Wiley Dynamics of Housing in East Asia (Real Estate Issues)

Review This is a significant contribution to the Real Estate Issues series... To make housing the central theme is welcome, since the role of the housing market in economic instability is crucial. The focus on East Asia will be valuable, given that most literature on real estate cycles has tended to concentrate on Europe and the US. The behavioural and institutional perspective that the authors favour should also provide useful insights. -Richard Barras, Property Market Analysis Product Description This book is the first to evaluate the organisation, behaviour and performance of six major East Asian real estate markets. It offers a unique analysis of the growth and transformation of the real estate sector across East Asia.  The authors examine the interactions between volatility in the sector and the overall stability of the economy, in particular during the Asia financial crisis of 1997-98, and the global financial crisis of 2008-09. draws on the best available theoretical and empiricalliterature applies analytic tools in the context of East Asianinstitutions and policies helps understand factors affecting resilience andstability in East Asian real estate markets. About the Author Bertrand RENAUD is the former Housing Finance Adviser in the Financial Development Department of the World Bank where he worked on banking and financial development issues.He has studied most East Asian countries, in particular Korea since the 1970s and China since 1988. Dr. Renaud was actively involved in technical assistance programs to affected countries following the Asia crisis. He is the co-editor with Koichi Mera of Asia's Financial Crisis and the Role of Real Estate. He is the lead author of Markets at Work: Dynamics of the Residential Real Estate Market in Hong Kong. Dr. Renaud has recently published with Kyung-Hwan Kim, journal articles on the global housing boom and its aftermath following the US subprime crisis. He has also published other books that do not focus on Asia; one of which appeared in seven languages.?He has taught at the University of Hawaii where he created the first courses on urban development in Asia and was a member of the Center for Korean Studies. He has also taught at Seoul National University, M.I.T. and Hong Kong University. ?Dr Renaud gained considerable comparative policy experience on housing and urban issues in advanced economies as Head of the Urban Affairs Division of the OECD in Paris. Dr. Renaud was the recipient of the Donald Robertson Award in the UK in 1995 for his work on urban reforms and real estate privatization in Russia. He is a Fellow of the Weimer Graduate School of Advanced Studies in Real Estate and Urban Land Economics, Homer Hoyt Institute. Dr. Renaud received his doctorate from the University of California at Berkeley. Kyung-Hwan KIM is Professor of Economics at Sogang University in Seoul. Following his service as Academic Dean at Sogang, Professor Kim spent a sabbatical year at Singapore Management University where he lectured and did research on real estate, and in particular on real estate cycles. He is currently the Under-Secretary of the Ministry of Land, Infrastructure and Transport, Republic of Korea. Professor Kim has considerable experience of East Asian economies where he has consulted in a number of countries for the World Bank and other organizations. He has been urban finance advisor to the UN Centre for Human Settlements (Habitat). He is a past president of the Asian Real Estate Society and a Fellow of the Weimer Graduate School of Advanced Studies in Real Estate and Urban Land Economics, Homer Hoyt Institute. He is the co-author of the leading Korean urban economics text that has gone through several editions, and is also the co-author of the first Korean text in real estate economics that came out in September 2010. Professor Kim has been an adviser to the Korean government and is frequently asked by the media to participate in public policy debates