JERUSALEM — Within days of Donald J. Trump’s election to the presidency, Jerusalem’s city planning chief declared an end to the era of holding up new housing for Jewish residents in contentious neighborhoods out of deference to American objections.

Last week, he followed through, advancing a long-delayed plan to build 500 homes, a down payment on thousands more to come. The mayor’s office insisted that the timing was coincidental and the decision not political. But the planning chief made clear that he saw a green light to proceed “now that Trump” had won.

Call it the Trump Effect. Around the world, his election is already shaping events — or at least perceived to be shaping them — even though he will not take office for seven more weeks. Companies hoping to profit from Mr. Trump’s economic policies have seen shares soar. Countries fearing his anti-trade stance have seen the value of their currencies plunge against the dollar. Governments are recalibrating policies on trade, defense and immigration.

The behavior of the global markets toward Mr. Trump has been uneven. On Monday, stocks and the dollar slipped slightly and bond prices rose, perhaps indicating a bit of caution after the postelection stock market surge.