Europe and Central Asia Housing Finance Crisis Prevention and Resolution : A Review of Policy Options
The objective of this paper, besides offering insight in the regional and global development and stability issues, is to initiate a dialog with housing finance market stakeholders on the course of action appropriate for their jurisdictions. The pol...
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| Format: | Other Financial Sector Study |
| Language: | English en_US |
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Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2013/03/17852623/europe-central-asia-housing-finance-crisis-prevention-resolution-review-policy-options http://hdl.handle.net/10986/16526 |
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okr-10986-16526 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING AGENCY PROBLEM AMORTIZATION ARREARS ASSET CLASS ASSET MANAGEMENT ASSET MANAGERS ASSET PORTFOLIO ASSET PRICE ASSET PRICES ASSET QUALITY AVAILABILITY OF CREDIT BACKED SECURITIES BAILOUT BALANCE SHEET BALANCE SHEETS BANK BONDS BANK LENDERS BANK POLICY BANKING SECTOR BANKING SYSTEM BOND BOND PAYMENT BONDS BORROWER BORROWER BEHAVIOR BROKERS BULLET REPAYMENTS BUSINESS CYCLE BUSINESS CYCLES CAPITAL ADEQUACY CAPITAL ALLOCATION CAPITAL BASE CAPITAL CONSTRAINTS CAPITAL FLOWS CAPITAL GAINS CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKETS CAPITAL REQUIREMENTS CASH FLOW CASH FLOWS CENTRAL BANK CENTRAL BANKS COLLATERAL COMMERCIAL BANKS CONFLICT OF INTEREST CONSUMER CREDIT CONSUMER PROTECTION CORPORATE BONDS CORPORATE DEBT CREDIT ENHANCEMENT CREDIT GUARANTEE CREDIT HISTORY CREDIT LINES CREDIT RISK CREDIT RISKS CURRENCY DEPRECIATION CURRENCY RISK CURRENT ACCOUNT DEFICIT DEBT DEBT CRISIS DEBT INSTRUMENT DEBT INSTRUMENTS DEBT ISSUE DEBT OBLIGATION DEBT OBLIGATIONS DEBT OUTSTANDING DEPOSITS DEVALUATION DOMESTIC MARKETS EMERGING MARKETS EXCHANGE RATE FAIR VALUE FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTABILITY FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL MARKETS FINANCIAL RISK FINANCIAL SHOCKS FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIAL STRESS FINANCIAL SYSTEM FINANCIAL SYSTEMS FORECLOSURE FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN CURRENCY LOANS FOREIGN EXCHANGE FOREIGN EXCHANGE RISKS FOREIGN LENDERS GLOBAL BANKING GLOBAL ECONOMIES GROUPS OF LENDERS HOLDING HOME OWNERSHIP HOMEOWNERSHIP HOST COUNTRY HOUSEHOLD WEALTH HOUSING FINANCE INCOME TAX INFORMATION SYSTEM INFORMATION SYSTEMS INSURANCE COMPANIES INSURANCE PRODUCTS INTEREST RATE INTEREST RATE RISK INTERNATIONAL CAPITAL INVESTMENT FUNDS INVESTMENT OPPORTUNITIES IRREGULAR INCOMES ISSUANCE LENDER LENDERS LENDING CYCLE LENDING INTEREST RATES LEVEL OF INTEREST RATES LEVEL OF RISKS LIABILITY LIENS LIFE INSURANCE LIQUIDITY LIQUIDITY CRISIS LIQUIDITY RATIO LIQUIDITY RATIOS LIQUIDITY RISKS LOAN LOAN DEFAULTS LOAN MARKET LOAN OFFICERS LOAN PERFORMANCE LOAN PORTFOLIO LOAN PORTFOLIOS LOAN PRODUCTS LOAN REPAYMENT LOAN TERMS LOCAL BANKS LOCAL CURRENCY LOCAL LENDERS MACROECONOMIC CONDITIONS MARKET DATA MARKET DEEPENING MARKET DEVELOPMENT MARKET DEVELOPMENTS MARKET INFORMATION MARKET INFRASTRUCTURE MARKET INSTRUMENT MARKET INSTRUMENTS MARKET INTERMEDIARIES MARKET INTERMEDIARY MARKET LIQUIDITY MARKET PARTICIPANTS MARKET PRACTICE