{"product_id":"real-estate-finance-in-the-new-economy-isbn-9781405158718","title":"Real Estate Finance in the New Economy","description":"\u003cp\u003eThe 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.\u003c\/p\u003e \u003cp\u003e \u003c\/p\u003e \u003cp\u003eA variety of investment vehicles have emerged, and\u003ci\u003eReal Estate Finance in the New Economy\u003c\/i\u003e \u003cb\u003eex\u003c\/b\u003eamines these along with financing and risk in the context of globalization, deregulation and an increasingly integrated international world economy by exploring questions like:\u003c\/p\u003e \u003cp\u003e \u003c\/p\u003e \u003cul\u003e \u003cli\u003eHow have real estate financial structures evolved as economies grow and become internationalised?\u003c\/li\u003e \u003cli\u003eWhat role do economic change and financial systems play in the development of real estate investment? \u003c\/li\u003e \u003cli\u003eAre the risks associated with the ‘new economy’ really new?\u003c\/li\u003e \u003cli\u003eWhat is the future direction for real estate financing?\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e \u003c\/p\u003e \u003cp\u003eThe 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.\u003c\/p\u003e  \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eAcknowledgements xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 International Economic Developments since the 1970s 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003eInternational trade theories: Setting the scene 2\u003c\/p\u003e \u003cp\u003eInternational goods and capital flows 3\u003c\/p\u003e \u003cp\u003eTheoretical models of trade 7\u003c\/p\u003e \u003cp\u003eThe Dunning eclectic paradigm 19\u003c\/p\u003e \u003cp\u003ePorter’s model of competitive advantage of nations 24\u003c\/p\u003e \u003cp\u003eTrading blocs and globalisation 27\u003c\/p\u003e \u003cp\u003eConclusions 28\u003c\/p\u003e \u003cp\u003eNotes 28\u003c\/p\u003e \u003cp\u003eReferences 28\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 International Real Estate Markets: Evolution 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 31\u003c\/p\u003e \u003cp\u003eSize of property market 33\u003c\/p\u003e \u003cp\u003eUser market 35\u003c\/p\u003e \u003cp\u003eInvestment market 42\u003c\/p\u003e \u003cp\u003eInvestor profile 48\u003c\/p\u003e \u003cp\u003eDevelopment 50\u003c\/p\u003e \u003cp\u003eFinancing of property 52\u003c\/p\u003e \u003cp\u003eInternational real estate activity and trade models 55\u003c\/p\u003e \u003cp\u003eConclusions 59\u003c\/p\u003e \u003cp\u003eNote 60\u003c\/p\u003e \u003cp\u003eReferences 60\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Financial Systems, Flow of Funds to Property and Innovations 63\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 63\u003c\/p\u003e \u003cp\u003eBank-based and market-based financial systems 64\u003c\/p\u003e \u003cp\u003eProperty investors and intermediaries 67\u003c\/p\u003e \u003cp\u003eInvestment mechanisms 68\u003c\/p\u003e \u003cp\u003eInnovations 74\u003c\/p\u003e \u003cp\u003eEconomic assessment of investment mechanisms 76\u003c\/p\u003e \u003cp\u003eImpact of new investment mechanisms on business culture and practices 81\u003c\/p\u003e \u003cp\u003eConclusions 82\u003c\/p\u003e \u003cp\u003eReferences 83\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Property Investors, Investment Vehicles and Strategies 85\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSize of property 85\u003c\/p\u003e \u003cp\u003eInvestment and investors 86\u003c\/p\u003e \u003cp\u003eProperty in investment portfolio 92\u003c\/p\u003e \u003cp\u003eInvestment strategies 98\u003c\/p\u003e \u003cp\u003eProperty investment and leverage 101\u003c\/p\u003e \u003cp\u003eConclusions 103\u003c\/p\u003e \u003cp\u003eAppendix 4.1 104\u003c\/p\u003e \u003cp\u003eReferences 107\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Financial Markets, the New Economy and the Risk 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 109\u003c\/p\u003e \u003cp\u003eValue determinants of real estate in the twenty-first century 112\u003c\/p\u003e \u003cp\u003eTheorising real estate linkages in the new economy 116\u003c\/p\u003e \u003cp\u003eFinancing of real estate in new economy 119\u003c\/p\u003e \u003cp\u003eLeverage and risks 123\u003c\/p\u003e \u003cp\u003eConclusions 126\u003c\/p\u003e \u003cp\u003eReferences 126\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Real Estate Asset Bubbles 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAn introduction to cycles in real estate 129\u003c\/p\u003e \u003cp\u003eExpectations and bubbles 136\u003c\/p\u003e \u003cp\u003eFormation of real estate bubbles and its detection 139\u003c\/p\u003e \u003cp\u003eKey patterns of past real estate bubbles 140\u003c\/p\u003e \u003cp\u003eExplanations in the literature, new economy and role of credit 149\u003c\/p\u003e \u003cp\u003eConclusions 152\u003c\/p\u003e \u003cp\u003eReferences 152\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 International Capital