local governments. Originality/value This paper considers an alternative approach to tax increment financing which relies on a revenue sharing arrangement called an esham–ijara and esham–sukuk risk-sharing structure in Islamic financing terminology. There is currently very little discussion of esham in Islamic finance and no discussion of the application of Islamic finance to local economic development enterprises.
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Colwell–Chanthaphonh, Chip, e John Piper. "War and Cultural Property: The 1954 Hague Convention and the Status of U.S. Ratification". International Journal of Cultural Property 10, n.º 2 (janeiro de 2001): 217–45. http://dx.doi.org/10.1017/s0940739101771317.
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In May of 1954, the Convention for the Protection of Cultural Property in the Event of Armed Conflict (Hague Convention) was adopted in an attempt to curb the destruction of movable and immovable cultural property during war. Recent conflicts, such as the continuing war in the Balkans, remind us that the Hague Convention is as relevant today as it was fifty years ago. Although this Convention is the most comprehensive and internationally recognized treaty to protect cultural property in time of war, the United States remains one of the few signatories that has yet to ratify it. In January 1999, former President William J. Clinton forwarded the Hague Convention to the Senate with the recommendation that it ratify the Convention and part of Protocol I. Although this presented perhaps the first real opportunity in nearly half a century for the United States to join one hundred countries and ratify the Hague Convention, its fate remains uncertain. Generally oriented towards the United States' policy and practice, this article broadly discusses the Hague Convention, its history, its weaknesses and strengths, and the current status of U.S. ratification.
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Fullerton, Thomas M., e Adam G. Walke. "Cross-Border Shopping and Employment Patterns in the Southwestern United States". Journal of International Commerce, Economics and Policy 10, n.º 03 (outubro de 2019): 1950015. http://dx.doi.org/10.1142/s1793993319500157.
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Price differentials, among other factors, persuade many residents of Northern Mexico to shop in the Southwestern United States border region. Employment patterns in the latter region are studied using a set of control variables and two indicators that are likely to influence cross-border shopping patterns. The first is a real exchange rate index, which captures changes in relative prices in the United States and Mexico. The second is real per capita gross state product in Mexican states adjacent to the international boundary. Both of these variables are found to impact retail and restaurant employment in the United States border zone, confirming that cross-border shopping influences labor market conditions in that region. Furthermore, the estimated elasticities vary across retail sub-sectors in ways that are generally consistent with prior research. Overall, the results suggest that economic setbacks in Northern Mexico and real peso depreciations are likely to have adverse consequences for important sectors of border economies in the United States.
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Hutchison, Michael M., e Nirvikar Singh. "Equilibrium Real Interest Rate Linkages: The United States and Japan". Journal of the Japanese and International Economies 11, n.º 2 (junho de 1997): 208–27. http://dx.doi.org/10.1006/jjie.1996.0370.
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Lin, Yu-Cheng, Chyi Lin Lee e Graeme Newell. "The added-value role of industrial and logistics REITs in the Pacific Rim region". Journal of Property Investment & Finance 38, n.º 6 (18 de junho de 2020): 597–616. http://dx.doi.org/10.1108/jpif-09-2019-0129.
