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...

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Main Authors:	Badev, Anton, Beck, Thorsten, Vado, Ligia, Walley, Simon
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCESS TO MORTGAGE ACCOUNTING ASSET-LIABILITY MISMATCH BALANCE SHEET BANK ACCOUNT BANK COMPETITION BANK OPERATIONS BANK POLICY BANKING CRISES BANKING CRISIS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BOND FINANCING BOND MARKET BOND MARKET CAPITALIZATION BOND MARKETS BORROWER BORROWING BUSINESS ENVIRONMENT BUSINESS LOAN CAPITAL ALLOCATION CAPITAL GAIN CAPITAL GAINS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CENTRAL BANK CENTRAL BANKS COMMERCIAL BANKS COMPETITIVE MARKET CONSUMER LOANS CONTRACT DESIGN CONTRACT ENFORCEMENT CORPORATE FINANCE CREDIT EXPANSION CREDIT INCREASES CREDIT INFORMATION CREDIT MARKET CREDIT REGISTRIES CREDITOR CREDITOR RIGHTS DEBT DEBT DATA DEBT OUTSTANDING DEBT RECOVERY DELIVERY COST DEMOGRAPHIC DEMOGRAPHIC CHARACTERISTICS DEMOGRAPHIC FACTORS DEPOSIT DEPOSITS DEVELOPING COUNTRIES DUMMY VARIABLES ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH EMERGING MARKETS FINANCE ACCESS FINANCE PRODUCTS FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL DEPTH FINANCIAL DEREGULATION FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL OUTREACH FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL STRUCTURE FINANCIAL STUDIES FINANCIAL SYSTEM FINANCIAL SYSTEM DEVELOPMENT FINANCIAL SYSTEMS FOREIGN BANK FOREIGN BANKS FUNDING SOURCE FUNDING SOURCES GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL FINANCIAL STABILITY GOVERNMENT GUARANTEES GOVERNMENT INVOLVEMENT GOVERNMENT OWNERSHIP GOVERNMENT POLICIES GOVERNMENT POLICY GOVERNMENT SUBSIDIES GROSS DOMESTIC PRODUCT HOME BUYERS HOME LOAN HOME LOANS HOME PURCHASES HOST ECONOMY HOUSEHOLD DEBT HOUSEHOLD WELFARE HOUSEHOLDS HOUSING FINANCE HOUSING LOAN HOUSING LOANS INCOME INCOME GROUP INCOME GROUPS INCOME LEVEL INCOME LEVELS INFLATION INFLATION VOLATILITY INFORMAL PROVIDERS INFORMATION ASYMMETRIES INFORMATION SHARING INPUT PRICES INSTITUTIONAL DEVELOPMENT INSURANCE INSURANCE ACTIVITIES INSURANCE COMPANIES INSURANCE COMPANY INSURANCE PENETRATION INSURANCE PREMIUMS INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL SETTLEMENTS LACK OF COMPETITION LEGAL REFORM LEGAL RIGHTS LEGAL SYSTEMS LENDERS LIABILITY LIEN LIFE INSURANCE LIQUID MARKETS LOAN REPAYMENT LOCAL CURRENCY LONG-TERM ASSETS LONG-TERM FINANCE LONG-TERM FUNDING LONG-TERM MORTGAGE LOW-INCOME COUNTRIES MACROECONOMIC ENVIRONMENT MACROECONOMIC STABILITY MARKET DESIGN MARKET DEVELOPMENT MARKET SIZE MARKET STRUCTURE MARKET TURNOVER MATURITY MATURITY STRUCTURE MATURITY TRANSFORMATION MICROFINANCE MICROFINANCE INSTITUTIONS MIDDLE-INCOME COUNTRIES MONETARY INSTABILITY MONETARY POLICY MONETARY STABILITY MONOPOLY MORTGAGE MORTGAGE BOND MORTGAGE BONDS MORTGAGE CREDIT MORTGAGE DEBT MORTGAGE FINANCE MORTGAGE FINANCING MORTGAGE INTEREST MORTGAGE LENDING MORTGAGE LOAN MORTGAGE LOANS MORTGAGE MARKET MORTGAGE MARKETS MORTGAGE PORTFOLIOS MORTGAGES OUTSTANDING AMOUNT OUTSTANDING LOAN PENSION PENSION FUND POLITICAL ECONOMY PORTFOLIOS PRICE STABILITY PRIVATE BOND PRIVATE CREDIT PRIVATE SECTOR DEVELOPMENT PROPERTY RIGHTS PUBLIC DEBT PUBLIC POLICY REAL ESTATE REAL ESTATE INVESTMENTS REGULATORY FRAMEWORKS REGULATORY POLICIES REGULATORY RESTRICTIONS RETAIL FUNDING RETURN RISK MANAGEMENT SAVINGS SAVINGS ACCOUNT SAVINGS ACCOUNTS SECURITIES SHORT-TERM LIABILITIES STAMP DUTIES STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKETS TAX TRANSACTION TRANSACTION COSTS TRANSITION COUNTRY TRANSITION ECONOMIES URBANIZATION WHOLESALE FUNDING WORLD DEVELOPMENT INDICATORS YIELD CURVE
