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Κριτικό σημείωμα GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, Concerns of Gentrification ΕΛ.Types ΣΤΑΥΡΑΚΑΚΗ Concerns Assessment of Master Thesis

“Sovereign Debt and FDI-A cross-country analysis with a

By Mr. George-Sp. special focus on Greece”C. ATHANASOPOULOS

Harvard University, Graduate School of Design, Student,

By Mr. George-Sp. C. ATHANASSOPOULOS Architect of the SchoolΔΕΛΗΘΕΟΥ of Architecture ΤηςStudent Δρος Βασιλικής Technical University of Crete Επίκουρης Καθηγήτριας

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Τμήμ. Οικονομικής και Περιφερειακής Ανάπτυξης 1. Introductory approach: Defining the concept Παντείου Κ.Π.Ε.

1. Introductory approach: the concept (444Πανεπιστημίου ANTISTHENIS, the ancientDefining Greek philosopher, BC - 370 BC, Athens), ANTISTHENIS, the ancient Greek philosopher, BC -“principle”: 370 BC, Athens), among other wise heritage he left us, he established(444 a great the The current assessment goes over the Master Thesis “Sovereign among other wise heritage leftthe us,definition he established a greatof“principle”: the acquisition of knowledge startshe with of the content concepts. acquisition of knowledge starts with theindefinition the content of on concepts.

Debt and therefore, FDI - A cross-country analysis withifaof special focus Greece”.

Based, on this “principle” a first, not final, approach, the term 1written Based, therefore, on “principle” inindicated a first, ifgraduated notthe final, approach, the term It has been bythis Eleonora Stavrakaki, student of the (and urban gentrification) is (in area of Planning) (or gentrification 1 (and urban gentrification) is indicated (in the area of Planning) (or gentrification Sociology as well), as the “refining” of a city area, the removal from this, (in various Master of Science in International Economics and Public Policy. It has Sociology as well), asby the “refining” of Doctor a city area, the from this,Chair (inartists, various ways), of social groups, usually of low-income and theremoval placement there of been supervised Professor Harms, from the of ways), of social groups, usually of low-income and the placement there of artists, the operation of art galleries, restaurants, etc.

However this “change”, regardless of International Department Law and Economics of the the operation ofEconomics, art galleries, the restaurants, etc.also However regardless whatever other consequences has, results risingthis of “change”, land prices (and theof Johannes Gutenberg University Germany. whatever otherspeculation). consequences has,Mainz, resultsinalso rising ofThe landmotivation prices (and of the potential relative the thesis is based on the current economic crisis and how this problem potential relative speculation).

The term gentrification is found at first in the UK in early 1960s and it refers to canthen be term tackled.

The objectives ofpeople theinresearch are by the The gentrification found at first the UK in earlyexpressed 1960s and itareas refers the observed trend ofiswealthy to buy property in poor ofto the then observed trend wealthy sometimes people to there buy property in poor areas following questions: London, upgrade them, stay of themselves and thus old residents areof London, stay themselves sometimes there and thus old residents are being indirectly Is upgrade there“squeezed”. athem, significant relationship between sovereign debt and being indirectly “squeezed”.

A description of this phenomenon included in theextend? work of Sociologist Ruth Foreign Direct Investment (FDI)? Ifis yes, to which A description ofperiod, this phenomenon is situations included inwere the recorded work of Sociologist Ruth GLASS at the same while similar in other major Would the case of Greece support the results?

GLASS at the same period, while similar situations were recorded in other major cities in Western countries, by other Researchers.

At first, the literature review presents the two main factors of cities in Western countries, bypreoccupied other Researchers.

Since then, the issue has several scholars and for its more investigation the sovereign debt andsummarized FDI.several The first factor represents the Since then, the issue has preoccupied scholars andthe for various its more comprehensive approach are being below, from economic situation and the amount of indebtedness and the effect on comprehensive approach are being summarized below, from the various interpretations of the phenomenon of gentrification, the following: interpretations of the phenomenon of the following: the of each country.

Also, is category thoroughly reported, Ineconomic a sense, thegrowth phenomenon is due togentrification, a trend of a it new of social groups that the scientific community is divided into two groups, for and against to “return” to the city, leaving the purlieus for several reasons: high costs in money and time to travel from thebetween purlieus to downtown, where work place lack of the a possible connection debt and growth.

