Mortgage markets worldwide

著者

    • Ben-Shahar, Danny
    • Leung, Charles Ka Yui
    • Ong, S. E. (Seow Eng)

書誌事項

Mortgage markets worldwide

edited by Danny Ben-Shahar, Charles Ka Yui Leung, Seow Eng Ong

(Real estate issues)

Blackwell Pub., 2008

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注記

Includes bibliographical references and index

内容説明・目次

内容説明

The book provides a theoretical and empirical evaluation of different housing finance systems, presenting a collection of studies that describe various aspects of selected mortgage markets around the world. The uniqueness of the chosen markets lies in the fact that they represent not only different regions around the globe (Africa, the Middle East, Asia, and Eastern Europe), but also understudied markets in different stages of economic and financial development. This book examines questions relating to housing finance efficiency and contract heterogeneity. In addition, it analyses the securitization experiences in these countries to provide lessons on how mortgage markets are integrated with capital markets and how particular institutional framework interacts with mortgage markets. Short reviews are provided for each of the selected mortgage markets. The review will include institutional aspects of the markets such as: the size and structure of the market (including flows and accumulation of funds); a description of the competition and a presentation of the major competitors (including market share, major financial measures, etc.) ; profitability in the market, trends, structural changes, the major mortgage instruments and their market share, special tax issues, the role of the government in the market, defaults, prepayments, mortgage insurance, and major regulatory issues. The analysis explores the major existing problems in the mortgage market of each country, the current steps adopted to solve these problems, possible propositions for dealing with the major issues in the future, and the implied future developments anticipated in the market.

目次

Preface . Contributors . 1 The Emerging Mortgage Markets in China . Yongheng Deng and Peng Fei . The evolution of the mortgage markets in China. An early assessment of China's residential mortgage loans performance. Notes. References. 2 Mortgage Market in India . Piyush Tiwari and Pradeep Debata . Economic overview. Demographic trends and housing stock. Formal mortgage market. Securitization of housing loans. Role of government and recent regulatory reforms. Other developments. Finance to builders. Issues in housing finance: reform agenda. Acknowledgement. Notes. References. 3 Transforming Housing Finance in Japan in the 21st Century . Miki Seko . Introduction. Overview of the Japanese economy, housing markets, the housing finance markets and systems in Japan. Restructuring the public housing loan corporation: causes and possible consequences. Some recent movements in the Japanese housing finance markets and systems: securitization of real estate in Japan. Conclusion. Notes. References. Further reading. 4 Mortgage Market in Singapore . Seow Eng Ong . Housing finance in Singapore. ARM prepayment for private housing. ARM prepayment for public housing. The Central Provident Fund. ARM delinquency and default within the CPF context. Innovations in mortgage products. Conclusion. References. 5 The Israeli Mortgage Market: Mortgage Insurance as a Mechanism for Screening Default Risk . Danny Ben-Shahar, Gilat Benchetrit and Eyal Sulganik . Introduction. Brief review of the Israeli economy and mortgage market. Modelling mortgage insurance as a screening mechanism. Summary. Notes. References. 6 Housing Finance and Mortgage Markets in The Czech Republic, Hungary, Poland, Slovakia and Slovenia . A.R. Ghanbari Parsa and Mohammad Ali Mulazadeh . Introduction. Housing finance. Housing mortgage in a socialist economy. The Czech Republic. Mortgage banking. Hungary. Housing finance system in Hungary. Loan guarantee measures. Poland. Financial institutions. Affordability of mortgage loans. Evolution of housing mortgage loans. The demand for housing and mortgage credit. Short history of mortgage banking. Increasing individual housing loans. Public mortgage bonds. Slovakia. Housing finance. Slovenia. Privatization process. Mortgage loan system in Slovenia. Housing market in Slovenia. Residential loan offered by banking sector. Obstacles of the mortgage loan market in Slovenia. Discussion. Summary and conclusion. Abbreviations. References. 7 The Mortgage Lending Market in Poland . Ewa Kucharska-Stasiak and Magdalena Zaleczna . Introduction. Determinants underlying expansion of the mortgage loan market. The mortgage loan market - a retrospective analysis. Current situation on the mortgage loan market. The loan insurance system. Future of the mortgage loan market. Final comments. Notes. References. 8 Secondary Mortgage Markets in South Africa . Julia Freybote and Viola Karoly . Introduction. Economic and property market fundamentals. Primary mortgage markets. Secondary mortgage markets. Conclusion and outlook. Notes. References. 9 The Mortgage Market in Ghana . Callistus Mahama . Introduction. Contractual agreements in the housing market. Land and property in the development of capital. The housing challenge. State housing policy initiatives. Formal mortgage in Ghana. Features of the mortgage market. The legal framework. The Home Finance Company (HFC). Conclusions. References. 10 Housing Finance in Emerging Economies: Applying a Benchmark from Developed Countries . Ashok Bardhan and Robert H. Edelstein . Introduction. Housing finance and the economy. Russia, India and China: defining similarities and contrasts. Benchmarking. Concluding remarks. Notes. References. 11 Mortgage Finance in Emerging Markets: Constraints and Feasible Development Paths . Bertrand M. Renaud . Introduction. Recurring issues in developing mortgage markets. Types of mortgage systems observed in developing countries. Lessons learned and some strategic priorities. Notes. References. Appendix 1. Appendix 2. Notes to appendices. Index

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