Mortgage Securities in Emerging Markets
Despite its recognized economic and social importance, housing finance often remains underdeveloped in emerging economies. Residential lending remains small, poorly accessible, and depository-based. Lenders remain vulnerable to significant credit,...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, D.C.
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2004/08/5066104/mortgage-securities-emerging-markets http://hdl.handle.net/10986/14159 |
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okr-10986-14159 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English en_US |
| topic |
ACCOUNTING ACCOUNTING FRAMEWORK ADEQUATE DISCLOSURE ASSET SALE ASSETS BANK LOANS BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKRUPTCY REMOTENESS BONDS BROKERS CAPITAL ADEQUACY CAPITAL BASE CAPITAL MARKET CAPITAL MARKETS CAPITAL RELIEF CASH FLOW CASH FLOWS CENTRAL BANKS COLLATERALIZATION COLLATERALIZED MORTGAGE OBLIGATIONS CONTRACTUAL SAVINGS CORPORATE BONDS CREDIT ENHANCEMENT CREDIT QUALITY CREDIT RISK DEBT DEPOSIT INSURANCE DEPOSITS ECONOMIC STABILITY EMERGING MARKETS EQUITY CAPITAL FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SYSTEMS FIXED RATE MORTGAGES FORECLOSURE GLOBAL MARKETS GOVERNMENT INTERVENTION HOUSING HOUSING AFFORDABILITY HOUSING CONSTRUCTION HOUSING DEMAND HOUSING FINANCE HOUSING FINANCE SYSTEM HOUSING FINANCE SYSTEMS HOUSING LOANS INSURANCE INSURANCE COMPANIES INSURERS INVESTMENT BANKING LAWS LEGAL PROTECTION LEGAL PROVISIONS LENDING INSTITUTIONS LEVEL PLAYING FIELD LIABILITY LIENS LIQUIDATION LIQUIDITY LONG TERM LIABILITIES MARKET ENTRY MARKET RISKS MBS MORAL HAZARD MORTGAGE MORTGAGE BOND MORTGAGE BONDS MORTGAGE CREDIT MORTGAGE FINANCE MORTGAGE INVESTMENTS MORTGAGE LENDING MORTGAGE LOANS MORTGAGE MARKET MORTGAGE POOL MORTGAGE PRINCIPAL MORTGAGE SECURITIES MORTGAGE-BACKED SECURITIES MORTGAGES OFF BALANCE SHEET OPERATING COSTS PENSION FUNDS PORTFOLIOS PREPAYMENT RISK PRIMARY MORTGAGE MARKETS RATING AGENCIES REGULATORY FRAMEWORK RESIDENTIAL MORTGAGES RISK MANAGEMENT SAVINGS SECONDARY MORTGAGE MARKETS SECURITIZATION SECURITY DESIGN SHORT TERM BORROWING SYSTEMIC RISK TRANSACTION COSTS UNDERWRITING URBANIZATION VARIABLE RATE MORTGAGES ACCOUNTABILITY ACCOUNTING ACCOUNTING FRAMEWORK ADEQUATE DISCLOSURE ADVERSE SELECTION ASSET ALLOCATION ASSETS AUTONOMY BANK LOANS BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BENEFICIAL INTEREST BID BOND BOND ISSUANCE BONDS BORROWING BROKERS CAPITAL ADEQUACY CAPITAL ALLOCATION CAPITAL BASE CAPITAL MARKET CAPITAL MARKETS CASH FLOW RISK CASH FLOWS CENTRAL BANKS COLLATERAL COLLATERALIZATION COLLATERALIZED MORTGAGE OBLIGATIONS CONSUMER LOANS CONTRACTUAL SAVINGS CORPORATE BONDS CREDIT RISK DEALERS DEBT DEPOSIT INSURANCE DEPOSITORY DEPOSITORY INSTITUTIONS DISCLOSURE ECONOMIC STABILITY EMERGING MARKETS EQUITY CAPITAL EXPOSURE FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKET FINANCIAL MARKETS MORTGAGE BONDS MORTGAGE FINANCE MORTGAGE INSURANCE MORTGAGE LENDING MORTGAGE LOANS MORTGAGE MARKETS MORTGAGE PRINCIPAL MORTGAGE SECURITIES RISK ISSUERS LAWS LEGAL PROTECTION LEGAL PROVISIONS LENDING INSTITUTIONS LEVEL PLAYING FIELD LIABILITY LIENS |
