The impact of the economic crisis to the real estate market trends

Töö eesmärgiks on selgitada 2008. aasta majanduskriisist tulenevalt keskmise brutopalga taseme muutumise mõju Eesti kinnisvaraturule. Eesmärgipõhise käsitluseni üritatakse sealjuures jõuda keskmise nominaalse brutopalga ning notariaalselt tõestatud kinnisvaratehingute arvu vahelise analüüsi teel. Töö koostamisel kasutati aegridade analüüsimiseks erinevaid statistilisi meetodeid MS Exceli andmetöötlusprogrammi võimaluste vahendusel. Tulemused, milleni käesoleva bakalaureuse uurimistöö käigus jõuti, on arutlevas osas seotud töö aluseks olevate kinnisvaraturust ning majanduskriisist lähtuvate teoreetiliste selgitustega. Töö tulemusena jäi kehtima nullhüpotees - elanikkonna ostujõud kui oluline kinnisvaraturgu kujundav faktor küll sõltub Eestis majanduse üldisest käekäigust kuid ei mõjuta sealjuures kinnisvaraturu arengut. Teoorias on tarbijate sissetulek oluliseks aluseks kinnisvaraturul tekkiva nõudluse kujunemisel, antud uurimistöö käigus vaadeldud parameetrite ning meetodite kasutamise alusel ei saa seda aga siinkohal paraku väita. Majanduskriisi mõju Eesti keskmisele palgatasemele oli võrreldes kinnisvaratehingute arvu langusega võrdlemisi tagasihoidlik. Töö tulemusi on tulevikus võimalik kasutada põhjalikuma uurimistöö koostamiseks, keskendudes sealjuures sarnasele sisulisele eesmärgile kuid muudele vaatlusalustele parameetritele.The objective of the work was to exemplify the impact of the year of 2008 economic crisis to the Estonian real estate market, in doing so by analysing the average nominal gross income timeline. In order to reach the objective of this thesis, a statistical model of the average nominal gross income and the number of notarized transactions on the real estate market is being implemented. As for the preparation of this work, MS Excel was used as a spreadsheet application to apply different statistical methods in order to derive the results for analysing different timeline data. The results of this thesis are given sense to in the deliberative part of the work, therefore being clarified and brought out based on the theoretical assumptions and facts that had been stated in the first part of this research project. As for the result of this work, the null hypothesis could not be disproven - purchasing power of the population, as one of the main factors to form a real estate market, irrespective of being in an elastic relationship with the overall economy, does not affect the formation of the real estate market. Based on theory, purchasing power has a substantial effect on the development of the real estate market, but this fact could not be proven during the analysis of data used in this specific thesis. The impact of the economic crisis in Estonia created a significant downfall in the number of real estate transactions, but therefore had a relatively modest efect on the average gross income of the population. The results of this thesis can be used for a more in-depth research work in the future, while concentrating on the same objective but thereby linking different parameters

The organisation and financing of property development in local governments: a case study of Pagusoo residential district in Sõmeru rural municipality

Magistritöö Maakorralduse ja kinnisvara planeerimise õppekavalMajanduskriisi järgsel perioodil on Eestis aina enam hakatud tähelepanu pöörama kohalike omavalitsuste finantsilise jätkusuutlikkusega seotud probleemidele. Eesti elanikkond ei kasva ja statistiliselt tööealine elanikkond on kiirelt vananev, kohalike omavalitsuste tulubaas alaneb, nõukogudeaegne elamufond amortiseerub ja Euroopa Liidu toetuste maht väheneb kuid piirkondlik tehniline infrastruktuur vajab täiendavaid investeeringuid. Võimalused vajalike kulutuste tegemiseks on piiratud ning on asutud leidma uuenduslikke lähenemisi probleemide lahendamiseks. Uurimistöö eesmärgiks on leida võimalikke Eestis seni kasutamata alternatiivseid finantseerimisviise arendusprojektide läbiviimiseks, mille juures näitena kasutatakse Sõmeru vallas paiknevat Pagusoo elurajooni. Uurimistöö on oma sisult kvalitatiivne, mille koostamisel on tuginetud nii teoreetilistele alusmaterjalidele, kohalikke omavalitsusi puudutavatele dokumentidele kui ka kehtivatele seadustele, loomaks probleemi esiletoomiseks ning selle võimalike lahenduste väljatöötamisel ühtse sidusa terviku. Töö tulemusena valmis näitena kasutatud elurajooni põhjal finanseerimismudel, mis sisaldab endas erinevaid seni mitmetes välisriikides edukalt kasutusele võetud rahastamisviise. Olenemata, et alternatiivsete finantseerimisviiside rakendamine oleks teoorias võimalik, jääks kohalike omavalitsuste võime uute elukondlikule kinnisvaraturule suunatud arendusprojektidega kaasnevate kulutuste kandmisel endiselt madalaks. Uurimistöös koostatud finantseerimismudelit on võimalik implementeerida erinevat tüüpi kohalike omavalitsuste või public-private tüüpi investeeringute tegemisel, millest tulenevalt on töös käsitletud tulemusi võimalik tulevikus analüüsida ning kasutada muude tehnilise infrastruktuuri rajamist puudutavate projektide osas.After the economic crisis the financial sustainability of Estonian municipalities and their weak abilities to finance new projects has started to attract more attention. The population of Estonia is not growing and statistically the working-age people are aging quickly, Soviet era housing stock is depreciating and European Union subsidies are decreasing but regional technical infrastructure is in the need of additional investment. Ways to finance new projects are vastly limited, so to solve these problems, the governments and municipalities have started to seek for untapped sources of financing for development. The objective of the work was to find possible byfar untapped alternative ways to finance new technical infrastructure development projects in Estonia. In order to implement these innovative ways of financing, Pagusoo residential district in Sõmeru rural municipality was used as an example. This is a qualitative thesis, in which the results were derived from different theoretical sources, documents regarding Estonian municipalities but also from the current legislation for real estate planning and development. These variable sources of information were used to bring forward the financial problems of the municipalities and to find possible ways to solve them, creating a form of integrated statements. As a result of this thesis, a financing model was created, in which different types of alternative ways for the development of real estate were used from which most have already been successfully used in different countries worldwide. Irrespective of the theoretical possibilities to implement ways of alternative financing, Estonian municipalities would still be unable to make ends meet because of the additional expenses that are accompanied with residential real estate development. The financing model that was created in this thesis can be used as a starting point to create additional financial projections for alternative types of financing for municipalities or for public-private partnership projects