Online Access:	http://documents.worldbank.org/curated/en/2014/01/18841042/housing-finance-across-countries-new-data-analysis http://hdl.handle.net/10986/16821

id	okr-10986-16821
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	ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCESS TO MORTGAGE ACCOUNTING ASSET-LIABILITY MISMATCH BALANCE SHEET BANK ACCOUNT BANK COMPETITION BANK OPERATIONS BANK POLICY BANKING CRISES BANKING CRISIS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BOND FINANCING BOND MARKET BOND MARKET CAPITALIZATION BOND MARKETS BORROWER BORROWING BUSINESS ENVIRONMENT BUSINESS LOAN CAPITAL ALLOCATION CAPITAL GAIN CAPITAL GAINS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CENTRAL BANK CENTRAL BANKS COMMERCIAL BANKS COMPETITIVE MARKET CONSUMER LOANS CONTRACT DESIGN CONTRACT ENFORCEMENT CORPORATE FINANCE CREDIT EXPANSION CREDIT INCREASES CREDIT INFORMATION CREDIT MARKET CREDIT REGISTRIES CREDITOR CREDITOR RIGHTS DEBT DEBT DATA DEBT OUTSTANDING DEBT RECOVERY DELIVERY COST DEMOGRAPHIC DEMOGRAPHIC CHARACTERISTICS DEMOGRAPHIC FACTORS DEPOSIT DEPOSITS DEVELOPING COUNTRIES DUMMY VARIABLES ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH EMERGING MARKETS FINANCE ACCESS FINANCE PRODUCTS FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL DEPTH FINANCIAL DEREGULATION FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL OUTREACH FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL STRUCTURE FINANCIAL STUDIES FINANCIAL SYSTEM FINANCIAL SYSTEM DEVELOPMENT FINANCIAL SYSTEMS FOREIGN BANK FOREIGN BANKS FUNDING SOURCE FUNDING SOURCES GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL FINANCIAL STABILITY GOVERNMENT GUARANTEES GOVERNMENT INVOLVEMENT GOVERNMENT OWNERSHIP GOVERNMENT POLICIES GOVERNMENT POLICY GOVERNMENT SUBSIDIES GROSS DOMESTIC PRODUCT HOME BUYERS HOME LOAN HOME LOANS HOME PURCHASES HOST ECONOMY HOUSEHOLD DEBT HOUSEHOLD WELFARE HOUSEHOLDS HOUSING FINANCE HOUSING LOAN HOUSING LOANS INCOME INCOME GROUP INCOME GROUPS INCOME LEVEL INCOME LEVELS INFLATION INFLATION VOLATILITY INFORMAL PROVIDERS INFORMATION ASYMMETRIES INFORMATION SHARING INPUT PRICES INSTITUTIONAL DEVELOPMENT INSURANCE INSURANCE ACTIVITIES INSURANCE COMPANIES INSURANCE COMPANY INSURANCE PENETRATION INSURANCE PREMIUMS INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL SETTLEMENTS LACK OF COMPETITION LEGAL REFORM LEGAL RIGHTS LEGAL SYSTEMS LENDERS LIABILITY LIEN LIFE INSURANCE LIQUID MARKETS LOAN REPAYMENT LOCAL CURRENCY LONG-TERM ASSETS LONG-TERM FINANCE LONG-TERM FUNDING LONG-TERM MORTGAGE LOW-INCOME COUNTRIES MACROECONOMIC ENVIRONMENT MACROECONOMIC STABILITY MARKET DESIGN MARKET DEVELOPMENT MARKET SIZE MARKET STRUCTURE MARKET TURNOVER MATURITY MATURITY STRUCTURE MATURITY TRANSFORMATION MICROFINANCE MICROFINANCE INSTITUTIONS