Housing Finance Markets In Transition Economies
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Housing Finance Markets In Transition Economies Trends And Challenges
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2005-08-10
Housing Finance Markets In Transition Economies Trends And Challenges written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-08-10 with categories.
A comprehensive issue-by-issue and country-by-country study of housing markets and housing finance markets in Central and Eastern Europe.
Housing Finance Markets In Transition Economies
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Author :
language : en
Publisher:
Release Date : 2005
Housing Finance Markets In Transition Economies written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Housing Finance In Transition Economies
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2002-03-15
Housing Finance In Transition Economies written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-03-15 with categories.
This conference proceedings present papers providing the the first in-depth survey of current situation and challenges in the development of housing finance in major transition economies in particular, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, the Slovak Republic and Slovenia.
Housing Finance In Transition Economies The Early Years In Eastern Europe And The Former Soviet Union
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Author : Bertrand Renaud
language : en
Publisher: World Bank Publications
Release Date : 1996
Housing Finance In Transition Economies The Early Years In Eastern Europe And The Former Soviet Union written by Bertrand Renaud and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Estabilizacion-europa oriental categories.
Strategies To Develop Mortgage Markets In Transition Economies
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Author : Dwight M. Jaffee
language : en
Publisher:
Release Date : 1996
Strategies To Develop Mortgage Markets In Transition Economies written by Dwight M. Jaffee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Financial institutions categories.
Contractual Savings For Housing How Suitable Are They For Transitional Economies
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Author : Michael J. Lea
language : en
Publisher: World Bank Publications
Release Date : 1995
Contractual Savings For Housing How Suitable Are They For Transitional Economies written by Michael J. Lea and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with categories.
Contractual Savings For Housing
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Author : J. Michael Lea
language : en
Publisher:
Release Date : 1999
Contractual Savings For Housing written by J. Michael Lea and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
September 1995 Problems of developing specialized financial services for housing are acute in socialist economies in transition. Contractual savings for housing (CSH) are often advocated in Central and Eastern European countries as a primary solution. CSH systems were indeed used successfully in Europe for reconstruction after World War II. The issue today is what role CSH can play under very different financial conditions in latecomer countries that want to develop competitive and flexible financial systems capable of successfully integrating with the global financial markets. Problems of developing financial services for housing are acute in transitional socialist economies. Lea and Renaud examine contractual savings for housing (CSH), which are often advocated as a primary solution, especially in Central and Eastern European countries. A CSH instrument links a phase of contractual savings remunerated at below-market rate to the promise of a housing loan at a rate also fixed below market at the time the contract is signed. This contract can contain a variety of options. CSH were used very successfully in Europe after World War II. The issue today is not whether such specialized instruments can work. They clearly can under low inflation. The issue is whether CSH systems are advisable today in latecomer countries with vastly different financial technology and financial policy environments. Lea and Renaud focus on two influential CSH systems: the closed German Bauspar system and the open French épargne-logement. In a closed CSH system, access to a housing loan is based on queuing: a loan can be made only if funds are available in the specialist institution. In an open system, the saver can legally call his or her loan at contract maturity, regardless of the liquidity conditions in the CSH system. From the perspective of households, CSH contracts facilitate the accumulation of equity and offer the prospect of a low-interest loan. They promote savings discipline and provide a concrete goal that many households find important. But CSH instruments leave the objective of providing a primary loan unmet. In addition, even moderate inflation quickly leads to very low loan-to-value ratios for CSH loans and a large financing gap for housing purchases. From the perspective of financial institutions, CSH can help overcome the severe information asymmetries they face in transitional socialist economies, where there are no retail financial markets, no credit bureaus, and problematic income reporting. CSH are very effective in screening, monitoring, and establishing the reputation of steady savers as future borrowers, and they are good at lowering credit risks. With their saving periods of four to five years, CSH also help bridge the gap between long-term loans and short-term deposits. Finally, CSH can be an important commercial tool for developing cross-lending activities. But CSH can be risky. When the interest rate on outstanding contracts is low compared with current market rates, holders of mature contracts will want to call their loans. And new savers will be reluctant to sign on at very low contract rates. Eliminating this liquidity risk with a closed CSH system erodes the attractiveness of CSH. From the perspective of government, a CSH instrument can work in a noninflationary environment, yet a CSH system would have no justification in fully developed and competitive financial markets today. CSH instruments can play a useful but not a dominant role in housing finance. After stabilization, they can provide additionality, overcome information constraints on financial contracts, and contribute to higher financial savings rates. CSH instruments are best used to finance home improvements. They can also be used as part of a social policy to reach targeted social groups. This paper -- a product of the Financial Sector Development Department -- is part of a larger effort in the department to develop sustainable housing finance in transition economies.
