Isil Erol () (Department of Land Economy, University of Cambridge, Downing College, Regent Street, CB2 1DQ, Cambridge, England) Kanak Patel () (Department of Land Economy, University of Cambridge, 19 Silver Street, CB3 9EP, Cambridge, England)
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This paper evaluates the Turkish government’s housing policy for financing the public sector housing and examines the desirability of wage-indexed payment mortgage (WIPM) contract from the lenders perspective. The WIPM contract introduced in 1998 differs from the standard index-linked mortgages in that it is based on the Civil Servant’s Wage Index and there is no amortization rate. From the lender’s perspective, the WIPMs are found to be desirable mortgage instruments in periods of persistent high inflation because they eliminate the real interest rate risk and credit risk of the ARM and the ‘wealth risk’ of a nominal FRM.
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Find related papers by JEL classification: L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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