Word: demands
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Dates: during 2000-2009
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...world presage a price correction in paradise? Surely, as hedge-fund managers find themselves without fat end-of-year bonuses because of the recent market madness, they'll shy away from acquiring luxury second homes. Gallmann of Exotiq Real Estate acknowledges that the financial crisis will dent demand, particularly in Bali where the real estate volume is higher than in Phuket. But he isn't too worried. "Look, I've been involved with Bali for 20 years and through that time we've gone through more than you can imagine, from the Asian financial crisis and a political revolution...
...least 2,300 high-end residential units were launched in Phuket, and roughly 970 more came up for sale in the first half of this year, according to Colliers International. Prices have skyrocketed, with new buyers from India, South Korea and even Central Asia driving up demand. At the Trisara residential complex, for instance, a sea-view, fully furnished two-bedroom villa managed by the boutique hotel of the same name goes for upward of $4 million for a 120-year lease. A first phase of 18 villas perched over a secluded bay has already sold out, with one three...
...dollar is getting from an unlikely quarter: global hedge funds and other nonbank financial entities. This shadow banking system has borrowed trillions of dollars to leverage its investments. But the crisis has triggered massive early loan repayments, and because these loans must be repaid in the U.S. currency, demand for the dollar has increased, driving up its value. It's not just hedge funds that are affected. Foreign banks, which hold $12 trillion in dollar assets and liabilities, are also in the process of deleveraging...
...State capitalism is hardly foolproof, of course. In nations with less sophisticated economic management than a place like Dubai, state control could simply revert to cronyism. Because they still rely on trade, the state capitalists are not immune to a global meltdown. Indeed, decreased Western consumer demand will dent China's economy as well as that of any that relies on exports. But the free-market autocrats stand in far better shape than the rest of the world. With their massive cash reserves, current-account surpluses and, often, capital controls, countries like China can better weather a downturn (China probably...
...hardly alone, which is bad news for the world's oceans. Partly because of the rising global demand for sushi, we're fast fishing out our seas, with some researchers estimating that if we don't change the way we harvest the oceans, all the commercial fisheries in the world could collapse as early as 2048. That could mean no more California rolls in your local supermarket...