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PurposeAs significant listed property investment vehicles, industrial and logistics REITs (I&L REITs) have recently enhanced their property portfolios, often replacing the traditional industrial properties with logistic properties to gain strategic exposure to recent e-commerce trends. This paper aims to assess the investment performance of I&L REITs by assessing the significance, risk-adjusted performance and portfolio diversification benefits of I&L REITs in the Pacific Rim region from July 2011 to December 2018. The strategic property investment implications for I&L REITs are also identified.Design/methodology/approachMonthly total returns from July 2011 to December 2018 were used to analyse the risk-adjusted performance and portfolio diversification benefits for I&L REITs in the United States, Japan, Australia and Singapore. An asset allocation diagram was employed to assess the strategic role of I&L REITs in a mixed-asset portfolio in each case.FindingsI&L REITs generally possessed superior average annual returns compared with the other sub-sector REITs, stocks and bonds in the United States, Japan, Australia and Singapore between July 2011 and December 2018, with desirable portfolio diversification benefits. Importantly, a more significant role for I&L REITs was generally observed in the mixed-asset portfolio compared to the other sub-sector REITs in each of these four markets across the broad portfolio risk spectrum. This reflects I&L REITs delivering enhanced portfolio returns and offering portfolio diversification benefits in a mixed-asset portfolio in the United States, Japan, Australia and Singapore.Practical implicationsProperty investors, particularly property securities funds (PSFs) and income-oriented investors, should consider including I&L REITs in their mixed-asset portfolios, as Pacific Rim–based I&L REITs provided an attractive REIT investment sub-sector, co-existing alongside the other sub-sector REITs and major asset classes in a mixed-asset portfolio in a Pacific Rim context, as well as being a portfolio diversifier. These results confirm the added-value and strategic role of I&L REITs in a mixed-asset portfolio, seeing I&L REITs as an effective investment pathway for I&L property exposure in the Pacific Rim region.Originality/valueThis is the first study to assess the investment performance of I&L REITs in the Pacific Rim region, evaluating their significance, risk-adjusted performance and portfolio diversification benefits, and the role of I&L REITs in a mixed-asset portfolio in the United States, Japan, Australia and Singapore. More importantly, this research is the first paper to provide empirical evidence on I&L REITs, which have often transformed their traditional industrial property portfolios with increased levels of logistics property to gain exposure to recent e-commerce trends. This research enables more informed and practical property investment decision-making regarding I&L REITs and their added-value and strategic role in a mixed-asset portfolio, as well as delivering effective I&L property exposure in the Pacific Rim region, with the added benefits of liquidity, transparency and fiscal efficiency.
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TETLOW, ROBERT J., e BRIAN IRONSIDE. "Real-Time Model Uncertainty in the United States: The Fed, 1996?2003". Journal of Money, Credit and Banking 39, n.º 7 (outubro de 2007): 1533–61. http://dx.doi.org/10.1111/j.1538-4616.2007.00078.x.
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Mulaahmetović, Inda. "Quantitative Easing and Macroeconomic Performance in the United States". Journal of Central Banking Theory and Practice 11, n.º 3 (1 de setembro de 2022): 79–98. http://dx.doi.org/10.2478/jcbtp-2022-0024.
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Abstract This scientific paper examines the relationship between macroeconomic variables whose performance is measured under the implementation of Quantitative Easing in the US, by estimating vector autoregression (VAR) and Impulse Response Function with monthly data from US Federal Reserve, observed during the period January 1994-January 2022. Variables include: Consumer Price Index (CPIAUCSL); Industrial Production (INDPRO); Unemployment Rate (UNRATE); Interest Rates, Government Securities, Government Bonds (INTGSBUSM193N); Volatility Index (VIXCLS), Real Broad Effective Exchange Rate (RBUSBIS), Federal Surplus or Deficit (MTSDS133FMS), Money Supply M1 (WM1NS), M2 (WMNS), M3 (MABMM301USM189S). An evidence on macroeconomic variables of Consumer Price Index and Industrial Production when evaluating the effectiveness of QE is provided.
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Khan, B. Zorina. "Married Women's Property Laws and Female Commercial Activity: Evidence from United States Patent Records, 1790–1895". Journal of Economic History 56, n.º 2 (junho de 1996): 356–88. http://dx.doi.org/10.1017/s002205070001648x.
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Nineteenth-century laws granted wives previously withheld rights to their own property and earnings as well as liability for debts and contracts. I use 4,198 women's patents to assess whether these laws encouraged greater female commercial activity. Patentees were motivated by potential profits and were responsive to market incentives. Women's patenting jumped significantly in states with legal reforms and was lowest in states without such laws. Much of the subsequent increase occurred in metropolitan centers where property rights were of greater concern. Thus, by reducing transactions costs and increasing expected benefits, legal reforms arguably stimulated women's investments in patenting and commercial activities.
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Lim, Sang-Bin. "A study on the burden of wealth taxes and relief programs : Focusing on a comparison of Korean and U.S. wealth taxes". KOREAN SOCIETY OF TAX LAW 8, n.º 4 (31 de dezembro de 2023): 111–42. http://dx.doi.org/10.37733/tkjt.2023.8.4.111.
