50 Problem Words and Phrases

50 Problem Words and Phrases 50 Problem Words and Phrases 50 Problem Words and Phrases By Mark Nichol Goodness, what a tangled web we weave when first we practice to consider composed correspondence. Such a large number of sets or trios of words and expressions obstruct us with their likeness to one another. Here’s a fast manual for reduce (or is it improve?) your anguish: 1. some time/for some time: â€Å"A while† is a thing expression; for a spell is a verb modifier. 2. all together/by and large: All together now â€Å"We will cease from utilizing that two-word expression to end sentences like this one altogether.† 3. alter/improve: To revise is to change; to improve is to address. 4. sum/number: Amount alludes to a mass (â€Å"The sum spared is considerable†); number alludes to an amount (â€Å"The number of dollars spared is considerable†). 5. between/among: The qualification isn't whether you allude to two individuals or things or to at least three; it’s whether you allude to a certain something and another or to a group or vague number â€Å"Walk among the trees,† however â€Å"Walk between two trees.† 6. semiannual/biennial: Biannual methods two times per year; biennial methods once at regular intervals. 7. bring/take: If it’s coming toward you, it’s being brought. In the event that it’s headed away from you, it’s being taken. 8. contrast with/contrast and: â€Å"Comparing to† suggests closeness alone; â€Å"compare with† infers differentiate too. 9. praise/supplement: To commend is to laud; to supplement is to finished. 10. contain, comprise of/form, establish: Comprise implies â€Å"include,† so test by substitution â€Å"is included of† is jabber, as is â€Å"is involved of.† The entire contains the parts or comprises of the parts, however the parts create or comprise the entirety. 11. suggest/signify: To indicate is to pass on (â€Å"Air cites imply incredulity or irony†); to mean is to determine (â€Å"A stop sign signifies the prerequisite to halt†). 12. constant/persistent: Continual occasions are every now and again rehashed, or discontinuous. Persistent occasions are continuous, or steady. 13. trustworthy/unsophisticated: To be valid is to be definitive; to be unsuspecting is to be artless. 14. deserts/sweets: If you eat just cake, pie, frozen yogurt, and such, you eat just treats. In the event that you make them come to you, you get your appropriate reward also. (Nonetheless, the meaning is negative, so hit the rec center.) 15. unique in relation to/not the same as: The previous expression is favored in formal composition; however â€Å"differently than† is consistently right utilization. 16. tactful/discrete: Discreet methods â€Å"subtle†; discrete methods â€Å"separate.† (â€Å"He attentively helped them to remember their discrete meanings.†) 17. each other/each other: â€Å"One another† is favored in formal composing when more than two of something are being talked about. 18. financial/affordable: Economic alludes to the study of financial aspects; efficient proposes cheapness. 19. basic/rudimentary: What’s basic is basic or necessary to nature; what’s basic will be essential. 20. guarantee/safeguard/guarantee: To guarantee is to ensure, to protect is to reimburse, and to guarantee is to comfort or persuade. 21. scourge/endemic/pandemic: A plague is the episode of malady in a restricted spot and time; an endemic illness is a common one curious to a spot or populace; a pandemic is inescapable over a wide geological zone. 22. swear off/forego: To do without is to do without; to forego is to go previously (and is commonly utilized distinctly in the structures prior and inevitable, which are themselves uncommon). 23. sneer/correspond/jive: To scoff (delicate g, as in rec center) is to insult or affront (however agree is a substitute spelling), to correspond with is to concur or fit, to jive is to delude. 24. noteworthy/recorded: Something notable is surprising for its effect on history; something chronicled is essentially an occasion ever. 25. home in/sharpen in: To home in is to shut in; to sharpen in is to mistake single word for another. (â€Å"Hone in† has no significance.) 26. desire/begrudge: Jealousy is hatred; envy is rapaciousness. 27. lay/lie: Lay is transitive, related with an immediate article â€Å"Lay that pencil down.† â€Å"Yesterday, I laid that pencil down.† â€Å"That pencil has been laid down.† Lie is intransitive, not all that related â€Å"Lie down.† â€Å"Last night, I lay down.† â€Å"It was my arrangement to have lain down as of now. 28. filter/siphon: To drain is to break up by permeation; to siphon is to evacuate blood with a bloodsucker or to deplete; as a thing, it implies a parasitic worm or the human non-literal proportional, or the edge of a sail (additionally spelled filter). 29. criticism/criticize: Libel is composed maligning; defame is the verbally expressed proportional. 30. may/may: May alludes to real or conceivable; may is proper for the theoretical or counterfactual. 31. queasy/disgusted: To be queasy is to cause infection. To be sickened is to feel wiped out. 32. striking/perceptible/important: Something outstanding is deserving of note. Something recognizable is equipped for being taken note. Important is an equivalent word of eminent, however the previous suggests the irregular and the last the admirable. 33. incompletely/halfway: Partly implies â€Å"in part†; somewhat implies â€Å"incomplete† or, once in a while, is an antonym for unreasonably. 34. top/provoke: To top is to arrive at the zenith; to arouse is to excite curiosity or to trouble. 35. individuals/people: People has accepted supremacy; people is held for the most part as an equivalent for bodies (â€Å"those effects carried on their persons†). 36. convince/persuade: To convince somebody is to inspire them to accomplish something; to persuade somebody is to lead them to comprehend or accept. 37. dominatingly/predominately: Both structures are right, however prevalently prevails. 38. deliberately/intentionally: What’s done intentionally is done intentionally; what’s done deliberately is finished with a reason. 39. deplorably/remorsefully: Regrettably is an equivalent word for lamentably; remorsefully implies only that brimming with lament. 40. dull/tedious: Both terms have gained a negative implication, however the previous holds a progressively unbiased importance. 41. sexy/arousing: Sensual has a suggestive undertone; exotic alludes all the more impartially what exactly is pleasurable to the faculties. 42. since/on the grounds that: Informally, these terms are exchangeable, however in formal composition, since ought to be utilized uniquely to allude to time. 43. fixed/writing material: To be fixed is to stop; writing material alludes to letter-composing materials. 44. that/which: That is utilized prohibitively (â€Å"The pencil that is sharp† among more than one pencil, the one with that trademark); which is utilized nonrestrictively (â€Å"The pencil, which is sharp† one pencil alone, having that trademark). The qualification is once in a while watched other than in American English. 45. convoluted/unbearable: A convoluted encounter is a winding one; an agonizing one is difficult. 46. transcript/interpretation: A transcript is a thing; a translation is the way toward making it. 47. verbal/oral: Verbal alludes to both composed and spoken correspondence, yet oral is helpful for recognizing the last from the previous. 48. while/in spite of the fact that/though: Informally, while is an equivalent word for the other two terms, however in formal composing it ought to be saved for fleeting undertones. 49. unleash/wreck: These terms don't share etymological root; you wreck a gathering, yet you do as such by unleashing ruin. 50. regardless of whether/if: Both words are right in communicating a decision, yet the previous is progressively suitable in formal composition (â€Å"I can’t conclude whether to go†), though the last is better saved for reference to plausibility or likelihood (â€Å"I’ll go in the event that you do†). Need to improve your English in a short time a day? Get a membership and begin getting our composing tips and activities day by day! Continue learning! Peruse the Misused Words classification, check our mainstream posts, or pick a related post below:50 Handy Expressions About Hands50 Diminutive Suffixes (and a Cute Little Prefix)Sentence Adverbs

