The "flats-for-land" system was an equity financing mechanism extensively used in Greece following World War II to alleviate the acute housing crisis caused by mass migration from the countryside to big cities. Drawing on historical evidence and using a parsimonious VAR model, we show that the...

A typical real estate development project encounters an entrée capital expense for the land purchase that is not immediately recovered until the allocated capital for land acquisition is replaced with a new capital that converts the land to a rentable building space. This article presents an...