Piyush Tiwari, Michael White

Real Estate Finance in the New Economy (eBook, PDF)

• Format: PDF

Produktbeschreibung

The financial deregulation of the last quarter century has meant large flows of funds around the world seeking the highest risk-adjusted return for investors. Real estate is now established as an important asset class and advances in information technology provide the necessary tools to complement global developments in real estate finance and investment. A variety of investment vehicles have emerged, andReal Estate Finance in the New Economy examines these along with financing and risk in the context of globalization, deregulation and an increasingly integrated international world economy by exploring questions like: * How have real estate financial structures evolved as economies grow and become internationalised? * What role do economic change and financial systems play in the development of real estate investment? * Are the risks associated with the 'new economy' really new? * What is the future direction for real estate financing? The authors develop an economic framework for discussions on individual financial products to examine how real estate financial structures change with economic growth and internationalisation and also to show how developments in real estate finance impact economic growth.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 288
• Erscheinungstermin: 29. Januar 2014
• Englisch
• ISBN-13: 9781118836620
• Artikelnr.: 40435624

Autorenporträt

Piyush Tiwari is Associate Professor of Property, Faculty of Architecture, Building and Planning, University of Melbourne Michael White is Professor of Real Estate Economics, School of Architecture, Design and the Built Environment, Nottingham Trent University

Inhaltsangabe

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