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Hungarian Mortgage Rescue Programs 2009-2016

In: Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis - 2015 edition

Author

Listed:
  • Adrienne Csizmady
  • József Hegedüs

Abstract

The study demonstrates the mortgage-lending increasing between 2000 and 2008, the reasons for the fast establishment of the FX portfolio, the consequences of the crisis in 2008, and the program aiming to handle this crisis. The first part of the study summarizes the facts of the development of the mortgage market, while in the second part the different actors of the crisis and their interests are presented, and then the different programs are analyzed. The focus of the paper is the nature of the mortgage rescue programs, how the hardship of the adjustment is managed by the government and how the cost of the programs is shared among the households, government (tax payers) and banks.

Suggested Citation

  • Adrienne Csizmady & József Hegedüs, 2016. "Hungarian Mortgage Rescue Programs 2009-2016," Chapters from NBP Conference Publications, in: Hanna Augustyniak & Jacek Łaszek & Krzysztof Olszewski & Joanna Waszczuk (ed.), Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis - 2015 edition, chapter 1, pages v1, 11-32, Narodowy Bank Polski.
    • Handle: RePEc:nbp:nbpchp:2-1
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    More about this item

    Keywords

    housing market; real estate cycles; housing finance; house prices; commercial real estate;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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