Property Boom and Banking Bust
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Property Boom and Banking Bust
The Role of Commercial Lending in the Bankruptcy of Banks
Jones, Colin; Trevillion, Edward; Cowe, Stewart
John Wiley and Sons Ltd
12/2017
216
Mole
Inglês
9781119219255
15 a 20 dias
454
Descrição não disponível.
List of figures?ix
Acknowledgements?xi
Glossary?xiii
1 Introduction?1
Sub?-prime Lending Enters the Financial Vocabulary?2
The Global Extension?5
Commercial Property Market Context?6
Commercial Property's Role in the Wider Economy?13
Property Investment and Short?-termism?14
Measuring Commercial Property Market Performance?14
Book Structure?16
2 Long?-term Changes to Property Finance and Investment?21
The Changing Role of the Banks in the United Kingdom?21
Property Development and Investment Finance?25
The Changing Investment Landscape of the Non?-banking Financial Institutions?29
The Other Main Players in Commercial Property?30
The Changing Face of Institutional Property Investment?31
Limited Partnerships?34
Jersey Rides to the Rescue?37
Unit Trusts and Indirect Investment?39
Conclusions?41
3 Economic Growth, Debt and Property Investment through the Boom?43
Global Economic Upturn and Debt Accumulation?43
The Property Boom and Escalating Debt?46
The Cost and Role of Debt?52
Development and its Finance in the Noughties Boom?57
The Weight of Money and Moving up the Risk Curve?61
Conclusions?63
4 The Anatomy of the Property Investment Boom?65
Commercial Property, the Macroeconomy and Globalization?66
Global Property Upswing?68
Market Trends in the Property Boom - Was Something Different this Time??71
UK Investment Trends?76
Lending To Commercial Property in the United Kingdom?82
A Property Boom in an Irrational Market?83
Summary and Conclusions?88
5 The Global Financial Crisis and its Impact on Commercial Property?91
A Crisis Unfolds?92
The Impact on Global Property Markets?95
Capital and Rental Values in the United Kingdom Post 2007?98
But This Time the Bust Was Also Different?100
Investment Trends and Capital Value Falls?106
Changing View of Risk?112
Summary and Conclusions?114
6 Property Lending and the Collapse of Banks?117
The Crumbling of the UK Banking System?118
Royal Bank of Scotland?121
Halifax Bank of Scotland?122
Britannia Building Society and the Co?-operative Bank?130
Dunfermline Building Society?131
Irish Banking Collapse?132
US Experience?136
Discussion and Conclusions?139
7 Aftermath and Recovery?143
The Macroeconomic Context?144
Property Market Trends?147
Bad Bank Debts and Impairments: The Road to Redemption?151
The Response of Property Investors, Property Funds and Property Companies?158
Property Lending Post?-GFC?161
Implications for the Pricing of Commercial Property and Investment?162
Conclusions?166
8 Conclusions?169
Globalization?171
The Boom and Bust through the Prism of Valuations?173
Role of Banking?173
Irrational Exuberance?174
Could It Happen Again??176
What Can Be Done??177
Final Thoughts?179
References?181
Index?191
Acknowledgements?xi
Glossary?xiii
1 Introduction?1
Sub?-prime Lending Enters the Financial Vocabulary?2
The Global Extension?5
Commercial Property Market Context?6
Commercial Property's Role in the Wider Economy?13
Property Investment and Short?-termism?14
Measuring Commercial Property Market Performance?14
Book Structure?16
2 Long?-term Changes to Property Finance and Investment?21
The Changing Role of the Banks in the United Kingdom?21
Property Development and Investment Finance?25
The Changing Investment Landscape of the Non?-banking Financial Institutions?29
The Other Main Players in Commercial Property?30
The Changing Face of Institutional Property Investment?31
Limited Partnerships?34
Jersey Rides to the Rescue?37
Unit Trusts and Indirect Investment?39
Conclusions?41
3 Economic Growth, Debt and Property Investment through the Boom?43
Global Economic Upturn and Debt Accumulation?43
The Property Boom and Escalating Debt?46
The Cost and Role of Debt?52
Development and its Finance in the Noughties Boom?57
The Weight of Money and Moving up the Risk Curve?61
Conclusions?63
4 The Anatomy of the Property Investment Boom?65
Commercial Property, the Macroeconomy and Globalization?66
Global Property Upswing?68
