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Using a partially constructed panel database of 48 Sub-Saharan African countries from 2000 to 2013, this paper analyzes the structure of housing finance in Africa, its determinants, and its impact on inclusive growth. The findings show that market capitalization and urbanization are key positive determinants of housing finance, and the post-conflict environment is conductive to greater housing finance development. This result suggests that housing finance is driven by standard market forces of demand and supply. In addition, the analysis finds that housing finance development in Africa is not yet an effective tool for reducing economic inequality, at its current, very early stage. However, the paper shows that above a given threshold, housing finance could be efficient at reducing inequality. Finally, there is a slightly positive relationship between housing finance and greater economic development in Africa. All these findings suggest that policies to boost housing finance development in Africa would be fruitful in the medium to long terms.

本稿は、1970年以降、日本において住宅ローンの供給が大幅に拡大したことを示し、それによって、日本の家計がどのようなメリット・デメリットを受けたのか、また住宅ローンの供給拡大は総合的に日本の家計にとって良いことだったのか否かについて検証する。一方では、住宅ローンの供給拡大は住宅購入を容易にしたことで、より若い年齢での住宅購入を可能にし、家賃地代の負担を軽減させたが、他方では、家計の住宅ローン返済の負担を増加させ、これにより家計の非住宅消費を抑制し、金融資産保有額の増加率を引き下げたことが示された。これまでは、メリットがデメリットを上回り、住宅ローンの供給拡大は日本の家計の厚生を上げたと考えられるが、将来を見通す際、懸念材料がいくつかあり、政府の対応が求められると結論付ける。, In this paper, we show that there was a rapid expansion of housing credit in Japan after 1970 and then consider what benefits and costs the rapid expansion of housing credit conferred on Japanese households and whether it was, on balance, a good thing or a bad thing for them. On the one hand, the rapid expansion of housing credit made it easier for households to purchase housing, which in turn enabled them to purchase housing at a younger age and enabled them to avoid the need to pay rent. On the other hand, the rapid expansion of housing credit increased the housing loan repayment burden of households, which in turn forced them to cut back on non-housing consumption and weakened their ability to accumulate financial assets in preparation for retirement. We conclude that, until now, the benefits of the expansion of housing credit seems to have outweighed the costs thereof, as a result of which it has increased the welfare of households but that there are some areas of concern and that the government should take the necessary steps to alleviate these concerns.

本稿は、1970 年以降、日本において住宅ローンの供給が大幅に拡大したことを示し、それによって、日本の家計がどのようなメリット・デメリットを受けたのか、また住宅ローンの供給拡大は総合的に日本の家計にとって良いことだったのか否かについて検証する。一方では、住宅ローンの供給拡大は住宅購入を容易にしたことで、より若い年齢での住宅購入を可能にし、家賃地代の負担を軽減させたが、他方では、家計の住宅ローン返済の負担を増加させ、これにより家計の非住宅消費を抑制し、金融資産保有額の増加率を引き下げたことが示された。これまでは、メリットがデメリットを上回り、住宅ローンの供給拡大は日本の家計の厚生を上げたと考えられるが、将来を見通す際、懸念材料がいくつかあり、政府の対応が求められると結論付ける。, In this paper, we show that there was a rapid expansion of housing credit in Japan after 1970 and then consider what benefits and costs the rapid expansion of housing credit conferred on Japanese households and whether it was, on balance, a good thing or a bad thing for them. On the one hand, the rapid expansion of housing credit made it easier for households to purchase housing, which in turn enabled them to purchase housing at a younger age and en able d them to avoid the need to pay rent. On the other hand, the rapid expansion of housing cr edit increased the h ousing loan repayment burden of households, which in turn forced them to cut back on non-housing consumption and weakened their ability to accumulate financial assets in preparation for retirement. We c onclude that, until now, the benefits of the expansion of housing credit seems to have outweighed the costs thereof, as a result of which it has increas ed the welfare of households but that there are some areas of concern and that the government should tak e the necessary steps to alleviate these concerns .

The price of natural gas has risen significantly since the summer of 2021. Higher heating costs may put downward pressure on homes heated with gas. Seen in isolation, the average price drop will be DKK 73,000 for a house with gas, if the gas price develops in line with the expectations of financial markets.

PurposeThis study aims to investigate the evolvement of the concept and practice of the Rotating Savings and Credit Association (ROSCA) from informal fund collection for indivisible durables to real property acquisition under the interest-free SBF model by analyzing the previously conducted research that focused on the concept in terms of names, forms, and natures.Design/methodology/approachA PRISMA-compliant systematic literature review is adopted to ascertain the most relevant studies from various sources and analyze the extracted data or items to accomplish the research objective. Besides, bibliometric network, thematic, and statistical analysis are also applied to bolster the findings acquired from the systematic review. Furthermore, this study mathematically formulates and introduces the customized PRISMA systematic flowchart.FindingsThe results reveal that the concept of ROSCA has evolved over the years from informal to formal, micro to macro, individual to institutional, social to business, and fund collection for purchasing household items to real property acquisition since 1962. In this process, the focus area of the research has been shifted from characteristics, operation, and economics to law; source of funds, and history to social; benefits and contribution to digital, risk, and savings behaviour. It is noticed that the majority of the study are Africa-centric, followed by Asia; academic discussion on the ROSCA covers most of the social and economic arena, except the real property acquisition aspect. However, the SBF concept fills up this gap by introducing a real-property-acquisition-centric ROSCA model. The authors provide future agendas regarding focus areas that researchers may consider to develop the SBF concept.Originality/valueThe study focuses on the evolvement of a savings-based model. No study concentrates on the evolution process of the model from ROSCA to SBF; in fact, no conspicuous academic study is found regarding the systematic review of ROSCA in the literature archive.

This memo analyzes the evolution of firm ownership concentration in the private Danish rental market and its link to rental prices. We show that the overall increase in rental market concentration between 2010 and 2020 is mainly driven by the rental market in the Capital Region. Further, we document a positive empirical link between market concentration and rental prices.

En el Ecuador, la seguridad social no es universal. El Banco de la Seguridad Social (Biess) se creó en 2009 y entró a operar formalmente un año después. Este Banco utiliza recursos de las reservas de la seguridad social para otorgar, entre otros, créditos hipotecarios para la vivienda de los afiliados. De esta forma, las reservas obtenían un mejor rendimiento que los obtenidos en títulos valores de hasta tres puntos y se otorgaban más beneficios a los cotizantes. Esta política impulsó la construcción inmobiliaria en el país, incrementó la liquidez en la economía real y redujo las tasas de interés en el crédito de vivienda en 2,22 puntos porcentuales debido a que la provisión directa por parte del Biess generó mayor competencia y además los cotizantes podían pasar su crédito privado al banco de los afiliados. La vivienda propia entre los afiliados de la seguridad social aumentó en casi cuatro puntos entre el 2007 y el 2018. Los hogares con personas afiliadas que más cambiaron su participación en la tenencia de vivienda propia fueron los quintiles 2 y 3. La presencia del Biess y la compra de cartera modificó la operación crediticia en todo el segmento de vivienda. Este artículo realiza un balance de los resultados de la provisión directa a través de un operador público como forma alternativa de regulación financiera y a la tasa de interés en particular.// Social Security in Ecuador is not universal. The Ecuadorian Social Security Bank (Biess) was legally established in 2009, and began to operate formally one year later. The Biess uses social security resources to offer housing mortgages to its members: obtaining financial returns up to three percentage points higher, while at the same time offering more benefits to its affiliates. The policy boosted housing construction, increased liquidity in the real economy and reduced interest rates on housing loans by 2.2 percentage points, as direct provision by Biess produced more competition and social security affiliates were able to transfer their privately financed mortgages to the Biess. House ownership among social security affiliates increased by almost four points between 2007 and 2018. The households who most changed their participation from owning their own homes were located in quintiles 2 and 3. The presence of the Biess and its portfolio purchases modified financial regulation in the housing sector. This article takes stock of the results of direct provision by means of a public operator as an alternative form of financial regulation and of interest rates in particular.

Housing cooperatives are the organizations among others, which have played important roles in meeting the housing needs of people. In Nigeria, housing finance is through the formal and informal institutions; and personal residences accounted between 75 and 90 per cent of household wealth, that represents between 3 and 6 times their annual income. Finance is an important determinant of success and failure of housing ownership. It, therefore, becomes very necessary to identify viable sources of funding that can promote house-ownership. This paper examined the activities of Cooperative Societies in the provision of funds for house ownership in Nigeria with a focus on Akure. In the conduct of the social survey for the study; two sets of questionnaire were used. The first set of the questionnaire focused on House-owners and 683 sampled houses-owners were administered with the questionnaire in Akure. The second set of questionnaire was administered on the government officers' in-charge of the administration of the cooperative societies in Akure. The answers to the questions in the questionnaire were adequately supplied. The data were subjected to statistical analysis. The findings revealed among others that the main sources of funding house buildings were through personal savings and Cooperative Societies among others. It recommended that prospective house-owners should be encouraged to form and patronise Cooperative Societies as a reliable source for the housing loan., Cooperative society, House-ownership, Housing finance, Mortgage

Comparative research on income inequality has produced several coherent frameworks to study the institutional determinants of income stratification. In contrast, no such framework and much less empirical evidence exist to explain cross-national differences in wealth inequality. This situation is particularly lamentable as cross-national patterns of inequality in wealth diverge sharply from those in income. We seek to pave the way for new explanations of cross-national differences in wealth inequality by tracing them to the influence of different wealth components. Drawing on the literatures on financialization and housing, we argue that housing equity should be the central building block of the comparative analysis of wealth inequality.Using harmonized data on fifteen countries included in the Luxembourg Wealth Study (LWS), we first demonstrate a lack of association between national levels of income and wealth inequality and concentration. Using decomposition approaches, we then estimate the degree to which national levels of wealth inequality and concentration relate to cross-national differences in wealth portfolios and the distribution of specific asset components. Considering the role of housing equity, financial assets, non-housing real assets, and non-housing debt, we reveal that cross-national variation in wealth inequality and concentration is centrally determined by the distribution of housing equity. (Stone Center on Socio-Economic Inequality Working Paper)

From 2000-2006 U.S. house prices and mortgage credit grew while the relative cost of mortgage credit fell - particularly for privately securitized mortgages - suggesting a credit supply expansion. This paper explores two (credit supply) shocks: an increased inow of global savings into the United States, and innovations in the securitization of mortgage credit. I model the interaction of financially constrained commercial banks and mortgage securitizers, generating a novel balance sheet effect: changes in the distribution ofaggregate mortgage credit quantity are linked to changes in mortgage spreads. Only innovation in securitization (direct relaxation of the securitizers' financial constraint) matches mortgage market dynamics.

