Introduction -- International trade theories: Setting the scene -- International goods and capital flows -- Theoretical models of trade -- The Dunning eclectic paradigm -- Porter's model of competitive advantage of nations -- Trading blocs and globalisation -- Conclusions -- Notes -- References -- Introduction -- Size of property market -- User market -- Investment market -- Investor profile -- Development -- Financing of property -- International real estate activity and trade models -- Conclusions -- Note -- References -- Introduction -- Bank-based and market-based financial systems -- Property investors and intermediaries -- Investment mechanisms -- Innovations -- Economic assessment of investment mechanisms -- Impact of new investment mechanisms on business -- culture and practices

Conclusions -- References -- Size of property -- Investment and investors -- Property in investment portfolio -- Investment strategies -- Property investment and leverage -- Conclusions -- Appendix 4.1 -- References -- Introduction -- Value determinants of real estate in the twenty-first century -- Theorising real estate linkages in the new economy -- Financing of real estate in new economy -- Leverage and risks -- Conclusions -- References -- An introduction to cycles in real estate -- Expectations and bubbles -- Formation of real estate bubbles and its detection -- Key patterns of past real estate bubbles -- Explanations in the literature, new economy and role of credit -- Conclusions -- References -- Introduction -- Theoretical considerations in portfolio investment -- Direct property in multi-asset portfolios -- Direct property in property-only portfolios -- Indirect property investment in multi-asset portfolios

Indirect real estate investment in real estate-only portfolios -- Contradictions in research on diversification benefits from international property investment -- Capital flows and property returns -- Conclusions -- References -- Introduction -- Real estate and macroeconomic interactions: Cycles and trends -- Market cycles, risk and regional offices -- Bubbles in asset markets -- Risk management -- Observations and conclusions -- Notes -- References -- Introduction -- Mortgage product development -- Why use debt? -- Risk analysis -- Variable risk -- The secondary mortgage market -- Institutions and market performance -- Cycles in real estate and the availability of finance -- Conclusions -- References -- Introduction -- The new economy and world economic structure -- Real estate in the new economy -- Overview and conclusions -- Note -- References.