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Korea's wealth tax was divided into property tax and comprehensive real estate tax when the comprehensive real estate tax was introduced in 2005, and since then, it has developed into a complex system with various burden enhancement and relief systems for each tax category. This study examines the dual burden and restriction structure of Korea's wealth tax system and examines how to rationalize the wealth tax burden according to the taxpayer's ability to pay through the example of the United States.
The holding tax system tries to moderate the tax burden by operating the tax burden ceiling, fair market value ratio, tax credit, and overstatement limit for property tax and comprehensive real estate tax, respectively. However, these complex burden mitigation measures do not adequately assess the taxpayer's burden. Property taxes are supposed to optimize the level of tax burden based on physical taxation, but property taxes determine the level of taxation based on human taxation, which is a major departure from the essence of property taxes.
Looking at the case of California in the United States, property taxes are assessed according to the principle of ad valorem taxation, and the burden is determined accordingly, and resident-oriented deductions and property tax payment credits are operated to appropriate the burden on taxpayers.
In order to solve the structural problems of the estate tax, it is necessary to discuss the reorganization of the estate tax system. In order to reduce the tax burden on taxpayers, it is possible to consider introducing a plan to deduct the holding tax burden from income taxation, and it is necessary to discuss in-depth improvements to the taxation system by property tax period. It is also necessary to consider introducing a monthly payment system for property taxes for taxpayers' convenience.
In the future, considering the globalization and aging of our society, it is necessary to discuss how to improve the integrated wealth tax system in order to appropriate the burden level of property taxes and prepare an integrated taxation system that suits the power.
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Zabawa, Robert, John Green e Elizabeth Young Sweeney. "Introduction to the Special Issue on Heirs’ Property". Journal of Rural Social Sciences 38, n.º 01 (1 de dezembro de 2023): 3–9. http://dx.doi.org/10.34068/jrss.38.01.03.
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This essay presents a brief introduction to the special issue of the Journal of Rural Social Sciences focused on heirs’ property. Real property transferred over generations without a proper will or other transfer device, heirs’ property and heirs’ property owners are vulnerable to a range of challenges, from limited productive land use to the actual loss of land. A situation that is national in scope, heirs’ property rates are particularly high in the southern region of the United States and among African Americans. Articles in this special issue address operationalizing and measuring heirs’ property at the county-level, describing the characteristics of people seeking assistance with heirs’ property, and the situation and implications faced in a state with limited protections of families with heirs’ property.
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Bohl, Martin T., Jrg Dpke e Christian Pierdzioch. "Real-Time Forecasting and Political Stock Market Anomalies: Evidence for the United States". Financial Review 43, n.º 3 (agosto de 2008): 323–35. http://dx.doi.org/10.1111/j.1540-6288.2008.00196.x.
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Liu, Yuting, e Enming Zhang. "Housing Supply under Long-term Uncertain Situation: A Counterfactual Framework Based on ARMA Model". BCP Business & Management 38 (2 de março de 2023): 1830–37. http://dx.doi.org/10.54691/bcpbm.v38i.3976.
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The monthly supply of houses is a critical part in housing markets in US. It reflects the condition of economy and conversely exerts an influence to the economy. It is an important number for sellers to have in mind when planning the sale of a property investment and buyer can based on it to make their decision in making purchases. Across the United States, the COVID-19 pandemic has resulted in considerable confirmed cases every month which might influence people’s decisions in changing locations and buying new houses, thus affected the variation of the monthly supply. This paper judges the negative impact of COVID-19 on the real estate industry in the United States by establishing the difference in DF value obtained by ARMA model, discusses the possible reasons for the fluctuation of new house supply in the United States, and puts forward some suggestions on how to deal with the crisis of the real estate industry in similar situations in the future, so as to avoid the economic downturn of real estate enterprises in similar situations and achieve the stability of the housing economy. Data analysis process was conducted by the use of R statistical programming.
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Tsai, I.-Chun, e Che-Chun Lin. "International Real Estate Review". International Real Estate Review 22, n.º 1 (31 de março de 2019): 27–58. http://dx.doi.org/10.53383/100274.