B2B and B2C: Their ethical, legal, and regulatory environments Essay

The commercial center of web trade is quickly growing. In spite of the fact that there are wide varieties inside every classification, web related organizations are typically delegated being either B2B (business-to-business), or B2C (business-to-customer) endeavors. The financial scene wherein these organizations work is continually evolving. Consequently, it is even more fundamental for there to be a firm idea of the moral, lawful and administrative obligations inside this developing commercial center. B2Bs and B2Cs share a considerable lot of these obligations in like manner. Now and again, nonetheless, there are specific subtleties of working a B2B that may require an unexpected structure in comparison to is vital for working a B2C and the other way around. The varieties between these organizations are persistently augmenting, implying that the points of interest of the moral, lawful and administrative systems will vary. The general objective of these structures is the equivalent building up the idea of trust. Trust is the way to building up any trustworthy, effective and dependable business. Outline B2Bs (business-to-business) will be business that interconnect utilizing the web. As such, they are organizations that purchase and offer to one another. B2Cs are organizations that utilization the web to offer to the end shopper. It might be the web website of a settled retail establishment, or it might be a business that utilizes the web as its solitary purpose of contact with shoppers. The universe of web business is still generally new. As it keeps on developing, it should adjust to administrative and legitimate changes. The proceeded with rise of varieties inside the E-commercial center is a test to those worried about moral and administrative issues. A long way from being on the melt away, these issues are more typical than any other time in recent memory. As indicated by showcase forecasters â€Å"Security and protection issues alongside e-business administrative issues will turn out to be more prevalent† (Warholic, 2007). Moral condition Conduct of B2B exchanges is dependent on the two-route sharing of data. Subsequently organizations on the two parts of the bargains must ensure that data stages are secure, and available just to approved faculty. Since trust is a basic component in E-business just as progressively conventional types of business, proficient codes as of now in presence are appropriate in the two regions. Tragically, industry-wide adherence to these codes is deficient. Organizations are battling with the wide exhibit of issues raised by web trade. An ongoing report on the distributions business featured one of the numerous potential moral issues of leading business in a publicizing driven media. â€Å"†¦several respondents showed that there was an over the top haze among article and promoting departments† (ASBPE, 2006). Another imaginable territory of moral concentration for the B2B business is featured by Laura Spense: â€Å"What about the encouraging of false movement? (Spense, 2002). In a situation with a huge number of accomplices, stages and auxiliaries what amount of obligation does a B2B organization bear for the activities of its accomplices? In Spense’s model, a B2B bank was purposely empowering one of its accomplices to lead criminal operations abroad. Once more, models like this could emerge in any number of enterprises. Moral duties regarding B2C organizations regularly rotate around the insurance of customers’ data. A few organizations have created programming restricting client data to just a couple of people in question. Others have not had the option to oppose the budgetary draw of data sharing or selling. This division is probably going to proceed until it is tended to all the more totally by legitimate and administrative endeavors. Meanwhile, there is an open door for moral organizations to create solid notorieties that will profit them far into what's to come. Legitimate condition Legal worries in E-business length a wide cluster of territories. There are the undeniable concerns, for example, client security and protection, web extortion and wholesale fraud that relate regularly to B2C organizations. Most case law that has been created addresses these issues. Since these violations are the most prominent, they are the overwhelming focal point of the lawful framework. As hoodlums conform to these legitimate endeavors in any number of ways it will require an advanced and progressing exertion to forestall their activities. There are likewise conceivable lawful issues underneath the surface that can be similarly as significant. For instance, the trouble of deciding the legitimateness of electronic records can present issues, especially for worldwide B2B organizations. What seems, by all accounts, to be an authoritative archive may not be acceptable in court as proof. Time contrasts can likewise bring about a settled upon record bearing one date in one nation however having another viable date in another nation. Since B2Bs can utilize numerous systems and accomplices, it tends to be hard to decide lawfully who bears duty on a specific issue. These are instances of little subtleties, in the B2B setting, that can have enormous lawful results if not appropriately accomplished. Administrative condition The web is still generally unregulated. That is starting to change in a couple of regions, in any case. Most guideline is focused toward B2C organizations, coming as purchaser insurance measures. The legislature is getting increasingly emphatic in arraigning web extortion, betting, kid erotic entertainment and spamming infringement. All things considered, extra laws in these zones will be sanctioned in the coming years. The issue of tax assessment is likewise as of now under discussion. This is of specific worry to B2Cs, which in years past have had the option to draw clients by selling their item with no business charge. That training has just been finished in certain states. As more states become desperate, this procedure is probably going to proceed. B2C firms should improve so as to proceed with the development of their client base. The Uniform Commercial Code (UCC) applies to both B2B and B2C ventures. The UCC plots guarantee, proprietorship and master status issues, making some outline between the duties of B2Bs and B2Cs. For instance, under the UCC, a business customer is accepted to have a more prominent degree of mastery about the current exchange. Subsequently, explanations or cases made to that customer don't really need to fulfill indistinguishable guidelines of unwavering quality from articulations made to an end client in a B2C exchange. The fundamental administrative worry with respect to B2Bs includes the counteraction of monopolistic works on, including value fixing. The development of some enormous B2B firms, for example, Covisint, a firm framed by Ford, DaimlerChrysler, and General Motors, has raised worries about the potential mastery of piece of the pie. Pundits dread the development of monospony †a move of evaluating power from purchasers to venders (IGE, 2001). End The main thing that is sure about the web business condition is that it will proceed to change and advance. The administration will probably turn into a greater factor regarding laws and guidelines, especially inside the B2C showcase. The B2B advertise, conversely, is better ready to self-direct. Morally the two markets would be best served by foreseeing potential administrative and lawful activity. This has a double reason. It assists with building up the organization as a reliable element. Additionally it can assist with taking off future government obstruction in the market. The results of an absence of trust are especially high for a B2B organization, however the issue is significant for any organization planning to work beneficially over the long haul.