MARKET SHARE MARKET STABILITY MARKET STRUCTURES MARKET SURVEILLANCE MATURITY MATURITY MISMATCHES MORTGAGE MORTGAGE FINANCE MORTGAGE LOAN MORTGAGE LOANS MORTGAGE MARKET MORTGAGE MARKETS MORTGAGES NATIONAL BANK NON-PERFORMING LOAN NON-PERFORMING LOANS NPL OPEN ECONOMIES PARTICULAR DEBT PAYMENT OF PRINCIPAL PENSION PENSION FUNDS POLICY RESPONSE PORTFOLIO PORTFOLIO ALLOCATION PORTFOLIO MANAGEMENT PORTFOLIO PERFORMANCE PREPAYMENT PRIVATE CREDIT PRIVATE CREDIT BUREAUS PROVISIONING RULES PRUDENTIAL REGULATIONS PRUDENTIAL SUPERVISION PUBLIC MARKET REAL ESTATE INVESTMENT REAL ESTATE INVESTMENTS REAL ESTATE LENDING REGULAR PAYMENTS REGULATORY FRAMEWORK REPAYMENT CAPACITY REPO REPO TRANSACTIONS RESERVE RESERVE REQUIREMENTS RESIDENTIAL MORTGAGE RETURNS RISK AVERSION RISK FACTORS RISK MANAGEMENT RISK PROFILE SAVINGS SCHEMES SHARE OF CREDIT SHARE OF INVESTMENT SHAREHOLDER SHAREHOLDERS SMALL BUSINESS SOLVENCY SOVEREIGN DEBT SOVEREIGN GUARANTEE SOVEREIGN RATING TAX TAX TREATMENT TOTAL DEBT TRADING TRANCHES TRANSACTION TRANSPARENCY TURNOVER UNDERDEVELOPED CAPITAL MARKETS UNDERLYING ASSETS UNDERLYING MORTGAGE UNIVERSAL BANKS VALUATION VALUATIONS |
| spellingShingle |
ACCOUNTING AGENCY PROBLEM AMORTIZATION ARREARS ASSET CLASS ASSET MANAGEMENT ASSET MANAGERS ASSET PORTFOLIO ASSET PRICE ASSET PRICES ASSET QUALITY AVAILABILITY OF CREDIT BACKED SECURITIES BAILOUT BALANCE SHEET BALANCE SHEETS BANK BONDS BANK LENDERS BANK POLICY BANKING SECTOR BANKING SYSTEM BOND BOND PAYMENT BONDS BORROWER BORROWER BEHAVIOR BROKERS BULLET REPAYMENTS BUSINESS CYCLE BUSINESS CYCLES CAPITAL ADEQUACY CAPITAL ALLOCATION CAPITAL BASE CAPITAL CONSTRAINTS CAPITAL FLOWS CAPITAL GAINS CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKETS CAPITAL REQUIREMENTS CASH FLOW CASH FLOWS CENTRAL BANK CENTRAL BANKS COLLATERAL COMMERCIAL BANKS CONFLICT OF INTEREST CONSUMER CREDIT CONSUMER PROTECTION CORPORATE BONDS CORPORATE DEBT CREDIT ENHANCEMENT CREDIT GUARANTEE CREDIT HISTORY CREDIT LINES CREDIT RISK CREDIT RISKS CURRENCY DEPRECIATION CURRENCY RISK CURRENT ACCOUNT DEFICIT DEBT DEBT CRISIS DEBT INSTRUMENT DEBT INSTRUMENTS DEBT ISSUE DEBT OBLIGATION DEBT OBLIGATIONS DEBT OUTSTANDING DEPOSITS DEVALUATION DOMESTIC MARKETS EMERGING MARKETS EXCHANGE RATE FAIR VALUE FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTABILITY FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL MARKETS FINANCIAL RISK FINANCIAL SHOCKS FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIAL STRESS FINANCIAL SYSTEM FINANCIAL SYSTEMS FORECLOSURE FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN CURRENCY LOANS FOREIGN EXCHANGE FOREIGN EXCHANGE RISKS FOREIGN LENDERS GLOBAL BANKING GLOBAL ECONOMIES GROUPS OF LENDERS HOLDING HOME OWNERSHIP HOMEOWNERSHIP HOST COUNTRY HOUSEHOLD WEALTH HOUSING FINANCE INCOME TAX INFORMATION SYSTEM INFORMATION SYSTEMS INSURANCE COMPANIES INSURANCE PRODUCTS INTEREST RATE INTEREST RATE RISK INTERNATIONAL CAPITAL INVESTMENT FUNDS INVESTMENT OPPORTUNITIES IRREGULAR INCOMES ISSUANCE LENDER LENDERS LENDING CYCLE LENDING INTEREST RATES LEVEL OF INTEREST RATES LEVEL OF RISKS LIABILITY LIENS LIFE INSURANCE LIQUIDITY LIQUIDITY CRISIS LIQUIDITY RATIO LIQUIDITY RATIOS LIQUIDITY RISKS LOAN LOAN DEFAULTS LOAN MARKET LOAN OFFICERS LOAN PERFORMANCE LOAN PORTFOLIO LOAN PORTFOLIOS LOAN PRODUCTS LOAN