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This study investigates the relationship between household credit and banking stability in Malaysia using a sample of 37 commercial banks spanning the period from 2008 to 2015. In analyzing household credit’s influence on the Malaysian banking sector’s stability, household credit was categorized into two components, namely mortgage and consumer credit. The Banking Stability Index (BSI) for each bank is constructed using 15 bank-specific variables and some macro-economic variables. The determinants of the BSI are estimated using a static panel data technique. The fixed-effects regression results showed a statistically significant negative relationship between both forms of household credit (mortgage credit and consumer credit) upon the banking sector’s stability. The finding signals that understanding the link between household credit and the Bank Stability Index is crucial to the policymakers and the banks’ management in closely monitoring household credit, particularly mortgage and consumer credit.

Digital-marketing market is growing exponentially. There are a lot of services, platforms and technologies that are used for business promotion. While 10 years ago only Google and Facebook were available, today we can see thousands of various solutions. Analysts forecast transit of all industries to digital space. Changes in behavioral skills of customer finance services and growing competitive pressure on the part of start-ups ruin conventional business-models and induce us to develop new strategies. Therefore banks and other regulated finance intermediaries try, with due regard to their budgets, to master as quickly as possible innovations in the field of finance technologies and alter formats of client service. A typical feature of today’s society development is increasing innovation of all spheres of human activity. For example, now we can observe break-through innovation in technology, which changes not only technical and technological foundations of economy but drastically influence different processes in the social sphere. Researching credit strategies within the frames of economic behavior of the population is connected mainly with studying the grounds, key trends and consequences of individuals’ operations on finance service market. The article investigates specific features of Russian citizens’ behavior in the segment of mortgage crediting and auto-crediting, analyzes figures of banks in crediting individuals and shows risks of repayment delay. The authors systematized key concepts of regulating credit and finance markets, which is needed for the process of designing the effective regulatory model that takes into account specific features of markets. The findings of the research can be used in assessing the efficiency and improvements in international coordination of national regulators on finance markets.

Purpose The purpose of this study is to examine whether there is a causal relationship between mortgage credit and house prices in Turkey. Design/methodology/approach Granger causality test, Toda–Yamamoto causality test, Fourier Granger causality test and Fourier Toda–Yamamoto causality tests are applied. Findings The findings show that there is a strong one-way causality between mortgage credit and house prices and that the developments in credit markets are more decisive in the relationship between mortgage credit and house prices than the developments in the housing markets. Practical implications Considering a causal relationship between mortgage credit and house prices may contribute to more efficient use of the tools of both macroeconomic and microeconomic policies for the mortgage credit and housing markets in Turkey. Furthermore, by understanding the importance of the direction of causality between both dynamics, it may be possible to prevent and/or mitigate the negative effects of large house price movements on both Turkish housing and mortgage markets as well as on Turkish economy. Originality/value To the best of the authors’ knowledge, the contribution of this study is to examine for the first time whether the causal relationship between mortgage credit and house prices in Turkey is mutual as well as to apply four different causality tests and to compare their results for the first time.

This working paper provides an updated overview of the financial block satellite model in COSMO. This block allows for an analysis of macrofinancial relationships and links these back into the main COSMO specification. The critical importance of appropriately assessing macro-financial linkages in any assessment of macroeconomic stability and financial resilience has been clearly demonstrated by the global financial crisis in 2007. In light of this, considerable work has been done since the crisis to update macroeconomic models to take account of financial channels and assess financial stability risks. This update to the suite of macro-financial linkages in COSMO revisits equations for financial distress (mortgage arrears and firm insolvencies), mortgage, consumer and non-financial credit, house prices and housing supply. A new exogenous policy variable related to regulatory bank capital is also incorporated. The paper provides updated equations and estimations of long and short run relationships. It also provides an overview of the linkages with COSMO and provides an illustration of how a shock to the banking sector capital ratio propagates through the satellite model and the broader macroeconomic model.

