Mortgage Finance in Central and Eastern Europe : Opportunity or Burden?
Household credit, especially for mortgages, has doubled over the past years in the new European Union member countries, raising concerns about the economic and social consequences of household indebtedness in the event of a macroeconomic crisis. Us...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2010/02/11747685/mortgage-finance-central-eastern-europe-opportunity-or-burden http://hdl.handle.net/10986/19925 |
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okr-10986-19925 |
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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 FINANCIAL SERVICES ACCESS TO MORTGAGE ADVANCED ECONOMIES AFFORDABILITY ARREARS BANK LENDING BANKING CRISES BANKING INDUSTRIES BANKING SECTOR BANKING SECTOR STABILITY BANKRUPTCY BANKRUPTCY LAW BANKS BORROWING BORROWING CAPACITY BUSINESS CYCLE CENTRAL BANK CENTRAL BANKS COLLATERAL CONSUMER CREDIT CONSUMER DURABLES CONSUMPTION SMOOTHING COOPERATIVES CREDIT BUREAUS CREDIT CONSTRAINT CREDIT CONSTRAINTS CREDIT CRUNCH CREDIT EXPANSION CREDIT GROWTH CREDIT INFORMATION CREDIT INFORMATION SYSTEMS CREDIT LEVELS CREDIT MARKET CREDIT OBLIGATIONS DEBT BURDEN DEBT BURDENS DEBT HOLDING DEBT HOLDINGS DEBT LEVELS DEBT PAYMENT DEBT SERVICE DEBT SERVICE OBLIGATION DEBT SERVICE PAYMENTS DEDUCTIBLE DEFAULTS DEMOGRAPHIC DEMOGRAPHIC CHARACTERISTICS DEPENDENT DEPENDENTS DEPOSIT DISPOSABLE INCOME DOMESTIC BANKS DUMMY VARIABLE DUMMY VARIABLES ECONOMIC COOPERATION ECONOMIC GROWTH EMPLOYMENT STATUS ENTERPRISE CREDIT EXCHANGE RATE EXPENDITURE EXPENDITURES EXPOSURE FAMILIES FEDERAL RESERVE FEMALE RESPONDENTS FINANCE ACCESS FINANCIAL ASSETS FINANCIAL BURDEN FINANCIAL BURDENS FINANCIAL CONSTRAINTS FINANCIAL CRISIS FINANCIAL DEREGULATION FINANCIAL DEVELOPMENT FINANCIAL DISTRESS FINANCIAL FRAGILITY FINANCIAL POSITION FINANCIAL RESOURCES FINANCIAL RISKS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL STUDIES FINANCIAL SUPPORT FINANCIAL SYSTEMS FINANCING CONSTRAINTS FOOD PRICES FOREIGN BANKS FOREIGN CURRENCY FOREIGN EXCHANGE FUNDING SOURCES GENDER GENDER DIFFERENCES GREATER ACCESS HEALTH STATUS HOLDINGS HOME OWNERSHIP HOMEOWNERS HOUSE OWNERS HOUSEHOLD ACCESS HOUSEHOLD ARREARS HOUSEHOLD DEBT HOUSEHOLD INCOME HOUSEHOLD LENDING HOUSEHOLD WELFARE HOUSEHOLDS HOUSES HOUSING HOUSING ECONOMICS HOUSING FINANCE HOUSING FINANCE SYSTEMS HOUSING POLICY INCOME GROUPS INCOME GROWTH INCOME INEQUALITY INCOME SHOCKS INCOME STREAM INCOMES INDEBTEDNESS INEQUALITY INSTALLMENT INSTALLMENTS INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATE INTEREST RATE DATA INTEREST RATE SHOCKS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL SETTLEMENTS JUDICIAL ENFORCEMENT LABOR MARKET LACK OF FINANCE LEGAL RIGHTS LENDERS LIABILITY LIBERALIZATION LIQUIDITY LIQUIDITY CONSTRAINTS LIVING STANDARDS LOAN LOAN DELINQUENCY LOAN PAYMENTS LOAN PRODUCT LOCAL CURRENCIES LOCAL CURRENCY MACROECONOMIC CRISIS MACROECONOMIC DATA MACROECONOMIC RISKS MACROECONOMIC STABILITY MICRO DATA MICRO-DATA MONETARY FUND MONETARY POLICY MORTGAGE MORTGAGE CREDIT MORTGAGE DEBT MORTGAGE FINANCE MORTGAGE HOLDER MORTGAGE HOLDERS MORTGAGE INSTRUMENTS MORTGAGE INTEREST MORTGAGE LENDING MORTGAGE LOAN MORTGAGE LOANS MORTGAGE MARKET MORTGAGE MARKETS MORTGAGE PAYMENT MORTGAGE PAYMENTS MORTGAGES PRINCIPAL REPAYMENT PRIVATE SECTOR DEVELOPMENT PRIVATIZATION PROPERTY RIGHTS RENT PAYMENTS RENTS REPAYMENT RISK OF DEFAULT SAVINGS SOCIAL EXCLUSION TAX TAX RATES TRANSITION ECONOMIES UNDERLYING ASSET UNION URBAN AREAS VARIABLE INTEREST RATE VARIABLE INTEREST RATES VARIABLE RATE VARIABLE RATE MORTGAGES VULNERABLE HOUSEHOLDS |