| spellingShingle |
ACCOUNTING ACCOUNTING FRAMEWORK ADEQUATE DISCLOSURE ASSET SALE ASSETS BANK LOANS BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKRUPTCY REMOTENESS BONDS BROKERS CAPITAL ADEQUACY CAPITAL BASE CAPITAL MARKET CAPITAL MARKETS CAPITAL RELIEF CASH FLOW CASH FLOWS CENTRAL BANKS COLLATERALIZATION COLLATERALIZED MORTGAGE OBLIGATIONS CONTRACTUAL SAVINGS CORPORATE BONDS CREDIT ENHANCEMENT CREDIT QUALITY CREDIT RISK DEBT DEPOSIT INSURANCE DEPOSITS ECONOMIC STABILITY EMERGING MARKETS EQUITY CAPITAL FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SYSTEMS FIXED RATE MORTGAGES FORECLOSURE GLOBAL MARKETS GOVERNMENT INTERVENTION HOUSING HOUSING AFFORDABILITY HOUSING CONSTRUCTION HOUSING DEMAND HOUSING FINANCE HOUSING FINANCE SYSTEM HOUSING FINANCE SYSTEMS HOUSING LOANS INSURANCE INSURANCE COMPANIES INSURERS INVESTMENT BANKING LAWS LEGAL PROTECTION LEGAL PROVISIONS LENDING INSTITUTIONS LEVEL PLAYING FIELD LIABILITY LIENS LIQUIDATION LIQUIDITY LONG TERM LIABILITIES MARKET ENTRY MARKET RISKS MBS MORAL HAZARD MORTGAGE MORTGAGE BOND MORTGAGE BONDS MORTGAGE CREDIT MORTGAGE FINANCE MORTGAGE INVESTMENTS MORTGAGE LENDING MORTGAGE LOANS MORTGAGE MARKET MORTGAGE POOL MORTGAGE PRINCIPAL MORTGAGE SECURITIES MORTGAGE-BACKED SECURITIES MORTGAGES OFF BALANCE SHEET OPERATING COSTS PENSION FUNDS PORTFOLIOS PREPAYMENT RISK PRIMARY MORTGAGE MARKETS RATING AGENCIES REGULATORY FRAMEWORK RESIDENTIAL MORTGAGES RISK MANAGEMENT SAVINGS SECONDARY MORTGAGE MARKETS SECURITIZATION SECURITY DESIGN SHORT TERM BORROWING SYSTEMIC RISK TRANSACTION COSTS UNDERWRITING URBANIZATION VARIABLE RATE MORTGAGES ACCOUNTABILITY ACCOUNTING ACCOUNTING FRAMEWORK ADEQUATE DISCLOSURE ADVERSE SELECTION ASSET ALLOCATION ASSETS AUTONOMY BANK LOANS BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BENEFICIAL INTEREST BID BOND BOND ISSUANCE BONDS BORROWING BROKERS CAPITAL ADEQUACY CAPITAL ALLOCATION CAPITAL BASE CAPITAL MARKET CAPITAL MARKETS CASH FLOW RISK CASH FLOWS CENTRAL BANKS COLLATERAL COLLATERALIZATION COLLATERALIZED MORTGAGE OBLIGATIONS CONSUMER LOANS CONTRACTUAL SAVINGS CORPORATE BONDS CREDIT RISK DEALERS DEBT DEPOSIT INSURANCE DEPOSITORY DEPOSITORY INSTITUTIONS DISCLOSURE ECONOMIC STABILITY EMERGING MARKETS EQUITY CAPITAL EXPOSURE FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKET FINANCIAL MARKETS MORTGAGE BONDS MORTGAGE FINANCE MORTGAGE INSURANCE MORTGAGE LENDING MORTGAGE LOANS MORTGAGE MARKETS MORTGAGE PRINCIPAL MORTGAGE SECURITIES RISK ISSUERS LAWS LEGAL PROTECTION LEGAL PROVISIONS LENDING INSTITUTIONS LEVEL PLAYING FIELD LIABILITY LIENS Chiquier, Loïc Hassler, Olivier Lea, Michael Mortgage Securities in Emerging Markets |
| relation |
Policy Research Working Paper;No.3370 |
| description |
Despite its recognized economic and
social importance, housing finance often remains
underdeveloped in emerging economies. Residential lending
remains small, poorly accessible, and depository-based.