MIDDLE-INCOME COUNTRIES MONETARY INSTABILITY MONETARY POLICY MONETARY STABILITY MONOPOLY MORTGAGE MORTGAGE BOND MORTGAGE BONDS MORTGAGE CREDIT MORTGAGE DEBT MORTGAGE FINANCE MORTGAGE FINANCING MORTGAGE INTEREST MORTGAGE LENDING MORTGAGE LOAN MORTGAGE LOANS MORTGAGE MARKET MORTGAGE MARKETS MORTGAGE PORTFOLIOS MORTGAGES OUTSTANDING AMOUNT OUTSTANDING LOAN PENSION PENSION FUND POLITICAL ECONOMY PORTFOLIOS PRICE STABILITY PRIVATE BOND PRIVATE CREDIT PRIVATE SECTOR DEVELOPMENT PROPERTY RIGHTS PUBLIC DEBT PUBLIC POLICY REAL ESTATE REAL ESTATE INVESTMENTS REGULATORY FRAMEWORKS REGULATORY POLICIES REGULATORY RESTRICTIONS RETAIL FUNDING RETURN RISK MANAGEMENT SAVINGS SAVINGS ACCOUNT SAVINGS ACCOUNTS SECURITIES SHORT-TERM LIABILITIES STAMP DUTIES STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKETS TAX TRANSACTION TRANSACTION COSTS TRANSITION COUNTRY TRANSITION ECONOMIES URBANIZATION WHOLESALE FUNDING WORLD DEVELOPMENT INDICATORS YIELD CURVE
spellingShingle	ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCESS TO MORTGAGE ACCOUNTING ASSET-LIABILITY MISMATCH BALANCE SHEET BANK ACCOUNT BANK COMPETITION BANK OPERATIONS BANK POLICY BANKING CRISES BANKING CRISIS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BOND FINANCING BOND MARKET BOND MARKET CAPITALIZATION BOND MARKETS BORROWER BORROWING BUSINESS ENVIRONMENT BUSINESS LOAN CAPITAL ALLOCATION CAPITAL GAIN CAPITAL GAINS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CENTRAL BANK CENTRAL BANKS COMMERCIAL BANKS COMPETITIVE MARKET CONSUMER LOANS CONTRACT DESIGN CONTRACT ENFORCEMENT CORPORATE FINANCE CREDIT EXPANSION CREDIT INCREASES CREDIT INFORMATION CREDIT MARKET CREDIT REGISTRIES CREDITOR CREDITOR RIGHTS DEBT DEBT DATA DEBT OUTSTANDING DEBT RECOVERY DELIVERY COST DEMOGRAPHIC DEMOGRAPHIC CHARACTERISTICS DEMOGRAPHIC FACTORS DEPOSIT DEPOSITS DEVELOPING COUNTRIES DUMMY VARIABLES ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH EMERGING MARKETS FINANCE ACCESS FINANCE PRODUCTS FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL DEPTH FINANCIAL DEREGULATION FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL OUTREACH FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL STRUCTURE FINANCIAL STUDIES FINANCIAL SYSTEM FINANCIAL SYSTEM DEVELOPMENT FINANCIAL SYSTEMS FOREIGN BANK FOREIGN BANKS FUNDING SOURCE FUNDING SOURCES GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL FINANCIAL STABILITY GOVERNMENT GUARANTEES GOVERNMENT INVOLVEMENT GOVERNMENT OWNERSHIP GOVERNMENT POLICIES GOVERNMENT POLICY GOVERNMENT SUBSIDIES GROSS DOMESTIC PRODUCT HOME BUYERS HOME LOAN HOME LOANS HOME PURCHASES HOST ECONOMY HOUSEHOLD DEBT HOUSEHOLD WELFARE HOUSEHOLDS HOUSING FINANCE HOUSING LOAN HOUSING LOANS INCOME INCOME GROUP INCOME GROUPS INCOME LEVEL INCOME LEVELS INFLATION INFLATION VOLATILITY INFORMAL PROVIDERS INFORMATION ASYMMETRIES INFORMATION SHARING INPUT PRICES INSTITUTIONAL DEVELOPMENT INSURANCE INSURANCE ACTIVITIES INSURANCE COMPANIES INSURANCE COMPANY INSURANCE PENETRATION INSURANCE PREMIUMS INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL SETTLEMENTS LACK OF COMPETITION LEGAL REFORM LEGAL RIGHTS LEGAL SYSTEMS LENDERS LIABILITY LIEN LIFE INSURANCE LIQUID MARKETS LOAN REPAYMENT LOCAL CURRENCY LONG-TERM ASSETS LONG-TERM FINANCE