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This paper uses the house price indices of 20 metropolitan statistical areas (MSAs) across the United States from January 1991 to April 2018 to analyze the dynamic connectedness of the housing markets in these MSAs. By estimating the connectedness of the entire sample before, during, and after the subprime mortgage crisis, this paper compares the changes in the impact of each regional housing market in the abovementioned MSAs during the stated time period. The results show that housing markets in west coast MSAs are the most influential, and the spatial distribution of this influence is affected by the subprime mortgage crisis because, compared to other periods, the fewest MSAs have a positive net impact during the crisis period and are found along the coast. The influence of the west coast cities increases after the subprime mortgage crisis compared to that before the crisis, probably because the house prices in these cities recover more quickly. In addition, an increase in connectedness represents more systematic risks and also influences the connectedness of the housing markets with other financial markets. The results of this paper also indicate that if the Federal Reserve uses monetary policies to interfere with the housing market, this might increase the default risks of the entire housing market across the United States, and a financial crisis from the spread of default risks might ensue. By discussing the linkage of the regional housing markets across the United States, we provide another warning indicator for the risks of housing markets, risks linked to other financial markets, and uncertainty risks for the overall economy.
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Ross, Justin M. "A Good Tax: Legal and Policy Issues for the Property Tax in the United States". National Tax Journal 70, n.º 1 (1 de março de 2017): 205–12. http://dx.doi.org/10.17310/ntj.2017.1.09.
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Chun, Gregory H. "International Real Estate Review". International Real Estate Review 1, n.º 1 (30 de junho de 1998): 17–44. http://dx.doi.org/10.53383/100002.
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In this paper we examine the institutional real estate ownership patterns of life insurance companies for 10 countries over the period 1986-96. The countries included are ustralia, Austria, Belgium, France, Italy, the Netherlands, Spain, Sweden, the United Kingdom, and the United States. We find that most institutional investors worldwide have shifted out of real estate assets and into stocks and bonds over the last decade. We then investigate whether this behavior is the result of changing investor perceptions or a shift in stock market apitalization. To test this hypothesis, the paper derives measures of ex ante real estate returns following previous empirical work in finance. The results indicate that only a small proportion of what is driving institutional investors' real estate portfolio decisions is actually explained by changing investor perceptions and lagged unexpected excess returns.
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Kia, Amir. "Demand for Money in the United States: Stability and Forward-Looking Tests". Economies 12, n.º 2 (16 de fevereiro de 2024): 49. http://dx.doi.org/10.3390/economies12020049.
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This study shows that demand for money is a function not only of interest rate, real exchange rate, and personal consumption but also of fiscal variables like deficit, debt, and foreign-financed debt. It is stable over the short and long run. This study also covers the investigation of policy invariance of money demand, an important issue ignored so far in the existing literature on the demand for money in the United States. It was found that the behavior of agents in the money market changes as the real exchange rate, consumption, and interest rate change. Namely, agents in the money market are forward-looking, and their expectations are formed rationally. This also means that even though the parameters of money demand are stable, according to the stability test results, they can be unstable, as agents adapt their behavior based on any change in the exchange rate, consumption, and/or interest rate. In other words, the contemporaneous real exchange and interest rate variables are not superexogenous in demand for M1, and the contemporaneous consumption is not superexogenous in demand for M2.
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Xu, Jingyi, e Siyuan Wu. "The Asymmetric Effect of Government Spending in the United States". Academic Journal of Management and Social Sciences 5, n.º 1 (14 de novembro de 2023): 78–82. http://dx.doi.org/10.54097/ajmss.v5i1.13936.
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In this paper, we test for the presence of asymmetric effects of government spending on output and employment rate using U.S. postwar states panel data. We estimate two “endogenous” asymmetry: (i) whether negative and positive government spending change has different multiplier impact on real output and employment; (ii) whether big or small change has different effects. Our empirical results show there are asymmetric effects in terms of positive and negative government spending, but the asymmetric effect of positive and negative government spending can vary for different dependent variables and there is no significant asymmetric effect on employment. For the asymmetry of big and small government spending, we observe the same asymmetric property for output and employment. In both cases, the differences of the effect of big and small change are non-significant. Our main results are robust to intersection of “endogenous” factors effects, alternative specification (or other additional controls) and longer change interval, but asymmetric effect might differ among different production sectors.
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Ahn, T. K., Loukas Balafoutas, Mongoljin Batsaikhan, Francisco Campos-Ortiz, Louis Putterman e Matthias Sutter. "Securing property rights: A dilemma experiment in Austria, Mexico, Mongolia, South Korea and the United States". Journal of Public Economics 143 (novembro de 2016): 115–24. http://dx.doi.org/10.1016/j.jpubeco.2016.08.015.