Lenders remain vulnerable to significant credit, liquidity,
and interest rate risks. As a result, housing finance is
relatively expensive and often rationed. The importance of
developing robust systems of housing finance is paramount as
emerging economy governments struggle to cope with
population growth, rapid urbanization, and rising
expectations from a growing middle class. The capital
markets in many economies can provide an attractive and
potentially large source of long-term funding for housing,
and solutions to better allocate part of the risks. The
advent of institutional investors is creating large and
rapidly growing pools of funds that may facilitate the
development of mortgage-related securities. Despite such a
strong appeal, there are significant barriers to the
development of mortgage securities in emerging markets.
Their success is dependent on many factors, starting with a
strong legal and regulatory framework and liberalized
financial sector, and including a developed primary mortgage
market. The experience in developing mortgage securities in
emerging markets has been mixed. The authors review the
experience of introducing mortgage securities in emerging
markets and explore the policy issues related to this theme. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Chiquier, Loïc Hassler, Olivier Lea, Michael |
| author_facet |
Chiquier, Loïc Hassler, Olivier Lea, Michael |
| author_sort |
Chiquier, Loïc |
| title |
Mortgage Securities in Emerging Markets |
| title_short |
Mortgage Securities in Emerging Markets |
| title_full |
Mortgage Securities in Emerging Markets |
| title_fullStr |
Mortgage Securities in Emerging Markets |
| title_full_unstemmed |
Mortgage Securities in Emerging Markets |
| title_sort |
mortgage securities in emerging markets |
| publisher |
World Bank, Washington, D.C. |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2004/08/5066104/mortgage-securities-emerging-markets http://hdl.handle.net/10986/14159 |
| _version_ |
1764430513092689920 |
| spelling |
okr-10986-141592021-04-23T14:03:21Z Mortgage Securities in Emerging Markets Chiquier, Loïc Hassler, Olivier Lea, Michael ACCOUNTING ACCOUNTING FRAMEWORK ADEQUATE DISCLOSURE ASSET SALE ASSETS BANK LOANS BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKRUPTCY REMOTENESS BONDS BROKERS CAPITAL ADEQUACY CAPITAL BASE CAPITAL MARKET CAPITAL MARKETS CAPITAL RELIEF CASH FLOW CASH FLOWS CENTRAL BANKS COLLATERALIZATION COLLATERALIZED MORTGAGE OBLIGATIONS CONTRACTUAL SAVINGS CORPORATE BONDS CREDIT ENHANCEMENT CREDIT QUALITY CREDIT RISK DEBT DEPOSIT INSURANCE DEPOSITS ECONOMIC STABILITY EMERGING MARKETS EQUITY CAPITAL FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SYSTEMS FIXED RATE MORTGAGES FORECLOSURE GLOBAL MARKETS GOVERNMENT INTERVENTION HOUSING HOUSING AFFORDABILITY HOUSING CONSTRUCTION HOUSING DEMAND HOUSING FINANCE HOUSING FINANCE SYSTEM HOUSING FINANCE SYSTEMS HOUSING LOANS INSURANCE INSURANCE COMPANIES INSURERS INVESTMENT BANKING LAWS LEGAL PROTECTION LEGAL PROVISIONS LENDING INSTITUTIONS LEVEL PLAYING FIELD LIABILITY LIENS LIQUIDATION LIQUIDITY LONG TERM LIABILITIES MARKET ENTRY MARKET RISKS MBS MORAL HAZARD MORTGAGE MORTGAGE BOND MORTGAGE BONDS MORTGAGE CREDIT MORTGAGE FINANCE MORTGAGE INVESTMENTS