First published: 11 August 2020 (online)Print: Februray 2021; International audience; This paper advances a research agenda on how asset-based welfare policies, residential marketvolatility, stratified accumulation and vulnerability impinge upon the geography of inequality inproperty markets. Since the mid-1990s, housing prices have increased faster than the incomeof buyers, becoming a driver of social polarisation and household vulnerability. Few studieshave however explicitly linked socio-spatial inequality to asset capitalisation, instability andvulnerability in residential housing markets. We employ an empirically-grounded investigationof the factors driving and reinforcing these dynamics, what we conceptualise as a feedback loopmediating particular housing finance regimes. Drawing on three French cities (Paris, Lyon,and Avignon) our study develops a comparative framework to interpret the relational effectsof price, equity and homeowner vulnerability on the production of inequality across differentgeographical scales. Our approach puts into conversation debates concerning housing markets,social inequality, and ordinary financialisation in the period since the Global Financial Crisis.; Cet article développe un agenda de recherche portant sur la la géographie des inégalités sur les marchés immobiliers, influencée par les politiques de protection sociale fondées sur les actifs, la volatilité du marché résidentiel, les logiques d’accumulation socialement et spatialement stratifiées, et la vulnérabilité induite des ménages. Depuis le milieu des années 1990, les prix des logements ont augmenté plus rapidement que les revenus des acheteurs, devenant un facteur de polarisation sociale et de vulnérabilité des ménages devant l’accès au logement. Peu d'études ont cependant explicitement établi un lien entre l'inégalité socio-spatiale et la capitalisation des actifs d’une part, l'instabilité et la vulnérabilité des marchés immobiliers résidentiels d’autre part. Partant d’un étude empirique des facteurs qui entraînent et renforcent ces dynamiques, notre cadre conceptuel est celui d’une boucle de rétroaction entre des régimes particuliers de financement du logement. En s'appuyant sur trois villes françaises (Paris, Lyon et Avignon), notre étude développe un cadre comparatif pour interpréter les effets du prix, de la valeur nette et de la vulnérabilité des propriétaires sur la production d'inégalités à différentes échelles géographiques. Notre approche met en débat les analyses du marchés du logement, l'inégalité sociale et la financiarisation ordinaire dans la période qui a suivi la crise financière mondiale.

ilustraciones, graficas, mapas Uno de los principales problemas en los países en desarrollo es la provisión de vivienda. Esto impacta la forma en que las familias deciden sobre si es mejor comprar o arrendar la vivienda. Este documento presenta un análisis empírico que permite explicar el comportamiento de los determinantes de la decisión de tenencia de vivienda (propia o en arriendo) en las familias en Bogotá y los municipios aledaños. Aplicando un modelo Logit a los datos de la Encuesta Multipropósito del DANE de los años 2014 y 2017 se encuentra una mayor probabilidad de compra de vivienda en los municipios aledaños respecto a Bogotá. Esta decisión también depende de los precios de la vivienda y los ingresos de las familias, así como de sus características sociodemográficas. Por último, se plantean recomendaciones de política pública que permita mejorar la provisión de vivienda. (Texto tomado de la fuente) One of the main issues in the developing countries is about the provision of housing. This affect the way that families decide whether are better buy or renting a house. This paper presents an empirical analysis that allows explain the behavior of determinants of housing tenure choice (owner or renting) in the families in Bogotá and its neighboring counties. Using a Logit model to the DANE Multipurpose Survey in 2014 and 2017, I found a bigger probability of buy a house in the neighboring counties than in Bogotá. This choice depends on the housing prices and the family’s income, also of his own socioeconomics characteristics. Last, I do some recommendations of public policy that allows to improve the provision of housing. Maestría Magíster en Ciencias Económicas Economía Pública y Políticas

Housing finance in developing countries is not readily available, and access to which is increasingly becoming difficult. The government has not been able to tackle the problem of housing shortages, especially in cities, as caused by population growth and increased urbanisation rate. There is, therefore, the need for interest groups like cooperative societies to come in. The study aimed at assessing the factors determining cooperative societies’ housing finance acceptance in Gombe to identify the descriptive levels of variables, adopting the Theory of Planned Behaviour. Using stratified random sampling, close-ended structured questionnaires designed in 5-point Likert Scale were used to get a total of 283 valid questionnaires used for the analysis. The findings supported the fitness of the traditional variables of TPB in predicting willingness to accept the present (study’s) housing financing model. The levels of the research model’s constructs were very high performance based on their mean and standard deviation. Thus, all the constructs can fit into the research model. The study recommends a further analysis to determine the statistical relationship among the model’s constructs to validate the TPB in this domain.

It is often assumed in housing and urban studies scholarship that the roots of Sweden’s present housing discontents are to be found in a neoliberal ‘system switch’ following the early-1990s banking crisis. This paper offers a different account, identifying and expounding how insuperable contradictions in Sweden’s complex of housing production, distribution and finance, from the 1970s onward, led to a marked deterioration in its much-lauded housing model. Advancing a historical institutionalist framework, the paper seeks to historically couch the processes and outcomes commonly associated with the contemporary neoliberal era and position them more concretely in relation to actors and their social relations through time. Using a range of data pertaining to housing finance, subsidies, house prices and building output, as part of a mixed-methods analysis, the paper explores how macroeconomic factors, mediated by interactions between the state and sectoral cleavages, influence urban and regional development aspects. The paper’s conceptual and methodological relevance to housing and urban studies scholarship thus extends beyond Sweden.

Refereed/Peer-reviewed

In this paper, we evaluate Danish homeowners' interest-rate sensitivity in terms of the partial effect of a 1 percentage point increase in interest rates on homeowners cash flows and balance sheets. We construct two measures to quantify the effect of an increase in interest rates on homeowners. The effect on homeowners' cash flow is measured as the change in the debt service-to-income ratio, i.e. the change in interest and amortisation in per cent of income. The effect on balance sheets is measured as the change in the debt-to-assets ratio, where we model the change in the two primary elements of homeowners' balance sheets: mortgage debt and housing wealth. Overall, the interest-rate sensitivity is limited. Cash-flow sensitivity fell during the 2009- 19 period, coinciding with the fall in the aggregate share of outstanding adjustable-rate mortgages, and the fall in outstanding bank loans. The median and upper tails of the distribution of balance-sheet sensitivity fell as well. However, for a non-negligible share of homeowners, an increase in interest rates will have a substantial effect on their cash flows and balance sheets.

We investigate the effects of the risk of flooding on the prices of single-family homes in Denmark. Houses that are exposed to flood risk today, as well as houses that will be exposed to flood risk in the future due to rising sea levels, are priced at a discount.

In September 2017, Hurricane Irma devastated housing on the island of Sint Maarten. Between January and March of 2019, a World Bank team carried out this Rapid Housing Sector Diagnostic. The Diagnostic is based on information gathered during a one-week mission to Sint Maarten, desktop research, and analysis of drone- and street-view imagery gathered by the World Bank’s Global Program for Resilient Housing. In the field, the team met with representatives of the government departments responsible for housing, as well as private sector players (developers, builders, engineers, banks, union representatives). The team also visited several social housing developments and informal settlements. Because this is the first assessment undertaken in Sint Maarten since the hurricane, housing data remains scarce. The Diagnostic’s findings are therefore more qualitative than quantitative. They do, however, present a broad picture of the current state of the island’s housing sector, which should be viewed as the start of a dialogue on housing with the Sint Maarten government, and as a foundation for the Bank to develop a longer-term engagement in the sector.

2002-2019 dönemini ele alan bu çalışmada, Türkiye’deki konut arzının belirleyicileri arasında yer alan ekonomik büyümenin ve konut finansmanının konut üretimi üzerindeki etkisi tespit edilmeye çalışılmıştır. Çalışmada elde edilen sonuçlar, ülke genelindeki makroekonomik koşulların konut arzı üzerinde daha etkili olduğunu, finansmanın bir göstergesi olarak konut faiz oranının etkisinin daha sınırlı kaldığını göstermiştir. Konut faiz oranındaki artışın konut arzı üzerinde negatif bir etkisi olmakla beraber, bu olumsuz etkinin çalışmanın kapsadığı dönemler arasında sınırlı kaldığı görülmüştür. In this study covering the period 2002-2019, the impact of economic growth and housing finance which are the determinants of the housing supply has been analyzed. The results obtained in the study show that macroeconomic conditions across the country are more effective on the supply of housing, and as an indicator of financing, the impact of the housing interest rate is more limited. Although the increase in the housing interest rate has got a negative effect on the housing supply, it is observed that this negative effect is limited between the periods covered by the study.

