Neil Crosby at the IMF
19 December 2018
At the beginning of December, Neil Crosby, Professor of Real Estate in the Department of Real Estate and Planning, visited Washington DC to spend a day at the headquarters of the International Monetary Fund.
Neil has been working for a number of years with the UK commercial real estate industry and UK Bank of England as part of the financial stability agenda following the global financial crisis. Commercial real estate was identified in a number of countries as being responsible for instability within banks in the post GFC period due to the excessive lending by those banks secured on commercial real estate.
Neil helped the Bank of England develop their long term commercial property market valuation model which they now use in their periodic financial stability report when stress testing the UK economy. Neil, along with REP colleague Steven Devaney, is currently extending that work within an industry funded research project in partnership with the University ofCambridge.
The IMF are developing similar modelling of global commercial real estate markets and Neil spent the day at the IMF discussing the modelling and how they might implement it across a wider selection of global markets.