MORTGAGE LENDING MORTGAGE LOANS MORTGAGE MARKET MORTGAGE POOL MORTGAGE PRINCIPAL MORTGAGE SECURITIES MORTGAGE-BACKED SECURITIES MORTGAGES OFF BALANCE SHEET OPERATING COSTS PENSION FUNDS PORTFOLIOS PREPAYMENT RISK PRIMARY MORTGAGE MARKETS RATING AGENCIES REGULATORY FRAMEWORK RESIDENTIAL MORTGAGES RISK MANAGEMENT SAVINGS SECONDARY MORTGAGE MARKETS SECURITIZATION SECURITY DESIGN SHORT TERM BORROWING SYSTEMIC RISK TRANSACTION COSTS UNDERWRITING URBANIZATION VARIABLE RATE MORTGAGES ACCOUNTABILITY ACCOUNTING ACCOUNTING FRAMEWORK ADEQUATE DISCLOSURE ADVERSE SELECTION ASSET ALLOCATION ASSETS AUTONOMY BANK LOANS BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BENEFICIAL INTEREST BID BOND BOND ISSUANCE BONDS BORROWING BROKERS CAPITAL ADEQUACY CAPITAL ALLOCATION CAPITAL BASE CAPITAL MARKET CAPITAL MARKETS CASH FLOW RISK CASH FLOWS CENTRAL BANKS COLLATERAL COLLATERALIZATION COLLATERALIZED MORTGAGE OBLIGATIONS CONSUMER LOANS CONTRACTUAL SAVINGS CORPORATE BONDS CREDIT RISK DEALERS DEBT DEPOSIT INSURANCE DEPOSITORY DEPOSITORY INSTITUTIONS DISCLOSURE ECONOMIC STABILITY EMERGING MARKETS EQUITY CAPITAL EXPOSURE FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKET FINANCIAL MARKETS MORTGAGE BONDS MORTGAGE FINANCE MORTGAGE INSURANCE MORTGAGE LENDING MORTGAGE LOANS MORTGAGE MARKETS MORTGAGE PRINCIPAL MORTGAGE SECURITIES RISK ISSUERS LAWS LEGAL PROTECTION LEGAL PROVISIONS LENDING INSTITUTIONS LEVEL PLAYING FIELD LIABILITY LIENS Despite its recognized economic and social importance, housing finance often remains underdeveloped in emerging economies. Residential lending remains small, poorly accessible, and depository-based. Lenders remain vulnerable to significant credit, liquidity, and interest rate risks. As a result, housing finance is relatively expensive and often rationed. The importance of developing robust systems of housing finance is paramount as emerging economy governments struggle to cope with population growth, rapid urbanization, and rising expectations from a growing middle class. The capital markets in many economies can provide an attractive and potentially large source of long-term funding for housing, and solutions to better allocate part of the risks. The advent of institutional investors is creating large and rapidly growing pools of funds that may facilitate the development of mortgage-related securities. Despite such a strong appeal, there are significant barriers to the development of mortgage securities in emerging markets. Their success is dependent on many factors, starting with a strong legal and regulatory framework and liberalized financial sector, and including a developed primary mortgage market. The experience in developing mortgage securities in emerging markets has been mixed. The authors review the experience of introducing mortgage securities in emerging markets and explore the policy issues related to this theme. 2013-06-24T19:40:52Z 2013-06-24T19:40:52Z 2004-08 http://documents.worldbank.org/curated/en/2004/08/5066104/mortgage-securities-emerging-markets http://hdl.handle.net/10986/14159 English en_US Policy Research Working Paper;No.3370 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, D.C. Publications & Research :: Policy Research Working Paper Publications & Research |