Market Trends in the Property Boom - Was Something Different this Time??71
UK Investment Trends?76
Lending To Commercial Property in the United Kingdom?82
A Property Boom in an Irrational Market?83
Summary and Conclusions?88
5 The Global Financial Crisis and its Impact on Commercial Property?91
A Crisis Unfolds?92
The Impact on Global Property Markets?95
Capital and Rental Values in the United Kingdom Post 2007?98
But This Time the Bust Was Also Different?100
Investment Trends and Capital Value Falls?106
Changing View of Risk?112
Summary and Conclusions?114
6 Property Lending and the Collapse of Banks?117
The Crumbling of the UK Banking System?118
Royal Bank of Scotland?121
Halifax Bank of Scotland?122
Britannia Building Society and the Co?-operative Bank?130
Dunfermline Building Society?131
Irish Banking Collapse?132
US Experience?136
Discussion and Conclusions?139
7 Aftermath and Recovery?143
The Macroeconomic Context?144
Property Market Trends?147
Bad Bank Debts and Impairments: The Road to Redemption?151
The Response of Property Investors, Property Funds and Property Companies?158
Property Lending Post?-GFC?161
Implications for the Pricing of Commercial Property and Investment?162
Conclusions?166
8 Conclusions?169
Globalization?171
The Boom and Bust through the Prism of Valuations?173
Role of Banking?173
Irrational Exuberance?174
Could It Happen Again??176
What Can Be Done??177
Final Thoughts?179
References?181
Index?191
Este título pertence ao(s) assunto(s) indicados(s). Para ver outros títulos clique no assunto desejado.
global financial crisis; great financial crisis of 2008; banking deregulation; banking regulation; commercial property and the financial crisis; real estate investment and the global financial crisis; boom and bus cycles; real estate boom and bust; commercial real estate boom and bust; property investment; real estate investment; bank lending and property boom; property value boom property value bust; sub-prime lending; sub-prime and the global financial crisis; short-term property investment; international banking crisis; real estate investment and the international banking crisis; debt leveraging; leveraged debt; global economic upturn and debt accumulation; property development boom; property development bust; the global financial crisis impact on commercial property
List of figures?ix
Acknowledgements?xi
Glossary?xiii
1 Introduction?1
Sub?-prime Lending Enters the Financial Vocabulary?2
The Global Extension?5
Commercial Property Market Context?6
Commercial Property's Role in the Wider Economy?13
Property Investment and Short?-termism?14
Measuring Commercial Property Market Performance?14
Book Structure?16
2 Long?-term Changes to Property Finance and Investment?21
The Changing Role of the Banks in the United Kingdom?21
Property Development and Investment Finance?25
The Changing Investment Landscape of the Non?-banking Financial Institutions?29
The Other Main Players in Commercial Property?30
The Changing Face of Institutional Property Investment?31
Limited Partnerships?34
Jersey Rides to the Rescue?37
Unit Trusts and Indirect Investment?39
Conclusions?41
3 Economic Growth, Debt and Property Investment through the Boom?43
Global Economic Upturn and Debt Accumulation?43
The Property Boom and Escalating Debt?46
The Cost and Role of Debt?52
Development and its Finance in the Noughties Boom?57
The Weight of Money and Moving up the Risk Curve?61
Conclusions?63
4 The Anatomy of the Property Investment Boom?65
Commercial Property, the Macroeconomy and Globalization?66
Global Property Upswing?68
Market Trends in the Property Boom - Was Something Different this Time??71
UK Investment Trends?76
Lending To Commercial Property in the United Kingdom?82
A Property Boom in an Irrational Market?83
Summary and Conclusions?88
5 The Global Financial Crisis and its Impact on Commercial Property?91
A Crisis Unfolds?92
The Impact on Global Property Markets?95
Capital and Rental Values in the United Kingdom Post 2007?98
But This Time the Bust Was Also Different?100
Investment Trends and Capital Value Falls?106
Changing View of Risk?112
Summary and Conclusions?114
6 Property Lending and the Collapse of Banks?117
The Crumbling of the UK Banking System?118
Royal Bank of Scotland?121
Halifax Bank of Scotland?122