LONG-TERM FUNDING LONG-TERM MORTGAGE LOW-INCOME COUNTRIES MACROECONOMIC ENVIRONMENT MACROECONOMIC STABILITY MARKET DESIGN MARKET DEVELOPMENT MARKET SIZE MARKET STRUCTURE MARKET TURNOVER MATURITY MATURITY STRUCTURE MATURITY TRANSFORMATION MICROFINANCE MICROFINANCE INSTITUTIONS MIDDLE-INCOME COUNTRIES MONETARY INSTABILITY MONETARY POLICY MONETARY STABILITY MONOPOLY MORTGAGE MORTGAGE BOND MORTGAGE BONDS MORTGAGE CREDIT MORTGAGE DEBT MORTGAGE FINANCE MORTGAGE FINANCING MORTGAGE INTEREST MORTGAGE LENDING MORTGAGE LOAN MORTGAGE LOANS MORTGAGE MARKET MORTGAGE MARKETS MORTGAGE PORTFOLIOS MORTGAGES OUTSTANDING AMOUNT OUTSTANDING LOAN PENSION PENSION FUND POLITICAL ECONOMY PORTFOLIOS PRICE STABILITY PRIVATE BOND PRIVATE CREDIT PRIVATE SECTOR DEVELOPMENT PROPERTY RIGHTS PUBLIC DEBT PUBLIC POLICY REAL ESTATE REAL ESTATE INVESTMENTS REGULATORY FRAMEWORKS REGULATORY POLICIES REGULATORY RESTRICTIONS RETAIL FUNDING RETURN RISK MANAGEMENT SAVINGS SAVINGS ACCOUNT SAVINGS ACCOUNTS SECURITIES SHORT-TERM LIABILITIES STAMP DUTIES STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKETS TAX TRANSACTION TRANSACTION COSTS TRANSITION COUNTRY TRANSITION ECONOMIES URBANIZATION WHOLESALE FUNDING WORLD DEVELOPMENT INDICATORS YIELD CURVE Badev, Anton Beck, Thorsten Vado, Ligia Walley, Simon Housing Finance Across Countries : New Data and Analysis
relation	Policy Research Working Paper;No. 6756
description	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.
format	Publications & Research :: Policy Research Working Paper
author	Badev, Anton Beck, Thorsten Vado, Ligia Walley, Simon
author_facet	Badev, Anton Beck, Thorsten Vado, Ligia Walley, Simon
author_sort	Badev, Anton
title	Housing Finance Across Countries : New Data and Analysis
title_short	Housing Finance Across Countries : New Data and Analysis
title_full	Housing Finance Across Countries : New Data and Analysis
title_fullStr	Housing Finance Across Countries : New Data and Analysis
title_full_unstemmed	Housing Finance Across Countries : New Data and Analysis
title_sort	housing finance across countries : new data and analysis
publisher	World Bank, Washington, DC
publishDate	2014
url	http://documents.worldbank.org/curated/en/2014/01/18841042/housing-finance-across-countries-new-data-analysis http://hdl.handle.net/10986/16821
_version_	1764435056661626880
spelling	okr-10986-168212021-04-23T14:03:33Z Housing Finance Across Countries : New Data and Analysis Badev, Anton Beck, Thorsten Vado, Ligia Walley, Simon ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCESS TO MORTGAGE ACCOUNTING ASSET-LIABILITY MISMATCH BALANCE SHEET BANK ACCOUNT BANK COMPETITION BANK OPERATIONS BANK POLICY BANKING CRISES BANKING CRISIS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BOND FINANCING BOND MARKET BOND MARKET CAPITALIZATION BOND MARKETS BORROWER BORROWING BUSINESS ENVIRONMENT BUSINESS LOAN CAPITAL ALLOCATION CAPITAL GAIN CAPITAL GAINS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CENTRAL BANK CENTRAL BANKS COMMERCIAL BANKS COMPETITIVE MARKET CONSUMER LOANS CONTRACT DESIGN CONTRACT ENFORCEMENT CORPORATE FINANCE CREDIT EXPANSION CREDIT INCREASES CREDIT INFORMATION CREDIT MARKET CREDIT REGISTRIES CREDITOR CREDITOR RIGHTS DEBT DEBT DATA DEBT OUTSTANDING DEBT RECOVERY