This paper studies the nexus between financial and non-financial foreign direct investment and its effect on manufacturing value added in Transition Economies, which are members of the EU. Three questions, which are pointed out in the theoretical literature, are discussed in the paper. We...

The purpose of this paper is to study the influence of the elasticity of capital-labour substitution and of the labour supply elasticity on the existence of multiple Pareto-ranked stationary eqilibria, local indeterminacy, bifurcations and expectations driven fluctuations in economies with...

The aim of our article is to analyze the dynamics of housing prices in the secondary housing market in Warsaw from Q1 2006 to Q3 2013, taking into account the spatial relationship between prices. In the first part of this research we compare the geographically weighted regression with a linear...

The polish hotel market grows in a dynamic way, however investment in this market is subject to some risk. A responsible investor should thus perform a proper valuation of the investment object and also analyse the market potential. This article aims to motivate researchers and market...

The introduction of the euro was one of the most important events in the process of European integration, especially in the financial sector. However, next to its many advantages, the joint currency and single monetary policy increased the probability of property bubbles in the EU low income...

This article explains why the housing and commercial real estate market are in a permanent disequilibrium. The real estate market converges towards the equilibrium, but it changes due to credit constraints, expectations and the long investment process. The cycles on this market are much more...

This article reviews the impact of commercial real estate (CRE hereafter) on macro- financial stability and discusses some ideas on how central banks could deal with the risk that it can impose to the financial stability. First, we present the main features of the CRE market, explain its cycle...