This article examines the incentives and vulnerabilities generated by arrangements for funding local government-provided social housing in Ireland (aka council housing). These arrangements are unusual in a Western European context because the capital costs of providing this housing are almost entirely covered by central government grants, rather than non-governmental debt finance as is the norm elsewhere. Furthermore, no housing allowances are provided to council tenants in Ireland; rather affordability is ensured by charging rents which are linked (progressively) to tenants’ incomes. Although the character and development of Irish council housing has of course been shaped by macro level political, ideological, social and economic factors, the argument offered here is that funding arrangements have also exerted a strong independent influence. These arrangements render Irish council housing more vulnerable to retrenchment and residualization than the social housing funding arrangements used in most other Western European countries. University College Dublin Foundation CLG Update citation details during checkdate report - AC

The purpose of this paper is to contribute to an understanding of more inclusivefinancing options for decent low-income housing with a specific focus on experiences of housing improvements in Kenya’s low-income urban neighbourhoods. The paper summarises the findings of a study of three community led housing developments in Nairobi and Nakuru (Kenya). It has a specific focus on the affordability of loans given to residents and on the speed of consolidation within these neighbourhoods. The developments are all supported by the Muungano Alliance with the residents being members of Muungano wa Wanavijiji (a Kenyan federation of women-led savings schemes) and the monies being advanced by their loan fund, the Akiba Mashinani Trust (AMT). The study uses data on affordability assessments and loan repayments collected by AMT staff, and additional information that was collected to understand the scale and speed of future housing investment. Our findings show that repayments arelower than anticipated and that both affordability and weak loan management may be responsible. Based on what households have been able to repay, inclusive housing finance is likely to require both capital and interest rate subsidies, and must recognise the range of income levels and other heterogeneity within low-income urban communities. For example, considerable housing investment has been made in the form of additional rooms in the incremental development process; this shows that at least some households find the development affordable. A key motivation for additional investments is commercial opportunities including rental income.

This paper examines the state of reverse mortgage markets in selected countries around the world and considers the potential benefits and risks of these products from a financial inclusion and economic benefit standpoint. Despite potentially increasing demand from aging societies -- combined with limited pension income -- a series of market failures constrain supply and demand. The paper discusses a series of market failures on the supply side, such as adverse selection, moral hazard, and the costly regulation established to address these problems, leading to only a small number of providers, even in developed markets. Demand-side constraints are equally relevant, in particular high non-interest costs, abuse concerns, and the inability of reverse mortgages to cover key risks facing the elderly, particularly health and elder care. In developing countries, constraints are likely to be even higher than in advanced economies, due to high transaction costs and lack of consumer knowledge and protection. The enabling conditions for such markets to develop are outlined, along with examples of regulatory oversight. The paper concludes that these still seem to be largely products of last resort rather than well-considered purchases as part of good retirement planning.

It has been a decade since the Global Financial Crisis (GFC) broke out in 2007. Although the Australian housing-supply industry did not collapse as its US counterpart did, it was nevertheless substantially impacted. Among the most significant repercussions was an almost immediate fall in housing supply, followed by an increase in business failures across the Australian housing industry. This thesis seeks to explain the mechanisms by which the exogenous financial shock of the GFC impacted Australian housing supply and how different industry participants interacted with each other to cope with this shock. A model of the circulation of capital in the housing system is developed which identifies twin circuits of finance supporting both the consumption and production sides of the system. This leads to the first research proposition, which proposes that housing supply is impacted by the withdrawal of finance on either side of the housing production consumption model. The theoretical model is further developed to identify the constituent segments of the housing supply chain in the structure of housing provision and the pivotal role that financial capital plays in structuring the relationship between these segments, thus framing the mechanism of the impact of the GFC across the housing industry. This leads to the second research proposition, which argues that industry segments closest to the finance sector are better able to pass the financial shocks down to more remote segments, the latter facing the greatest impact of the GFC. The research uses first-hand fieldwork with senior industry professionals in key segments of the housing-supply industry, supported by documentation and quantitative data analysis, to ground the theoretical model and research propositions. The thesis adds to the body of research in the role of financial capital in housing supply and the relations among industry segments in the housing-provision process. High-level theories of capital overaccumulation and financial crisis are balanced by a model which is built from the ground up, revealing the meaning and implications behind industry practices and relationships during this formative period in the Australian property industry.

The Central African Economic and Monetary Community (CEMAC), which consists of Cameroon, the Central African Republic, Chad, the Republic of Congo, Equatorial Guinea, and Gabon, is one of the oldest regional groupings in Africa. Urbanization and growing population will put increasing pressure on existing housing resources. Without a step change in the level of housing construction and the necessary long-term finance to invest, slums will proliferate as short-term solutions fill the gap. The State is often the biggest actor in the sector with programs which are often costly and ineffective. CEMAC’s housing value chain displays high levels of dysfunction on both demand and supply sides. The enabling environment creates significant challenges in addressing the affordable housing challenge. A comprehensive and far reaching program of reforms will be needed across multiple sectors to create the conditions under which private sector investment can thrive and be properly channeled into housing investment. Lack of long-term finance is a key constraint preventing long term investment into housing. This report focuses on the road map and recommendations for development of housing in the CEMAC region.

Housing research is one of the hot topics in many countries. This paper provides a quick review of the housing economics research in the US, Sweden, Latvia, China, Corsica, and Italy published in this special issue. Bao and Shah studied the effects of home-sharing platforms in general and the effects of the US’ Airbnb on neighbourhood rent. Wilhelmsson’s results showed that interest rates directly affected house prices and indirectly affected bank loans in Sweden. Caudill and Mixon threw light on the relative negotiating power of the buyer and seller as a key element of real estate price models. Čirjevskis presented a real application of “step-by-step” valuation options for real estate development projects as a managerial risk management tool for similar real estate development projects in the EU to make investment decisions during COVID-19 and in the post-COVID-19 era. Pelizza and Schenk-Hoppé used an exponential Ornstein–Uhlenbeck process to model price dynamics provincially and regionally to estimate the liquidation value.

Nüfus artışı ve hızlı kentleşme konut ihtiyacını artırmıştır. Bu ihtiyacı karşılamak için devlet ve özel sektör çeşitli arayışlara girmektedir. Bu ihtiyacın karşılanmasındaki en önemli hususlardan biri de konutların finansmanıdır. Son yıllarda konut finansmanı için kullanılan yöntemlerden birisi Gayrimenkul Sertifikasıdır. Gayrimenkul Sertifikaları, yeni inşa edilecek veya yapımı devam eden gayrimenkul projelerinin finansmanında kullanılmak üzere ihraç edilen, gayrimenkul projesinin belirli bağımsız bölümlerini veya bağımsız bölümlerin belirli bir alan birimini temsil eden, nominal değeri eşit sermaye piyasası aracıdır. Gayrimenkul sertifikaları, ihraççılara sermaye piyasası aracılığıyla finansman olanağı sağlar. Gayrimenkul sertifikasının ihracı ve Borsa’da işlem görebilmesi için Sermaye Piyasası Kurulu’na ve Borsa İstanbul’a eş zamanlı olarak başvuru yapılması gerekmektedir. Bu çalışmanın temel amacı, konut finansmanında yeni bir finansal araç olan gayrimenkul sertifikalarını tanıtmak ve gayrimenkul sertifikalarının muhasebeleştirilmesine ilişkin örneklerle uygulayıcılara yol göstermektir. The growth of population and rapid urbanization has increased the need for housing. To meet this need, the state and private sector are in various quests. One of the most important aspects of meeting this need is the financing of housing. In recent years, one of the methods used for housing financing is the Real Esitate Certifcate. Real Estate Certificate is a capital market instrument with equal nominal values that represent certain independent units of a real esitate project or certain area units of these independent units. These certificates are issued in order to finance real estate projects that are being built or to be built. Real estate certificates provide financing opportunity to issuers via the capital market. In order for the real estate certificate to be issued and traded on the Stock Exchange, it is necessary to apply to the Capital Markets Board and the Stock Exchange Istanbul simultaneously. The aim of this study is to introduce real esisate certifcate as a new financial instrument in housing finance and explaining accounting of real esisate cerifcate for applicators.

This dissertation studies the evolution of financial services provided to French and Dutch households between 1960 and 2000. First, I execute an econometric analysis of the evolution of the French and the Dutch household portfolio, with which I show that the institutional environment matters for the allocation of household wealth. Second, I develop an analytical framework with which the institutional evolution of both systems can be analysed. This analytical framework is consecutively applied to study the way in which French and Dutch households finance the purchase of a house and the evolution of household financial assets. The application of the framework yields insights into both the origins of path dependence in both systems and the future of European financial integration.

This dissertation studies the evolution of financial services provided to French and Dutch households between 1960 and 2000. First, I execute an econometric analysis of the evolution of the French and the Dutch household portfolio, with which I show that the institutional environment matters for the allocation of household wealth. Second, I develop an analytical framework with which the institutional evolution of both systems can be analysed. This analytical framework is consecutively applied to study the way in which French and Dutch households finance the purchase of a house and the evolution of household financial assets. The application of the framework yields insights into both the origins of path dependence in both systems and the future of European financial integration.

The Ethiopia Urban Land Supply and Affordable Housing Study (EULSAH) responds to the request fromthe Government of Ethiopia (GoE), Ministry of Urban Development and Construction to carry outfollow-on technical assistance to the Ethiopia Urbanization Review (EUR) jointly published by theWorld Bank and the GoE in 2015. The EUR calls for a robust institutional framework to support efficient and sustainable land management and housing delivery, urban governance, and municipal finance, taking into account Ethiopia’s constitutionally entrenched system of land tenure.EULSAH aims to inform policy decisions on how to address the growing demand for urban land andaffordable housing in the context of rapid urbanization in Ethiopia. It supports two interrelatedcomponents, Urban Land and Housing. The Urban Land component has two subcomponents. The first subcomponent “Urban Land Cadaster” was successfully delivered to the GoE in May 2017. The second subcomponent “Urban Land Supply” along with the “Housing” component are featured in the EULSAH.The Ethiopia Urban Land Supply and Affordable Housing Study is a product of close collaborationbetween the World Bank and the GoE. The Terms of Reference were developed based on technicaldiscussions and numerous consultation activities with national and local government officials,including discussions with the Prime Minister and senior Cabinet members, state enterprise leaders,private sector actors and development partners. These were undertaken during the finalization of the EUR and a subsequent scoping mission in October 2015. The inception report was presented to the GoE Task Force in June 2017; this was followed by two video conferences with the task force to discuss preliminary findings from urban land supply and affordable housing respectively. A technical consultation workshop on the key findings and preliminary recommendations on policy changes and institutional reforms was held with national and urban local governments, the private sector, academics, and development partners in November 2018. A high-level national consultation workshop was held in Addis Ababa with key stakeholders for the final draft reports on May 10, 2019 to seek further feedback on the revised reports with a focus on how to move the policy recommendation forward.

