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. INDICE: Preface Acknowledgements Chapter 1: International Economic Developments since the 1970s 1 1.1 Introduction 1 1.2 International Trade: Setting the Scene 1 1.3 International Goods and Capital Flows 2 1.4 Theoretical Models of Trade 6 1.5 The Dunning Eclectic Paradigm 17 1.6 Porter’s Model of Comparative Advantage of Nations 21 1.7 Trading Blocks and Globalisation 23 1.8 Conclusions 24 1.9 References 25 Chapter 2: international Real Estate Markets – Evolution 26 2.1 Introduction 26 2.2 The Size of the Property Market 27 2.3 User Market 29 2.4 Investment Market 37 2.5 Investor Profile 42 2.6 Development 44 2.7 Financing of Property 47 2.8 International Real Estate Activity and Trade Models 50 2.9 Conclusions 54 References 55 Chapter 3: Financial Systems, Flow of Funds to Property and Innovations 57 3.1 Introduction 57 3.2 Bank based and Market based Financial Systems 57 3.3 Property investors and intermediaries 60 3.4 Investment Mechanisms 62 3.5 Innovations 66 3.6 Economic assessment of investment mechanisms 67 3.7 Impact of new investment mechanisms on business culture and practices 71 3.8 Conclusions 73 References 74 Chapter 4: Property Investors, Investment Vehicles and Strategies 76 4.1 Size of property 76 4.2 Investment and Investors 76 4.3 Property in investment portfolios 81 4.4 Investment strategies 85 4.5 Property investment and leverage 86 4.6 Conclusions 87 References 89 Appendix 4.1 91 Chapter 5: Financial Markets, the new economy and the risk 94 5.1 Introduction 94 5.2 Real estate in the new economy 95 5.3 Leverage and risks 100 5.4 Financing through equity and debt 101 References 102 Chapter 6: Real Estate Asset Bubbles 103 6.1 An introduction to cycles in real estate 103 6.2 Expectations and bubbles 107 6.3 Formation of real estate bubbles and its detection 110 6.4 Key patterns of past real estate bubbles 111 6.5 Explanations in the literature, New economy, role of credit 120 6.6 Conclusions 122 References 123 Chapter 7: International Capital flows in property: Portfolio diversification or Returns Chasing? 126 7.1 Introduction 126 7.2 Theoretical considerations in portfolio investment 129 7.3 Direct property in multi–asset portfolios 132 7.4 Direct property in property only portfolios 133 7.5 Indirect property investment in multi–asset portfolios 134 7.6 Indirect Real Estate Investment in Real Estate only Portfolios 135 7.7 Contradictions in research on diversification benefits from international property investment 136 7.8 Capital flows and property returns 137 7.9 Conclusions 139 References 140 Chapter 8: international Financial Innovation, Real Estate, and the Macroeconomy 145 8.1 Introduction 145 8.2 Real Estate and Macroeconomic Interactions: Cycles and Trends 145 8.3 Bubbles in Asset Markets 155 8.4 Risk Management 158 8.5 Observations and Conclusions 160 References 162 Chapter 9: international Financial Innovation and Real Estate Market Performance 166 9.1 Introduction 166 9.2 Mortgage product development 166 9.3 Why use debt? 168 9.4 Risk Analysis 169 9.5 Variable Risk 170 9.6 The Secondary Mortgage Market 171 9.7 Institutions and Market Performance 174 9.8 Cycles in Real Estate and the Availability of Finance 178 9.9 Conclusions 179 References 181 Chapter 10: Real Estate in the New Economy 182 10.1 Introduction 182 10.2 The new economy and world economic structure 182 10.3 Real Estate in the New Economy 191 10.4 Overview and Conclusions 194 References 197 Index
- ISBN: 978-1-4051-5871-8
- Editorial: Wiley–Blackwell
- Encuadernacion: Cartoné
- Páginas: 296
- Fecha Publicación: 14/03/2014
- Nº Volúmenes: 1
- Idioma: Inglés