| spellingShingle |
ACCESS TO CREDIT ACCESS TO FINANCIAL SERVICES ACCESS TO MORTGAGE ADVANCED ECONOMIES AFFORDABILITY ARREARS BANK LENDING BANKING CRISES BANKING INDUSTRIES BANKING SECTOR BANKING SECTOR STABILITY BANKRUPTCY BANKRUPTCY LAW BANKS BORROWING BORROWING CAPACITY BUSINESS CYCLE CENTRAL BANK CENTRAL BANKS COLLATERAL CONSUMER CREDIT CONSUMER DURABLES CONSUMPTION SMOOTHING COOPERATIVES CREDIT BUREAUS CREDIT CONSTRAINT CREDIT CONSTRAINTS CREDIT CRUNCH CREDIT EXPANSION CREDIT GROWTH CREDIT INFORMATION CREDIT INFORMATION SYSTEMS CREDIT LEVELS CREDIT MARKET CREDIT OBLIGATIONS DEBT BURDEN DEBT BURDENS DEBT HOLDING DEBT HOLDINGS DEBT LEVELS DEBT PAYMENT DEBT SERVICE DEBT SERVICE OBLIGATION DEBT SERVICE PAYMENTS DEDUCTIBLE DEFAULTS DEMOGRAPHIC DEMOGRAPHIC CHARACTERISTICS DEPENDENT DEPENDENTS DEPOSIT DISPOSABLE INCOME DOMESTIC BANKS DUMMY VARIABLE DUMMY VARIABLES ECONOMIC COOPERATION ECONOMIC GROWTH EMPLOYMENT STATUS ENTERPRISE CREDIT EXCHANGE RATE EXPENDITURE EXPENDITURES EXPOSURE FAMILIES FEDERAL RESERVE FEMALE RESPONDENTS FINANCE ACCESS FINANCIAL ASSETS FINANCIAL BURDEN FINANCIAL BURDENS FINANCIAL CONSTRAINTS FINANCIAL CRISIS FINANCIAL DEREGULATION FINANCIAL DEVELOPMENT FINANCIAL DISTRESS FINANCIAL FRAGILITY FINANCIAL POSITION FINANCIAL RESOURCES FINANCIAL RISKS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL STUDIES FINANCIAL SUPPORT FINANCIAL SYSTEMS FINANCING CONSTRAINTS FOOD PRICES FOREIGN BANKS FOREIGN CURRENCY FOREIGN EXCHANGE FUNDING SOURCES GENDER GENDER DIFFERENCES GREATER ACCESS HEALTH STATUS HOLDINGS HOME OWNERSHIP HOMEOWNERS HOUSE OWNERS HOUSEHOLD ACCESS HOUSEHOLD ARREARS HOUSEHOLD DEBT HOUSEHOLD INCOME HOUSEHOLD LENDING HOUSEHOLD WELFARE HOUSEHOLDS HOUSES HOUSING HOUSING ECONOMICS HOUSING FINANCE HOUSING FINANCE SYSTEMS HOUSING POLICY INCOME GROUPS INCOME GROWTH INCOME INEQUALITY INCOME SHOCKS INCOME STREAM INCOMES INDEBTEDNESS INEQUALITY INSTALLMENT INSTALLMENTS INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATE INTEREST RATE DATA INTEREST RATE SHOCKS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL SETTLEMENTS JUDICIAL ENFORCEMENT LABOR MARKET LACK OF FINANCE LEGAL RIGHTS LENDERS LIABILITY LIBERALIZATION LIQUIDITY LIQUIDITY CONSTRAINTS LIVING STANDARDS LOAN LOAN DELINQUENCY LOAN PAYMENTS LOAN PRODUCT LOCAL CURRENCIES LOCAL CURRENCY MACROECONOMIC CRISIS MACROECONOMIC DATA MACROECONOMIC RISKS MACROECONOMIC STABILITY MICRO DATA MICRO-DATA MONETARY FUND MONETARY POLICY MORTGAGE MORTGAGE CREDIT MORTGAGE DEBT MORTGAGE FINANCE MORTGAGE HOLDER MORTGAGE HOLDERS MORTGAGE INSTRUMENTS MORTGAGE INTEREST MORTGAGE LENDING MORTGAGE LOAN MORTGAGE LOANS MORTGAGE MARKET MORTGAGE MARKETS MORTGAGE PAYMENT MORTGAGE PAYMENTS MORTGAGES PRINCIPAL REPAYMENT PRIVATE SECTOR DEVELOPMENT PRIVATIZATION PROPERTY RIGHTS RENT PAYMENTS RENTS REPAYMENT RISK OF DEFAULT SAVINGS SOCIAL EXCLUSION TAX TAX RATES TRANSITION ECONOMIES UNDERLYING ASSET UNION URBAN AREAS VARIABLE INTEREST RATE VARIABLE INTEREST RATES VARIABLE RATE VARIABLE RATE MORTGAGES VULNERABLE HOUSEHOLDS Beck, Thorsten Tiongson, Erwin Kibuuka, Katie Mortgage Finance in Central and Eastern Europe : Opportunity or Burden? |
| geographic_facet |
Europe and Central Asia Eastern Europe European Union |
| relation |
Policy Research Working Paper;No. 5202 |
| description |
Household credit, especially for
mortgages, has doubled over the past years in the new
