Abstract

http://ssrn.com/abstract=2336126
 


 



Housing Finance Across Countries: New Data and Analysis


Anton I. Badev


Federal Reserve Board

Thorsten Beck


City University London - Sir John Cass Business School; Tilburg University - European Banking Center, CentER

Ligia Vado


World Bank

Simon C. Walley


World Bank

June 4, 2013


Abstract:     
This paper presents new data on the depth and penetration of mortgage markets across countries. We find a large variation across both dimensions of mortgage market development, both across countries but also – in terms of depth – within countries. Mortgage markets seem to develop only at relatively high levels of GDP 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. We find that 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.

Number of Pages in PDF File: 60

Keywords: Mortgage Finance, Benchmarking, Government Policy, Regulation

JEL Classification: G21, G28

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Date posted: October 6, 2013  

Suggested Citation

Badev, Anton I. and Beck, Thorsten and Vado, Ligia and Walley, Simon C., Housing Finance Across Countries: New Data and Analysis (June 4, 2013). Available at SSRN: http://ssrn.com/abstract=2336126 or http://dx.doi.org/10.2139/ssrn.2336126

Contact Information

Anton I. Badev
Federal Reserve Board ( email )
20th Street and Constitution Avenue NW
Washington, DC 20551
United States
Thorsten Beck (Contact Author)
City University London - Sir John Cass Business School ( email )
106 Bunhill Row
London, EC1Y 8TZ
United Kingdom
Tilburg University - European Banking Center, CentER ( email )
PO Box 90153
Tilburg, 5000 LE
Netherlands
Ligia Vado
World Bank ( email )
1818 H Street, NW
Washington, DC 20433
United States
Simon C. Walley
World Bank ( email )
1818 H Street, NW
Washington, DC 20433
United States
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