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Mortgage securities in emerging markets

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  • Chiquier, Loic
  • Hassler, Olivier
  • Lea, Michael
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    Abstract

    Despite its recognized economic and social importance, housing finance often remains underdevelopedin emerging economies. Residential lending remains small, poorly accessible, and depository-based. Lenders remain vulnerable to significant credit, liquidity, and interest rate risks. As a result, housing finance is relatively expensive and often rationed. The importance of developing robust systems of housing finance is paramount as emerging economy governments struggle to cope with population growth, rapid urbanization, and rising expectations from a growing middle class. The capital markets in many economies can provide an attractive and potentially large source of long-term funding for housing, and solutions to better allocate part of the risks. The advent of institutional investors is creating large and rapidly growing pools of funds that may facilitate the development of mortgage-related securities. Despite such a strong appeal, there are significant barriers to the development of mortgage securities in emerging markets. Their success is dependent on many factors, starting with a strong legal and regulatory framework and liberalized financial sector, and including a developed primary mortgage market. The experience in developing mortgage securities in emerging markets has been mixed. The authors review the experience of introducing mortgage securities in emerging markets and explore the policy issues related to this theme.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3370.

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    Date of creation: 01 Aug 2004
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    Handle: RePEc:wbk:wbrwps:3370

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    Related research

    Keywords: Banks&Banking Reform; International Terrorism&Counterterrorism; Financial Intermediation; Payment Systems&Infrastructure; Housing Finance; Housing Finance; Banks&Banking Reform; Financial Intermediation; Non Bank Financial Institutions; Banking Law;

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    Cited by:
    1. Warnock, Veronica Cacdac & Warnock, Francis E., 2008. "Markets and housing finance," Journal of Housing Economics, Elsevier, vol. 17(3), pages 239-251, September.
    2. Michael Davies & Jacob Gyntelberg & Eric Chan, 2007. "Housing finance agencies in Asia," BIS Working Papers 241, Bank for International Settlements.
    3. World Bank, 2007. "Housing Finance in Sri Lanka : Opportunities and Challenges," World Bank Other Operational Studies 8106, The World Bank.
    4. Veronica Cacdac Warnock & Francis E. Warnock, 2007. "Markets and Housing Finance," NBER Working Papers 13081, National Bureau of Economic Research, Inc.
    5. Michel Noel & Zeynep Kantur & Angela Prigozhina & Sue Rutledge & Olena Fursova, 2006. "The Development of Non-bank Financial Institutions in Ukraine : Policy Reform Strategy and Action Plan," World Bank Publications, The World Bank, number 7036, October.
    6. Polterovich, Victor & Starkov, Oleg, 2006. "Проблема Трансплантации Ипотечных Институтов В Переходных Экономиках: Роль Стройсберкасс
      [The Problem of Transplantati
      ," MPRA Paper 21996, University Library of Munich, Germany.
    7. 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.
    8. Veronica Cacdac Warnock & Francis E. Warnock, 2008. "Markets and Housing Finance," Working Papers 032008, Hong Kong Institute for Monetary Research.

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