Threshold effect of foreign direct investment on environmental degradation

The aim of this paper is to investigate the threshold effect of foreign direct investment (FDI) on environmental degradation. In empirical analysis, FDI and environmental degradation are jointly determined under the given threshold variable and other exogenous variables. Using carbon dioxide (CO2) emissions per capita as a proxy for environmental degradation, the results show that increasing FDI worsens CO2 emissions after a threshold level of corruption has been reached. Our results demonstrate that increasing FDI will increase CO2 emissions when the degree of corruptibility is relatively high. The study suggests that further FDI and improved environmental quality are competing rather than compatible objectives in high-corruption countries and are compatible rather than competing objectives in low-corruption countries. Higher trade liberalization in low-corruption countries could contribute to negative environmental consequences because of the increased output or economic activity which results from increased trade. The robustness estimation confirms the evidence that pollution and economic development increase together up to a certain income level, after which the trend reverses.info:eu-repo/semantics/publishedVersio

Corruption and environmental policy: What are the implications for the enlarged EU?

The paper discusses the prescription of EU environmental regulations for new member states. It has been argued that these countries should be allowed looser directives as a way to take into consideration their lower income levels and correspondingly different priorities. The paper estimates the determinants of environmental policies' stringency. We find that corruption levels are the most important factor in explaining the variance in environmental policies in the enlarged EU. Most notably, differences in corruption levels across countries appear to be more important than income differences. Thus, it is argued, lower environmental standards in new member states are not necessarily implied by lower income levels, but they are more likely to reflect low institutional quality. We argue that harmonization of environmental policies at the EU level can be a way to tackle this problem, and we provide a further rationale for new members states to adjust to existing EU environmental directives. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment

Territorial (In) Coherence: Labour and Special Economic Zones in Laos's Border Manufacturing

© 2018 The Author. Antipode © 2018 Antipode Foundation Ltd. This article engages literature on special economic zones and territory in global development. I suggest a focus on labour's spatial class composition as constitutive of territorial coherence provides insights into how the Savan-Seno Special Economic Zone in Lao PDR operates as an economic border territory bridging Laos to the regional and global economies. The distanciated global connections which special economic zones aim to create are predicated on zones gaining internal coherence for capital accumulation. I suggest zones’ internal coherence depends on zone firms reworking the local class composition of labour, itself constituted by workers’ spatial practices. In the Savan-Seno zone this occurred through immobilising a mobile labour force and taking advantage of its continuing embeddedness within a subsistence rice-producing village economy. The argument aims to illustrate how zones producing for global markets act as territories of complex spatiality which span and connect multiple spaces of production and workers’ social reproduction

Are EU Environmental Policies too Demanding for New Members States?

In 2004, ten new states entered the European Union. Relative to the pre-2004 member states, these accession states have lower environmental standards, and some worry that it will be too demanding for these new EU members to fully comply with European environmental provisions. In this paper, we assess one rationale for such harmonization. Specifically, we analyze the determinants of environmental policies stringency, and show that differences in corruption levels are more important as explanatory factor when compared to income differentials. Since high levels of corruption characterize some countries in the enlarged EU, we argue that this is a good reason for an upward harmonization of environmental policies at the EU level