Flows in Property: Portfolio Diversification or Return Chasing 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 155\u003c\/p\u003e \u003cp\u003eTheoretical considerations in portfolio investment 159\u003c\/p\u003e \u003cp\u003eDirect property in multi-asset portfolios 162\u003c\/p\u003e \u003cp\u003eDirect property in property-only portfolios 164\u003c\/p\u003e \u003cp\u003eIndirect property investment in multi-asset portfolios 165\u003c\/p\u003e \u003cp\u003eIndirect real estate investment in real estate-only portfolios 166\u003c\/p\u003e \u003cp\u003eContradictions in research on diversification benefits from international property investment 167\u003c\/p\u003e \u003cp\u003eCapital flows and property returns 168\u003c\/p\u003e \u003cp\u003eConclusions 170\u003c\/p\u003e \u003cp\u003eReferences 170\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 International Financial Innovation, Real Estate and the Macroeconomy 175\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 175\u003c\/p\u003e \u003cp\u003eReal estate and macroeconomic interactions: Cycles and trends 175\u003c\/p\u003e \u003cp\u003eMarket cycles, risk and regional offices 187\u003c\/p\u003e \u003cp\u003eBubbles in asset markets 209\u003c\/p\u003e \u003cp\u003eRisk management 210\u003c\/p\u003e \u003cp\u003eObservations and conclusions 212\u003c\/p\u003e \u003cp\u003eNotes 214\u003c\/p\u003e \u003cp\u003eReferences 214\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 International Financial Innovation and Real Estate Market Performance 219\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 219\u003c\/p\u003e \u003cp\u003eMortgage product development 219\u003c\/p\u003e \u003cp\u003eWhy use debt? 220\u003c\/p\u003e \u003cp\u003eRisk analysis 222\u003c\/p\u003e \u003cp\u003eVariable risk 223\u003c\/p\u003e \u003cp\u003eThe secondary mortgage market 224\u003c\/p\u003e \u003cp\u003eInstitutions and market performance 228\u003c\/p\u003e \u003cp\u003eCycles in real estate and the availability of finance 233\u003c\/p\u003e \u003cp\u003eConclusions 235\u003c\/p\u003e \u003cp\u003eReferences 237\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Real Estate in the New Economy 239\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 239\u003c\/p\u003e \u003cp\u003eThe new economy and world economic structure 240\u003c\/p\u003e \u003cp\u003eReal estate in the new economy 252\u003c\/p\u003e \u003cp\u003eOverview and conclusions 255\u003c\/p\u003e \u003cp\u003eNote 258\u003c\/p\u003e \u003cp\u003eReferences 259\u003c\/p\u003e \u003cp\u003eIndex 261\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePiyush Tiwari\u003c\/b\u003e is Associate Professor of Property, Faculty of Architecture, Building and Planning, University of Melbourne\u003c\/p\u003e \u003cp\u003e\u003cb\u003eMichael White\u003c\/b\u003e is Professor of Real Estate Economics, School of Architecture, Design and the Built Environment, Nottingham Trent University\u003c\/p\u003e  \u003cp\u003eThe 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.\u003cbr\u003e \u003cbr\u003e A variety of investment vehicles have emerged, and\u003cem style=\"mso-bidi-font-style: normal;\"\u003eReal Estate Finance in the New Economy \u003cstrong style=\"mso-bidi-font-weight: normal;\"\u003eexamines these along with financing and risk in the context of globalization, deregulation and an increasingly integrated international world economy by exploring questions like:\u003c\/strong\u003e\u003c\/em\u003e \u003c\/p\u003e \u003cul style=\"list-style-type: disc; direction: ltr;\"\u003e \u003cli style=\"color: #000000; font-style: normal; font-weight: normal;\"\u003e \u003cp\u003eHow have real estate financial structures evolved as economies grow and become internationalised?\u003c\/p\u003e \u003c\/li\u003e \u003cli style=\"color: #000000; font-family: 'Calibri','sans-serif'; font-size: 10pt; font-style: normal; font-weight: normal;\"\u003e \u003cp\u003eWhat role do economic change and financial systems play in the development of real estate investment? \u003c\/p\u003e \u003c\/li\u003e \u003cli style=\"color: #000000; font-family: 'Calibri','sans-serif'; font-size: 10pt; font-style: normal; font-weight: normal;\"\u003e \u003cp\u003eAre the risks associated with the ‘new economy’ really new?\u003c\/p\u003e \u003c\/li\u003e \u003cli style=\"color: #000000; font-family: 'Calibri','sans-serif'; font-size: 10pt; font-style: normal; font-weight: normal;\"\u003e \u003cp\u003eWhat is the future direction for real estate financing?\u003c\/p\u003e \u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe 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.\u003c\/p\u003e \u003cp\u003e \u003c\/p\u003e","brand":"Wiley-Blackwell","offers":[{"title":"Default Title","offer_id":47989921677541,"sku":"NP9781405158718","price":112.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781405158718.jpg?v=1761785917","url":"https:\/\/k12savings.com\/products\/real-estate-finance-in-the-new-economy-isbn-9781405158718","provider":"K12savings","version":"1.0","type":"link"}