As far as is, the second 1.of The term from Sociologist Ruththe GLASS, 1912-1940.

Ruth search GLASS wasbetter born sense safety atcomes the distributed residencies outside town centres, for factor, it has been examined by perspective that FDI plays anin Berlin, where she made her first studies. In 1932 she published an important study entitled: services of health, education, entertainment “at heart ofand the has city”, (possibly) important role on the growth of athe country significant Youth Unemployment.

The economic same year she left Germany and after continuous movements for lower living cost of, “withdrawal” from private car easier access to markets, etc.where studies and research in Geneva, Prague,progress.

London and This New York came back to London, contribution to technological canshebe derived from the in According 1943 she published studies regarding cityphenomenon planning. In 1950 sheto became teacher in the to another approach, the is due a systematic and fact thatinformal many researches already tobrokers FDI’s University College of London, where shehave continued her socialtried research.

Herdefine public and long-term effort by organized groups, manufacturers, ofaction buying her work are characterized by a passionthese for justice. also: COLLINS ENGLISH DICTIONARY. determinants.

Afteretc., reviewing twoSee parameters, is pointing out and selling realCOLLINS estate, for theCodepreciation initially of part it of the urban web, in 10th edit. Wil. SONS AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: that economic growth is their common parameter but they have an G. ALEXANDRI: http://www.uncanny.net/ wetzel/gentry.htm a Gentrification: variety of ways, in order Abstract. to achieve the “assisted”, “voluntary”, (actually

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification Concerns

opposite effect on it. Moreover, the relation between each other (sovereign debt - FDI) has not been under a systematic research by the scientific community. Many studies concentrate on high indebted countries or the interest of research has been triggered after the onset of crisis, but mainly focus on local or regional level.

Moreover, thesis provides a short, comprehensive and massive

By Mr. George-Sp. C. ATHANASOPOULOS economic analysis of the public debt and the FDI. The aim of this section Harvard University, Graduate School of Design, Student, is to observe the evolution of the two main investigated variables and

By Mr. George-Sp. C. ATHANASSOPOULOS Architect their direct linkage not only in worldwide level but also in different Student of the School of Architecture income countries before and after the onset ofTechnical the economic crisis in University of Crete 2007. What can be deduced at this level is that the financial crisis has a 1. Introductory Defining concept increase of public debt reverse effect onapproach: the FDI level andthe a significant 1.

Introductory approach: Defining the concept (444 BC - 370 BC, Athens), ANTISTHENIS, the ancient Greekthat philosopher, in high income countries.

It seems the backing sector plays the link ANTISTHENIS, the ancient Greek philosopher, (444 BC -“principle”: 370 BC, Athens), among other wise heritage he left us, he established a great the between the two factors. among other wise heritage he leftthe us,definition he established a greatof“principle”: the acquisition of knowledge starts with of the content concepts.

Exceptof from the theoretical and economicthereviews, the research acquisition knowledge starts with the content of concepts.

Based, therefore, on this “principle” indefinition a first, if of not final, approach, the term approach continues an empirical analysis.

The purpose is term to 1 (and urban Based, therefore, onsetting this “principle” inindicated a first, if (in notthe final, approach, the gentrification) is area of Planning) (or gentrification 1 provide a better and more accurate justification of the linkage between gentrification (and urban gentrification) indicated (in thefrom areathis, of Planning) (or Sociology as well), as the “refining” of a cityisarea, the removal (in various public debt and FDI in worldwide terms.

Therefore, a panel data set Sociology as well), as the “refining” of a city area, the removal from this, (in various ways), of social groups, usually of low-income and the placement there of artists, ways), of social groups, usually ofcountries low-income and the placement artists, takes into consideration 102 which are observed in a of period the operation of art galleries, restaurants, etc. However this “change”,there regardless of the operation of art galleries, restaurants, etc.

However this “change”, regardless whatever other2001 consequences rising land (and theof of time from to 2012.has, Theresults modelalso tries to of find theprices appropriate whatever otherspeculation). consequences resultsand alsobring risingout of land prices (and of the potential relative variables which will be able tohas, describe the magnitude potential relative speculation). termExcept gentrification is found at first debt, in the these UK in early 1960s andopenness, it refers to theThe effect. from FDI or public are financial The term gentrification iswealthy found atpeople first in the UK in early 1960s and itareas refersofto the then observed trend of to buy property in poor remittances, inflation, taxation, political instability andof the then observed trend wealthyinfrastructure, people to there buy property areas London, upgrade them, stay of themselves sometimes and thus oldpoor residents are different incomethem, economies (high, lower middle, upper middle and high London, upgrade stay themselves sometimes there and thus old residents are being indirectly “squeezed”. income economies with public debt higher than 90% of GDP).