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Quincy, Sarah, e Rowena Gray. "Boomtowns: Local Shocks and Inequality in 1920s California". AEA Papers and Proceedings 112 (1 de maio de 2022): 209–13. http://dx.doi.org/10.1257/pandp.20221080.
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As the United States economy grew in the 1920s, both wealth and income inequality rose as well. California land values were especially volatile as a variety of shocks buffeted the state. This paper summarizes how these local booms affected housing inequality by linking archival data on city property values to the full count 1930 census. I first characterize the relationship between the type of shock and city property values during the 1920s. Then I relate these real estate market swings to the occupational and housing distribution within and across cities in 1930.
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Ellis, Luci. "International Real Estate Review". International Real Estate Review 13, n.º 3 (31 de dezembro de 2010): 351–94. http://dx.doi.org/10.53383/100131.
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The crisis enveloping global financial markets since August 2007 was triggered by actual and prospective credit losses on US mortgages. Was the United States just unlucky to have been the first to experience a housing crisis? Or was it inherently more susceptible to one? I examine the limited international evidence available, to ask how the boom- bust cycle in the US housing market differed from elsewhere and what the underlying institutional drivers of these differences were. Compared with other countries, the United States seems to have: built up a larger overhang of excess housing supply; experienced a greater easing in mortgage lending standards; and ended up with a household sector more vulnerable to falling housing prices. Some of these outcomes seem to have been driven by tax, legal and regulatory systems that encouraged households to increase their leverage and permitted lenders to enable that development. Given the institutional background, it may have been that the US housing boom was always more likely to end badly than the booms elsewhere.
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Campello, Murillo, e Erasmo Giambona. "Real Assets and Capital Structure". Journal of Financial and Quantitative Analysis 48, n.º 5 (outubro de 2013): 1333–70. http://dx.doi.org/10.1017/s0022109013000525.
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AbstractWe characterize the relation between asset structure and capital structure by exploiting variation in the salability of corporate assets. To establish this link, we distinguish across different assets in firms’ balance sheets (machinery, land, and buildings) and use an instrumental approach that incorporates market conditions for those assets. We also use a natural experiment driving differential increases in the supply of real estate assets across the United States: The Defense Base Closure and Realignment Act of 1990. Consistent with a supply-side view of capital structure, we find that asset redeployability is a main driver of leverage when credit frictions are high.
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Solomou, Solomos, e Martin Weale. "Unemployment and Real Wages in the Great Depression". National Institute Economic Review 214 (outubro de 2010): R51—R61. http://dx.doi.org/10.1177/0027950110389762.
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This article uses a dataset covering ten advanced economies (Australia, Belgium, Canada, France, Germany, Netherlands, Norway, Sweden, United Kingdom and the United States) to explore the role of real wages as an influence on employment and unemployment in the Great Depression and more generally in the 1920s and 1930s. The distinction between employment and unemployment movements during the Great Depression helps to clarify the role of supply side influences on the national heterogeneity of unemployment increases during the Great Depression. We find little general econometric evidence for the idea that movements in product wages had strong influences on employment either during the period of rising unemployment associated with the depression of the 1930s or more generally with the data which exist for the 1920s and 1930s.
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Kenyon, Daphne, Robert Wassmer, Adam Langley e Bethany Paquin. "The Effects of Property Tax Abatements on School District Property Tax Bases and Rates". Economic Development Quarterly 34, n.º 3 (17 de maio de 2020): 227–41. http://dx.doi.org/10.1177/0891242420921451.
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The authors analyze the effects of property tax abatement on the property tax base and rates of school districts within a municipality offering the abatement using data from Franklin County, Ohio, one of the most populous counties in the United States. An increase in a school district’s Community Reinvestment Area abatement intensity correlates with (a) a decrease in the mill rate for real property, (b) a decrease in effective residential and nonresidential property tax rates, and (c) an increase in total market value of property. While these effects are small, they indicate that a municipality’s decision to abate has generated enough growth in property values, either through improvements to physical property or positive capitalization for existing property values, to offset the negative effects of an abatement. The reason for this may be that the restrictions and oversight used in this abatement program are greater than in most other places.
