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Housing finance agencies in Asia

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Author Info
Michael Davies
Jacob Gyntelberg
Eric Chan
Abstract

This paper examines the role of government-supported housing finance agencies in Asia. We estimate the size of the government subsidies received by these agencies, and their distribution among households, financial institutions and the agencies themselves. We have three main findings. The level of government support provided to housing finance agencies in Asia varies, but is generally small relative to the economy. The housing finance agencies have transferred most of the benefit of their government support to either households or financial institutions. Agencies that participate directly in primary housing finance markets have been most successful in passing on their government support to households.

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Publisher Info
Paper provided by Bank for International Settlements in its series BIS Working Papers with number 241.

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Length: 55 pages
Date of creation: Dec 2007
Date of revision:
Handle: RePEc:bis:biswps:241

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Related research
Keywords: mortgages; Asia; housing finance agencies; government subsidies; government guarantee;

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References listed on IDEAS
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  1. McCARTHY, DAVID & MITCHELL, OLIVIA S. & PIGGOTT, JOHN, 2002. "Asset rich and cash poor: retirement provision and housing policy in Singapore," Journal of Pension Economics and Finance, Cambridge University Press, vol. 1(03), pages 197-222, November. [Downloadable!]
  2. Edward C. Skelton, 2006. "Laying the foundation for a mortgage industry in Mexico," Economic Letter, Federal Reserve Bank of Dallas, issue Oct.. [Downloadable!]
  3. Hendershott, Patric H & Shilling, James D, 1989. "The Impact of the Agencies on Conventional Fixed-Rate Mortgage Yields," The Journal of Real Estate Finance and Economics, Springer, vol. 2(2), pages 101-15, June.
  4. Jacob Gyntelberg & Eli M Remolona, 2006. "Securitisation in Asia and the Pacific: implications for liquidity and credit risks," BIS Quarterly Review, Bank for International Settlements, June. [Downloadable!]
  5. Patric H. Hendershott & James D. Shilling, 1989. "The Impact of the Agencies on Conventional Fixed-Rate Mortgage Yields," NBER Working Papers 2646, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Wayne Passmore & Shane M. Sherlund & Gillian Burgess, 2005. "The Effect of Housing Government-Sponsored Enterprises on Mortgage Rates," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(3), pages 427-463, 09. [Downloadable!] (restricted)
  7. Wayne Passmore, 2005. "The GSE implicit subsidy and the value of government ambiguity," Finance and Economics Discussion Series 2005-05, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  8. Chiquier, Loic & Hassler, Olivier & Lea, Michael, 2004. "Mortgage securities in emerging markets," Policy Research Working Paper Series 3370, The World Bank. [Downloadable!]
  9. Wayne Passmore, 2005. "The GSE Implicit Subsidy and the Value of Government Ambiguity," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(3), pages 465-486, 09. [Downloadable!] (restricted)
  10. Wayne Passmore & Shane M. Sherlund & Gillian Burgess, 2005. "The effect of housing government-sponsored enterprises on mortgage rates," Finance and Economics Discussion Series 2005-06, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  11. Eric Chan & Michael Davies & Jacob Gyntelberg, 2006. "The role of government-supported housing finance agencies in Asia," BIS Quarterly Review, Bank for International Settlements, December. [Downloadable!]
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