DELIVERY COST DEMOGRAPHIC DEMOGRAPHIC CHARACTERISTICS DEMOGRAPHIC FACTORS DEPOSIT DEPOSITS DEVELOPING COUNTRIES DUMMY VARIABLES ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH EMERGING MARKETS FINANCE ACCESS FINANCE PRODUCTS FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL DEPTH FINANCIAL DEREGULATION FINANCIAL DEVELOPMENT FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL OUTREACH FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL STRUCTURE FINANCIAL STUDIES FINANCIAL SYSTEM FINANCIAL SYSTEM DEVELOPMENT FINANCIAL SYSTEMS FOREIGN BANK FOREIGN BANKS FUNDING SOURCE FUNDING SOURCES GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL FINANCIAL STABILITY GOVERNMENT GUARANTEES GOVERNMENT INVOLVEMENT GOVERNMENT OWNERSHIP GOVERNMENT POLICIES GOVERNMENT POLICY GOVERNMENT SUBSIDIES GROSS DOMESTIC PRODUCT HOME BUYERS HOME LOAN HOME LOANS HOME PURCHASES HOST ECONOMY HOUSEHOLD DEBT HOUSEHOLD WELFARE HOUSEHOLDS HOUSING FINANCE HOUSING LOAN HOUSING LOANS INCOME INCOME GROUP INCOME GROUPS INCOME LEVEL INCOME LEVELS INFLATION INFLATION VOLATILITY INFORMAL PROVIDERS INFORMATION ASYMMETRIES INFORMATION SHARING INPUT PRICES INSTITUTIONAL DEVELOPMENT INSURANCE INSURANCE ACTIVITIES INSURANCE COMPANIES INSURANCE COMPANY INSURANCE PENETRATION INSURANCE PREMIUMS INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL SETTLEMENTS LACK OF COMPETITION LEGAL REFORM LEGAL RIGHTS LEGAL SYSTEMS LENDERS LIABILITY LIEN LIFE INSURANCE LIQUID MARKETS LOAN REPAYMENT LOCAL CURRENCY LONG-TERM ASSETS LONG-TERM FINANCE LONG-TERM FUNDING LONG-TERM MORTGAGE LOW-INCOME COUNTRIES MACROECONOMIC ENVIRONMENT MACROECONOMIC STABILITY MARKET DESIGN MARKET DEVELOPMENT MARKET SIZE MARKET STRUCTURE MARKET TURNOVER MATURITY MATURITY STRUCTURE MATURITY TRANSFORMATION MICROFINANCE MICROFINANCE INSTITUTIONS MIDDLE-INCOME COUNTRIES MONETARY INSTABILITY MONETARY POLICY MONETARY STABILITY MONOPOLY MORTGAGE MORTGAGE BOND MORTGAGE BONDS MORTGAGE CREDIT MORTGAGE DEBT MORTGAGE FINANCE MORTGAGE FINANCING MORTGAGE INTEREST MORTGAGE LENDING MORTGAGE LOAN MORTGAGE LOANS MORTGAGE MARKET MORTGAGE MARKETS MORTGAGE PORTFOLIOS MORTGAGES OUTSTANDING AMOUNT OUTSTANDING LOAN PENSION PENSION FUND POLITICAL ECONOMY PORTFOLIOS PRICE STABILITY PRIVATE BOND PRIVATE CREDIT PRIVATE SECTOR DEVELOPMENT PROPERTY RIGHTS PUBLIC DEBT PUBLIC POLICY REAL ESTATE REAL ESTATE INVESTMENTS REGULATORY FRAMEWORKS REGULATORY POLICIES REGULATORY RESTRICTIONS RETAIL FUNDING RETURN RISK MANAGEMENT SAVINGS SAVINGS ACCOUNT SAVINGS ACCOUNTS SECURITIES SHORT-TERM LIABILITIES STAMP DUTIES STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKETS TAX TRANSACTION TRANSACTION COSTS TRANSITION COUNTRY TRANSITION ECONOMIES URBANIZATION WHOLESALE FUNDING WORLD DEVELOPMENT INDICATORS YIELD CURVE 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. 2014-02-03T20:40:03Z 2014-02-03T20:40:03Z 2014-01 http://documents.worldbank.org/curated/en/2014/01/18841042/housing-finance-across-countries-new-data-analysis http://hdl.handle.net/10986/16821 English en_US Policy Research Working Paper;No. 6756 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research

Housing Finance Across Countries : New Data and Analysis

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