European Union member countries, raising concerns about the
economic and social consequences of household indebtedness
in the event of a macroeconomic crisis. Using household
survey data for 2005, 2006, and 2007 for both old and new
European Union members, this paper assesses the determinants
of access to mortgage finance. It also examines whether
mortgage holders were more likely to suffer financial
distress compared with non-mortgage holders in the period
before the global financial crisis. The analysis does not
find any systematic evidence that mortgage holders are
financially more vulnerable than renters or outright owners;
in fact, the incidence of financial vulnerability generally
fell between 2005 and 2007, possibly reflecting the strong
income growth experienced by these countries over this
period. In addition, although tenure status is more
difficult to explain in the new European Union member
countries, the analysis finds that many of the same drivers
of tenure status in the older member countries generally
drive tenure status in the newer member countries as well.
Finally, there is no evidence that access to mortgage credit
is based on expected income in the old or in the new
European Union member countries. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Beck, Thorsten Tiongson, Erwin Kibuuka, Katie |
| author_facet |
Beck, Thorsten Tiongson, Erwin Kibuuka, Katie |
| author_sort |
Beck, Thorsten |
| title |
Mortgage Finance in Central and Eastern Europe : Opportunity or Burden? |
| title_short |
Mortgage Finance in Central and Eastern Europe : Opportunity or Burden? |
| title_full |
Mortgage Finance in Central and Eastern Europe : Opportunity or Burden? |
| title_fullStr |
Mortgage Finance in Central and Eastern Europe : Opportunity or Burden? |
| title_full_unstemmed |
Mortgage Finance in Central and Eastern Europe : Opportunity or Burden? |
| title_sort |
mortgage finance in central and eastern europe : opportunity or burden? |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2010/02/11747685/mortgage-finance-central-eastern-europe-opportunity-or-burden http://hdl.handle.net/10986/19925 |
| _version_ |
1764444069388353536 |
| spelling |
okr-10986-199252021-04-23T14:03:52Z Mortgage Finance in Central and Eastern Europe : Opportunity or Burden? Beck, Thorsten Tiongson, Erwin Kibuuka, Katie ACCESS TO CREDIT ACCESS TO FINANCIAL SERVICES ACCESS TO MORTGAGE ADVANCED ECONOMIES AFFORDABILITY ARREARS BANK LENDING BANKING CRISES BANKING INDUSTRIES BANKING SECTOR BANKING SECTOR STABILITY BANKRUPTCY BANKRUPTCY LAW BANKS BORROWING BORROWING CAPACITY BUSINESS CYCLE CENTRAL BANK CENTRAL BANKS COLLATERAL CONSUMER CREDIT CONSUMER DURABLES CONSUMPTION SMOOTHING COOPERATIVES CREDIT BUREAUS CREDIT CONSTRAINT CREDIT CONSTRAINTS CREDIT CRUNCH CREDIT EXPANSION CREDIT GROWTH CREDIT INFORMATION CREDIT INFORMATION SYSTEMS CREDIT LEVELS CREDIT MARKET CREDIT OBLIGATIONS DEBT BURDEN DEBT BURDENS DEBT HOLDING DEBT HOLDINGS DEBT LEVELS DEBT PAYMENT DEBT SERVICE DEBT SERVICE OBLIGATION DEBT SERVICE PAYMENTS DEDUCTIBLE DEFAULTS DEMOGRAPHIC DEMOGRAPHIC CHARACTERISTICS DEPENDENT DEPENDENTS DEPOSIT DISPOSABLE INCOME DOMESTIC BANKS DUMMY VARIABLE DUMMY VARIABLES ECONOMIC COOPERATION ECONOMIC GROWTH EMPLOYMENT STATUS ENTERPRISE CREDIT EXCHANGE RATE EXPENDITURE EXPENDITURES EXPOSURE FAMILIES FEDERAL RESERVE FEMALE RESPONDENTS FINANCE ACCESS FINANCIAL ASSETS FINANCIAL BURDEN FINANCIAL BURDENS FINANCIAL CONSTRAINTS FINANCIAL CRISIS FINANCIAL DEREGULATION FINANCIAL DEVELOPMENT FINANCIAL