Markets and housing finance:
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-te...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13081 |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | 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. |
| Beschreibung: | 29, [3] S. graph. Darst. 22 cm |
Internformat
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| 520 | 8 | |a 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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Datensatz im Suchindex
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| author | Warnock, Veronica C. Warnock, Francis E. |
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| id | DE-604.BV023592993 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
| institution | BVB |
| language | English |
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| physical | 29, [3] S. graph. Darst. 22 cm |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Warnock, Veronica C. Verfasser (DE-588)132239485 aut Markets and housing finance Veronica Cacdac Warnock ; Francis E. Warnock Cambridge, Mass. National Bureau of Economic Research 2007 29, [3] S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13081 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. Warnock, Francis E. Verfasser (DE-588)131562029 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13081 (DE-604)BV002801238 13081 http://papers.nber.org/papers/w13081.pdf kostenfrei Volltext |
| spellingShingle | Warnock, Veronica C. Warnock, Francis E. Markets and housing finance |
| title | Markets and housing finance |
| title_auth | Markets and housing finance |
| title_exact_search | Markets and housing finance |
| title_exact_search_txtP | Markets and housing finance |
| title_full | Markets and housing finance Veronica Cacdac Warnock ; Francis E. Warnock |
| title_fullStr | Markets and housing finance Veronica Cacdac Warnock ; Francis E. Warnock |
| title_full_unstemmed | Markets and housing finance Veronica Cacdac Warnock ; Francis E. Warnock |
| title_short | Markets and housing finance |
| title_sort | markets and housing finance |
| url | http://papers.nber.org/papers/w13081.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT warnockveronicac marketsandhousingfinance AT warnockfrancise marketsandhousingfinance |