6 Tips to Improve Your Creativity

6 Tips to Improve Your Creativity Who doesnt know the feeling: You need to come up with a great idea, solve a finicky problem or create an inspired design, but your creativity seems to have gone on vacation â€" without you. Everyone faces this problem at some point, which is why weve put together a list of six simple ways to improve your creativity, which should help you get unstuck in no time. Take a look! 1. Try working in a coffee shop or restaurant A study from 2012 has found that a moderate level of ambient noise, which can be found in a coffee shop, quiet bar or restaurant, for instance, enhances performance on creative tasks. The researchers theorize that “a moderate (vs. low) level of ambient noise is likely to induce processing disfluency or processing difficulty, which activates abstract cognition and consequently enhances creative performance.” 2. Give yourself time to daydream A study conducted by a group of American and Canadian researchers in 2009 has found that letting your mind wander may evoke a unique mental state that allows your brain to come up with more creative ideas. Letting your mind wander is often not a conscious choice, it simply happens while you’re going through menial tasks such as weeding, showering or washing the dishes. The effect it has on your creativity also seems to depend on your being unaware that you are, in fact, daydreaming. 3. Take a walk A recent Stanford study  has found that walking is a great way to improve creativity. It’s not about the change of scenery, though, so it doesn’t matter whether you walk on a treadmill in your office or on a nice path through the forest. According to the study, “Walking opens up the free flow  of ideas, and it is a simple and robust solution to the goals of increasing creativity and increasing physical activity.” 4. Pretend to be someone else, somewhere else Various studies1  have found evidence that we get better at creative problem solving when the problem is removed from us through something they call psychological distance. You can create psychological distance by projecting the problem into the distant future, by imagining it to originate in a place far away, or by pretending that the person experiencing the problem isnt you, but somebody else entirely. 5. Use a mind map to find new ideas by association When it comes to developing creative ideas, mind mapping is one of the most well-known techniques today. Research has found mind maps to be helpful when it comes to curing writer’s block2  and creative problem-solving3, as well as generating, visualizing and organizing ideas4. Their radiant structure enables you to develop new ideas by association and add them anywhere on the map. Additionally, they offer a visual overview of a topic that can help you see connections between ideas you might have missed otherwise. Discover mind mapping! ! ! 6. Collaborate with friends or colleagues In her book “Creative Collaboration” Dr. Vera John-Steiner finds that “humans come into being and mature in relation to others, new skills are acquired, participants develop previously unknown aspects of themselves, and they increase their repertory of cognitive and emotional expression.” She concludes that social interactions are crucial, because they provide a non-judgmental ear for emerging ideas. tl;dr Next time you have a problem that requires a creative solution, grab your laptop and a colleague and head to the next coffee shop. Project your problem into another, far-away time or place, then open your mind map app and start scribbling down ideas. If that doesn’t work, go for a walk or start a menial task such as washing the dishes, and simply let your mind wander. Use a  mobile app to capture your  flashes of genius in a  mind map where you can later expand them further. Have you tried any of these techniques to improve your creativity? Share your experiences in the comments below! 1.  http://www.indiana.edu/~hirtlab/docs/publications/Jiaetal2009jesp.pdf  and http://www.socolab.de/content/files/Jens%20pubs/foerster_friedman_liberman2004.pdf 2. Joyce Wycoff (1986: 59) 3. Vasilije Kokotovich, University of Technology, Sydney, Faculty of Design Architecture Building, P.O. Box 123, Broadway, NSW 2007, Australia 4. Al-Jarf, R. (2009), ‘Enhancing Freshman students’ Writing Skills with a Mind Mapping software’. Paper presented at the 5th International Scientific Conference, eLearning and Software for Education, Bucharest, April 2009. Unleash Your Creativity with Mind Maps

6 Tips to Improve Your Creativity

6 Tips to Improve Your Creativity Who doesnt know the feeling: You need to come up with a great idea, solve a finicky problem or create an inspired design, but your creativity seems to have gone on vacation â€" without you. Everyone faces this problem at some point, which is why weve put together a list of six simple ways to improve your creativity, which should help you get unstuck in no time. Take a look! 1. Try working in a coffee shop or restaurant A study from 2012 has found that a moderate level of ambient noise, which can be found in a coffee shop, quiet bar or restaurant, for instance, enhances performance on creative tasks. The researchers theorize that “a moderate (vs. low) level of ambient noise is likely to induce processing disfluency or processing difficulty, which activates abstract cognition and consequently enhances creative performance.” 2. Give yourself time to daydream A study conducted by a group of American and Canadian researchers in 2009 has found that letting your mind wander may evoke a unique mental state that allows your brain to come up with more creative ideas. Letting your mind wander is often not a conscious choice, it simply happens while you’re going through menial tasks such as weeding, showering or washing the dishes. The effect it has on your creativity also seems to depend on your being unaware that you are, in fact, daydreaming. 3. Take a walk A recent Stanford study  has found that walking is a great way to improve creativity. It’s not about the change of scenery, though, so it doesn’t matter whether you walk on a treadmill in your office or on a nice path through the forest. According to the study, “Walking opens up the free flow  of ideas, and it is a simple and robust solution to the goals of increasing creativity and increasing physical activity.” 4. Pretend to be someone else, somewhere else Various studies1  have found evidence that we get better at creative problem solving when the problem is removed from us through something they call psychological distance. You can create psychological distance by projecting the problem into the distant future, by imagining it to originate in a place far away, or by pretending that the person experiencing the problem isnt you, but somebody else entirely. 5. Use a mind map to find new ideas by association When it comes to developing creative ideas, mind mapping is one of the most well-known techniques today. Research has found mind maps to be helpful when it comes to curing writer’s block2  and creative problem-solving3, as well as generating, visualizing and organizing ideas4. Their radiant structure enables you to develop new ideas by association and add them anywhere on the map. Additionally, they offer a visual overview of a topic that can help you see connections between ideas you might have missed otherwise. Discover mind mapping! ! ! 