Risk in the Global Real Estate Market[全球房地产市场风险]

Essentialreadingforprofessionalinvestors,riskmanagers,regulators,centralbankers,andrealestateprofessionals,RiskintheGlobalRealEstateMarket:InternationalRiskRegulation,MechanismDesign,Foreclosures,TitleSystems,andREITstakesaninternationallookatthewaysinwhichU.S.–styleconstitutionallaws,financiallaws,andrealestatelawsinvariouscountriesaffectglobaleconomicsandrisk;andanalyzesspecificconstraintsthatdetermarketdevelopmentsuchasAssetLiabilityMatching,inappropriatefinancialproducts,landtitlesystems,inefficientconstitutionsandhumanbiases.Thesub–primemortgagecrisis(thatbeganaround2006)andtheGlobalFinancialCrisisof2007–2010disruptedtheeconomiesofvariouscountriesandexposedmanyofthepsychological,social,andeconomicproblemsinherentinthelegal/riskinfrastructureformortgages,landtitlesystems,REITs,securitization,andpensions.Inthisremarkablenewbook,MichaelNwoguguexplainshowtheseprocessesandstatutesareunconstitutionalandinefficient,andhowtheyinfluencedemandforhousing,realestateprices,retirementsavings,householdwealth,consumerdisposableincome,marriageopportunities,jobmarkets,crime,andregionaleconomicgrowth.Theresultingmajoreconomicandpublichealthproblemshavecontinuedtoreducethequality–of–lifeofnations,andcontinuetocausepermanentdeclinesinwealth,increasesincrimeanddelinquency,highdivorcerates,depression,andinadequatejobcreation,amongotherproblems.Thebookexaminesarangeoffields—includingmechanismdesign,psychology,riskfinance,andcorporategovernance;?andemphasizesConstitutionaleconomicsasadistinctdimensionofriskanalysis.RiskintheGlobalRealEstateMarketmakesacompellingcaseabouthowconstitutionaltortsincreaseinformationasymmetry,transactioncosts,agencyproblems,andcompliancecosts,aswellasinefficiencyinrealestatetransactions.Theseproblems,thebookargues,arenotuniquetotheUnitedStates,butalsoaffectCommonwealthcountriesandothernationsthathavedevelopedregulationsthataresimilarto,orarebasedonU.S.commercial,securities,andorconstitutionallaws.RiskintheGlobalRealEstateMarketpresentsanovelanalysisofthesub–primecrisis(thatfirstbeganin2006),thefailureofsecuritization(CMBS/MBS)markets,theGlobalFinancialCrisis,andsocio–economicproblemscausedbytraditionalmortgagesandsecuritization.Thebookrevealsthatmanyofthestatutesandprocessesthatdefinemortgages,foreclosures,securitization,andREITsintheUnitedStates(andmanycommon–lawcountriesandnationsthathaveadoptedAmerican–stylerealestateregulations)arefundamentallyunconstitutionalandinefficient,andhavelastingnegativeeffectsonconsumerpsychology,thedemandforrealestate,pricediscoveryinpropertymarkets,economicgrowth,andqualityoflife.Thebookexaminesthenatureofconstitutionaltortsandpropertyrightsasthefoundationforbusinesstransactionsandeconomicgrowthwithinthecontextofriskregulation,interstatecommerce,takings,andlegislation.RiskintheGlobalRealEstateMarketintroducesnewtheoriesofconsumerpsychologyandinstitutionaldynamicsinrealestatetransactions;presentsnewtheoriesoftakings,andalsosurveyspsychology/psychiatrystudies(basedondatafromvariouscountries)thatconfirmtheharmfuleffectsofmortgages,securitization,andforeclosures.Usingelementsofmechanismdesign,MichaelNwogugudevelopsnewefficientfinancialproducts(Mortgage–Alternativesproducts),andpresentsapolicyframeworkforaunified“Mortgage–Alternatives”marketfortheCEE/CISregionandChina.HealsoexplainswhyAssetLiabilityMatchinghinderslending,capitalformationandriskmanagement,especiallyindevelopingcountries.