REPAYMENT LOAN TERMS LOCAL BANKS LOCAL CURRENCY LOCAL LENDERS MACROECONOMIC CONDITIONS MARKET DATA MARKET DEEPENING MARKET DEVELOPMENT MARKET DEVELOPMENTS MARKET INFORMATION MARKET INFRASTRUCTURE MARKET INSTRUMENT MARKET INSTRUMENTS MARKET INTERMEDIARIES MARKET INTERMEDIARY MARKET LIQUIDITY MARKET PARTICIPANTS MARKET PRACTICE MARKET SHARE MARKET STABILITY MARKET STRUCTURES MARKET SURVEILLANCE MATURITY MATURITY MISMATCHES MORTGAGE MORTGAGE FINANCE MORTGAGE LOAN MORTGAGE LOANS MORTGAGE MARKET MORTGAGE MARKETS MORTGAGES NATIONAL BANK NON-PERFORMING LOAN NON-PERFORMING LOANS NPL OPEN ECONOMIES PARTICULAR DEBT PAYMENT OF PRINCIPAL PENSION PENSION FUNDS POLICY RESPONSE PORTFOLIO PORTFOLIO ALLOCATION PORTFOLIO MANAGEMENT PORTFOLIO PERFORMANCE PREPAYMENT PRIVATE CREDIT PRIVATE CREDIT BUREAUS PROVISIONING RULES PRUDENTIAL REGULATIONS PRUDENTIAL SUPERVISION PUBLIC MARKET REAL ESTATE INVESTMENT REAL ESTATE INVESTMENTS REAL ESTATE LENDING REGULAR PAYMENTS REGULATORY FRAMEWORK REPAYMENT CAPACITY REPO REPO TRANSACTIONS RESERVE RESERVE REQUIREMENTS RESIDENTIAL MORTGAGE RETURNS RISK AVERSION RISK FACTORS RISK MANAGEMENT RISK PROFILE SAVINGS SCHEMES SHARE OF CREDIT SHARE OF INVESTMENT SHAREHOLDER SHAREHOLDERS SMALL BUSINESS SOLVENCY SOVEREIGN DEBT SOVEREIGN GUARANTEE SOVEREIGN RATING TAX TAX TREATMENT TOTAL DEBT TRADING TRANCHES TRANSACTION TRANSPARENCY TURNOVER UNDERDEVELOPED CAPITAL MARKETS UNDERLYING ASSETS UNDERLYING MORTGAGE UNIVERSAL BANKS VALUATION VALUATIONS World Bank Europe and Central Asia Housing Finance Crisis Prevention and Resolution : A Review of Policy Options |
| geographic_facet |
Europe and Central Asia |
| description |
The objective of this paper, besides
offering insight in the regional and global development and
stability issues, is to initiate a dialog with housing
finance market stakeholders on the course of action
appropriate for their jurisdictions. The policy options
presented in the paper are practical and implementable and
should frame discussions between public and private housing
finance market participants. It offers observations of the
recent Europe and Central Asia (ECA) market developments and
presents a menu of policy actions that should be considered
by the mortgage regulators to address the current challenges
and to better prepare for next cyclical events. The scope of
the paper is on the mortgage finance in ECA region. Some of
the policy measures discussed deal with the real estate
market evolution- notably the market observatories- as the
real estate market evolutions are intricately linked with
the cyclicality of the mortgage credit (and with the broad
business cycles) and this linkage should be analyzed and
considered by the mortgage market stakeholders. The policy
options discussed in this paper are: (a) interconnected; and
(b) need to be tailored to the specific country
circumstances. The paper is structured as follows: after an
overview of ECA mortgage market characteristics, key
elements of the post-2008 performance are discussed in
details- Non-Performing Loan (NPL) and funding mechanisms
evolution. A number of policy options that can be utilized
in a crisis management and counter-cyclical context are suggested. |
| format |