6. Collaborate with friends or colleagues In her book “Creative Collaboration” Dr. Vera John-Steiner finds that “humans come into being and mature in relation to others, new skills are acquired, participants develop previously unknown aspects of themselves, and they increase their repertory of cognitive and emotional expression.” She concludes that social interactions are crucial, because they provide a non-judgmental ear for emerging ideas. tl;dr Next time you have a problem that requires a creative solution, grab your laptop and a colleague and head to the next coffee shop. Project your problem into another, far-away time or place, then open your mind map app and start scribbling down ideas. If that doesn’t work, go for a walk or start a menial task such as washing the dishes, and simply let your mind wander. Use a  mobile app to capture your  flashes of genius in a  mind map where you can later expand them further. Have you tried any of these techniques to improve your creativity? Share your experiences in the comments below! 1.  http://www.indiana.edu/~hirtlab/docs/publications/Jiaetal2009jesp.pdf  and http://www.socolab.de/content/files/Jens%20pubs/foerster_friedman_liberman2004.pdf 2. Joyce Wycoff (1986: 59) 3. Vasilije Kokotovich, University of Technology, Sydney, Faculty of Design Architecture Building, P.O. Box 123, Broadway, NSW 2007, Australia 4. Al-Jarf, R. (2009), ‘Enhancing Freshman students’ Writing Skills with a Mind Mapping software’. Paper presented at the 5th International Scientific Conference, eLearning and Software for Education, Bucharest, April 2009. Unleash Your Creativity with Mind Maps

The Poem Teacher by Langston Hughes - 536 Words

Sometimes we learn the most about life when it’s too late, and that’s what happened to the speaker in the poem â€Å"Teacher†. â€Å"Teacher† by Langston Hughes is a serious poem about a person who didn’t live their life with morals and when he dies, he regrets his life choices and experiences the true dark and dreariness of death. This poem sends a message that people need to live life as best they can, that hope is an important and wonderful part of life, and that regret is the worst thing to have after life is over. â€Å"Teacher† is a lyric poem and it is in a quatrain structure. It has 4 stanzas and 16 lines. It is a lyric poem because it displays the emotions of the speaker and has a musical sense to it. This poem has a very distinct rhyme scheme, being that every other line has an end rhyme. The meter ranges from 3 to 6. Every different thought in thins poem is organized in its own stanza, The speaker in Hughes’ poem comes off as a dead person who is thinking to himself about his past and the way he lived his life and where he is now. In line 3 (â€Å"I tried†¦Ã¢â‚¬ ) the speaker talks in first person and throughout the whole poem there is no indication that he is taking to anyone else. Line 9 (â€Å"But now I lie beneath cool loam†) supports the idea that the speaker is dead. The tone in the poem stays serious throughout but slowly becomes more and more dramatic. The tone it express a loss of hope, it is regretful, dreary, and gloomy because it uses words like à ¢â‚¬Ëœfirm,’ ‘pinched,’ ‘gleam,’Show MoreRelatedLangston Hughes Essay1084 Words   |  5 PagesLangston Hughes was a large influence on the African-American population of America. Some of the ways he did this was how his poetry influenced Martin Luther King Jr. and the Harlem Renaissance. 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Throughout his lifetime, his work encompassed both popular lyrical poems, and more controversial political workRead MoreLangston Hughes Poetry: Analyzing Themes of Racism956 Words   |  4 PagesLangston Hughes Throughout many of Langston Hughes poetry, there seems to be a very strong theme of racism. Poems such as Ballad of the Landlord, I, Too, and Dinner Guest: Me are some good examples of that theme. The Ballad of the Landlord addresses the issue of prejudice in the sense of race as well as class. The lines My roof has sprung a leak. / Dont you member I told you about it/ Way last week? (Hughes 2/4) show the reader that the speaker, the tenant, is of a much lowerRead MoreLangston Hughes: Spokesman for Civil Rights960 Words   |  4 PagesOctober 2012 Langston Hughes: Spokesman for Civil Rights The purpose of this essay is to examine the theme of three Langston Hughes poems; â€Å"I. Too,† â€Å"Mother to Son,† and â€Å"Theme for English B.† The theme of these three essays is civil rights. Langston Hughes was born in Joplin, Missouri in 1902. His parents separated early in his life, he lived with his mother in Kansas City. Langston Hughes attended High School where as a senior he wrote, â€Å"The Negro Speaks of Rivers.† Langston became a Merchant

Property In Dubai A Bubble That Burst - Free Essay Example

Sample details Pages: 17 Words: 5144 Downloads: 2 Date added: 2017/06/26 Category Economics Essay Type Research paper Did you like this example? With this dissertation what I would like to achieve is the following: I will carry out extensive research on the economic theory behind booms and bursts. I will look at some of the booms and bursts throughout history. I will attempt to make my own economic model behind what caused a boom and its subsequent burst and see if this model can be applied to the economic situation of the property market in Dubai. If a number of variables existed that suggested a burst might be coming, why was nothing done to stop it? 1.2: A brief history of Dubai Thirty years ago almost all of modern Dubai was desert. In the mid 18th century a small nomadic group settled there and built a small town. This small townà ¯Ã‚ ¿Ã‚ ½s underlying asset being pearls. The pearl trade attracted people from all over the middle à ¯Ã‚ ¿Ã‚ ½ east, all with dreams of prosperity. The town was named à ¯Ã‚ ¿Ã‚ ½Dabaà ¯Ã‚ ¿Ã‚ ½ after a local locust that consumed everything it encountered. This rapidly gro wing town was soon acquired by the Gunships of the British army. Britain maintained control of the area until 1971(The Independent2009). In 1971 Dubai and five surrounding sheikhdoms (Abu Dhabi, Al Fujayrah, Ajman, Umm al Qaywayn and Sharjah) agreed on a federal constitution and became The United Arab Emirates or UAE. In February 1972 a seventh Sheikhdom, Ras al Khaymah joined the UAE. At this point Sheikh Zayid Ibn Sultan Al Nuhayyan of Abu Dhabi became the first president of the UAE. The ruler of Dubai, Sheikh Rashid ibn Said Al Maktum was named vice president, and his eldest son, Sheikh Maktum ibn Rashid Al Maktum, the prince of Dubai, became prime minister. In 1990 Sheikh Maktum succeeded his father as ruler of Dubai and as vice president and prime minister of the UAE (Library of Congress2007). It was around 1971, as the British were leaving that oil was first discovered. However to say that Dubai relied on oil for its growth would be wrong. Dubai had very little oil relative to its neighbouring emirate Abu Dhabi. So Sheikh Maktum had to diversify. He used oil revenues to create something he thought sustainable. à ¯Ã‚ ¿Ã‚ ½Israel used to boast it made the desert bloom; Sheikh Maktum resolved to make the desert boomà ¯Ã‚ ¿Ã‚ ½ (The Independent 2009). It became a hub for tourism and financial services, Attracting capital and expertise from all over the globe. He invited the world to come tax free, and people came in their millions. A city seemed to descend from the heavens in thirty years. Would it be sustainable? (Source : The Independent, The Dark side of Dubai, 7 April 2009) (Source: Country Profile : UAE. Library of Congress à ¯Ã‚ ¿Ã‚ ½ Federal Research division, July 2007) 1.3: From Boom to bust over night. I arrived in Dubai in 2007 at a point when it was said that a third of the worldà ¯Ã‚ ¿Ã‚ ½s construction equipment was in Dubai. It was the second fastest growing city in the world (second to Moscow) and appeared to be one big con struction site. Skyscrapers were appearing over night to cater for increases in demand in property. However, a large part of this demand for property was merely speculatory. Investments in property appeared to be highly attractive and beneficial, especially to foreign investors earning in non dollar currencies. I say this because the dirham is pegged to the dollar (3.75 dhms per US Dollar). It was around late 2007 early 2008 that the dollar reached its weakest point making property in Dubai cheaper to people earning pounds for example. People also assumed that the dollar would one day appreciate; therefore giving investors that extra incentive. Dubaià ¯Ã‚ ¿Ã‚ ½s popularity was rapidly increasing and it was booming in the true definition of the word. However in September of 2008 things changed. See the following line graph of average residential sales prices to appreciate the extent of the crash. Figure 1 Residential sale prices (AED/ft2) Source: Landmark Advisory Board 2010. As you can see in Q408 both the average price of apartments and villas plummet from a mutual peak of 1500 AED/ft2 to around 900 AED/ft2 from one month to the next. This is a massive average decrease of 40 percent. I will attempt to demonstrate why this rapid increase in residential prices occurred and its subsequent decline and decide whether the boom and bust can be considered a bubble bursting in its true economic definition. Literature Review à ¯Ã‚ ¿Ã‚ ½ The Economic Theory and History behind Bubbles 2.1 à ¯Ã‚ ¿Ã‚ ½ An introduction to bubbles Essentially an economic bubble is an increase in the price of an asset or stock above its fundamental value and its subsequent decrease in value and implosion on the bubble is referred to as a burst. When asset prices increase speculators are overwhelmed by a sense of euphoria, chasing short term capital gains. A phenomenon that former chairman of the federal reserve Alan Greenspan memorably called irrational exuberance (Nia l Ferguson, The Ascent of Money). Contrarily, when speculatorsà ¯Ã‚ ¿Ã‚ ½ primitive instincts turn from greed to fear, the bubble created by the initial irrational exuberance can burst with astonishing abruptness; almost overnight. Charles Kindleberger defined a bubble as à ¯Ã‚ ¿Ã‚ ½a sharp rise in price of an asset or a range of assets in a continuous process, with the initial rise generating expectations of further rises and attracting new buyers à ¯Ã‚ ¿Ã‚ ½ generally speculators interested in profits from trading in the asset rather than its use or earning capacity. The rise is usually followed by a reversal of expectations and a sharp decline in price often resulting in financial crisesà ¯Ã‚ ¿Ã‚ ½ (Bubble, Bubble, Whereà ¯Ã‚ ¿Ã‚ ½s the Housing Bubble?) The initial boost in augmentation of the economy acts as a catalyst for both lenders and investorà ¯Ã‚ ¿Ã‚ ½s optimism about the future and asset prices rise swiftly. Nial ferguson refers to investors as an electronic herd, à ¯Ã‚ ¿Ã‚ ½happily grazing on positive returns one moment, then stampeding for the farmyard gate the nextà ¯Ã‚ ¿Ã‚ ½ (Nial Ferguson, 2008, 2009). 2.2 à ¯Ã‚ ¿Ã‚ ½ Bubbles in History The big ten economic bubbles (Charles P Kindleberger, Robert Z Aliber 2005) 1. The Dutch Tulip Bulb Bubble 1636 2. The South Sea Bubble 1720 3. The Mississippi bubble 1720 4. The late 1920s US stock price Bubble 1927-29 5. The increase in bank loans to Mexico and other developing countries in the 1970s 6. The bubble in real estate and stocks in Finland, Norway and Sweden 7. The bubble in real estate and stocks in Thailand, Malaysia, Indonesia and several other Asian countries 1992-97 8. The bubble in real estate and stocks in Thailand, Malaysia, Indonesia and several other Asian countries 1992-97 9. The increase in foreign investment in Mexico 1990-93 10. The Bubble in over the counter stocks in the United States 1995-2000. Also known as the à ¯Ã‚ ¿Ã‚ ½.com bubbleà ¯Ã‚ ¿Ã‚ ½ Over and over again asset, security and stock prices have reached unsustainable highs and subsequently come crashing down. From boom to bust, this process is consistently associated with ruthless insiders exploiting asymmetries of information attempting to make a profit at the cost of first time investors. In Dubai, every three months or so à ¯Ã‚ ¿Ã‚ ½Emaarà ¯Ã‚ ¿Ã‚ ½ one of the big real estate developers (of which it is alleged that the absolute ruler of Dubai, Sheikh Mohammed has a thirty percent stake) released property for sale at increasing prices, almost instigating the bubble themselves very similar to what John Law (a convicted murderer and gambling addict) did with shares of the joint stock company named à ¯Ã‚ ¿Ã‚ ½Company of the Westà ¯Ã‚ ¿Ã‚ ½ (Compagnie dà ¯Ã‚ ¿Ã‚ ½Occident) which resulted in the Mississippi bubble of 1720(Nial Ferguson, 2008, 2009). All these bubbles in History have followed similar paths; Nial Ferguson believes it possible to dissect all bubbles into five stages. 2.3 Nial Fergusonà ¯Ã‚ ¿Ã‚ ½s Five Stage Model (Nial Ferguson, 2008, 2009) 1. Displacement: An incident or innovation in the economy that generates new and lucrative possibilities for investors/speculators. Kindleberger refers to this as the à ¯Ã‚ ¿Ã‚ ½expansion stageà ¯Ã‚ ¿Ã‚ ½ of the business cycle (Charles P Kindleberger, 2005). In the cases of the Dutch Tulip Bulb, The South Sea and Mississippi Bubbles this displacement was the creation of the Joint Stock Company. In the case of the US .com bubble the displacement or expansion was innovations in technology like the internet. In Dubai It could be argued that the displacement stage of the bubble was when developments were open for sale to foreign investors as opposed to previously when only locals could purchase land and property. This initial process causes a rise in spending which leads to inflated prices and increased consumption which combined translate to economic growth. 2. Euphoria/overtrading: Rising expected profits induce the appreciation in value of assets and shares. Investment soars because credit is in abundance. In Japan in the eighties Japanese investors had access to mountains of credit made available by naà ¯Ã‚ ¿Ã‚ ½ve bankers that didnà ¯Ã‚ ¿Ã‚ ½t even contemplate a crash and the Japanese went on an à ¯Ã‚ ¿Ã‚ ½investment spreeà ¯Ã‚ ¿Ã‚ ½. In the US in the 1990s, during the time preceding the crash à ¯Ã‚ ¿Ã‚ ½.domà ¯Ã‚ ¿Ã‚ ½ companies had access to almost infinite funds from venture capitalists with distorted perceptions of the future profitability of these firms (Charles P Kindleberger and Robert Z Alibir). Dubai was the same pre crash à ¯Ã‚ ¿Ã‚ ½ credit was very accessible; I will asses this further in my à ¯Ã‚ ¿Ã‚ ½analysisà ¯Ã‚ ¿Ã‚ ½ segment of the dissertation. 3. Mania/bubble: The anticipation of rapid, easy capital gains entices first time investors and unscrupulous, esoteric brokers cater for this demand, in a ruthles s attempt to sell assets and shares before a crash, which a seasoned broker is capable of predicting. 4. Distress: Insiders become aware that prices of assets and shares exceed their fundamental values and exploit the asymmetries of information by selling at profit. 5. Revulsion/discredit: prices begin to plummet and the à ¯Ã‚ ¿Ã‚ ½electronic herdà ¯Ã‚ ¿Ã‚ ½ stampedes to exit the market causing the bubble to implode. The value of commodities à ¯Ã‚ ¿Ã‚ ½ bonds, stocks, land, buildings and houses decline to levels that are 30 to 40 percent below peak prices (Charles p kindleberger and Robert Z . Aliber, 2008, 2009), this adheres perfectly to residential duelling prices in Dubai (refer to figure 1). (Nial Ferguson, 2008, 2009). The Fundamentals behind this model are asymmetric information, availability to rapid, relatively cheap credit and the capability of capital to flow freely over geographical borders. This five stage model is accurate but basic. I will now progress to more specific models in detail behind the creation and existence of economic bubbles. 