Resumo O objetivo deste artigo é compreender, comparativamente, o crédito hipotecário, condicionado pela produção, produtividade e estrutura agrária entre 1890 e 1929 de duas regiões cafeeiras, fronteiriças e dinâmicas: Sudoeste de Minas Gerais e Nordeste Paulista. A partir de dados das hipotecas e do censo de 1920, verificamos empréstimos financeiros em valores expressivos para ambas as regiões. O crescimento econômico do Sudoeste de Minas Gerais relativamente ao Nordeste Paulista ocorreu com a menor necessidade ou possibilidade de financiamento. Ao testarmos a diferença entre as duas regiões com relação às variáveis valor real, prazos e juros das hipotecas, constatamos para as duas primeiras que o crédito se diferenciava. A arbitragem dos dois mercados hipotecários não permitiu a existência de diferenças entre as regiões para a variável taxas de juros, revelando a integração financeira regional. Assim, demonstramos as diferenças entre os dois espaços, salientando a necessidade de considerar a questão regional nos estudos acerca do crédito. Abstract The objective is to understand, comparatively, the mortgage credit, conditioned by the production, productivity and agrarian structure between 1890 and 1929 of two coffee regions, border and dynamic: Southwest of Minas Gerais and Northeast Paulista. Based on data from mortgages and the 1920 census, we verified financial loans in expressive amounts for both regions. The economic growth of the Southwest of Minas Gerais relative to the Northeast of São Paulo occurred with the least need or possibility of financing. When testing the difference between the two regions with respect to the variables real value, terms and interest on mortgages, we found for the first two that credit was different. The arbitrage of the two mortgage markets did not allow for differences between regions for the variable interest rates, revealing regional financial integration. Thus, we demonstrate the differences between the two spaces, highlighting the need to understand the regional issue in studies about credit.

On 23 March 2017, the Act on mortgage credit and supervision of mortgage credit intermediaries and agents was passed, which implements Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010. The Act on mortgage credit under examination contains consumer protection standards for mortgage banking services, which can pursue objectives and perform macro-prudential functions in the fi nancial system. The Act also provides for the supervision of mortgage intermediaries and their agents providing mortgage credit services, rightly considering that since this is a matter of macro-prudential substance and capable of having an impact on fi nancial stability, a comprehensive supervision of the activities of mortgage intermediaries and agents is justifi ed. The aim of the study is to (i) examine the provisions of the Act on mortgage credit from the perspective of its macro-prudential content; (ii) reconstruct this potentially macro-prudential content; (iii) assess the regulatory arrangements for credit intermediaries and residential immovable property agents adopted by the Act; and (iv) address the issue, relevant to the theory of fi nancial market law, of the interference between private and public law rules in terms of their macro-prudential content and macro-prudential policy. It is also intended to perform a comparison of the provisions of the Act on mortgage credit with selected recommendations of Recommendation S of the Financial Supervision in order to assess their macro-prudential nature and the appropriateness of the regulatory solutions adopted by means of an act or by means of national soft banking law to which Recommendation S belongs.

The essence of the mortgage, the modern state of mortgage lending in Ukraine in terms of the currency of lending, the term of lending and the borrowers are examined and analyzed in the article. The structure of the bank mortgage crediting is investigational, the influence of the factors, related to the consequences of economic crisis, instability of currency national exchange rate, dilutive expectations of population, is determined. The attention is focused on the mortgage loans given to households in terms of currencies.The tendencies of the mortgage crediting in the banking system in modern terms and their negative influence on the economy of the state and on banking sector are described. The problems that hinder intensive development of mortgage lending in Ukraine are defined., У статті розглянуто та проаналізовано сучасний стан іпотечного кредитування в Україні в розрізі валют кредитування, термінів кредитування та позичальників. Досліджено структуру банківського іпотечного кредитування, визначено вплив на неї чинників, пов’язаних з наслідками економічної кризи, нестабільності курсу національної валюти, девальваційними очікуваннями населення. Акцентовано увагу на іпотечних кредитах, наданих домашнім господарствам у розрізі валют. Охарактеризовано тенденції іпотечного кредитування в банківській системі в сучасних умовах та їх негативний вплив на економіку держави і банківський сектор. Визначено проблеми, що перешкоджають інтенсивному розвитку іпотечного кредитування в Україні., В статье рассмотрено и проанализировано современное состояние ипотечного кредитования в Украине в разрезе валют кредитования, сроков кредитования и заемщиков. Исследована структура банковского ипотечного кредитования, определено влияние на нее факторов, связанных с последствиями экономического кризиса, нестабильности курса национальной валюты, девальвационными ожиданиями населения. Акцентировано внимание на ипотечных кредитах, предоставленных домашним хозяйствам в разрезе валют.Охарактеризованы тенденции ипотечного кредитования в банковской системе в современных условиях и их негативное влияние на экономику государства и на банковский сектор. Определены проблемы, которые препятствуют интенсивному развитию ипотечного кредитования в Украине

