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Skyscraper Index
The Skyscraper Index is a concept put forward by Andrew Lawrence, a property analyst at Dresdner Kleinwort Wasserstein, in January 1999, which showed that the world's tallest buildings have risen on the eve of economic downturns. Business cycles and skyscraper construction correlateThornton, p. 51 in such a way that investment in skyscrapers peaks when cyclical growth is exhausted and the economy is ready for recession.Thornton, p. 53 Mark Thornton's Skyscraper Index Model successfully sent a signal of the late-2000s financial crisis at the beginning of August 2007. The buildings may actually be completed after the onset of the recession or later, when another business cycle pulls the economy up, or even cancelled. Unlike earlier instances of similar reasoning ("height is a barometer of boom"),Willis, p. 167 Lawrence used skyscraper projects as a predictor of economic crisis, not boom. One statistical study found that the height of buildings is not an accurate predictor of reces ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dresdner Kleinwort Wasserstein
Kleinwort Hambros is a private bank owned by Société Générale that offers financial services from offices throughout the United Kingdom and Channel Islands. Kleinwort Hambros focuses on private banking, providing a range of services for high net worth individuals and corporate clients, managing liquid and illiquid assets including a provision of corporate advice and private office capabilities. History In June 2016, Société Générale acquired Kleinwort Benson from Oddo et Cie. It merged Kleinwort Benson with its existing private banking subsidiary SG Hambros Hambros Bank was a British bank based in London. The Hambros bank was a specialist in Anglo-Scandinavian business with expertise in trade finance and investment banking, and was the sole banker to the Scandinavian kingdoms for many years. The Bank ... in November 2016 to form Kleinwort Hambros. References Economy of the City of London Investment banks Banks established in 2016 Financial services companies es ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1973–1974 Stock Market Crash
The 1973–1974 stock market crash caused a bear market between January 1973 and December 1974. Affecting all the major stock markets in the world, particularly the United Kingdom, it was one of the worst stock market downturns since the Great Depression, the other being the financial crisis of 2007–2008. The crash came after the collapse of the Bretton Woods system over the previous two years, with the associated ' Nixon Shock' and United States dollar devaluation under the Smithsonian Agreement. It was compounded by the outbreak of the 1973 oil crisis in October of that year. It was a major event of the 1970s recession. History In the 694 days between 11 January 1973 and 6 December 1974, the New York Stock Exchange's Dow Jones Industrial Average benchmark suffered the seventh-worst bear market in its history, losing over 45% of its value. 1972 had been a good year for the DJIA, with gains of 15% in the twelve months. 1973 had been expected to be even better, with Time m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest Rate
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed. The annual interest rate is the rate over a period of one year. Other interest rates apply over different periods, such as a month or a day, but they are usually annualized. The interest rate has been characterized as "an index of the preference . . . for a dollar of present ncomeover a dollar of future income." The borrower wants, or needs, to have money sooner rather than later, and is willing to pay a fee—the interest rate—for that privilege. Influencing factors Interest rates vary according to: * the government's directives to the central bank to accomplish the government's goals * the currency of the principal sum lent or borrowed * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mark Thornton
Mark Thornton (born June 7, 1960) is an American economist of the Austrian School. DiLorenzo, Thomas (2011-02-11My Associations with Liars, Bigots, and Murderers ''LewRockwell.com'' He has written on the topic of prohibition of drugs, the economics of the American Civil War, and the " Skyscraper Index". He is a Senior Fellow with the Ludwig von Mises InstituteMark Thornton fellow page website, ''accessed December 21, 2013.'' in Alabama and a Research Fellow with the . [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Cantillon
Richard Cantillon (; 1680s – ) was an Irish-French economist and author of '' Essai Sur La Nature Du Commerce En Général'' (''Essay on the Nature of Trade in General''), a book considered by William Stanley Jevons to be the "cradle of political economy". Although little information exists on Cantillon's life, it is known that he became a successful banker and merchant at an early age. His success was largely derived from the political and business connections he made through his family and through an early employer, James Brydges. During the late 1710s and early 1720s, Cantillon speculated in, and later helped fund, John Law's Mississippi Company, from which he acquired great wealth. However, his success came at a cost to his debtors, who pursued him with lawsuits, criminal charges, and even murder plots until his death in 1734. ''Essai'' remains Cantillon's only surviving contribution to economics. It was written around 1730 and circulated widely in manuscript form, bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Times Building
The New York Times Building is a 52-story skyscraper at 620 Eighth Avenue, between 40th and 41st Streets, on the west side of Midtown Manhattan in New York City. Its chief tenant is the New York Times Company, publisher of ''The New York Times''. The building is tall to its pinnacle, with a roof height of . Designed by Renzo Piano and Fox & Fowle, the building was developed by the New York Times Company, Forest City Ratner, and ING Group, ING Real Estate. The interiors are divided into separate ownership units, with the Times Company operating the lower office floors and Brookfield Properties operating the upper floors. , the New York Times Building is tied with the Chrysler Building as the List of tallest buildings in New York City, eleventh-tallest building in the city. The building is cruciform in plan and has a steel-framed superstructure with a braced mechanical core. It consists of the office tower on the west side of the land lot as well as four-story podium on the eas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Manhattan
Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state of New York. Located near the southern tip of New York State, Manhattan is based in the Eastern Time Zone and constitutes both the geographical and demographic center of the Northeast megalopolis and the urban core of the New York metropolitan area, the largest metropolitan area in the world by urban landmass. Over 58 million people live within 250 miles of Manhattan, which serves as New York City’s economic and administrative center, cultural identifier, and the city’s historical birthplace. Manhattan has been described as the cultural, financial, media, and entertainment capital of the world, is considered a safe haven for global real estate investors, and hosts the United Nations headquarters. New York City is the headquarters of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Expansion
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for federal funds, very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency. Monetary policy is a modification of the supply of money, i.e. Money creation, "printing" more money, or decreasing the money supply by changing interest rates or removing excess reserves. This is in contrast to fiscal policy, which relies on taxation, government spending, and government borrowing as methods for a government to manage business cycle phenomena such as recessions. Further purposes of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Speculation
In finance, speculation is the purchase of an asset (a commodity, good (economics), goods, or real estate) with the hope that it will become more valuable shortly. (It can also refer to short sales in which the speculator hopes for a decline in value.) Many speculators pay little attention to the fundamental value of a security and instead focus purely on price movements. In principle, speculation can involve any tradable good or financial instrument. Speculators are particularly common in the markets for stocks, bond (finance), bonds, commodity futures, currency, currencies, fine art, collectibles, real estate, and derivative (finance), derivatives. Speculators play one of four primary roles in financial markets, along with hedge (finance), hedgers, who engage in transactions to offset some other pre-existing risk, arbitrageus who seek to profit from situations where Fungibility, fungible instruments trade at different prices in different market segments, and investors who s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overinvestment
In economics, overproduction, oversupply, excess of supply or glut refers to excess of supply over demand of products being offered to the market. This leads to lower prices and/or unsold goods along with the possibility of unemployment. The demand side equivalent is underconsumption; some consider supply and demand two sides to the same coin – excess supply is only relative to a given demand, and insufficient demand is only relative to a given supply – and thus consider overproduction and underconsumption equivalent. Overproduction is often attributed as due to previous overinvestment – creation of excess productive capacity, which must then either lie idle (or under capacity), which is unprofitable, or produce an excess supply. Explanation Overproduction is the accumulation of unsalable inventories in the hands of businesses. Overproduction is a relative measure, referring to the excess of production over consumption. The tendency for an overproduction of commodities ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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