Housing Finance in Developing Countries

The book analyzes housing finance policy in developing countries at a time of unprecedented change in such systems. It brings together and updates journal articles originally written as background papers and sector studies for the World Bank's involvement in these changes. It focuses on the implications for housing finance of two historic developments: the most turbulent period in world financial history and the subsequent widespread liberalization of financial systems; and the recognition of the failure of centrally-planned economies.

Cover; Contents; List of Figures and Tables; Preface; Acknowledgements; 1 Introduction; 1.1 Overview and Plan of Book; PART I: THE FRAMEWORK FOR ANALYSIS; 2 The Financial Policy Dimension; 2.1 Introduction; 2.2 Housing, Housing Finance and the Economy; 2.3 Housing's Durability and Credit Affordability; 2.4 Housing's Collateral Efficiency; 2.5 Credible Contracts and the Growth of Housing-Finance Systems; 2.6 Conclusion; 3 The Fiscal Policy Dimension; 3.1 Introduction; 3.2 The Housing Sector and the Economy since the Mid-1970s.

3.3 The Interaction of Regulatory Regimes with the Changing Economic Environment: Implications for Housing Investments3.4 Some Examples of Broader Consequences of Implicit Fiscal Policies: Poland; 3.5 Conclusion; 3.6 Appendix; 4 The Real Sector Dimension; 4.1 Introduction; 4.2 Real-Estate Sector in Market Economies; 4.3 The Real-Estate Sector in Centrally-Planned Economies; 4.4 Transition to a Market Economy; 4.5 Conclusion; 5 A Simple Theory of the Policy Dimensions of the Housing Sector; 5.1 A Simple Model; 5.2 Policy Analysis in the Model; 5.3 Conclusion; PART II: CASE-STUDIES.

6 The Financial Dimension: Mortgage Instruments6.1 Introduction; 6.2 The Repa…