Economic & Sector Work :: Other Financial Sector Study |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Europe and Central Asia Housing Finance Crisis Prevention and Resolution : A Review of Policy Options |
| title_short |
Europe and Central Asia Housing Finance Crisis Prevention and Resolution : A Review of Policy Options |
| title_full |
Europe and Central Asia Housing Finance Crisis Prevention and Resolution : A Review of Policy Options |
| title_fullStr |
Europe and Central Asia Housing Finance Crisis Prevention and Resolution : A Review of Policy Options |
| title_full_unstemmed |
Europe and Central Asia Housing Finance Crisis Prevention and Resolution : A Review of Policy Options |
| title_sort |
europe and central asia housing finance crisis prevention and resolution : a review of policy options |
| publisher |
Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2013/03/17852623/europe-central-asia-housing-finance-crisis-prevention-resolution-review-policy-options http://hdl.handle.net/10986/16526 |
| _version_ |
1764433925669650432 |
| spelling |
okr-10986-165262021-04-23T14:03:31Z Europe and Central Asia Housing Finance Crisis Prevention and Resolution : A Review of Policy Options World Bank ACCOUNTING AGENCY PROBLEM AMORTIZATION ARREARS ASSET CLASS ASSET MANAGEMENT ASSET MANAGERS ASSET PORTFOLIO ASSET PRICE ASSET PRICES ASSET QUALITY AVAILABILITY OF CREDIT BACKED SECURITIES BAILOUT BALANCE SHEET BALANCE SHEETS BANK BONDS BANK LENDERS BANK POLICY BANKING SECTOR BANKING SYSTEM BOND BOND PAYMENT BONDS BORROWER BORROWER BEHAVIOR BROKERS BULLET REPAYMENTS BUSINESS CYCLE BUSINESS CYCLES CAPITAL ADEQUACY CAPITAL ALLOCATION CAPITAL BASE CAPITAL CONSTRAINTS CAPITAL FLOWS CAPITAL GAINS CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKETS CAPITAL REQUIREMENTS CASH FLOW CASH FLOWS CENTRAL BANK CENTRAL BANKS COLLATERAL COMMERCIAL BANKS CONFLICT OF INTEREST CONSUMER CREDIT CONSUMER PROTECTION CORPORATE BONDS CORPORATE DEBT CREDIT ENHANCEMENT CREDIT GUARANTEE CREDIT HISTORY CREDIT LINES CREDIT RISK CREDIT RISKS CURRENCY DEPRECIATION CURRENCY RISK CURRENT ACCOUNT DEFICIT DEBT DEBT CRISIS DEBT INSTRUMENT DEBT INSTRUMENTS DEBT ISSUE DEBT OBLIGATION DEBT OBLIGATIONS DEBT OUTSTANDING DEPOSITS DEVALUATION DOMESTIC MARKETS EMERGING MARKETS EXCHANGE RATE FAIR VALUE FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTABILITY FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL MARKETS FINANCIAL RISK FINANCIAL SHOCKS FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIAL STRESS FINANCIAL SYSTEM FINANCIAL SYSTEMS FORECLOSURE FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN CURRENCY LOANS FOREIGN EXCHANGE FOREIGN EXCHANGE RISKS FOREIGN LENDERS GLOBAL BANKING GLOBAL ECONOMIES GROUPS OF LENDERS HOLDING HOME OWNERSHIP HOMEOWNERSHIP HOST COUNTRY HOUSEHOLD WEALTH HOUSING FINANCE INCOME TAX INFORMATION SYSTEM INFORMATION SYSTEMS INSURANCE COMPANIES INSURANCE PRODUCTS INTEREST RATE INTEREST RATE RISK INTERNATIONAL CAPITAL INVESTMENT FUNDS INVESTMENT OPPORTUNITIES IRREGULAR INCOMES ISSUANCE LENDER LENDERS LENDING CYCLE LENDING INTEREST RATES LEVEL OF INTEREST RATES LEVEL OF RISKS LIABILITY LIENS LIFE INSURANCE LIQUIDITY LIQUIDITY CRISIS LIQUIDITY RATIO LIQUIDITY RATIOS LIQUIDITY RISKS LOAN LOAN DEFAULTS LOAN MARKET LOAN OFFICERS LOAN PERFORMANCE LOAN PORTFOLIO LOAN PORTFOLIOS LOAN PRODUCTS LOAN REPAYMENT LOAN TERMS LOCAL BANKS