2.4 The Hyman Minsky model of instability in the supply of credit. This model created by Hyman Minsky can be used to explain financial fragility in economies. Minsky focuses on changes in the availability of credit. During periods of growth the supply of credit increases and during economic slowdowns this supply decreases. In times of growth, usually following an economic displacement like mentioned in Nial Fergusonà ¯Ã‚ ¿Ã‚ ½s model, investors feel more confident about the profitability of a number of investments and seek to finance these investments with credit. In the meantime, lenders become more enthusiastic about providing credit, even for investments, that prior to the expansion, had appeared too risky à ¯Ã‚ ¿Ã‚ ½ they become far less risk averse, reducing minimum down payments, minimum margin requirements. For individual lenders the cost of borrowing has to remain competitive too to maintain market share. However, when the mood changes, the economy slows down and fear kicks in, investors act much more cautiously. Lenders react similarly and their risk averseness increases and they supply less credit. Minsky believed that these cyclical changes in the availability of credit are a major catalyst to financial instability and are a factor in causing bubbles (Charles p kindleberger and Robert Z . Aliber, 2008, 2009). I am certain that minskyà ¯Ã‚ ¿Ã‚ ½s model was apparent in Dubai and definitely a defining factor of the recent burst. I will go on to prove this in the critical analysis part of the dissertation. Minsky also mentions à ¯Ã‚ ¿Ã‚ ½an over-estimate of prospective returns, or excessive leverageà ¯Ã‚ ¿Ã‚ ½ (Charles p kindleberger and Robert Z . Aliber, 2008, 2009) during the à ¯Ã‚ ¿Ã‚ ½euphoricà ¯Ã‚ ¿Ã‚ ½ period. Speculation suggests the acquisition of assets for the capital gain from expected surges in their value as opposed to income generated by one of these assets or for their use. The income generated by an asset or the use of an asset is considered to be the fundamental value of an asset and in bubbles the prices of assets fluctuate far from their fundamental values. This point is made clearer in the next part of the literature review. Minsky also states that a sense of euphoria or depression in one country maybe contagious in another country. I believe that the recent housing bubble in the United States and its subsequent burst influenced the real estate bubble in Dubai and was a significant cause of the crash. 2.5 à ¯Ã‚ ¿Ã‚ ½ Fundamental Value Researchers seem to concentrate on one of the following elements when considering a bubble: rapid appreciation of assets, overly optimistic predictions of future prices, a discrepancy between price and fundamental value and obviously a vast depreciation of assets when the bubble pops (Margaret Hwang Smith and Gary Smith, 2006). Karl Case and Robert Shiller believe that à ¯Ã‚ ¿Ã‚ ½A tendency to view housing as an investment is a defining characteristic of a housing bubbleà ¯Ã‚ ¿Ã‚ ½ (Margaret Hwang Smith and Gary Smith, 2006). However, Margaret Hwang Smith and Gary Smith, in their 2006 journal titled à ¯Ã‚ ¿Ã‚ ½Housing, Housing, where is the housing bubble?à ¯Ã‚ ¿Ã‚ ½ disagree. They argue that housing can be considered a legitimate investment and that the best way to spot a bubble is to determine the discrepancy between the actual prices of houses and the fundamental value of these houses. Speculators in general do not make an attempt to calculate the underlying value of a house, they respond to expected capital gains. Margaret Hwang Smith and Gary Smith define a bubble as a scenario where the equilibrium price of an asset is higher than the present value of the à ¯Ã‚ ¿Ã‚ ½anticipated cash flow from the assetà ¯Ã‚ ¿Ã‚ ½ (Margaret Hwang Smith and Gary Smith, 2006). Nonetheless, fundamental values may rise rapidly (for example an increase in population and therefore an increase in the acquisitions of houses for their use as opposed to expected capital gains, or an increase in rent) may stimulate a legitimate increase in the prices of houses. Equilibrium house prices may also increase rapidly and not necessarily be considered a bubble if their actual price is lower than their underlying fundamental value. They state that the real defining characteristic of a bubble is when equilibrium market prices cannot be answered for by the assets anticipated cash flow. Case and Shiller refer to the real estate market as being populated à ¯Ã‚ ¿Ã‚ ½by amateurs making infrequent transactions on the basis of limited information and with little or no experience in gauging the fundamental value of the properties they are buying and sellingà ¯Ã‚ ¿Ã‚ ½(Margaret Hwang Smith and Gary Smith, 2006). If this is true and I believe it was, in Dubai, to a certain extent (through knowing investors on a personal level) how can one expect for fu ndamental values to equal market prices? Most agents within the real estate market i.e. brokers, buyers and sellers seem to use what is known as à ¯Ã‚ ¿Ã‚ ½compsà ¯Ã‚ ¿Ã‚ ½ when dealing within the real estate market. à ¯Ã‚ ¿Ã‚ ½Compsà ¯Ã‚ ¿Ã‚ ½ are the latest sale prices of homes with similar specifications within the same area. à ¯Ã‚ ¿Ã‚ ½Compsà ¯Ã‚ ¿Ã‚ ½ tell us how much other individuals are prepared to pay but not whether these prices are justified by the fundamental value (Margaret Hwang Smith and Gary Smith, 2006). Attempting to demonstrate whether market prices differ from fundamental prices isnà ¯Ã‚ ¿Ã‚ ½t easy. Figures for average real estate prices are infamously imperfect. This is mainly due to the fact that houses are not homogenous in their specifications and environments. However, the National City Corporation use a multiple regression which considers a ratio of house prices to household income in a given area to mortgage rates, population density, the rat io of household income in the given area to the national average and historical prices to determine how much actual prices deviate from their real values (Margaret Hwang Smith and Gary Smith, 2006). The reason a ratio of house price and household income is used is based on theory by Karl case and Shiller that argue that housing prices are a bubble waiting to pop if the average investor is à ¯Ã‚ ¿Ã‚ ½priced out of the marketà ¯Ã‚ ¿Ã‚ ½(Margaret Hwang Smith and Gary Smith, 2006). There are problems with this model e.g. the historic house prices may not be based on fundamental value. Some economists including Edward Leamer argue that if house prices have increased in a larger proportion than rents a bubble exists (Margaret Hwang Smith and Gary Smith, 2006). à ¯Ã‚ ¿Ã‚ ½ I will attempt to look at rents versus house prices in my critical analysis section of the dissertation to determine whether this was apparent in Dubai. I will also attempt to look at the population density because I believe that it is relevant to fundamental value because an increase in population causes an increase in the demand for residential properties that will be used as dwellings. Minsky stated that a fundamental value of an asset was to do with is use and the income (rent) generated from the asset. 