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What can house prices tell us about the effects of the globalisation of trade on Australian cities
| Content Provider | Semantic Scholar |
|---|---|
| Author | Jones, Warwick Beresford |
| Copyright Year | 2015 |
| Abstract | Abstract: It has been recognised for centuries that cities exist for trade and are in turn formed by that trade but it has been difficult to use this knowledge to better understand how cities work. One of the key reasons for this is that measuring the geography of trade flows is very difficult. Consequently, the effect on cities of the biggest economic change of our time, the globalisation of trade, has perhaps received less attention than it warrants. This paper proposes a new approach to the problem of measuring the geography of trade flows. The paper's initial premise is that cities are nodes in the global trading network and their relative value as nodes change as the geography of the network continually shifts. The proposition is that the value of a node's location in the trading network is capitalised into land values which can be measured by relative house price movements. It is important to stress that the interest of this paper is not in house prices per se but house prices as the measure of location. The paper will present evidence, using both international and Australian examples, showing that relative house price movements paper are highly sensitive to changing trade patterns. If house price movements are a window into trade flows within and between cities, they can be used to inform our understanding of how cities respond to trade flow changes. The paper will demonstrate how this insight can be used to show how the internationalisation of trade is changing the relationship between Australia's cities and leading to a profound restructuring within the metropolises of Sydney and Melbourne. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://apo.org.au/sites/default/files/resource-files/2015/12/apo-nid63338-1164381.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
