This paper outlines an operational approach for incorporating the impact of asset price cycles in the calculation of structural fiscal balances (SFBs). The global financial crisis demonstrated that movements in asset prices can have an important fiscal impact. Failing to account for the fiscal impact of asset price cycles can encourage a pro-cyclical policy stance if temporarily high revenues are passed through into expenditures. In addition, over-estimating the SFB may lead to inadequate fiscal buffers when cyclical revenues eventually dissipate. The paper proposes an empirical approach to correct for asset prices and provides illustrative country results for selected OECD countries. We find that asset price cycles are imperfectly synchronized with the business cycle and are quantitatively significant with an average pre-crisis fiscal impact ranging from about 1⁄2 to 2 percent of GDP in the sample. For a number of countries, the pre-crisis fiscal impact of high asset prices was larger at about 4 percent of GDP.

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As financial positions expand, the economy becomes more vulnerable to adverse and unexpected developments taking place outside the six to seven year business cycle. Over 50 years ago Nikolai Kondratieff developed the theory of "The Long Waves in Economic Life", which incorporated an extended cycle of innovation and upward thrust, and changed our understanding of business cycles in financial settings. Financial Cycles concentrates on two areas that have thus far been omitted from mainstream economics. The first is the impact of the longer term financial cycle; the second is the beginning of de-globalization as the world enters an era of iron-glad economic blocks. Chorafas argues that to overcome the more narrow limits of the business cycle, we need to go beyond its traditional six to seven year focus and address the longer term. This includes the building-up and running-off of economic risks characterizing the financial cycle, as well as the appreciation of forces underwriting both its growth and its decay. An ever-increasing public debt and the behavior of the banking industry are two principal reasons why the structure of analysis characterizing the previous financial cycle no longer fits present-day realities. A new methodology starts getting in shape, even if it still has to acquire political legitimacy.

This book discusses the role of the property market cycle in real estate valuation. Challenging traditional property valuation methods that rely on current market conditions and economic trends, this book argues for a re-evaluation of the relationship between property valuation and cycles in property markets. The book is divided into two parts. The first part gathers research on property market cycle analysis and the delicate problems dealing with property market information including the development of the real estate market index, appraisal bias, and the use of time series in plotting the market cycle. The second part proposes several possible modifications to the traditional income approach methodologies, including cyclical capitalization and the hedonic price method. Furthermore, this part also addresses the need for amendments to current s property valuation standards and institutional regulations. Written by an international cross-section of expert voices in market cycles and property valuation, the book is a comprehensive resource for any researcher or upper-level student studying economic volatility.

This book contains extended and revised versions of the best papers presented at the 25th IFIP WG 10.5/IEEE International Conference on Very Large Scale Integration, VLSI-SoC 2017, held in Abu Dhabi, United Arab Emirates, in August 2017. The 11 papers included in this book were carefully reviewed and selected from the 33 full papers presented at the conference. The papers cover a wide range of topics in VLSI technology and advanced research. They address the latest scientific and industrial results and developments as well as future trends in the field of System-on-Chip (SoC) Design. On the occasion of the silver jubilee of the VLSI-SoC conference series the book also includes a special chapter that presents the history of the VLSI-SoC series of conferences and its relation with VLSI-SoC evolution since the early 80s up to the present.

From the back cover: Maurice Lamontagne reveals the workings of three types of cycles: the short-term "inventory", cycle, lasting about forty months; the intermediate "investment" cycle, lasting seven to ten years; and the "long wave," which some theorists say last bottomed out in the 1930s. Each cycle has different causes, effects and urgent policy requirements, yet too often they are overlooked or lumped together. Governments and economists are preoccupited with short-term fluctuations that see the economy apparently picking up one year, then declining the next - while all along, the root social and technological causes of the economy's sluggishness aren't addressed. Lanontagne chronicles Canada's attempts to respond to short- and medium-term business cycles, and focuses on the implications of the long wave cycle for Canada. Long waves have been generated by technological innovations that coincided with a hospitable socio-political environment. We are now in a period when the economy built on "third wave" breakthroughs in transportation, communication and electricity in the 1890s is in decline, yet powerful vested interests are preventing a full transition to the infant technologies of the 1950s and 1960s: computers, new energy sources, genetic engineering and the space and ocean industries.

After the financial crisis, what important lessons can we learn from fiscal policy? This book provides an answer to this question.