2.6 à ¯Ã‚ ¿Ã‚ ½ A brief look at the recent financial crisis in the USA. Hyman minsky stated in his interpretation of a bubble that euphoria or depression in one country can be contagious and spill over into another. I believe that the bursting of the real estate bubble in the states and the subsequent lack of worldwide credit was highly influential in the bursting of Dubaià ¯Ã‚ ¿Ã‚ ½s housing bubble. As per usual the great real estate and leverage bubble in the US of 2007 was instigated by a pervasive macroeconomic displacement. Prior to the 2000à ¯Ã‚ ¿Ã‚ ½s banks would give loans to home owners and keep those loans as assets in their books (Burton G. Malkiel, 2010). However, p ost 2000 the entire banking system changed. Banks carried on issuing loans for mortgages but instead of holding them as assets on their books they would keep them for a short period of time and then sell them on to investment banks who would bundle different loans with different credit ratings into mortgage backed securities, also known as collateralized debt obligations (Burton G. Malkiel, 2010). Loans are split into different risk classes or tranches. So, low risk loans and high risk loans are bundled together and sold as one financial product which was deemed a good investment. This caused deterioration in lending standards (Burton G. Malkiel, 2010). Employees in charge of originating loans to clients were reckless when assessing the risk of the individualà ¯Ã‚ ¿Ã‚ ½s potential default especially when dealing with subprime mortgages because they knew that the bank was only going to hold these loans for a short period of time and then pass them on. Insurance companies were also i nsuring subprime loans with credit default swaps because they were too naà ¯Ã‚ ¿Ã‚ ½ve to foresee mass defaults. These innovations in the banking system made credit easily accessible to individuals who may have not been considered credit worthy before these changes (subprime). Many financial institutions held vast amounts of these new bundled securities based around mortgages and held less equity backed securities and increased their leverage ratios (Burton G. Malkiel, 2010) making them very vulnerable in the case of a crash. Highly accessible credit at attractive rates due to lowered lending standards led to a huge bubble in the prices of houses. The inflation adjusted price of a commonplace home was roughly identical in 1999 as it was in 1899; however, between 2000 and 2006 real home prices doubled (Burton G. Malkiel, 2010). This is portrayed in the following line graph based on data from the Case-Shiller home price index in the US. Figure 2 Case-Shiller Home price index, 1989 = 100. Source: (Burton G. Malkiel, 2010) As you can see from the graph there is a rapid ascent in prices from around 2000 followed by a quick fall in prices starting in 2007. Prices began to decline and euphoria turned to fear. Houses were worth less than the amount of money owed to the banks and individuals began to default in mass. With massive amounts of defaults occurring, the value of the bundled mortgage backed securities or collaterized debt obligations (cdos) decreased rapidly. Many highly leveraged financial institutions holding long term assets financed by the short term mortgage backed securities did not have sufficient liquidity to continue to function (Burton G. Malkiel, 2010). All credit markets were frozen, excluding the US Treasury securities markets and financial institutions did not have sufficient liquidity to cover their short term debts. In the case of a bank an example of a short term debt is a deposit and people began to fear for their deposits and runs on banks happened in the US and UK institutions with vast amount of money invested in the US housing market e.g. Northern Rock. The US government was forced to bail out a number of financial institutions to prevent a total financial collapse (Burton G. Malkiel, 2010). Banks all over the world became cautious about lending money. Amlak finance Dubai stopped lending money all together and I think this was significant in the bursting of the bubble; it ties in directly with Minskyà ¯Ã‚ ¿Ã‚ ½s model of cyclical changes in the supply of credit. Panic struck and a worldwide financial crisis ensued. 3 Critical Analysis In this section of my dissertation I will evaluate real life data and literature about the situation in Dubai. What caused the rapid increase in price in the housing market? and what caused the resultant rapid decline in prices. 3.1 à ¯Ã‚ ¿Ã‚ ½ Displacement. Economists appear to agree that every bubble starts with a displacement. A macroeconomic change, or innova tion, that induces pervasive adjustments in how agents within the economy behave and perceive the future. It can also be considered a paradigm shift. In the case of the à ¯Ã‚ ¿Ã‚ ½.comà ¯Ã‚ ¿Ã‚ ½ bubble the displacement was the availability of the interweb to mass users. In the case of the recent housing and leverage bubble of the US the displacement was innovations in the banking system and the creation of new bundled financial products and collaterized debt obligations. In Dubai I believe that there were three displacing factors: The first displacing factor occurred in May 2002. Dubai was never rich in oil like its neighbouring emirate Abu Dhabi so it focused on creating a hub for tourism and commerce. It also promoted the development of real estate. In 1997 publicly quoted Emaar Properties and Al Nakheel Properties were setup (https://realestate.theemiratesnetwork.com/articles/freehold_property.php). In 1998 emaar started developing the Dubai Marina and the Emirates Livin g Community; however, properties within these developments were released on leasehold contracts which mean that properties are leased out for ninety years as opposed to being owned freehold. These developments were not successful in the market. People were sceptical about the leasehold contracts. Things changed in May 2002 when the crown prince General Sheikh Mohammed bin Rashid Al Maktum implemented a new law, stating that ex pats were able to buy property in certain areas of Dubai. The following graph shows all transactions from 1994. The graph is based on data from REIDIN.com a company that provides data and information covering all deals and transactions in Dubai since 1973. The company is an exclusive partner of the Dubai Land Department à ¯Ã‚ ¿Ã‚ ½ the real estate registry for the emirate. (REIDIN, DUBAI FOCUS, 2010) Figure 3 Quantity of transactions in Dubai from 1994 (Reidin.com, DubaiFocus, 2010) The graph shows that as of the changes in law about the ownership of real estate from 2002 there is not a significant increase in the quantity of transactions. In fact, there is a decline in transactions until 2005 when quantity of transactions increase rapidly from there onwards. I would still, however, consider the innovations in the legislation behind the ownership of property a displacement because without the changes, ex pats would never have been able to own property on a freehold basis and the bubble would never have happened. I say this because the vast majority of investments into the property market have come from expatriate sources. See the following chart which depicts the value of transactions by nationality. Figure 4 Value (AED) of property transactions by nationality from 1973 (Reidin.com, DubaiFocus, 2010) As you can see from the chart foreign investment is very significant in value and this could never have happened if the changes in legislation had not been made. Also, cross border transactions are a key in the creation of a bubble and as you can see from figure 4 cross border transactions are huge. Another displacing factor was hype generated by the media about talks of a new GCC currency called the Khaleeji. Talks were being had about the possibility of the UAE, Saudi