The sub prime crisis: implications for emerging markets
"This paper discusses some of the key characteristics of the U.S. subprime mortgage boom and bust, contrasts them with characteristics of emerging mortgage markets, and makes recommendations for emerging market policy makers. The crisis has raised questions in the minds of many as to the wisdom...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C]
World Bank
[2008]
|
| Schriftenreihe: | Policy research working paper
4726 |
| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | "This paper discusses some of the key characteristics of the U.S. subprime mortgage boom and bust, contrasts them with characteristics of emerging mortgage markets, and makes recommendations for emerging market policy makers. The crisis has raised questions in the minds of many as to the wisdom of extending mortgage lending to low and moderate income households. It is important to note, however, that prior to the growth of subprime lending in the 1990s, U.S. mortgage markets already reached low and moderate-income households without taking large risks or suffering large losses. In contrast, in most emerging markets, mortgage finance is a luxury good, restricted to upper income households. As policy makers in emerging market seek to move lenders down market, they should adopt policies that include a variety of financing methods and should allow for rental or purchase as a function of the financial capacity of the household. Securitization remains a useful tool when developed in the context of well-aligned incentives and oversight. It is possible to extend mortgage lending down market without repeating the mistakes of the subprime boom and bust. "--World Bank web site |
| Beschreibung: | Includes bibliographical references Title from PDF file as viewed on 5/18/2009 |
| Beschreibung: | 1 Online-Ressource |
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| index_date | 2024-07-03T22:27:45Z |
| indexdate | 2024-07-10T09:54:28Z |
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| spelling | Gwinner, W. Britt Verfasser aut The sub prime crisis implications for emerging markets William B. Gwinner, Anthony Sanders [Washington, D.C] World Bank [2008] 1 Online-Ressource txt rdacontent c rdamedia cr rdacarrier Policy research working paper 4726 Includes bibliographical references Title from PDF file as viewed on 5/18/2009 "This paper discusses some of the key characteristics of the U.S. subprime mortgage boom and bust, contrasts them with characteristics of emerging mortgage markets, and makes recommendations for emerging market policy makers. The crisis has raised questions in the minds of many as to the wisdom of extending mortgage lending to low and moderate income households. It is important to note, however, that prior to the growth of subprime lending in the 1990s, U.S. mortgage markets already reached low and moderate-income households without taking large risks or suffering large losses. In contrast, in most emerging markets, mortgage finance is a luxury good, restricted to upper income households. As policy makers in emerging market seek to move lenders down market, they should adopt policies that include a variety of financing methods and should allow for rental or purchase as a function of the financial capacity of the household. Securitization remains a useful tool when developed in the context of well-aligned incentives and oversight. It is possible to extend mortgage lending down market without repeating the mistakes of the subprime boom and bust. "--World Bank web site Online-Ausg Also available in print Global Financial Crisis, 2008-2009 Mortgage loans Developing countries Subprime mortgage loans Sanders, Anthony Bown 1951- Sonstige oth World Bank Sonstige oth Gwinner, W. Britt The sub prime crisis http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4726 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Gwinner, W. Britt The sub prime crisis implications for emerging markets Global Financial Crisis, 2008-2009 Mortgage loans Developing countries Subprime mortgage loans |
| title | The sub prime crisis implications for emerging markets |
| title_auth | The sub prime crisis implications for emerging markets |
| title_exact_search | The sub prime crisis implications for emerging markets |
| title_exact_search_txtP | The sub prime crisis implications for emerging markets |
| title_full | The sub prime crisis implications for emerging markets William B. Gwinner, Anthony Sanders |
| title_fullStr | The sub prime crisis implications for emerging markets William B. Gwinner, Anthony Sanders |
| title_full_unstemmed | The sub prime crisis implications for emerging markets William B. Gwinner, Anthony Sanders |
| title_short | The sub prime crisis |
| title_sort | the sub prime crisis implications for emerging markets |
| title_sub | implications for emerging markets |
| topic | Global Financial Crisis, 2008-2009 Mortgage loans Developing countries Subprime mortgage loans |
| topic_facet | Global Financial Crisis, 2008-2009 Mortgage loans Developing countries Subprime mortgage loans |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4726 |
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