Housing is one of the basic needs of an individual in terms of safety, security, self-esteem, social status, satisfaction and achievement. A large amount is required to construct/purchase a house, which is generally not available to a person. Hence, over the last few years, housing finance has become an attractive business for financial institutions of India due to its low risk characteristics. But this sector has some problems which require attention. My present paper is an effort to draw attention towards the problems of this sector.

Housing being one of the three fundamental needs of life dependably stays in the top needs of any individual, society and economy. As a person, an individual needs his own space and protection, which can be given by the responsibility for house. The house is the fundamental unit of the general public. Home gives a stage to the family and the family is the most significant social establishment, which leaves its engraving on a person for entire life. In this way lodging merits critical consideration with regards to creating approaches and systems for human advancement. Yet at the same time most of human people lives in ghettos, shanties and transitory pitiful havens in provincial zones. The lack of lodging is a major obstacle in the sound improvement of an individual and therefore the general public, and the country. The issue of room, protection, security and sanitation prompts social, financial and natural degeneration. The unending hardship for space and house possession prompts individual and social complication, which is impeding for the general public and the economy. A creating country like India needs to concentrate more on lodging area to take into account the lodging needs of expanding populace and to quicken the monetary development. The lodging part has been all inclusive utilized as a motor to drive the financial development as it produces work and request in the market. Most recent multi decade has seen the specialists giving huge spotlight on the lodging division in India. Prof. Rekha. D. M | Gangamma. S. E "A Study on Housing Loan Evolution and Performance in India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-4 , June 2019, URL: https://www.ijtsrd.com/papers/ijtsrd23883.pdf

Son yıllarda ülkemizde yüksek konut maliyetleri, enflasyon ve yüksek faiz nedeniyle konut finansmanı sorunu yaşayan orta ve düşük gelirli bireyler için çözüm üretmek amacıyla farklı yöntem ve araçlar ortaya konulmaya başlanmıştır. Faiz hassasiyeti olan ve gelirleri düzenli olmayan sektörlerde çalışan müşterilerin banka finansmanı yerine esnek geri ödeme imkânı sunan finansman türlerini tercih etmeleri, faizsiz ve ortaklığa dayalı konut finansman seçeneklerinin önemini artırmıştır. Bu kapsamda geliştirilen elbirliği sistemi bu araştırmanın konusunu oluşturmaktadır. Bu çalışmada bankacılıkta uygulanan konut finansman sistemi ile elbirliği sistemi belirli bir anapara tutarı ve vade örneği üzerinden karşılaştırılmıştır. Objektif ve gerçekçi bir karşılaştırma yapabilmek için son 10 yılın enflasyon oranları ve konut fiyat endeksleri esas alınmış, dolayısıyla konut finansmanı için gereken tutarın enflasyon ve konut fiyat artışları karşısındaki gerçeğe en yakın değerleri kullanılmıştır. Çalışma sonucunda elbirliği sisteminde çekiliş sonucu finansmanını 33. aydan sonra teslim alan katılımcıların maliyet açısından avantajını kaybettiği sonucuna ulaşılmış, her iki sistemin tüketiciler açısından avantaj ve dezavantajları ortaya konularak önerilerde bulunulmuştur. In recent years, new methods and instruments have been introduced in order to find solutions for housing finance problems of customers who have been experiencing financial difficulties due to high housing costs, inflation and high interest rates in our country. As customers who have irregular incomes and that who favour interest free banking prefer flexible repayment instead of bank financing, the importance of interest free banking and shared equity home financing systems have been increased. The cooperated housing finance system, developed within this context, is the subject of this research.In this study, housing finance systems, applied in banking and the cooperated housing model, were compared over a certain financing amount and maturity period. In order to make an objective and realistic comparison, the inflation rates and housing price indices of the last ten years have been taken as basis. Accordingly, the real values of the amount required for housing finance against inflation and the increasing house prices have been used. The result of the study revealed that participants who used the cooperated housing finance system lose their advantage if they receive their financing after 33rd. month. The advantages and the disadvantages of both systems for customers were presented and some recommendations on the subject were made. 101

Son yirmi yılda, gayrimenkulün ve finansın herhangi bir alanında çalışma yapmak isteyen akademisyenler ve uzmanlar sadece ileri finansal matematik kavramlarında ve matematiksel/ekonometri modellerinde uzmanlaşmanın yanı sıra gayrimenkul piyasalarının etkinliğini arttırmak için bu kavramları aynı zamanda uygulayabilmelidirler. Bu kapsamlı tez, finansal matematik teorisinin gerçek hayat uygulamalarını göz önüne alarak, hem yatırımcılar hem de hükümetler için bu günün gayrimenkul piyasaları uygulamaları ile birleştirmeyi hedeflemektedir. Gayrimenkul piyasaları, konut piyasaları ve mortgage üzerine yapılan çoğu araştırmanın aksine bu tez, hem parametrik olmayan istatistiksel modelleme yöntemlerini (Çok Değişkenli Adaptif Regresyon Splineları (MARS) ve Genelleştirilmiş Lineer Modeller (GLM)) hem de stokastik analizi (Stochastik Diferansiyel Denklemlerini (SDE), Malliavin analiz teorisini), Monte Carlo simülasyonları ile beraber sermaye varlıkları fiyatlandırma modelini (CAPM) ve genişletilmiş halleriyle beraber Fama-French üçlü faktör modellerini kapsamaktadır. Bu tez, konut piyasaları konusunda kapsamlı modeller sunmakta ve mortgage içerisinde bulunan erken ödeme ve ödemeyi durdurma opsiyonları için hedge stratejileri sağlamaktadır. Teorik bakış açılarıyla birlikte bu tez, fiyatlandırma, yatırım kararları, hedge yoluyla risk yönetimi ve portföy yönetimi ile ilgili sayısız uygulama sunmaktadır. Sayısal uygulamalar konut piyasalarını etkileyen faktörleri ve büyük yatırımcıların etkilerini belirlemekte, ABD konut piyasası verilerini kullanarak konut fiyat tahminleri yapmakta, Monte Carlo simülasyonu ile hem mortgage erken ödeme hem de mortgage ödemeyi bırakma opsiyonlarının hedge katsayılarını hesaplanmakta ve hedge stratejileri belirlemekte ve GYO'larının getirilerinin performanslarını çeşitli yönlerden analiz etmektedir. In the last two decades, academicians and professionals intending to study in any area of real estate and finance not only must master advanced financial mathematics concepts and mathematical/econometric models but also should be able to implement those concepts computationally to improve real estate markets' efficiency. This comprehensive thesis mainly aims to combine the theory of financial mathematics with an emphasis on real-life applications in keeping with the way, both investors and policymakers, in today's real estate markets. Unlike most studies on real estate markets, housing markets and mortgages, the thesis covers both non-parametric statistical modeling methods (Multivariate Adaptive Regression Splines (MARS) and Generalized Linear Models (GLM)) and stochastic calculus (Stochastic Differential Equations (SDE), Malliavin calculus theory) with Monte Carlo simulations, Capital Asset Pricing Model (CAPM) and Fama French three-factor model with its extensions. The thesis offers thorough models in the subject of housing markets and provides hedging strategies of default and prepayment options embedded into mortgage contracts. Along with with the theoretical aspects, the thesis presents numerous applications for pricing, investment decision, risk management via hedging strategies, and portfolio management. The numerical illustrations are on determining the housing market price drivers and the effect of large investors, house price forecasting by using the US housing market data, determining hedging strategies for both mortgage default and prepayment options by computing the hedging coefficients via using Monte Carlo simulations and analyzing the T-REITs returns performance in various aspects. 213

