Housing Finance Across Countries : New Data and Analysis
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. M...
| Main Authors: | , , , |
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2014/01/18841042/housing-finance-across-countries-new-data-analysis http://hdl.handle.net/10986/16821 |
| Summary: | 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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