Arabia, Oman, Qatar, Kuwait and Bahrain creating a new currency for their states. These talks were being had around 2006/2007 and nothing was ever finalised but if it was to happen, especially at a point in time when the dollar was weak, this new currency would be valued higher than the specific currencies of the gulf states and investments in these countries would appear even more attractive to speculators as they would rise in value from the creation of a new currency. This ties in with the next displacing factor which is the weakness of the dollar due to financial fragility in the US. In the Spring of 2006 the dollar weakened dramatically due to financial instability in the US. Towards the end of 2006 it looked as if the exchang e rate was rising towards $2. In April 2007 the Dollar depreciated to over $2 and on the 27th of July 2007 it got to $2.06 the weakest it has been since 1981, it continued to fluctuate around $2 for the next five months and on the 9th of November 2007 it was $2.11. After this point, on average, the pound began to decline in value as the global recession hit the UK. The importance of this analysis about the dollar exchange rate is that it shows that from around 2006 until 2008 the dollar was relatively weak compared to the pound. Transactions for Real Estate were booming during this period as portrayed in figure 3 and a huge portion of these transactions were fuelled by investment from the United Kingdom as portrayed in figure 4. I therefore believe that the weak dollar was statistically significant in the increase of transactions from UK investors. The exchange rate of the Dollar versus the Indian Rupee shows a similar story. From around January 2007 the dollar declines in val ue against the rupee to a peak of around 39 rupee to the dollar. Compare this to a value of around 55 rupee in 2003. Again the weakness of the dollar compared to the Indian rupee can be argued to have catalysed vast investment from Indian investors from 2006 as the dollar was depreciating until late 2008 when the global crisis begun to have consequences on other nations e.g. India and the UK. I therefore consider this a displacement which lead to increases in transactions, increases in prices of property and overly optimistic expected prices. Refer to graphs of the dollar exchange rates versus the pound and rupee in the appendix section of the dissertation. 3.2 à ¯Ã‚ ¿Ã‚ ½ Euphoria/overtrading If you refer back to Nial Fergusonà ¯Ã‚ ¿Ã‚ ½s five stage bubble model you will see that after a pervasive macroeconomic displacement in the economy, if it is tending towards a bubble situation, an economy will experience euphoria, also referred to as overtrading. Rising expected profi ts induce the appreciation in value of assets and shares. Investment soars because credit is in abundance. If you refer back to figure 1 you will see that prices begin to rise steadily from 2005/2006. The number of transactions also increases rapidly from around the same period. Nial Ferguson also talks about the abundance of credit; this too ties in with minskys model of the pro cyclical supply of credit. It implies that many of these transactions were fuelled by credit or leveraged. Again this is similar to what was happening in the US before their crash. The following line graph shows the percentage of residential transactions fuelled by credit or leveraged. I have also included the percentage of residential transactions that are classed as à ¯Ã‚ ¿Ã‚ ½otherà ¯Ã‚ ¿Ã‚ ½. I have put à ¯Ã‚ ¿Ã‚ ½otherà ¯Ã‚ ¿Ã‚ ½ transaction types into the equation because a substantial amount of transactions are classed as à ¯Ã‚ ¿Ã‚ ½otherà ¯Ã‚ ¿Ã‚ ½. à ¯Ã‚ ¿Ã‚ ½otherà ¯Ã‚ ¿Ã‚ ½ refers to t ransactions that are none of the following transaction types: à ¯Ã‚ ¿Ã‚ ½saleà ¯Ã‚ ¿Ã‚ ½, à ¯Ã‚ ¿Ã‚ ½mortgageà ¯Ã‚ ¿Ã‚ ½, à ¯Ã‚ ¿Ã‚ ½leasingà ¯Ã‚ ¿Ã‚ ½, à ¯Ã‚ ¿Ã‚ ½valuationà ¯Ã‚ ¿Ã‚ ½, à ¯Ã‚ ¿Ã‚ ½grantà ¯Ã‚ ¿Ã‚ ½, à ¯Ã‚ ¿Ã‚ ½rentà ¯Ã‚ ¿Ã‚ ½, à ¯Ã‚ ¿Ã‚ ½compensationà ¯Ã‚ ¿Ã‚ ½ and à ¯Ã‚ ¿Ã‚ ½pre-registrationà ¯Ã‚ ¿Ã‚ ½. Ià ¯Ã‚ ¿Ã‚ ½m not entirely sure as to what types of transaction would be considered as à ¯Ã‚ ¿Ã‚ ½otherà ¯Ã‚ ¿Ã‚ ½. This, I will consider a limitation in my data; however, this is data provided by a governmental entity and censorship is alive and well in Dubai. Figure 5 Percentage of residential transactions leveraged with credit. What figure 5 shows is a steady increase in the percentage of transactions fuelled by credit until 2006 when there is a vast decline in this percentage and a continuous decrease until 2009. I wonder if the global credit crunch caused by the US crash hit Dubai much earlier than people thought, however why did prices not stop falling until late 2008/2009?. There is a visible pattern here; as transactions leveraged by mortgages decreases, transactions classed by Dubai Land Department à ¯Ã‚ ¿Ã‚ ½ the real estate registry for the emirate as à ¯Ã‚ ¿Ã‚ ½otherà ¯Ã‚ ¿Ã‚ ½ increase. This appears to be rather dubious in my opinion; maybe the global credit crunch hit Dubai but in an attempt to maintain high prices until ruthless inside investors with asymmetries of information could leave the market with huge profits the quantity of transactions was kept high by the government, who have invested interests. Emaar Properties and Al Nakheel Properties are publicly quoted companies but ownership is predominately by wealthy governmental authorities. We all know that OPEC controls the supply of oil to maintain high prices; maybe something similar happened with property in Dubai. Nial Ferguson does mention ruthless inside investors have played a significant role in past bubbles; I think this could be apparent here. (Nial Ferguson, 2008, 2009). The graph shows that vast amounts of credit were used to leverage investments until 2006 when the amount declines rapidly. Probably because banks were influenced by the credit crunch in the US and feared they may have inadequate liquidity. I will analyse the pro cyclical supply of credit in a later section of my dissertation. 3.3 à ¯Ã‚ ¿Ã‚ ½ Mania/Bubble and distress Nial Ferguson refers to the next the next stage as mania or bubble, where first time investors are enticed to the market and seasoned investors who can predict a crash scramble to sell their investments at a profit before the crash. If you refer back to figure 3 that shows the quantity of transactions I would say that the mania/bubble stage was occurring from 2007 to 2008 at when the quantity of transactions are skyrocketing. At this point too, prices are still very high (refer back to figure 1). The closer to late 2008 the sillier the investment, as bubble bursts in october 20 08. Therefore transactions around about this time have to be from first time investors who cannot see a crash. This is referred to by Nial ferguson as the distress period. 3.4 Revulsion/discredit Prices begin to plummet and the à ¯Ã‚ ¿Ã‚ ½herdà ¯Ã‚ ¿Ã‚ ½ stampedes to exit the market causing the bubble to implode. This is apparent in late 2008 and 2009. Transactions stay high (Figure 3) but prices are declining rapidly (40 percent on average). So, investors are struck by fear and rush to sell properties even if it is done at significant losses for fear or even harsher losses or a total collapse of the market. Nobody knew that Abu Dhabi would bail Dubai out. Don’t waste time! Our writers will create an original "Property In Dubai A Bubble That Burst" essay for you Create order

The Roots Of Childhood Marriages - 2387 Words

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The pear blossom is a representation of Janie, as she is a young girl blooming into a woman during a spring afternoon. Hurston