Konut finansmanı sistemi, konut finansmanı sözleşmelerinin yapılması ve ipotek senetlerinin ikincil piyasaya sunulması ile oluşmaktadır. Konut finansmanı sözleşmeleri, 6502 sayılı Tüketicinin Korunması Hakkında Kanun m.32 vd. maddelerinde düzenlenmiş olup temelde iki çeşit konut finansmanı sözleşmesine cevaz verilmiştir. Bunlar konut kredisi ve finansal kiralama yoluyla yapılan konut finansmanı sözleşmeleridir. İkincil piyasa ise, konut finansmanı sözleşmelerinin yapılması aşamasında teminat olarak gösterilen ipoteklerin ipotek senetlerine bağlanarak yatırımcılarla buluşturulmasıdır. İkincil piyasanın amacı, finansman kuruluşlarına, yeni krediler verebilmek için fon oluşturmaktır.Konut finansmanı sözleşmeleri konut kredisi sözleşmeleri, finansal kiralama sözleşmeleri ve bu sözleşmelerin yeniden finansmanına ilişkin sözleşmeler olarak kabul edilmiştir. Sözleşmelerin en belirgin ortak özelliği, tüketicinin konut edinme amacıyla hareket etmesidir. Sözleşmelerin konusunu konutun oluşturması, konut kredisi sözleşmelerini tüketici kredisi sözleşmelerinden ayırmaktadır.Finansal kiralama işlemi, eski uygulamalarda yalnızca yatırım mallarını kapsamaktaydı. Bu nedenle, işlemin tüketici işlemi olamayacağı yönünde neredeyse görüş birliği vardı. Ancak kanun koyucu gerek 6361 sayılı FFFK ile gerekse 6502 sayılı TKHK ile finansal kiralama işlemlerinin de tüketici işlemi olabileceği yönünde irade göstermiştir. Bunun yanında hukukumuzda finansal kiralama işlemi 5411 sayılı Bankacılık Kanunu ile bir kredi işlemi olarak kabul edilmiştir. Finansal kiralama yoluyla yapılan konut finansmanı sözleşmeleri, konut ihtiyacının karşılaması amacıyla, tüketicinin, finansman kuruluşunun satıcıdan satın alacağı veya halihazırda kendisinde bulunan bir evi kullanmasına karşılık olarak kredi bedeli ödemeyi üstlendiği sözleşmelerdir. Konut edinme amacıyla finansal kiralama yoluyla konut finansmanı sözleşmesi yapan tüketicinin, kredi bedellerini ödemekte temerrüde düşmesi halinde, konut finansmanı kuruluşunun, sözleşmeyi fesih hakkı vardır. Sözleşmenin feshi üzerine, konut finansmanı kuruluşu sözleşmeye konu olan konutu sattırarak sözleşme kapsamında doğan alacağını satış bedelinden alacaktır. Bakiye bir bedel kalırsa, bunun tüketiciye iadesi gerekir. Ayrıca tüketici, konut finansmanı kuruluşunun alacağından yalnızca konutun satış bedeli oranında sorumludur. Satış bedelini aşan zarardan sorumluluğu yoktur. Bu nedenle, konut finansmanı kuruluşu, konutu sattırırken basiretli bir tacir gibi davranmak zorundadır. Mortgage system consists of the concluding Mortgage contracts and the release of mortgage deeds into the secondary market. Mortgage contracts are framed in Law No. 6502 Law On Protection Of The Consumer at Art.32 and further and there are two types of Mortgage contracts are allowed in general. These are Mortgage contracts through Mortgage loans and financial leasing. Secondary market consists of converting Mortage hypotects into deeds and submitting them to investors. The purpose of the secondary market is to create funds to finance institutions to provide new loans.Mortgage contracts embodied such contracts as Mortgage loan contracts, financial leasing contracts and refinancing of these contracts. The most obvious common feature of these contracts is that the consumer moves for the purpose of acquiring a house. Acquiring a house as the subject of the contracts distinguishes Mortgage loan contracts from consumer loan contracts.The financial leasing transaction included only investment goods in previous implementions. Therefore, there was almost consensus that the transaction could not be a consumer transaction. However, the legislator has shown his will that the financial leasing transactions with both Law No.6361 Law On Financial Leasing, Factoring and Financing Companies and Law No. 6502 Law On Protection Of The Consumer, could be the consumer transaction. In addition, in our law, the financial leasing transaction was accepted as a loan transaction with the Law No.5411 Law On Banking Law. Mortgage contracts made through financial leasing are contracts in which the consumer is required to pay the loan amount in exchange for the use of a house that the financial institution buys from the seller or already owns it.When the consumer who concluded a Mortgage contract made through financial leasing, has defaulted on paying the loan prices, the Mortgage institution has the right to terminate the contract. Upon termination of the contract, the Mortgage institution may sell the house which is the subject of the contract and receive the purchase price as the sale price arising under the contract. If the price remains as residual, it must be returned to the consumer. In addition, the consumer is solely liable for the lien of the Mortgage institution with the purchase price of the house. There is no liability for the loss exceeding the purchasing price. For this reason, Mortgage institution must act as a prudent merchant when selling the house. 214

Orientadora: Profª Drª Rosana Denaldi Coorientador: Prof. Dr. Jeroen Johannes Klink Dissertação (mestrado) - Universidade Federal do ABC, Programa de Pós-Graduação em Planejamento e Gestão do Território, São Bernardo do Campo, 2019. Este trabalho tem o objetivo de analisar as disputas, o desenho e a aplicação dos recursos do FGTS no período entre os anos de 1998 e 2017, com foco nos recursos destinados ao financiamento habitacional, e, mais especificamente, nos subsídios explícitos concedidos com os recursos do fundo. Criado em 1966 como fonte de recursos do Banco Nacional da Habitação e um dos pilares do Sistema Financeiro de Habitação, o FGTS ainda é a principal fonte de recursos para a habitação social no Brasil. Formado pela contribuição compulsória de trabalhadores, ele guarda características diversas de outros fundos lastreados no Orçamento Geral da União. A partir da revisão da trajetória dos subsídios concedidos pelo FGTS nesses vinte anos, fica claro que o fundo cumpriu uma função central no atendimento habitacional para a população de baixa renda. Essa trajetória, porém, não é linear ou coerente. Ao mesmo tempo em que liberava o salário indireto do trabalhador ao prover habitação, o fundo também cumpriu seu papel como pressuposto da acumulação do capital. The main goal of this study is to analyse the disputes, the subsidy design and the application of the Length-of-Service Guarantee Fund (FGTS) resources in the period between 1998 and 2017. The focus of this work is the FGTS' housing finance, and more specifically, the explicit housing subsidies granted with the fund. FGTS was created in 1966 as a source of funding for the National Housing Bank (BNH) and the Housing Finance System (SFH). More than fifty years later, it is still the main source of funding for social housing in Brazil. Backed by the compulsory contribution of workers, it has different characteristics from other federal funds backed in the General Budget of the Union. The review of the subsidy's trajectory in the last twenty years makes it clear that the FGTS fulfilled a central function in the housing provision for the low-income population. This trajectory, however, is not linear or coherent. At the same time it released the worker's indirect salary by providing affordable housing, the fund also fulfilled a role as a presupposition of capital accumulation.

Erken dönemlerden itibaren Müslümanlar, ekonomi pratiğinin olası tıkanıklıklarına karşı önlem almaya çalışmışlardır. Bunun bir neticesi olarak birtakım malî hîle-i şer'iyye uygulamaları üretilmek suretiyle bu tıkanıklık hukuk sınırları içerisinde giderilmeye çalışılmıştır. Bugün ortaya çıkan veya çıkacak olan yeni faizsiz finansman sistemleri, geçmişte üretilen enstrümanlardan en azından ilkesel olarak istifade etmelidir. Bu varsayımdan hareketle, Türkiye'deki faizsiz konut finansman sistemlerinin fıkhî ve tarihî arka planını sorgulayıp, mevcut sistemlerin meşruiyet değerlerinin belirlenmesi çalışmanın en temel amacıdır.Çalışmamız bir giriş ve üç bölümden oluşmaktadır. Genel anlamda çalışmanın sınırlarının çizildiği giriş kısmından sonra birinci bölümde faiz yasağı ve bu yasağı aşma veya alternatif üretme anlamında tarihî ve fıkhî arka plan verilmeye çalışılmıştır. İkinci bölümde, fıkhî meşruiyetin tartışılacağı üçüncü bölüme zemin hazırlamak amacıyla Türkiye'deki mevcut konut organizasyonları işleyiş mekanizmaları dikkate alınarak tanıtılmıştır. Üçüncü bölümde ise, bu organizasyonlar klasik ve modern akit teorilerinden hareketle analiz edilerek malî hîle-i şer'iyye uygulamalarıyla ilişkileri sorgulanmıştır.Sonuç olarak, Türkiye'de faaliyet gösteren konut finansman organizasyonlarının mevcut faaliyetlerinin geçmişteki malî/ticarî hîle-i şer'iyye uygulamalarıyla oldukça benzerlik gösterdiği tespit edilmiştir. Aksi örnekler olmakla birlikte bu benzerlik, kanaatimizce salt bir kâr gayesi olarak okunmamalı; aksine fıkhın arka planındaki ahlakî yapının dejenere olmasının tezahürlerinden biri olarak görülmelidir. From an early stage, Muslims have sought to take action against possible blockages of economic practice. As a result of this, some of the financial legal stratagems applications have been produced and this congestion has been tried to be solved within the boundaries of the law. New interest-free funding systems that will or will emerge today should at least in principle benefit from the instruments produced in the past. Starting from these assumptions, the interest-free housing finance system in Turkey questioning the historical and jurisprudential background is the main purpose of determining the legitimacy of the work value of existing systems.Our study consists of an introduction and three parts. In the first part, after the introduction of the boundaries of the study, it was tried to give a historical and jurisprudential background in the first part in terms of the prohibition of interest and overcoming this prohibition or producing alternative. In the second chapter, mechanisms of functioning of existing housing organizations in Turkey will be discussed in order to prepare the ground for the third part of the jurisprudential legitimacy has been introduced considering. In the third chapter, these organizations were analyzed by classical and modern contract theories and their relations with financial practices were questioned.As a result, housing finance organizations operating in Turkey are the current activities of the past financial / commercial called legal stratagems has been found to be quite similar to those of the Sharia implementation. Otherwise, this similarity, in our opinion, should not be read as purely profit; on the contrary, it should be seen as one of the consequences of the loss of the moral structure in the background of the fıqh.Key Words: Hîle-i Şeriyya, Interest, Housing Finance, Lending System. 109

espanolEl derecho contractual no es un ambito ajeno a las preocupaciones sobre la realizacion de derechos sociales como el de la vivienda. La celebracion y ejecucion de los contratos que permiten el acceso a la propiedad o tenencia de una vivienda son escenarios en los que los individuos y las familias disputan cotidianamente la exigibilidad de sus derechos habitacionales. En ese sentido, este trabajo analiza el impacto de la constitucionalizacion en las modalidades contractuales que permiten el acceso a la vivienda y en las herramientas que desde el derecho contractual ofrecen amparo a la tenencia habitacional en Colombia. Para alcanzar este objetivo, se presentan los elementos que le han servido a la jurisprudencia constitucional para pensar al derecho contractual de la vivienda como una garantia para la proteccion del derecho a la vivienda digna y adecuada. EnglishContract law is not a stranger to concerns about the realization of social rights such as housing space. The celebration and implementation of contracts that allow access to ownership or possession of a home are areas where citizens daily contesting the enforceability of their housing rights. In that sense, this paper analyzes the impact of constitutionalization in contractual arrangements that allow access to housing and tools from the contractual right under the housing offer tenure in Colombia. To achieve this objective, the author presents the contributions that Colombian constitutional jurisprudence has made the contractual right to think of housing as a guarantee for the protection of the right to decent and adequate housing.

