A "family of cycles" – major and auxiliary business cycles. Issue 3 (1st April 2014)

• Record Type: Journal Article
• Authors: Jadevicius, Arvydas; Huston, Simon
• Is Part Of: Journal of property investment & finance. Volume 32:Issue 3(2014)
• Page Start: 306
• Page End: 323
• Publication Date: 2014-04-01
• Subjects: Review -- Business -- Literature -- Cycle; Real estate investment -- Great Britain -- Periodicals; Real property -- Valuation -- Great Britain -- Periodicals; Real estate development -- Great Britain -- Finance -- Periodicals; 332.6324094105
• DOI: 10.1108/JPIF-02-2014-0015
• Languages: English
• ISSNs: 1463-578X

Abstract

Abstract : Purpose: – The paper aims to discuss the major and auxiliary types of cycles found in the literature. Design/methodology/approach: – The existence of cycles within economy and its sub-sectors has been studied for a number of years. In the wake of the recent cyclical downturn, interest in cycles has increased. To mitigate future risks, scholars and investors seek new insights for a better understanding of the cyclical phenomenon. The paper presents systematic review of the existing copious cyclical literature. It then discusses general characteristics and the key forces that produce these cycles. Findings: – The study finds four major and eight auxiliary cycles. It suggests that each cycle has its own distinct empirical periodicity and theoretical underpinnings. The longer the cycles are the greater controversy which surrounds them. Practical implications: – Cycles are monumental to a proper understanding of complex property market dynamics. Their existence implies that economies, whilst not deterministic, have a rhythm. Cyclical awareness can therefore advance property market participants. Originality/value: – The paper uncovers four major and eight auxiliary types of cycles and argues their importance.