Mestrado em Mathematical Finance O crédito hipotecário abrange créditos destinados à aquisição, construção, arrendamento e/ou manutenção de habitação. O modelo de scoring permite distinguir os bons e maus créditos, através do perfil de risco dos clientes, seguindo-se a decisão de conceder ou não crédito. O objetivo deste trabalho foi desenvolver um processo de monitorização aplicado ao modelo de scoring de crédito hipotecário para concessão da Caixa Geral de Depósitos. O propósito desta monitorização é verificar se o modelo, implementado em junho de 2018, mantém uma boa capacidade preditiva. Em particular, pretende-se verificar a fiabilidade do modelo, as suas características discriminantes, a sua performance, entre outros. Adicionalmente, esta monitorização tem como objetivo realizar atualizações no modelo e, em casos extremos, o desenvolvimento de um novo modelo. Mortgage credit includes credits for the purchase, construction, lease and/or house maintenance. The scoring model makes it possible to distinguish between the good and bad credits, through the risk profile of customers, and then make the decision on whether grant or not grant credit. The objective of this work was to develop a monitoring process applied to the mortgage credit scoring model for the granting of Caixa Geral de Depósitos. The purpose of this monitoring is to verify whether the model, implemented in June 2018, maintains a good predictive capacity. In particular, it is intended to verify the model's reliability, its discriminating characteristics and its performance, among others. Additionally, this monitoring aims to make updates the model and, in extreme cases, the development of a new model. info:eu-repo/semantics/publishedVersion

Trabajo realizado para mejorar el producto de credito hipotecario en el sector financiero colombiano, adecuado a estratos menos favorecidos y aplicando con subsidios del gobierno. Work done to improve the mortgage credit product in the Colombian financial sector, adapted to less favored strata and applying with government subsidies. Especialista en gerencia empresarial http://www.ustadistancia.edu.co/?page_id=3956 Especialización

Entre las herramientas matemáticas y estadísticas para modelar problemas o fenómenos financieros, son pocas aquellas que permiten modelar escenarios de contagio y agrupamiento de sucesos, es decir, aquellas situaciones en las que encontramos que hay ocurrencia de sucesos de manera que, si las organizamos en el tiempo, se evidencian agrupamientos. En este trabajo en particular, abordaremos un método basado en procesos estocásticos para modelar situaciones de agrupamiento, el cual generaliza los procesos de Hawkes y los procesos doblemente estocásticos con intensidad de shot noise, conocido como el proceso de contagio dinámico [Dassios and Zhao, 2011]. Este proceso considera factores endógenos y exógenos que pueden potencialmente tener un impacto en el sistema que se está estudiando y los cuales son llamados los saltos auto-excitados y externamente excitados respectivamente. Usando este proceso se modelará la crisis bancaria colombiana de 1998 y se evaluará la pertinencia de esta herramienta en este tipo de situaciones de crisis económica y financiera. Finalmente, una medida distinta de riesgo financiero es introducida a partir de estos modelos. Among the mathematical and statistical tools for modeling financial problems, few are those that allow modeling contagion scenarios and event clustering, that is to say, when events happen and we organize them chronologically we can see groups of events in certain periods of time. In this work, we will address in particular a method based on stochastic processes that models clustering situations and generalizes the Hawkes processes and the doubly stochastic processes with shot noise intensity, known as the dynamic contagion process [Dassios and Zhao, 2011]. This process takes into consideration endogenous and exogenous factors that potentially could have an impact in the underlying system and which are called self-excited and externally excited jumps respectively. By using this process, we will model the Colombian banking crisis of 1998 and we will evaluate the relevance of this tool in this kind of economic and financial crisis situations. Finally, a different financial risk measure is introduced on the basis of these models. Maestría

