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Housing finance across countries : new data and analysis

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  • Badev, Anton
  • Beck, Thorsten
  • Vado, Ligia
  • Walley, Simon

Abstract

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.

Suggested Citation

  • Badev, Anton & Beck, Thorsten & Vado, Ligia & Walley, Simon, 2014. "Housing finance across countries : new data and analysis," Policy Research Working Paper Series 6756, The World Bank.
  • Handle: RePEc:wbk:wbrwps:6756
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    References listed on IDEAS

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    4. Djankov, Simeon & McLiesh, Caralee & Shleifer, Andrei, 2007. "Private credit in 129 countries," Journal of Financial Economics, Elsevier, vol. 84(2), pages 299-329, May.
    5. 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.
    6. 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.
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    Cited by:

    1. Harinder S. Kohli (ed.), 2016. "The World in 2050: Striving for a More Just, Prosperous, and Harmonious Global Community," Books, Emerging Markets Forum, edition 1, number world2050, August.

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    Keywords

    Debt Markets; Access to Finance; Emerging Markets; Housing Finance; Banks&Banking Reform;

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