LOCAL CURRENCY LOCAL LENDERS MACROECONOMIC CONDITIONS MARKET DATA MARKET DEEPENING MARKET DEVELOPMENT MARKET DEVELOPMENTS MARKET INFORMATION MARKET INFRASTRUCTURE MARKET INSTRUMENT MARKET INSTRUMENTS MARKET INTERMEDIARIES MARKET INTERMEDIARY MARKET LIQUIDITY MARKET PARTICIPANTS MARKET PRACTICE MARKET SHARE MARKET STABILITY MARKET STRUCTURES MARKET SURVEILLANCE MATURITY MATURITY MISMATCHES MORTGAGE MORTGAGE FINANCE MORTGAGE LOAN MORTGAGE LOANS MORTGAGE MARKET MORTGAGE MARKETS MORTGAGES NATIONAL BANK NON-PERFORMING LOAN NON-PERFORMING LOANS NPL OPEN ECONOMIES PARTICULAR DEBT PAYMENT OF PRINCIPAL PENSION PENSION FUNDS POLICY RESPONSE PORTFOLIO PORTFOLIO ALLOCATION PORTFOLIO MANAGEMENT PORTFOLIO PERFORMANCE PREPAYMENT PRIVATE CREDIT PRIVATE CREDIT BUREAUS PROVISIONING RULES PRUDENTIAL REGULATIONS PRUDENTIAL SUPERVISION PUBLIC MARKET REAL ESTATE INVESTMENT REAL ESTATE INVESTMENTS REAL ESTATE LENDING REGULAR PAYMENTS REGULATORY FRAMEWORK REPAYMENT CAPACITY REPO REPO TRANSACTIONS RESERVE RESERVE REQUIREMENTS RESIDENTIAL MORTGAGE RETURNS RISK AVERSION RISK FACTORS RISK MANAGEMENT RISK PROFILE SAVINGS SCHEMES SHARE OF CREDIT SHARE OF INVESTMENT SHAREHOLDER SHAREHOLDERS SMALL BUSINESS SOLVENCY SOVEREIGN DEBT SOVEREIGN GUARANTEE SOVEREIGN RATING TAX TAX TREATMENT TOTAL DEBT TRADING TRANCHES TRANSACTION TRANSPARENCY TURNOVER UNDERDEVELOPED CAPITAL MARKETS UNDERLYING ASSETS UNDERLYING MORTGAGE UNIVERSAL BANKS VALUATION VALUATIONS The objective of this paper, besides offering insight in the regional and global development and stability issues, is to initiate a dialog with housing finance market stakeholders on the course of action appropriate for their jurisdictions. The policy options presented in the paper are practical and implementable and should frame discussions between public and private housing finance market participants. It offers observations of the recent Europe and Central Asia (ECA) market developments and presents a menu of policy actions that should be considered by the mortgage regulators to address the current challenges and to better prepare for next cyclical events. The scope of the paper is on the mortgage finance in ECA region. Some of the policy measures discussed deal with the real estate market evolution- notably the market observatories- as the real estate market evolutions are intricately linked with the cyclicality of the mortgage credit (and with the broad business cycles) and this linkage should be analyzed and considered by the mortgage market stakeholders. The policy options discussed in this paper are: (a) interconnected; and (b) need to be tailored to the specific country circumstances. The paper is structured as follows: after an overview of ECA mortgage market characteristics, key elements of the post-2008 performance are discussed in details- Non-Performing Loan (NPL) and funding mechanisms evolution. A number of policy options that can be utilized in a crisis management and counter-cyclical context are suggested. 2014-01-08T21:52:55Z 2014-01-08T21:52:55Z 2013-03 http://documents.worldbank.org/curated/en/2013/03/17852623/europe-central-asia-housing-finance-crisis-prevention-resolution-review-policy-options http://hdl.handle.net/10986/16526 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work Europe and Central Asia |