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Markets and Housing Finance

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Author Info
Veronica Cacdac Warnock
Francis E. Warnock
Abstract

We examine the extent to which markets enable the provision of housing finance across a wide range of countries. Housing is a major purchase requiring long-term financing, and the factors that are associated with well functioning housing finance systems are those that enable the provision of long-term finance. Across all countries, controlling for country size, we find that countries with stronger legal rights for borrowers and lenders (through collateral and bankruptcy laws), deeper credit information systems, and a more stable macroeconomic environment have deeper housing finance systems. These same factors also help explain the variation in housing finance across emerging market economies. Across developed countries, which tend to have low macroeconomic volatility and relatively extensive credit information systems, variation in the strength of legal rights helps explain the extent of housing finance. We also examine another potential factor--the existence of sizeable government securities markets--that might enable the development of emerging markets' housing finance systems, but we find no evidence supporting that.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 13081.

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Date of creation: May 2007
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Handle: RePEc:nbr:nberwo:13081

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Find related papers by JEL classification:
G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment

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  1. Piyush Tiwari & Yoko Moriizumi, 2003. "Efficiency in housing finance: a comparative study of mortgage instruments in Japan," European Journal of Housing Policy, Taylor and Francis Journals, vol. 3(3), pages 267-288, December. [Downloadable!] (restricted)
  2. Haibin Zhu, 2006. "The structure of housing finance markets and house prices in Asia," BIS Quarterly Review, Bank for International Settlements, December. [Downloadable!]
  3. Sanders, Anthony B., 2005. "Barriers to homeownership and housing quality: The impact of the international mortgage market," Journal of Housing Economics, Elsevier, vol. 14(3), pages 147-152, September. [Downloadable!] (restricted)
  4. Claessens, Stijn & Klingebiel, Daniela & Schmukler, Sergio, 2003. "Government Bonds in Domestic and Foreign Currency: The Role of Macroeconomic and Institutional Factors," CEPR Discussion Papers 3789, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  5. Dirk Brounen & Peter Neuteboom & Arjen van Dijkhuizen, 2006. "House Prices and Affordability - A First and Second Look Across Countries," DNB Working Papers 083, Netherlands Central Bank, Research Department. [Downloadable!]
  6. Richard K. Green & Susan M. Wachter, 2005. "The American Mortgage in Historical and International Context," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 93-114, Fall. [Downloadable!] (restricted)
  7. Chiuri, Maria Concetta & Jappelli, Tullio, 2003. "Financial market imperfections and home ownership: A comparative study," European Economic Review, Elsevier, vol. 47(5), pages 857-875, October. [Downloadable!] (restricted)
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  8. Chiquier, Loic & Hassler, Olivier & Lea, Michael, 2004. "Mortgage securities in emerging markets," Policy Research Working Paper Series 3370, The World Bank. [Downloadable!]
  9. John Quigley, 2006. "A Decent Home: Housing Policy in Perspective," Berkeley Program on Housing and Urban Policy, Working Paper Series 1038, Berkeley Program on Housing and Urban Policy. [Downloadable!]
  10. Barry Eichengreen & Pipat Luengnaruemitchai, 2004. "Why Doesn't Asia Have Bigger Bond Markets?," NBER Working Papers 10576, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Levine, Ross & Loayza, Norman & Beck, Thorsten, 2000. "Financial intermediation and growth: Causality and causes," Journal of Monetary Economics, Elsevier, vol. 46(1), pages 31-77, August. [Downloadable!] (restricted)
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  12. Simeon Djankov & Caralee McLiesh & Andrei Shleifer, 2005. "Private Credit in 129 Countries," NBER Working Papers 11078, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  13. 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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