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Latin America

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Author Info

  • Luis M. Cubeddu
  • Camilo Ernesto Tovar Mora
  • Evridiki Tsounta

Abstract

This paper documents developments in mortgage credit and the housing sector in Latin America over the past decade, and compares them with those of other emerging economies. In particular, it examines the real estate and mortgage markets to assess whether (i) growth in mortgage credit is excessive compared to long-term trends; (ii) trends in house prices reflect changes in economic fundamentals; and (iii) the extent to which household and banking sector vulnerabilities could lead to potential fragilities. Although data limitations hamper a rigorous analysis of trends, our analysis suggests that while there are no imminent misalignments in the real estate and mortgage sectors, they could emerge if current trends persist. Strengthening supervision and addressing data gaps is thus critical to ensure adequate monitoring of risks and vulnerabilities in these sectors.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/193.

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Length: 27
Date of creation: 01 Jul 2012
Date of revision:
Handle: RePEc:imf:imfwpa:12/193

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Related research

Keywords: Credit; Housing prices; Banking sector; Credit expansion; Emerging markets; Household credit; Latin America; Real estate prices; mortgage; mortgage credit; housing finance; real estate; mortgages; mortgage rate; property rights; mortgage loans; housing economics; housing markets; housing credit; mortgage finance; foreclosures; housing finance mechanisms; mortgage interest rate; mortgage financing; mortgage markets; foreclosure; land prices; mortgage interest; commercial real estate; residential real estate; housing financing; mortgage market; mortgage-backed securities; mortgage loan; real estate economics; foreclosure processes; mortgage bank; metropolitan housing markets; mortgage access; real estate loans; mortgage lending; real estate market; housing finance systems; mortgage insurance; housing indicators; housing units; housing loans; commercial real estate loans; urban housing;

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References

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  1. Agnello, Luca & Schuknecht, Ludger, 2009. "Booms and busts in housing markets: determinants and implications," Working Paper Series 1071, European Central Bank.
  2. Jason Allen & Robert Amano & David P. Byrne & Allen W. Gregory, 2006. "Canadian City Housing Prices and Urban Market Segmentation," Working Papers 06-49, Bank of Canada.
  3. Refet Gurkaynak, 2005. "Econometric Tests of Asset Price Bubbles: Taking Stock," Finance 0504008, EconWPA.
  4. Roche, Maurice J., 2001. "The rise in house prices in Dublin: bubble, fad or just fundamentals," Economic Modelling, Elsevier, vol. 18(2), pages 281-295, April.
  5. Shengzu Wang & Patrizia Tumbarello, 2010. "What Drives House Prices in Australia? A+L4584 Cross-Country Approach," IMF Working Papers 10/291, International Monetary Fund.
  6. Bunda, Irina & Ca' Zorzi, Michele, 2010. "Signals from housing and lending booms," Emerging Markets Review, Elsevier, vol. 11(1), pages 1-20, March.
  7. Meen, Geoffrey, 2002. "The Time-Series Behavior of House Prices: A Transatlantic Divide?," Journal of Housing Economics, Elsevier, vol. 11(1), pages 1-23, March.
  8. Nathalie Girouard & Mike Kennedy & Paul van den Noord & Christophe André, 2006. "Recent House Price Developments: The Role of Fundamentals," OECD Economics Department Working Papers 475, OECD Publishing.
  9. Jacques R. Artus, 1984. "An Empirical Evaluation of the Disequilibrium Real Wage Rate Hypothesis," NBER Working Papers 1404, National Bureau of Economic Research, Inc.
  10. Abhas K. Jha, 2007. "Low-income Housing in Latin America and the Caribbean," World Bank Other Operational Studies 10301, The World Bank.
  11. Dennis R. Capozza & Patric H. Hendershott & Charlotte Mack & Christopher J. Mayer, 2002. "Determinants of Real House Price Dynamics," NBER Working Papers 9262, National Bureau of Economic Research, Inc.
  12. Camilo E Tovar & Myriam Quispe-Agnoli, 2008. "New financing trends in Latin America," BIS Papers chapters, in: Bank for International Settlements (ed.), New financing trends in Latin America: a bumpy road towards stability, volume 36, pages 1-14 Bank for International Settlements.
  13. Vladimir Klyuev, 2008. "What Goes Up Must Come Down? House Price Dynamics in the United States," IMF Working Papers 08/187, International Monetary Fund.
  14. Michela Scatigna & Camilo E Tovar, 2007. "Securitisation in Latin America," BIS Quarterly Review, Bank for International Settlements, September.
  15. Plamen Iossifov & Martin Cihák & Amar Shanghavi, 2008. "Interest Rate Elasticity of Residential Housing Prices," IMF Working Papers 08/247, International Monetary Fund.
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Citations

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Cited by:
  1. Hansen, Niels-Jakob & Sulla, Olga, 2013. "El crecimiento del crédito en América Latina: ¿Desarrollo financiero o boom crediticio?," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 25, pages 51-80.
  2. Rossini, Renzo & Quispe, Zenón & Serrano, Enrique, 2013. "Foreign Exchange Interventions in Peru," Working Papers 2013-016, Banco Central de Reserva del Perú.
  3. Antje Hildebrandt & Duy T. Huynh-Olesen & Katharina Steiner & Karin Wagner, 2013. "Residential Property Prices in Central, Eastern and Southeastern European Countries," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2.
  4. Orrego, Fabrizio, 2014. "Precios de viviendas en Lima," Working Papers 2014-008, Banco Central de Reserva del Perú.

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