Romania’s financial sector has strengthened significantly over the last few years. Effective supervisory measures have helped reduce the high level of non-performing loans (NPLs) from 21.5 percent at its peak in 2013 to 6.4 percent as of December 2017.However, some vulnerabilities are emerging. Banks’ holdings of domestic sovereign paper have grown large, exposing them to valuation losses in case of an increase in interest rates or sovereign risk spreads. Banks’ indirect exposures to government guarantees through the Prima Casa program further strengthens the sovereign-bank nexus. An increase in interest rates may also negatively impact NPL ratios on banks’ mortgage portfolios, which are growing fast and are at variable rates. The share of foreign exchange (FX) denominated loans and deposits significantly decreased, but remains relatively high, and a large share of corporate borrowers is unhedged. Finally, lending practices of non-bank financial lenders (NBFLs) may lead to loan defaults and reputational risks for the banking sector. As the financial system is small, shocks may further discourage financial intermediation, which is already among the lowest in the European Union (EU). The NBR is transitioning to a risk-based supervisory approach that needs further enhancements. The new Supervisory Review and Evaluation Process (SREP) Guidelines of the European Banking Authority (EBA) are still in the initial stages of implementation. The NBR should conduct more risk-focused, banking industry-wide thematic analyses and develop its off-site monitoring tools, such as by conducting bottom up stress tests.Financial intermediation relative to the economy is low and declining.On the demand side, credit needs remain, overall, limited due to low enterprise density, poor health of the enterprise sector, and high number of foreign owned firms (compared to peers). The economic growth had a positive spillover in the enterprise sector, but this did not translate into increased investment activity, despite an unprecedented low interest rate environment. On the supply side, the supply of credit has been constrained by several factors including: i) an acute deterioration of asset quality, particularly among MSMEs, after the crisis, ii) banks’ deleveraging pressures, iii) deficiencies in the credit enabling infrastructures (credit reporting, insolvency), iv) preference of banks for sovereign debt, as well as government guaranteed debt in a context of fiscal expansion, v) lack of depth in the NBFI segment, and vi) declining use of public partial credit guarantees due to operational problems. As a result, access to credit is particularly problematic for certain firm segments that are underserved by the banking sector, including for micro, small and medium-sized enterprises (MSMEs), start-ups, the agriculture sector, and in rural areas.Improving financial inclusion may require broader solutions including i) a better use of the Posta Romana network of branches, ii) measures to enable credit unions to expand and offer more financial services while strengthening supervision, iii) the adoption of incentive mechanisms to accelerate the expansion of digital finance solutions, and iv) the promotion of financial inclusion and literacy as well as effective consumer protection mechanisms.

Beirut, today, is a giant construction site. Over the past 25 years, the Lebanese metropolis has experienced a property-led (re)development process that has gone far beyond the controversial downtown megaproject, Solidere, initiated just after the country emerged from civil war. Its most conspicuous manifestations are the proliferation of condominium towers, the three-digit inflation of land and real estate prices, and the unprecedented growth of mortgage-based homeownership. The objective of this thesis is to unravel the mystery of this post-war property frenzy by identifying the major drivers, mechanisms and agents that underlie a financialized trajectory of urban change, a trajectory clearly embedded in globalized circuits of capital and people. To do so, it develops an institution-based and regulation-inspired investigation that reveals, by means of a concept I have termed ‘pegged urbanization,’ the interdependance of Beirut’s urban production and the amplification and reproduction of Lebanon’s rentier and finance-led form of capitalism. This shows the nature, intensity and features of the city’s development activity to be, first and foremost, socially produced phenomena shaped by the post-1990 recovery and the growth strategy intended to restore the country’s position as a financial hub in the Middle East. The thesis begins with an explanation of its plurilevel and multidisciplinary theoretical social science framework. It then introduces the work’s key conceptual contribution, the regulation-urbanization nexus of post-war Lebanon’s political economy in which the property market, through its financing of both demand and supply, is the peg. The market, more specifically, is conceptualized as an institution of regulation governed through the state by local elites in order to stimulate economic growth and secure short-term financial and monetary stability. In contrast to mainstream beliefs in the failure of the Lebanese state and the spontaneous and self-adjusting character of supply and demand, the local property market is argued to be the product of public policies, particularly those of the central bank. Analysis of the state-sponsored centrality of real estate and construction activity to Lebanese capitalism, and its links to the financial sector, has exposed the influence of polical-economic dimensions such as elite growth politics and the accelerated financialization of property on Beirut’s production of space. It is shown to be equal to that of the country’s sectarianism. Next explored are the concrete repercussions of the state-sponsored nexus on the key workings of the development process (i.e., price formation, property cycles, construction dynamics); the profile, practices and elite networks of city builders; and the financing and functioning of the system of local housing provision. Also brought to light are its implications for social structures and relations in Lebanese society and for the multidimensional nature and exercise of urban power. The research concludes with an identification of the risks, to 2018, run by the Beirut-based property sector. Against a background of the further entwinment of the property and finance spheres, a property crisis, if it occurs, could weaken the fundamentals of the local model of ‘pegged urbanization’ and, more widely, threaten the precarious stability of post-war Lebanon’s political economy.; Beyrouth est une métropole en chantier. La capitale libanaise connaît depuis 25 ans un processus de (re)développement urbain intensif qui dépasse largement la reconstruction controversée de son centre-ville (Solidere) initiée au lendemain de la guerre civile. La multiplication des tours résidentielles de standing, l’inflation galopante des prix du foncier et de l’immobilier, et l’expansion sans précédent des programmes de prêts pour l’accession à la propriété en sont les manifestations les plus évidentes. L’objectif de cette thèse est de percer le mystère de cette frénésie immobilière, en identifiant les principaux moteurs, mécanismes et acteurs d’une expansion urbaine de plus en plus connectée aux réseaux transnationaux de capitaux et de personnes. Pour ce faire, cette étude adopte une approche institutionnelle, influencée par la théorie de la régulation, et élabore la notion ‘d’urbanisation arrimée’ pour conceptualiser l’interdépendance croissante entre la fabrique de la ville à Beyrouth et les transformations et la reproduction d’un capitalisme libanais toujours plus rentier et financiarisé. Ainsi, la nature, l’intensité et les principales caractéristiques de la production urbaine locale sont analysées comme des phénomènes sociaux générés par une stratégie de reconstruction et de croissance qui vise, depuis le début des années 1990, à restaurer la position du Liban comme l’une des principales places bancaires du Moyen-Orient.À l’issue de la présentation d’un cadre théorique qui adopte une approche multiscalaire et interdisciplinaire en sciences sociales, cette recherche commence par examiner le rôle du marché immobilier comme point d’ancrage (peg) de l’interaction entre urbanisation et régulation du capitalisme au Liban. Le marché immobilier à Beyrouth est plus particulièrement théorisé comme une institution de régulation, gouvernée, à travers l’État, par des élites locales qui cherchent, à tout prix, à stimuler la croissance économique et à préserver une stabilité financière et monétaire précaire. À rebours des croyances dominantes sur l’absence de l’État au Liban, et sur le caractère naturel et spontané de l’offre et de la demande, ce marché est décrit comme une construction sociale façonnée par les politiques publiques, en particulier celles de la banque centrale. À bien des égards, cette analyse de la centralité des secteurs de l’immobilier et de la construction dans le capitalisme libanais, ainsi que leurs liens étroits avec le secteur financier, est une étape obligée pour démontrer pourquoi et comment les dimensions d’économie politique (politiques de croissance et financiarisation de l’immobilier) sont devenues des composantes essentielles de la production de l’espace à Beyrouth, au même titre que les dimensions politico-confessionnelles. Cette thèse examine ensuite les répercussions et manifestations concrètes de cette dyade régulation-urbanisation sur les mécanismes clés du développement urbain : formation des prix, cycles immobiliers et forme urbaine. Elle en identifie aussi les conséquences sur le profil, les pratiques et les réseaux des acteurs de l’industrie immobilière ainsi que sur le financement et le fonctionnement des filières de production de logements. Elle met également en évidence son impact croissant sur les structures et les relations sociales au sein de la société libanaise ainsi que sur la nature et les formes d’exercice du pouvoir urbain. En guise de conclusion, cette recherche au long cours met en garde contre les risques sérieux qui pèsent sur le secteur immobilier beyrouthin en 2018. Dans le contexte d’un enchevêtrement accru de l’immobilier et de la finance, une crise immobilière majeure, si elle venait à advenir, pourrait remettre en question les fondamentaux de ce modèle ‘d’urbanisation arrimée’ et menacer, plus largement, la stabilité financière, sociale et politique d’un Liban aux équilibres fragiles.

This report aims to support the Government of Jordan (GoJ) in improving housing sector performance. In 2016, the Hashemite Kingdom of Jordan requested the World Bank’s technical support to develop a housing sector review to update the Housing Strategy adopted in 1989. Given the enormous challenges currently facing the housing sector, the preparation of this housing sector review and its related recommendations is both timely and important to position the sector to respond effectively to a much-changed situation. The objective of the Jordan Housing Sector Review is to inform the development of a better functioning and more coordinated housing system in Jordan, which caters to the needs of the different segments of the population. This report tackles these and other challenges and questions by taking a comprehensive look at the housing market and conditions in Jordan. It looks at the country context, identifying the role of housing in the economy today and the sector’s contribution to Gross Domestic Product (GDP) and employment. It also takes a close look at previous housing strategies and housing programs, analyzing the current institutional framework and housing ecosystem. Also, analytical work has been undertaken to review the market response to the crisis in terms of housing production, as well as impacts on vacancies, tenure, the housing deficit and affordability of ownership and rental markets. The report looks into the current demand by size and location, and future demand by projecting household formation over the next two decades including consideration of possible refugee flows. A housing supply value chain along with a commercial finance for housing supply and demand analysis is part and parcel of this report. The report includes a set of recommendations crafted to each of the findings presented along the report, aiming to support the government to make inform decisions and to develop the aspired new housing strategy. Conscious of the current fiscal constraints of the GoJ, the recommendations have been prioritized to those that do not increase government expenditures or reduce government revenues in the short term. This report has been led by the Minister of Public Works and Housing (MPWH) in collaboration with the Housing and Urban Development Corporation (HUDC) and the World Bank. Talal Abu Ghazaleh (TAG-Consulting) consulting firm was hired by the GoJ to contribute with technical papers on the different topics covered and presented in this report.