DISTRESS FINANCIAL FRAGILITY FINANCIAL POSITION FINANCIAL RESOURCES FINANCIAL RISKS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL STUDIES FINANCIAL SUPPORT FINANCIAL SYSTEMS FINANCING CONSTRAINTS FOOD PRICES FOREIGN BANKS FOREIGN CURRENCY FOREIGN EXCHANGE FUNDING SOURCES GENDER GENDER DIFFERENCES GREATER ACCESS HEALTH STATUS HOLDINGS HOME OWNERSHIP HOMEOWNERS HOUSE OWNERS HOUSEHOLD ACCESS HOUSEHOLD ARREARS HOUSEHOLD DEBT HOUSEHOLD INCOME HOUSEHOLD LENDING HOUSEHOLD WELFARE HOUSEHOLDS HOUSES HOUSING HOUSING ECONOMICS HOUSING FINANCE HOUSING FINANCE SYSTEMS HOUSING POLICY INCOME GROUPS INCOME GROWTH INCOME INEQUALITY INCOME SHOCKS INCOME STREAM INCOMES INDEBTEDNESS INEQUALITY INSTALLMENT INSTALLMENTS INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATE INTEREST RATE DATA INTEREST RATE SHOCKS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL SETTLEMENTS JUDICIAL ENFORCEMENT LABOR MARKET LACK OF FINANCE LEGAL RIGHTS LENDERS LIABILITY LIBERALIZATION LIQUIDITY LIQUIDITY CONSTRAINTS LIVING STANDARDS LOAN LOAN DELINQUENCY LOAN PAYMENTS LOAN PRODUCT LOCAL CURRENCIES LOCAL CURRENCY MACROECONOMIC CRISIS MACROECONOMIC DATA MACROECONOMIC RISKS MACROECONOMIC STABILITY MICRO DATA MICRO-DATA MONETARY FUND MONETARY POLICY MORTGAGE MORTGAGE CREDIT MORTGAGE DEBT MORTGAGE FINANCE MORTGAGE HOLDER MORTGAGE HOLDERS MORTGAGE INSTRUMENTS MORTGAGE INTEREST MORTGAGE LENDING MORTGAGE LOAN MORTGAGE LOANS MORTGAGE MARKET MORTGAGE MARKETS MORTGAGE PAYMENT MORTGAGE PAYMENTS MORTGAGES PRINCIPAL REPAYMENT PRIVATE SECTOR DEVELOPMENT PRIVATIZATION PROPERTY RIGHTS RENT PAYMENTS RENTS REPAYMENT RISK OF DEFAULT SAVINGS SOCIAL EXCLUSION TAX TAX RATES TRANSITION ECONOMIES UNDERLYING ASSET UNION URBAN AREAS VARIABLE INTEREST RATE VARIABLE INTEREST RATES VARIABLE RATE VARIABLE RATE MORTGAGES VULNERABLE HOUSEHOLDS Household credit, especially for mortgages, has doubled over the past years in the new European Union member countries, raising concerns about the economic and social consequences of household indebtedness in the event of a macroeconomic crisis. Using household survey data for 2005, 2006, and 2007 for both old and new European Union members, this paper assesses the determinants of access to mortgage finance. It also examines whether mortgage holders were more likely to suffer financial distress compared with non-mortgage holders in the period before the global financial crisis. The analysis does not find any systematic evidence that mortgage holders are financially more vulnerable than renters or outright owners; in fact, the incidence of financial vulnerability generally fell between 2005 and 2007, possibly reflecting the strong income growth experienced by these countries over this period. In addition, although tenure status is more difficult to explain in the new European Union member countries, the analysis finds that many of the same drivers of tenure status in the older member countries generally drive tenure status in the newer member countries as well. Finally, there is no evidence that access to mortgage credit is based on expected income in the old or in the new European Union member countries. 2014-09-02T18:43:25Z 2014-09-02T18:43:25Z 2010-02 http://documents.worldbank.org/curated/en/2010/02/11747685/mortgage-finance-central-eastern-europe-opportunity-or-burden http://hdl.handle.net/10986/19925 English en_US Policy Research Working Paper;No. 5202 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Europe and Central Asia Eastern Europe European Union |