Britannia Building Society and the Co?-operative Bank?130
Dunfermline Building Society?131
Irish Banking Collapse?132
US Experience?136
Discussion and Conclusions?139
7 Aftermath and Recovery?143
The Macroeconomic Context?144
Property Market Trends?147
Bad Bank Debts and Impairments: The Road to Redemption?151
The Response of Property Investors, Property Funds and Property Companies?158
Property Lending Post?-GFC?161
Implications for the Pricing of Commercial Property and Investment?162
Conclusions?166
8 Conclusions?169
Globalization?171
The Boom and Bust through the Prism of Valuations?173
Role of Banking?173
Irrational Exuberance?174
Could It Happen Again??176
What Can Be Done??177
Final Thoughts?179
References?181
Index?191
Acknowledgements?xi
Glossary?xiii
1 Introduction?1
Sub?-prime Lending Enters the Financial Vocabulary?2
The Global Extension?5
Commercial Property Market Context?6
Commercial Property's Role in the Wider Economy?13
Property Investment and Short?-termism?14
Measuring Commercial Property Market Performance?14
Book Structure?16
2 Long?-term Changes to Property Finance and Investment?21
The Changing Role of the Banks in the United Kingdom?21
Property Development and Investment Finance?25
The Changing Investment Landscape of the Non?-banking Financial Institutions?29
The Other Main Players in Commercial Property?30
The Changing Face of Institutional Property Investment?31
Limited Partnerships?34
Jersey Rides to the Rescue?37
Unit Trusts and Indirect Investment?39
Conclusions?41
3 Economic Growth, Debt and Property Investment through the Boom?43
Global Economic Upturn and Debt Accumulation?43
The Property Boom and Escalating Debt?46
The Cost and Role of Debt?52
Development and its Finance in the Noughties Boom?57
The Weight of Money and Moving up the Risk Curve?61
Conclusions?63
4 The Anatomy of the Property Investment Boom?65
Commercial Property, the Macroeconomy and Globalization?66
Global Property Upswing?68
Market Trends in the Property Boom - Was Something Different this Time??71
UK Investment Trends?76
Lending To Commercial Property in the United Kingdom?82
A Property Boom in an Irrational Market?83
Summary and Conclusions?88
5 The Global Financial Crisis and its Impact on Commercial Property?91
A Crisis Unfolds?92
The Impact on Global Property Markets?95
Capital and Rental Values in the United Kingdom Post 2007?98
But This Time the Bust Was Also Different?100
Investment Trends and Capital Value Falls?106
Changing View of Risk?112
Summary and Conclusions?114
6 Property Lending and the Collapse of Banks?117
The Crumbling of the UK Banking System?118
Royal Bank of Scotland?121
Halifax Bank of Scotland?122
Britannia Building Society and the Co?-operative Bank?130
Dunfermline Building Society?131
Irish Banking Collapse?132
US Experience?136
Discussion and Conclusions?139
7 Aftermath and Recovery?143
The Macroeconomic Context?144
Property Market Trends?147
Bad Bank Debts and Impairments: The Road to Redemption?151
The Response of Property Investors, Property Funds and Property Companies?158
Property Lending Post?-GFC?161
Implications for the Pricing of Commercial Property and Investment?162
Conclusions?166
8 Conclusions?169
Globalization?171
The Boom and Bust through the Prism of Valuations?173
Role of Banking?173
Irrational Exuberance?174
Could It Happen Again??176
What Can Be Done??177
Final Thoughts?179
References?181
Index?191
Este título pertence ao(s) assunto(s) indicados(s). Para ver outros títulos clique no assunto desejado.
global financial crisis; great financial crisis of 2008; banking deregulation; banking regulation; commercial property and the financial crisis; real estate investment and the global financial crisis; boom and bus cycles; real estate boom and bust; commercial real estate boom and bust; property investment; real estate investment; bank lending and property boom; property value boom property value bust; sub-prime lending; sub-prime and the global financial crisis; short-term property investment; international banking crisis; real estate investment and the international banking crisis; debt leveraging; leveraged debt; global economic upturn and debt accumulation; property development boom; property development bust; the global financial crisis impact on commercial property
