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European mortgage market: An overview 1992-2003


  • Suarez, Jose L.

    () (IESE Business School)

  • Vassallo, Amparo

    (IESE Business School)


The development of the European mortgage market, its current situation in terms of volume, growth, prices, interest rates and new products, and an analysis of mortgage integration are the focus of this paper. The recent creation of the European Mortgage Finance Agency (EMFA), as an attempt to build a single European securitization market, is an important step toward integration within the wider goal of EU financial integration. Obstacles to integration, potential members of the EMFA, and its main goals and advantages are discussed in the forward-looking section of this paper. In addition, the paper deals with three important aspects of the EU mortgage market, taken as a whole: • How it operates. Other aspects considered include transaction costs, transparency requirements affecting credit institutions (European Code of Conduct), and a classification of mortgage products on the market. • Refinancing in Europe (as compared to the USA). The secondary market for the funding of financial institutions, in relation to mortgage bonds and mortgage-backed securities, including explanations of their main characteristics and the differences between them. • How European mortgage markets influence the economy and how they may affect private investment and consumption, household debt (which continues to increase each year), and the performance of financial institutions (high competitiveness) are other important points considered.

Suggested Citation

  • Suarez, Jose L. & Vassallo, Amparo, 2004. "European mortgage market: An overview 1992-2003," IESE Research Papers D/562, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0562

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    Cited by:

    1. Karin Haldrup, 2017. "On security of collateral in Danish mortgage finance: a formula of property rights, incentives and market mechanisms," European Journal of Law and Economics, Springer, vol. 43(1), pages 1-29, February.
    2. Polterovich, Victor & Starkov, Oleg, 2006. "Проблема Трансплантации Ипотечных Институтов В Переходных Экономиках: Роль Стройсберкасс
      [The Problem of Transplantation of Housing Finance Institutions in Transition Economies: the Role of Contrac
      ," MPRA Paper 21996, University Library of Munich, Germany.

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    European mortgage market integration; Growth; Interest rate applied; Transaction costs;

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