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The purpose of this paper is to provide perspective on whether and why global metro house prices have become more synchronized, and perspective on the limited implications of this for investing in international real estate.

This paper reviews main findings from the literature on house price determination, reviews the emerging literature on global synchronization, and provides graphs to illustrate main points and trends.

House prices have become somewhat more synchronized likely reflecting greater correlation in long-term interest rates and macroeconomic cycles related to trends in globalization and international portfolio diversification. Nevertheless, this trend has not been continuous, reflecting that house prices depend on other fundamentals, which are not uniform across areas. Theory and evidence indicate that the more common are fundamentals, the more synchronized are house price cycles and the more substitution effects may matter. Also, real estate markets that are open to immigration and foreign investment have become more sensitive to shifts in the international demand for property by migrants or investors.

Changes in international house price synchronization stem from variation in two categories of key drivers of house prices. The first are traditional supply and demand fundamentals. The second include international capital flows and immigration. Both sets of factors are sensitive to the economic environment and public policy. Increased synchronization of business cycles, the Euro currency union, and more common monetary policy strategies and tactics have fostered greater correlation of real interest rates across countries, which tend to increase house price synchronization. These effects can be amplified by the tendency for property owners to use extrapolative expectations of future house prices.

Shifts in prospective returns and the synchronization of international property returns not only on arbitrage of general property price differentials but also on underlying factors driving those differentials. Investors need to be mindful of the risks that metro prices sometimes reflect bubble-builder dynamics that can give rise to over-shooting of house prices. Observing simple correlations and changes in those correlations does not do away with the need for careful analysis of property investment, and if anything, warrant analysis of both how and why one may observe changes in the extent to which international house prices is synchronized.

Despite the rise of globalization and of new technologies, the author has seen substantial divergences in house prices emerge across gateway cities and metros in less vibrant areas within countries. These reflect not only the impact of stronger income and population in more tech, educated and global oriented cities but also changes in the demand for amenities toward more culturally appealing cities, often – but not exclusively in – warmer or coastal areas where the supply elasticity of housing is often limited. Further complicating investment decisions are potential shifts in housing or immigration policy that can notably affect the demand for housing.

The paper provides practical perspective on why different groups of international cities have seen their house prices become more sychronized. Nevertheless, increased synchronization has occurred within an elite set of major cities, but in an environment house prices have diverged across gateway cities and metros in less vibrant areas within countries. The paper helps investors make sense of some recent patterns and recent prospects for investing in international real estate.

This paper aims to introduce a growth comprehensive pattern to explain the phenomenon of individual foreign investment, first at the global level and then at the regional level. The patterns are developed based on a number of main theories with grounded theory (GT) as the foundation, distributed on the two pull and push forces of international business theory and migration theory; simultaneously, it is classified on the three levels (attribute–consequence–value [ACV]) of means-end theory.

An embedded method is applied to generate two complementary datasets from two approaches: in-depth interviews and secondary data analysis.

In this structure, the investor plays a central role as the decision-maker based on the entrepreneur's motives for internationalization (economics-driven and psychology-driven factors) and the householders' motives for emigration (aspiration and access capabilities). The external forces considered are a push from the home country (structures) and pull from the host country (immigrant investment programs [IIPs]), in which the factor of (dis)trust/misconception as a moderator has an additional impact on this mobility. Demographic factors such as gender, region, generation/age, level of education, religion and occupation generally describe the characteristics of each specific target group.

This paper is to develop a conceptual framework.

The results of this study, in addition to fulfilling its own objectives, will also serve as the foundation for further research in several scientific fields such as economics, sociology and politics.

The peer review history for this article is available at https://publons.com/publon/10.1108/IJSE-12-2022-0786

Purpose – Since the 1960s, the affluent democracies have experienced substantial changes in earnings inequality at the same time as heightening economic globalization. This paper investigates the relationship between these two processes.

Methodology/Approach – I use fixed-effects models, and comprehensive measures of globalization and earnings inequality to scrutinize the relationship between the two in 18 affluent democracies. Although past studies concentrate on worker displacement, I examine how globalization affected earnings inequality before and after controlling for manufacturing employment and unemployment as indicators of displacement.

Findings – Initial evidence suggests net migration and investment openness have moderate positive effects, but trade openness has larger, more significant positive effects. In full models, only trade openness remains robustly significant. For a standard deviation increase in trade openness, earnings inequality should increase by between 1/5th and 2/5th of a standard deviation.

Originality/Value of paper – Beyond displacement, this study encourages investigation of power relations (e.g., class capacities of employers vs. workers) and institutional change (e.g., practices of firms) as mechanisms by which globalization contributes to inequality.

The main objective of this study is to identify some of the variables that affect the perception of Brazil country brand, as well as the knowledge of the relationships between them.

The proposed model aims to find out the influence of the affective image, the cognitive image, the identity and the reputation on the country brand. Partial Least Squares (PLS) is the method used to test the proposed model.

According to the results obtained, it seems that both identity and reputation have a positive and significant effect on the country brand. On the other hand, the cognitive image is positively related to identity and the affective image, while it is surprising that the affective image itself shows no significant influence on identity.

The study is of particular interest to the policy makers of territories, explaining the factors they must influence in order to successfully enhance the country brand. It also contributes to theoretical development by proposing a conceptual model that highlights the importance of the cognitive image in the country brand, due to its effect on the affective image and identity.

El principal objetivo de este estudio es identificar algunas de las variables que inciden en la percepción de la marca país Brasil, así como el conocimiento de las relaciones entre ellos.

El modelo propuesto tiene como objetivo conocer la influencia de la imagen afectiva, la imagen cognitiva, la identidad y reputación en la marca país. El PLS (Partial Least Squares) es el método utilizado para probar el modelo propuesto.

Según los resultados obtenidos, parece que tanto la identidad como la reputación tienen un efecto positivo y significativo en la marca país. Por otro lado, la imagen cognitiva se relaciona positivamente con la identidad y la imagen afectiva, mientras que sorprende que la imagen afectiva en sí misma no muestra una influencia significativa sobre la identidad.

El estudio es de especial interés para los responsables políticos, ya que explica los factores que debe influir para potenciar con éxito la marca país. También contribuye al desarrollo teórico proponiendo un modelo conceptual que resalte la importancia de la imagen cognitiva en la marca país, por su efecto sobre la imagen e identidad afectiva.