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Housing finance across countries : new data and analysis

  • Badev, Anton
  • Beck, Thorsten
  • Vado, Ligia
  • Walley, Simon
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    This paper presents new data on the depth and penetration of mortgage markets across countries. There is a large variation across both dimensions of mortgage market development, across countries, but also -- in terms of depth -- within countries. Mortgage markets seem to develop only at relatively high levels of gross domestic product per capita. Policies associated with financial system development are also associated with mortgage market development, including price stability and the efficiency of contractual and information frameworks. The development of the insurance sector and the stock market, sources of long-term funding, is strongly associated with mortgage market development, while government subsidies and support are not. A benchmarking exercise compares the actual values of mortgage market development to values predicted by structural country factors and shows a large variation across countries and over time in the gap between predicted and actual values, related to specific policies but also mortgage boom and bust cycles.

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    File URL: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2014/01/23/000158349_20140123155249/Rendered/PDF/WPS6756.pdf
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    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 6756.

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    Date of creation: 01 Jan 2014
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    Handle: RePEc:wbk:wbrwps:6756
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    1. Araujo, Aloisio P. & Ferreira, Rafael V.X. & Funchal, Bruno, 2012. "The Brazilian bankruptcy law experience," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 994-1004.
    2. Veronica Cacdac Warnock & Francis E. Warnock, 2007. "Markets and Housing Finance," NBER Working Papers 13081, National Bureau of Economic Research, Inc.
    3. Friedemann Roy, 2008. "Mortgage Markets in Central and Eastern Europe - A Review of Past Experiences and Future Perspectives," European Journal of Housing Policy, Taylor and Francis Journals, vol. 8(2), pages 133-160.
    4. Friedemann Roy, 2008. "Mortgage Markets in Central and Eastern Europe - A Review of Past Experiences and Future Perspectives," International Journal of Housing Policy, Taylor & Francis Journals, vol. 8(2), pages 133-160.
    5. Enrico Berkes & Ugo Panizza & Jean-Louis Arcand, 2012. "Too Much Finance?," IMF Working Papers 12/161, International Monetary Fund.
    6. Sujata Visaria, 2009. "Legal Reform and Loan Repayment: The Microeconomic Impact of Debt Recovery Tribunals in India," American Economic Journal: Applied Economics, American Economic Association, vol. 1(3), pages 59-81, July.
    7. Beck, T.H.L. & Munzele Maimbo, S. & Faye, I. & Triki, T., 2011. "Financing Africa : Through the crisis and beyond," Other publications TiSEM 334b6bd2-a7a6-47d5-be82-3, Tilburg University, School of Economics and Management.
    8. Beck, Thorsten & De Jonghe, Olivier & Schepens, Glenn, 2013. "Bank competition and stability: Cross-country heterogeneity," Journal of Financial Intermediation, Elsevier, vol. 22(2), pages 218-244.
    9. Berger, Allen N, et al, 2004. "Bank Concentration and Competition: An Evolution in the Making," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 36(3), pages 433-51, June.
    10. Djankov, Simeon & McLiesh, Caralee & Shleifer, Andrei, 2007. "Private credit in 129 countries," Journal of Financial Economics, Elsevier, vol. 84(2), pages 299-329, May.
    11. Ross Levine & Norman Loayza & Thorsten Beck, 2002. "Financial Intermediation and Growth: Causality and Causes," Central Banking, Analysis, and Economic Policies Book Series, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.), Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 2, pages 031-084 Central Bank of Chile.
    12. Matthieu Chemin, 2012. "Does Court Speed Shape Economic Activity? Evidence from a Court Reform in India," Journal of Law, Economics and Organization, Oxford University Press, vol. 28(3), pages 460-485, August.
    13. Guido Wolswijk, 2006. "Determinants of Mortgage Debt Growth in EU Countries," International Journal of Housing Policy, Taylor & Francis Journals, vol. 6(2), pages 131-149.
    14. Allen N. Berger & Asli Demirgüç-Kunt & Ross Levine & Joseph G. Haubrich, 2004. "Introduction: Bank concentration and competition: an evolution in the making," Proceedings, Federal Reserve Bank of Cleveland, pages 433-451.
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