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Porter, Keith A., James L. Beck, Rustem V. Shaikhutdinov, Siu Kui Au, Kaoru Mizukoshi, Masamitsu Miyamura, Hiroshi Ishida, Takafumi Moroi, Yasu Tsukada e Manabu Masuda. "Effect of Seismic Risk on Lifetime Property Value". Earthquake Spectra 20, n.º 4 (novembro de 2004): 1211–37. http://dx.doi.org/10.1193/1.1810536.
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We examine seismic risk from the commercial real estate investor's viewpoint. We present a methodology to estimate the uncertain net asset value ( NAV) of an investment opportunity considering market risk and seismic risk. For seismic risk, we employ a performance-based earthquake engineering methodology called assembly-based vulnerability (ABV). For market risk, we use evidence of volatility of return on investment in the United States. We find that uncertainty in NAV can be significant compared with investors’ risk tolerance, making it appropriate to adopt a decision-analysis approach to the investment decision, in which one optimizes certainty equivalent, CE, as opposed to NAV. Uncertainty in market value appears greatly to exceed uncertainty in earthquake repair costs. Consequently, CE is sensitive to the mean value of earthquake repair costs but not to its variance. Thus, to a real estate investor, seismic risk matters only in the mean, at least for the demonstration buildings examined here.
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Bean, Charles R. "Macroeconomic Policy Co-ordination: Theory and Evidence". Recherches économiques de Louvain 51, n.º 3-4 (dezembro de 1985): 267–83. http://dx.doi.org/10.1017/s0770451800082634.
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Unemployment has risen steadily during the last five years in all of the major European economies. Although there have been some signs that the rate of increase may have slackened this is mainly due to the fiscal-led expansion in the United States. Recent evidence suggests that the growth rate in the United States is slackening, and the need to reduce the structural budget deficit means that the rest of the developed countries can no longer rely on the United States as the main source of demand growth in the world economy. In spite of this, European governments have been reluctant to undertake fiscal and monetary policy actions which might sustain the recovery. In part this reflects a pessimism about the efficacy of conventional stabilisation policies born of the experience of the mid-seventies. However, the current situation is arguably very different now. Whereas the recession of the mid-seventies was largely the result of a supply-side shock requiring a downward adjustment in real wages, the recession of the early eighties is largely a consequence of the contractionary fiscal and monetary policies pursued outside the United States. That the present high levels of unemployment are Keynesian rather than Classical in nature has been argued forcefully by e.g. Dornbusch et al. (1983) and Bruno (1985). A reversal of these contractionary policies could therefore be expected to increase employment. Thus Layard et al. (1984) have argued there is scope for a temporary, supply-side friendly, fiscal expansion concentrated in public investment, subsidies to private investment and measures to reduce the marginal cost of employment. This would be accompanied by a modest relaxation of monetary policy to prevent real interest rates rising. Because such an expansion would be temporary it need have no long-run implications for inflation or real interest rates.
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Graff, Richard, Adrian Harrington e Michael Young. "The Shape of Australian Real Estate Return Distributions and Comparisons to the United States". Journal of Real Estate Research 14, n.º 3 (1 de janeiro de 1997): 291–308. http://dx.doi.org/10.1080/10835547.1997.12090902.
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Yusoff, Mohammed B. "Bilateral Trade Balance, Exchange Rates, and Income: Evidence from Malaysia". Global Economy Journal 9, n.º 4 (outubro de 2009): 1850183. http://dx.doi.org/10.2202/1524-5861.1568.
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This study attempts to examine the effects of real bilateral exchange rates on Malaysia's bilateral trade balances with its three major trading partners: the USA, Japan, and Singapore. The results suggest that the bilateral trade balance, real exchange rate, domestic and foreign incomes are cointegrated. In the long-run, Malaysia's bilateral trade balances are found to be responsive to the changes of bilateral exchange rate in the cases of the USA and Singapore but irresponsive for Japan. There is a clear evidence of the J-curve effect only in the case of Malaysia's trade balance with the United States. The results also indicate that devaluation tends to be recessionary. The findings suggest that Malaysia could use undervalued exchange rate strategy to improve its trade balances with the United States and Singapore but not Japan.