The being indirectly “squeezed”.

A description of this phenomenon is included in the work of Sociologist Ruth research that have been used are Pooled Effectmajor and A description ofperiod, this phenomenon is situations included inwere the OLS, work Fixed of Sociologist Ruth GLASS at methods the same while similar recorded in other GLASS at the same period, while similar situations were recorded in other major Random Effect.countries, For observing better the effect of the crisis and the cities in Western by other Researchers. cities in Western countries, bypreoccupied other Researchers.

Since then, the issue has several scholars its more evolution of the variables and their possible linkage, and the for period has Since then, the issue has preoccupied several scholars and for its more comprehensive approach are being summarized below, from the various been divided into two sub-periods, 2001-2006 and 2007-2012. comprehensive approach are being summarized from the various interpretations of the thebelow, following: Regarding thephenomenon case study, of it gentrification, is a short theoretical analysis. It takes interpretations the phenomenon of thecategory following: In aconsideration sense, theof phenomenon is due togentrification, a trend of a new of social groups into the high indebtedness of the country and its to “return” to the city, leaving the purlieus for several reasons: high costs in money consequences on country’s economic development and tries to find how and time to travel from the purlieus to downtown, where work place is, lack of the FDI 1.of could to residencies go Ruth backGLASS, on the track of search growth.

Thein The termcontribute from Sociologist 1912-1940.

Ruth GLASS wasbetter born sense safety atcomes the distributed outside town centres, for Berlin, where sheismade her first studies. Inorder 1932 she published an important studyand entitled: presentation in chronological of those two variables it services of health, education, entertainment “at the heart of the city”, (possibly) Youth Unemployment. The same year she left Germany and after continuous movements for helps toandbuild upin aGeneva, betterPrague, understanding about observe andetc. find lower living cost of, “withdrawal” from private easier access to markets, studies research London and car New York them, she came back to London, where in According 1943 she published studies regarding cityphenomenon planning. In 1950 sheto became teacher in the out the extent their linkage. toof another approach, the is due a systematic and University informal College of London, where she continued her social research. brokers Her public action and long-term effort by organized groups, manufacturers, of buying After an extensive research for defining the linkage between the her work are characterized by a passion for justice. See also: COLLINS ENGLISH DICTIONARY. and selling real estate, theCodepreciation initially of part of the urban web,at in 10th edit.

Wil. COLLINS SONS AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: public debt and theetc., FDI,for there some interesting conclusions.

Looking Gentrification: G. ALEXANDRI: Abstract. http://www.uncanny.net/ wetzel/gentry.htm athe variety of ways, in order to achieve the “assisted”, “voluntary”, (actually empirical model that sovereign debt has a significant negative effect 161 2521 11

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GENTRIFICATION Definition, Types of Intervention, Definition, of intervention, ConcernsTypes of Gentrification Concerns on FDI. Their relationship is also negative no matter whether the economy is in a recession period By or Mr. not.George-Sp. AccordingC.toATHANASOPOULOS the economic and Harvard University, Graduate School of Design, role Student, the empirical research, the financial sector plays an important on

By Mr. George-Sp. C. ATHANASSOPOULOS Architect the examined relation and it is considered as the link between them.

Student of the School of Architecture This could be the argument why the advanced Technical countriesUniversity are the ofmost Crete affected. As far as the upper middle income economies have been 1. Introductory approach: Defining the concept affected, in less degree that the advanced countries. The link in their 1.

Introductory approach: Defining the concept (444 BC - 370 BC, Athens), ANTISTHENIS, the ancient philosopher, case is the trade channel.

InGreek the case of Greece, the linkage between ANTISTHENIS, the ancient Greek philosopher, (444 BC -“principle”: 370 BC, Athens), among other wise heritage left us, he established a great the sovereign debt and FDI is he also negative.