Depuis le début des années 2000, le coût des terrains nécessaires à la production de logements locatifs sociaux neufs a augmenté, au même titre que le coût de leur construction. Dans le même temps, l’État a considérablement réduit les subventions directes qu’il accorde à chaque opération HLM. Malgré cela, le nombre de logements locatifs sociaux livrés chaque année a connu une hausse importante et durable. Alors que 46 000 logements HLM ont été produits en 2000, plus de 100 000 le sont systématiquement à partir de 2006. La thèse explore cet apparent paradoxe, en analysant les évolutions de l’organisation institutionnelle du système de production HLM. Pour ce faire, elle s’appuie sur le traitement de données statistiques ainsi que sur une enquête réalisée auprès d’acteurs locaux de l’habitat au sein des communautés d’agglomération du Val-de-Bièvre, du Boulonnais et de la communauté urbaine de Bordeaux. Un outillage théorique spécifique est proposé, qui croise les apports de la théorie de la régulation et de recherches sur les acteurs de la production urbaine. Cela permet de montrer qu’un ensemble de décisions politiques, d’ajustements locaux et de dispositifs de coordination ont été articulés de façon originale au cours de la décennie. Ils visent notamment à faire en sorte que les organismes HLM mobilisent leurs réserves financières dans la production neuve, à distribuer inégalement dans l’espace le surplus de logements produits et à réorganiser les modalités d’accès à la ressource foncière. Le système mis en place est cependant dépendant des opérateurs à but lucratif ainsi que des évolutions des marchés immobiliers ; il participe de plus à redéfinir les bénéficiaires de l’intervention publique en France. Since the early 2000s, social housing production in France has become increasingly more expensive: both land prices and construction costs have increased. At the same time, the State has considerably reduced the direct subsidies granted to each new development. However, the number of new social dwellings has increased significantly and lastingly. While 46,000 dwellings were produced in 2000, more than 100,000 have been produced each year since 2006. This thesis explores this apparent paradox by analyzing the evolution of the institutional organization of the French social housing production system. To do so, it relies on the processing of statistical data as well as on a survey carried out among local housing decision makers in the urban areas of Bordeaux and Boulogne-sur-Mer, and in the Val-de-Bièvre, a gathering of municipalities located south of Paris. An original theoretical framework is used, which combines regulation theory with the results of research focusing on the actors of urban production. This allows for the underlining of the fact that a set of political decisions, local adjustments and coordination mechanisms were articulated in a novel way throughout the decade. In particular, those seek to ensure that social housing organizations use their financial reserves for the production of new dwellings, that new social dwellings are unevenly distributed in space, and that access to land for social housing is reorganized. However, this system appears to depend on real estate markets and for-profit operators; it also participates in redefining the beneficiaries of public intervention in France.

The thesis contains four separate essays, spanning questions of the interaction between public policy, household finance and the macroeconomy. How does public policy affect macroeconomic outcomes, and the choices and welfare of households, and what are households’ optimal financial responses to changes in macroeconomic environments? Furthermore, the thesis includes a development of a method, which is helpful to answer questions like the ones stated above. The first essay, Optimal Public Policy in a Multi-Sector Economy with Asymmetric Shocks, shows how fiscal policy can complement monetary policy. It is shown that fiscal policy can be used to improve macroeconomic outcomes and make the economy more efficient. Since fiscal policy, in general, includes more instruments than monetary policy, it is possible to neutralize several frictions in the economy simultaneously. This is shown in a general equilibrium model with dynastic households, where firms face monopolistic competition, sticky prices, productivity shocks and cost-push shocks. The second essay, On the Design of Mortgage Default Legislation, asks how different types of mortgage contracts interact with different types of mortgage default policies regarding the probability of a default on home-owner’s mortgage. The different types of mortgage contracts analyzed are fixed rate annuity mortgages, adjustable rate amortized mortgages and adjustable rate non-amortized mortgages. The mortgage default policies span from non-recourse (where the mortgage lender takes all the default risk) to full recourse (where the borrower takes all the default risk). It is shown that a “borrower friendly” non-recourse policy is, as the one implemented in many parts of the United States, not necessarily borrower friendly due to its effect on the risk premium. This is investigated in a model with finitely lived households and an endogenous risk premium. The third essay, On The Empirical Relevance of Cointegration Between Stock Market Returns and Labor Income on Optimal Portfolio Choice, investigates how finitely lived households optimally choose a portfolio consisting of risk-free bonds and risky equity, and how this choice is affected by the long-run correlation between risky (cumulative) equity returns and stochastic labor income. More specifically, I investigate if the empirical cointegration (long-run correlation) between the two variables is strong enough to affect the optimal portfolio choice. It is shown that it is not. Cointegration exists between the two variables, but the speed-of-adjustment back to the cointegration equilibrium is to slow to have a significant effect on the households’ optimal portfolios. The fourth essay, Solving Dynamic Programming Problems Using Stochastic Grids and Nearest-Neighbor Interpolation, describes a new computational method, which is used in the second and third essays. The method is developed to solve models with finitely lived households who face a complex economic environment. Post-state decision rules for the households are used together with simulated stochastic grids over the exogenous variables. By simulating the grids it is possible to reduce the number of grid points that the model is solved for, thereby making it significantly faster to solve models with many exogenous state variables. It is shown that it is possible to solve non-linear life-cycle models including at least eight state variables relatively quickly on a standard desktop computer. At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 1: Manuscript. Paper 2: Manuscript. Paper 3: Manuscript. Paper 4: Manuscript.

This dissertation tells the story of how the Model Cities program, the discipline of architecture, and housing finance systems mutually shaped each other in New York City between 1966 and 1976. It analyzes the federal, state, and municipal programs launched in midst of the civil unrest in the increasingly impoverished and racially segregated cities throughout the United States. Housing played an outsize role in these efforts, and architects engaged new planning methods and institutional formats to move citizens' and policy makers' planning goals forward. One such initiative was New York City's Vest Pocket Housing and Rehabilitation Program, which sought to stabilize neighborhoods through small-scale infill housing and the upgrading of existing buildings. Two of the five vest pocket housing study areas, Mott Haven and Twin Parks in the Bronx, serve as case studies for me to track how discourses related to design, democracy, and development—or what I call context, community, and capital—shifted between the origins of Model Cities and the implementation of major projects. New York City's fiscal crisis in 1975 and President Richard Nixon's turn away from large-scale federal programs to address inequality have caused scholars to label President Lyndon Johnson's Great Society programs, and Model Cities in particular, as failures. As a result, Model Cities has largely been ignored by scholarship. In contrast to the historical amnesia legitimated by a narrative of failure, I argue that the experiments enabled by Model Cities were highly productive. The analysis of archival material shows that many of the basic goals articulated in the mid-1960s were quickly codified in New York City post-1975, as exemplified by "contextual zoning" and the mandates of community boards. However, this codification came at a loss of the original comprehensive and experimental premise of Model Cities, which considered the goals of expanded democracy, more equitable development, and better design as inherently connected. By focusing on a program that sat squarely across the divide of before (top-down, large-scale) and after (bottom-up, small-scale), prevalent in established narratives of U.S. urban history, the story of how Model Cities played out in New York City adds nuance to the standard account of urban renewal. The program's primacy on "partnership," both between municipal government and neighborhood residents, and between the public and private sectors, also reveals that many of the so-called neoliberal policies enacted post-1975 were, in fact, already being tested in the decade prior. Finally, the complexity of Model Cities forces us to develop an approach to architectural history that frames formal, political, and economic forces as inseparable, a methodological outcome that can be applied to the study of other programs.

Bu çalışmada Türkiye'nin konut politikası ile ilgili yakın tarihten bilgiler verildikten sonra konut fiyat artışlarını etkileyen etmenler istatistikî verilerle incelenmiştir. Uygulama bölümünde ise, günümüzün en popüler konut finansman aracı olan banka konut kredileri ile genellikle faizsiz olmasından dolayı İslami kesimin konut finansmanında tercih ettiği elbirliği sisteminin konut satın almak isteyen tüketicilere maliyetleri karşılaştırılmıştır. Sonuçta devlet güvencesi olmaması sebebi ile banka konut kredileri kadar talep görmeyen elbirliği sisteminin bazı durumlarda banka konut kredisinden daha avantajlı olduğu görülmüştür.300.000 TL değerindeki bir konut için, 120 ay vade ile % 75'ine kadar finansman alınabileceği varsayımı altında konut enflasyonu, kira kaybı ve kira artışları dikkate alınarak hesaplandığında; elbirliği sisteminde, enflasyon oranının % 10 olması durumunda 45. aydan sonra finansman tutarını alan tüketicilerin banka finansmanına göre zarar etmeye başladığı görülmüştür. Enflasyon oranının % 20 olması durumunda ise 31. aydan sonra finansman tutarını alan tüketiciler zarar etmektedir. Konut değerinin % 25'i tutarında peşinatı olan tüketiciler için ise; Bankaların konut finansman maliyeti tutarı peşinat dâhil, 465.469,16 TL, elbirliği sisteminde maliyeti ise 319.470 TL olduğu tespit edilmiştir. Bu durumda elbirliği sistemi 145.999,16 TL daha avantajlıdır. Konut finansmanı ödemesi peşinatlı sistemde 120 ay vadede % 25 peşinatla 38. Aya kadar yapılmakta olduğu için; 38. Aya kadar meydana gelebilecek konut fiyat artışları, kira ödemeleri ve kira artışları, peşinat tutarının faiz veya kar payı getirileri de dikkate alındığında Elbirliği sisteminde konut finansman maliyeti 433.027,20 TL dir. Yine bankaların konut finansman maliyetine bakılarak, konut finansmanını son teslim alan kişinin bile 32.441,96 TL kar ettiği görülmüştür. Bu yöntem ile elbirliği sisteminde konut finansmanı kullanan tüm tüketicilerin, bankalardan konut finansmanı kullanan tüketicilere göre daha avantajlı olduğu belirlenmiştir. In this study, the factors affecting the housing price increases were analyzed with statistical data after the recent information on Turkey's housing policy was given. In the application section, the bank housing loans which are the most popular mortgage financing tools of today, are compared with the costs of the hand cooperation system preferred by the Islamic section for housing financing, since it's generally free of interest. As a result it is seen that hand cooperation system, which is not as demanding as the bank housing loans, is more advantageous than bank housing loans in some cases.For a house with a value of TL 300.000, when it is calculated considering housing inflation, rent loss and rent increases under the assumption that finance can be obtained up to 75 % ine with 120 months maturity; If the inflation rate is 10 %, it is seen that the consumers who receive the financing amount after 45th have started to suffer losses. If the inflation rate is 20 %, then the consumers who receive the financing amount after 31st is harmed.For consumers who have a down payment of 25 % of the housing value; The amount of the housing financing costs of the banks including the down payment was determined as 465.469,16 TL and the cost in the Cooperation System was 319.470 TL. In this case, Cooperation system is more advantageous TL 145,999.16. Because the payment of the housing financing is carried out up to 38th month in advance payment of 25 % in 120 months in advance payment system; 38. Housing financing cost is 433,027,20 TL in the Cooperation system when the house price increases, rent payments and rent increases that can occur up to the month, and the interest or profit share income of the down payment amount are taken into account. Again, considering the financial cost of housing financing, it is seen that even the person who has recently received housing financing has made a profit of 32.441,96 TL. With this method, it is determined that all consumers who use housing financing in the cooperative system are more advantageous than consumers who use housing financing from banks. 104