Housing Finance In Transition Economies
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Author : Bertrand Renaud
language : en
Publisher:
Release Date : 2016
Housing Finance In Transition Economies written by Bertrand Renaud and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The evidence from the past five years suggests that the transition economies that achieved low inflation, adopted radical banking reforms, and seriously reformed laws and institutions in the real estate sector should be among the first to develop a modern system of housing finance.The transition to markets dominates the development agenda of the 1990s. Financial sector reforms are central to a successful transition to a market economy. Renaud focuses on one dimension of these reforms: the development of housing finance institutions and services.He presents a progress report for the years since 1989, when the road to change opened with the collapse of communist regimes in most countries. Rather than a detailed account of reform in 25 countries, he offers a general framework for analyzing change and evaluating the prospects for rapid development of market-based housing finance systems.To understand why sound housing finance systems have not yet developed, one must consider factors in four key reform areas:deg; The macroeconomic policies adopted to liberalize the economy and stabilize prices.deg; Privatization policies, in particular in housing and real estate.deg; The strategies adopted - whether by design or by default - to reform the financial sector.deg; The nature of the financial priorities and institutional constraints affecting housing finance reform strategies followed in different countries.Housing finance policy development has been somewhat haphazard in many countries. But the evidence suggests that the transition economies that have achieved low inflation, have adopted radical banking reforms, and seriously reformed and liberalized their real estate sector should be among the first to develop a modern system of housing finance.This paper - a product of the Financial Sector Development Department - is part of a larger effort in the department to monitor financial development in transition economies.
Housing Finance Policy In Emerging Markets
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Author : Loic Chiquier
language : en
Publisher: World Bank Publications
Release Date : 2009
Housing Finance Policy In Emerging Markets written by Loic Chiquier and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Social Science categories.
Housing finance markets have been changing dramatically in both emerging and developed economies. On the one hand, housing finance markets are expanding and represent a powerful engine for economic growth in many emerging economies. However, the unfolding sub-prime mortgage crisis highlights the risks and potential turbulence that this sector can introduce into the financial system when expanding without proper infrastructure and regulation. As housing finance keeps growing in emerging economies to match a rising demand for housing, new risk management approaches, business models, funding tools, and policy instruments can help. Yet many questions remain about the right balance between innovation and regulation, the extent of risks to the financial system, the appropriate role of the state to promote affordable housing, and the effects of the sub-prime crisis. This book provides a guide for policymakers dealing with housing finance in emerging markets. It highlights the prerequisites for an effective housing finance system; it lays out several policy alternatives and models of housing finance; and it explores the role of governments in expanding access to housing finance for lower-income households. There is no "best" model set out in this book. The aim is to provide a developmental roadmap that can be tailored and sequenced to each country's situation and timing.
Housing Finance In Transition Economies
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Author : M. Bertrand Renaud
language : en
Publisher:
Release Date : 1999
Housing Finance In Transition Economies written by M. Bertrand Renaud and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
January 1996 The evidence from the past five years suggests that the transition economies that achieved low inflation, adopted radical banking reforms, and seriously reformed laws and institutions in the real estate sector should be among the first to develop a modern system of housing finance. The transition to markets dominates the development agenda of the 1990s. Financial sector reforms are central to a successful transition to a market economy. Renaud focuses on one dimension of these reforms: the development of housing finance institutions and services. He presents a progress report for the years since 1989, when the road to change opened with the collapse of communist regimes in most countries. Rather than a detailed account of reform in 25 countries, he offers a general framework for analyzing change and evaluating the prospects for rapid development of market-based housing finance systems. To understand why sound housing finance systems have not yet developed, one must consider factors in four key reform areas: * The macroeconomic policies adopted to liberalize the economy and stabilize prices. * Privatization policies, in particular in housing and real estate. * The strategies adopted -- whether by design or by default -- to reform the financial sector. * The nature of the financial priorities and institutional constraints affecting housing finance reform strategies followed in different countries. Housing finance policy development has been somewhat haphazard in many countries. But the evidence suggests that the transition economies that have achieved low inflation, have adopted radical banking reforms, and seriously reformed and liberalized their real estate sector should be among the first to develop a modern system of housing finance. This paper -- a product of the Financial Sector Development Department -- is part of a larger effort in the department to monitor financial development in transition economies.