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The Missing Foundations of Housing Finance: Incomplete Markets, Fragmented Policies and Emerging Solutions in Guatemala

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  • Mario Cuevas
  • Sigfrido Lee
  • Maria Isabel Bonilla

Abstract

In Guatemala there are substantial and growing imbalances in the housing market; at the same time, financial markets remain shallow and underdeveloped. The analytical framework applied in this paper starts by identifying the types of market failures responsible for the underdevelopment of the housing finance system. The working hypothesis is that there is a correlation between the nature and scope of market failures, and the kind of public interventions actually implemented. Evidence collected points to a rejection of the policy adequacy hypothesis. Nevertheless, it is encouraging that solutions have begun to emerge as economic agents learn to overcome market failures; these experiences are reinterpreted as “natural experiments” showing what could happen if market failures could be fixed at a large scale through appropriate government policy. Building on this framework, the paper proposes guidelines for the design and implementation of housing finance policy in Guatemala.

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Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4750.

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Date of creation: Sep 2011
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Handle: RePEc:idb:wpaper:4750

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  1. Mario Cuevas & Sigfrido Lee & Bismarck Pineda, 2010. "Industrial Policy in Guatemala: A Case of Policy Inertia under Changing Paradigms," Research Department Publications 4694, Inter-American Development Bank, Research Department.
  2. Broner, Fernando A & Martin, Alberto & Ventura, Jaume, 2007. "Enforcement Problems and Secondary Markets," CEPR Discussion Papers 6498, C.E.P.R. Discussion Papers.
  3. Banerjee, Abhijit & Duflo, Esther, 2006. "The Economic Lives of the Poor," CEPR Discussion Papers 5968, C.E.P.R. Discussion Papers.
  4. Miguel A. Kiguel & Eduardo Levy Yeyati & Arturo Galindo & Ugo Panizza & Margaret Miller & Liliana Rojas-Suárez & Ricardo N. Bebczuk & Florencio López-de-Silanes & Olver Bernal & Paula Auerbach & Alb, . "Unlocking Credit: The Quest for Deep and Stable Bank Lending Title: Desencadenar el crédito: Cómo ampliar y estabilizar la banca," IDB Publications 79340, Inter-American Development Bank.
  5. Eduardo Fernández-Arias & Fidel Jaramillo & Manuel R. Agosin & Gabriel Sánchez & Inés Butler & Juan S. Blyde & Armando Castelar Pinheiro & Christian Daude & Simón Cueva Armijos & Vicente Albornoz , . "Growing Pains: Binding Constraints to Productive Investment in Latin America," IDB Publications 39438, Inter-American Development Bank.
  6. Warnock, Veronica Cacdac & Warnock, Francis E., 2008. "Markets and housing finance," Journal of Housing Economics, Elsevier, vol. 17(3), pages 239-251, September.
  7. Veronica Cacdac Warnock & Francis E. Warnock, 2008. "Markets and Housing Finance," Working Papers 032008, Hong Kong Institute for Monetary Research.
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