The financialization of the British economy has occurred in part due to the deregulation of the financial sector by the Thatcher government, which was necessary to support their drive to widen access to private housing. However, explaining how the macroeconomic effects of increased homeownership and mortgage credit under the Thatcher government can be more concretely linked to the micro-foundations of the economy and subject formation remains an under-explored research area. This paper contributes to such research through the use of Foucault’s theory of morality to explain how the Thatcher government promoted an ethics-oriented morality that transformed private homeownership into a dominant social norm and established a mortgage-led accumulation regime in Britain. Additionally, the widespread acceptance of private homeownership subjected the British public to the disciplinary rules-oriented morality of mortgage finance, which integrated a previously fractured social base into a functioning social formation under British neoliberalism.

This research investigated Social impact investment (SII), which aims to generate and actively measure social and financial returns. There are several promising SII models—including housing supply bonds, property funds, funding social enterprises, social impact bonds and social impact loans. Effective SII requires suppliers of goods and services, intermediaries, suppliers of capital, government and beneficiaries to work together usc Refereed/Peer-reviewed

Beirut, today, is a giant construction site. Over the past 25 years, the Lebanese metropolis has experienced a property-led (re)development process that has gone far beyond the controversial downtown megaproject, Solidere, initiated just after the country emerged from civil war. Its most conspicuous manifestations are the proliferation of condominium towers, the three-digit inflation of land and real estate prices, and the unprecedented growth of mortgage-based homeownership. The objective of this thesis is to unravel the mystery of this post-war property frenzy by identifying the major drivers, mechanisms and agents that underlie a financialized trajectory of urban change, a trajectory clearly embedded in globalized circuits of capital and people. To do so, it develops an institution-based and regulation-inspired investigation that reveals, by means of a concept I have termed ‘pegged urbanization,’ the interdependance of Beirut’s urban production and the amplification and reproduction of Lebanon’s rentier and finance-led form of capitalism. This shows the nature, intensity and features of the city’s development activity to be, first and foremost, socially produced phenomena shaped by the post-1990 recovery and the growth strategy intended to restore the country’s position as a financial hub in the Middle East. The thesis begins with an explanation of its plurilevel and multidisciplinary theoretical social science framework. It then introduces the work’s key conceptual contribution, the regulation-urbanization nexus of post-war Lebanon’s political economy in which the property market, through its financing of both demand and supply, is the peg. The market, more specifically, is conceptualized as an institution of regulation governed through the state by local elites in order to stimulate economic growth and secure short-term financial and monetary stability. In contrast to mainstream beliefs in the failure of the Lebanese state and the spontaneous and self-adjusting character of supply and demand, the local property market is argued to be the product of public policies, particularly those of the central bank. Analysis of the state-sponsored centrality of real estate and construction activity to Lebanese capitalism, and its links to the financial sector, has exposed the influence of polical-economic dimensions such as elite growth politics and the accelerated financialization of property on Beirut’s production of space. It is shown to be equal to that of the country’s sectarianism. Next explored are the concrete repercussions of the state-sponsored nexus on the key workings of the development process (i.e., price formation, property cycles, construction dynamics); the profile, practices and elite networks of city builders; and the financing and functioning of the system of local housing provision. Also brought to light are its implications for social structures and relations in Lebanese society and for the multidimensional nature and exercise of urban power. The research concludes with an identification of the risks, to 2018, run by the Beirut-based property sector. Against a background of the further entwinment of the property and finance spheres, a property crisis, if it occurs, could weaken the fundamentals of the local model of ‘pegged urbanization’ and, more widely, threaten the precarious stability of post-war Lebanon’s political economy., Beyrouth est une métropole en chantier. La capitale libanaise connaît depuis 25 ans un processus de (re)développement urbain intensif qui dépasse largement la reconstruction controversée de son centre-ville (Solidere) initiée au lendemain de la guerre civile. La multiplication des tours résidentielles de standing, l’inflation galopante des prix du foncier et de l’immobilier, et l’expansion sans précédent des programmes de prêts pour l’accession à la propriété en sont les manifestations les plus évidentes. L’objectif de cette thèse est de percer le mystère de cette frénésie immobilière, en identifiant les principaux moteurs, mécanismes et acteurs d’une expansion urbaine de plus en plus connectée aux réseaux transnationaux de capitaux et de personnes. Pour ce faire, cette étude adopte une approche institutionnelle, influencée par la théorie de la régulation, et élabore la notion ‘d’urbanisation arrimée’ pour conceptualiser l’interdépendance croissante entre la fabrique de la ville à Beyrouth et les transformations et la reproduction d’un capitalisme libanais toujours plus rentier et financiarisé. Ainsi, la nature, l’intensité et les principales caractéristiques de la production urbaine locale sont analysées comme des phénomènes sociaux générés par une stratégie de reconstruction et de croissance qui vise, depuis le début des années 1990, à restaurer la position du Liban comme l’une des principales places bancaires du Moyen-Orient.À l’issue de la présentation d’un cadre théorique qui adopte une approche multiscalaire et interdisciplinaire en sciences sociales, cette recherche commence par examiner le rôle du marché immobilier comme point d’ancrage (peg) de l’interaction entre urbanisation et régulation du capitalisme au Liban. Le marché immobilier à Beyrouth est plus particulièrement théorisé comme une institution de régulation, gouvernée, à travers l’État, par des élites locales qui cherchent, à tout prix, à stimuler la croissance économique et à préserver une stabilité financière et monétaire précaire. À rebours des croyances dominantes sur l’absence de l’État au Liban, et sur le caractère naturel et spontané de l’offre et de la demande, ce marché est décrit comme une construction sociale façonnée par les politiques publiques, en particulier celles de la banque centrale. À bien des égards, cette analyse de la centralité des secteurs de l’immobilier et de la construction dans le capitalisme libanais, ainsi que leurs liens étroits avec le secteur financier, est une étape obligée pour démontrer pourquoi et comment les dimensions d’économie politique (politiques de croissance et financiarisation de l’immobilier) sont devenues des composantes essentielles de la production de l’espace à Beyrouth, au même titre que les dimensions politico-confessionnelles. Cette thèse examine ensuite les répercussions et manifestations concrètes de cette dyade régulation-urbanisation sur les mécanismes clés du développement urbain : formation des prix, cycles immobiliers et forme urbaine. Elle en identifie aussi les conséquences sur le profil, les pratiques et les réseaux des acteurs de l’industrie immobilière ainsi que sur le financement et le fonctionnement des filières de production de logements. Elle met également en évidence son impact croissant sur les structures et les relations sociales au sein de la société libanaise ainsi que sur la nature et les formes d’exercice du pouvoir urbain. En guise de conclusion, cette recherche au long cours met en garde contre les risques sérieux qui pèsent sur le secteur immobilier beyrouthin en 2018. Dans le contexte d’un enchevêtrement accru de l’immobilier et de la finance, une crise immobilière majeure, si elle venait à advenir, pourrait remettre en question les fondamentaux de ce modèle ‘d’urbanisation arrimée’ et menacer, plus largement, la stabilité financière, sociale et politique d’un Liban aux équilibres fragiles.

Due to copyright restrictions, the access to the full text of this article is only available via subscription. To date, quantitative analysis on the depth of mortgage markets across a broad set of countries has been very limited. This paper uses a rich and balanced data set on 31 European countries to investigate the cross-country variations in the depth of mortgage markets during the period 2005–2012. The present paper might be accepted as the updated and enriched version of existing research for the European region in terms of the coverage of countries, historical data and the empirical analyses. Our empirical findings reveal that developed countries have sizeable residential mortgage markets and this is mainly associated with higher urbanization rates and stronger legal rights. One of the most notable results of this study is that, statistical significance of explanatory variables in modeling the depth of the mortgage markets depends heavily on both the variables, countries (regions) included in the models and the regression methodology used. Hence, we argue that strong conclusions based on such analyses should be avoided and the findings of previous research on the variations of the depth of mortgage markets should be carefully evaluated.

In the construction sector, innovative approaches contribute to establish the stable market. For example construction sector, that initially considered the construction cost, the economic and the financial indications, also began to take into account the general structure of society. From the point of success of a project, it is extremely crucial to consider the demographical characteristics of individuals in the target group when a project is in the development phase. The aim of the study is to identify whether there is a effect of demographic characteristics such as gender, age, marital status, education level, occupation and income level on housing investment preferences. In this study, survey techniques has been applied on a sample size of 784 people selected from households living in Istanbul and the viewpoint of households to housing investments has been evaluated through SPSS program. The effects of demographic characteristics on housing investment preferences was tested with chi-square test. The attitudes to alternative investments, ownership status, purposes of buying house and using financial methods was analysed.