REAL ESTATE FINANCE IN THE NEW ECONOMIC WORLD TIWARI P. WHITE M. Księgarnia

Real Estate Finance in the New Economic World

This book examines the financing of real estate investment and development within the context of an increasingly integrated international world economy and financial system. The approach shows how real estate financial structures influence general economic development. It also integrates discussions on investment products with their impact on the real estate sector, in order to develop an economic framework to promote discussion on individual products and how they relate to the rest of the economy.

Preface xi Acknowledgements xiii 1 International Economic Developments since the 1970s 1 Introduction 1 International trade theories: Setting the scene 2 International goods and capital flows 3 Theoretical models of trade 7 The Dunning eclectic paradigm 19 Porter's model of competitive advantage of nations 24 Trading blocs and globalisation 27 Conclusions 28 Notes 28 References 28 2 International Real Estate Markets: Evolution 31 Introduction 31 Size of property market 33 User market 35 Investment market 42 Investor profile 48 Development 50 Financing of property 52 International real estate activity and trade models 55 Conclusions 59 Note 60 References 60 3 Financial Systems, Flow of Funds to Property and Innovations 63 Introduction 63 Bank-based and market-based financial systems 64 Property investors and intermediaries 67 Investment mechanisms 68 Innovations 74 Economic assessment of investment mechanisms 76 Impact of new investment mechanisms on business culture and practices 81 Conclusions 82 References 83 4 Property Investors, Investment Vehicles and Strategies 85 Size of property 85 Investment and investors 86 Property in investment portfolio 92 Investment strategies 98 Property investment and leverage 101 Conclusions 103 Appendix 4.1 104 References 107 5 Financial Markets, the New Economy and the Risk 109 Introduction 109 Value determinants of real estate in the twenty-first century 112 Theorising real estate linkages in the new economy 116 Financing of real estate in new economy 119 Leverage and risks 123 Conclusions 126 References 126 6 Real Estate Asset Bubbles 129 An introduction to cycles in real estate 129 Expectations and bubbles 136 Formation of real estate bubbles and its detection 139 Key patterns of past real estate bubbles 140 Explanations in the literature, new economy and role of credit 149 Conclusions 152 References 152 7 International Capital Flows in Property: Portfolio Diversification or Return Chasing 155 Introduction 155 Theoretical considerations in portfolio investment 159 Direct property in multi-asset portfolios 162 Direct property in property-only portfolios 164 Indirect property investment in multi-asset portfolios 165 Indirect real estate investment in real estate-only portfolios 166 Contradictions in research on diversification benefits from international property investment 167 Capital flows and property returns 168 Conclusions 170 References 170 8 International Financial Innovation, Real Estate and the Macroeconomy 175 Introduction 175 Real estate and macroeconomic interactions: Cycles and trends 175 Market cycles, risk and regional offices 187 Bubbles in asset markets 209 Risk management 210 Observations and conclusions 212 Notes 214 References 214 9 International Financial Innovation and Real Estate Market Performance 219 Introduction 219 Mortgage product development 219 Why use debt? 220 Risk analysis 222 Variable risk 223 The secondary mortgage market 224 Institutions and market performance 228 Cycles in real estate and the availability of finance 233 Conclusions 235 References 237 10 Real Estate in the New Economy 239 Introduction 239 The new economy and world economic structure 240 Real estate in the new economy 252 Overview and conclusions 255 Note 258 References 259 Index 261

284 pages, Hardcover

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