The reasons are the continuous among other wise heritage he leftthe us,definition he established a greatof“principle”: the acquisition of knowledge starts with of the content concepts. loss of competiveness, the with increase of the difficulties ofconcepts. attracting acquisition of knowledge starts theindefinition the content of Based, therefore, on this “principle” a first, if of not final, approach, the term foreign investments the decrease inflows and inwards stocks 1 (and urban Based, therefore, onand this “principle” inindicated aof first, if (in notthe final, approach, the term gentrification) is area of Planning) (or gentrification 1 from the European counterparts after the onset of financial crisis. gentrification (and urban gentrification) indicated (in thefrom areathis, of Planning) (or Sociology as well), as the “refining” of a cityisarea, the removal (in various The importance of this current master thesis is on its originality of Sociology as well), as the “refining” of a city area, the removal from this, (in various ways), of social groups, usually of low-income and the placement there of artists, ways), of social groups, usually of low-income and the placement there of artists, the subject asart there is not such anetc. extended scientific research.

The the operation of galleries, restaurants, However this “change”, regardless of the operation of art galleries, restaurants, etc.

However this “change”, regardless whatever other consequences has, results and also rising of land prices theof familiarization with the literature in general with (and getting whatever other consequences also rising land prices (and the potential relative speculation). knowledge of the subject area has, and results the critical use ofof sources contributes potential relative speculation). term gentrification is found at first in the in early 1960sby andcreativity. it refers to to The set an empirical analysis.

Therefore, it isUK characterized The term gentrification iswealthy found atpeople first in the UK in early 1960s and itareas refersofto the then observed trend of to buy property in poor As as the choicetrend of research approach a logical connection to theof thefar then observed wealthy peoplehas to there buy property in poor areas London, upgrade them, stay of themselves sometimes and thus old residents are research task (economic, theoretical and empirical analysis).

The London, upgrade them, stay themselves sometimes there and thus old residents are being indirectly “squeezed”. solutions that derive from the empirical part, regarding the financial being indirectly “squeezed”.

A description of this phenomenon is included in the work of Sociologist Ruth sector, are aligned with the economic review. inwere A description ofperiod, this phenomenon is situations included the recorded work of Sociologist Ruth GLASS at the same while similar in other major GLASS at the same period, while similar situations were recorded in other major conclude, thisby master thesis poses clearly the negative cities inTo Western countries, other Researchers. cities in Western countries, by other Researchers.

Since then,between the issuethe has preoccupied for its more relationship sovereign debtseveral and thescholars FDI netand inflows.

Except Since then, the issue has preoccupied several scholars and for its comprehensive approach are being summarized below, from the various from the negative impact on the global economy, it seems that more the comprehensive approach are being summarized from the various interpretations of the phenomenon of gentrification, thebelow, following: advanced countries suffer more as their economies are financially interpretations the phenomenon thecategory following: In a sense, theof phenomenon is dueof togentrification, a trend ofresearch a new groups interconnected.

Due to the originality of the topic,ofitsocial is pointing to “return” to the city, leaving the purlieus for several reasons: high costs in money the need for further research on the impact of debt on FDI, defining the and time to travel from the purlieus to downtown, where work place is, lack of the factors and the of residencies influence of the channels trade, 1.of The termat comes from Sociologist Ruth GLASS, 1912-1940.

Ruthsuch GLASSas was born in sense safety theextend distributed outside town centres, search for better Berlin, where she made her first studies. In 1932 she published an important study entitled: financial and business. services of health, education, entertainment “at the heart of the city”, (possibly) Youth Unemployment. The same year she left Germany and after continuous movements for V.markets, DELITHEOU lower living cost of, in “withdrawal” from private access etc.where studies and research Geneva, Prague, London and car Neweasier York she came to back to London, in According 1943 she published studies regarding cityphenomenon planning. In 1950 sheto became teacher in the Professor to another approach, the is due aAss. systematic and University informal College of London, where she continued her social research. brokers Her public action and long-term effort by organized groups, manufacturers, of buying Panteion University of Social and Political Sciences of Athens her work are characterized by a passion for justice. See also: COLLINS ENGLISH DICTIONARY. and selling realCOLLINS estate, etc., for theCodepreciation initially of part of the urban web, in 10th edit. Wil. SONS AND Ltd. London 2009.

WIKIPEDIA: The Free Encyclopedia: G. ALEXANDRI: http://www.uncanny.net/ wetzel/gentry.htm a Gentrification: variety of ways, in order Abstract. to achieve the “assisted”, “voluntary”, (actually

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