La construcción es considerada como un sector líder en diferentes economías alrededor del mundo, esto teniendo en cuenta la forma en que se relaciona con otras industrias impulsando su desarrollo y convirtiéndose en una fuente importante para la generación de empleo. Particularmente, en Colombia la construcción de edificaciones ha tenido una participación importante en la dinámica económica del país; sin embargo, después de la crisis financiera internacional de 2008 sus indicadores comenzaron a caer lo que se interpretó como un signo de desaceleración económica. Ante este panorama, la respuesta del gobierno fue la implementación de medidas contra-cíclicas que le hicieran frente a esta crisis; una de estas medidas fue la implementación de un subsidio a la tasa de interés cobrada en los créditos hipotecarios para vivienda nueva el cual fue denominado Cobertura de interés FRECH, el programa tuvo tanta acogida que logro extenderse por varias vigencias más. De este modo, el nuevo subsidio involucró algunos jugadores como lo fueron las compañías constructoras de vivienda que se encargaron de suplir la demanda y las entidades financieras quienes funcionaron como intermediarias para el otorgamiento de la Cobertura. En este sentido, el objetivo de esta investigación es analizar el comportamiento de los indicadores de edificación de vivienda y los de crédito hipotecario vivienda nueva después del lanzamiento del subsidio Cobertura de interés FRECH; así mismo, determinar la relación existente entre estos indicadores y finalmente analizar el desempeño en los márgenes de rentabilidad de las compañías constructoras de vivienda con mayores ventas en el país durante el periodo 2006-2015. Construction is considered a leading sector in different economies around the world, considering the way it relates to other industries by driving its development and becoming an important source for job creation. In Colombia, the construction of buildings has had an important participation in the economic dynamics of the country; however, after the 2008 international financial crisis its indicators began to drop what was interpreted as a sign of economic slowdown. Against this background, the government's response was the implementation of counter-cyclical measures to address this crisis; one of these measures was the implementation of an interest rate subsidy charged on new home mortgage loans, which was called FRECH Interest Coverage, the program was so well received that it managed to extend for several more validity. In this way, the new subsidy involved some players, such as the housing building companies that were responsible for supplying the demand and the financial institutions that served as intermediaries for the granting of coverage. In this sense, the objective of this research is to analyze the behavior of housing building indicators and new home mortgage credit indicators after the launch of the FRECH Interest Coverage subsidy; also, to determine the relationship between these indicators and finally to analyze the performance in the profit margins of the best-selling housing companies in the country during the period 2006-2015. Magíster en Gestión Financiera

Важность развития ипотечного кредитования в России определяется социальными, экономическими, политическими причинами. В РФ накоплен достаточный потенциал для совершенствования этого сегмента. Тем не менее, наблюдается ряд серьезных проблем ипотечного кредитования. Среди них на макроэкономическом уровне выделяются: уменьшение платежеспособности населения, недостаточное функционирование внутреннего рынка рефинансирования, высокий уровень инфляции, ослабление курса национальной валюты, высокие цены на недвижимость, негативная политическая обстановка, недостаточное участие государства в поддержке ипотеки и другие. На микроэкономическом уровне отмечаются следующие проблемы: высокая процентная ставка, сложности оформления, высокий удельный вес невозврата кредитов, большая величина первоначального взноса. Их решение необходимо осуществлять комплексно на макро- и микроэкономическом уровнях. Так, предлагается уделить внимание совершенствованию государственных программ по развитию ипотеки, а также проводить взвешенную денежно-кредитную политику., he importance of mortgage credit developing in Russia is determined by social, economical and political reasons. In RF there is a great potential of developing of this sphere. Nevertheless, there are named some serious problems in the sphere of mortgage credit. Among them there are problems on macroeconomical level: the decrease of solvency of the population, insufficient functioning of the domestic refinancing market, high level of inflation, weakening of the national currency, high real estate prices, negative political situation, insufficient state participation in mortgage support and the other. On the microeconomical level there are fixed the following reasons: high credit rates, the registration difficulties, high percentage of non-repayment of loans, large amount of down payment/ They must be solved in a complex both on macro- and micro economical level. Thus, it is proposed to pay attention to improving state programs for the development of mortgages, as well as to conduct a balanced monetary policy., Актуальные вопросы современной экономики, Выпуск 9 2020

The article investigates the wording of the category ‘credit’. It enumerates key features of the credit. On the basis of distinguishing characteristics the field of consumer credit was identified. The broad interpretation of consumer credit was provided with classifications by certain criteria. The article shows the difference between mortgage credit and consumer credit and formulates narrower, western interpretation of consumer credit. The author discusses different views on the essence of the category ‘consumer credit’ – POS – credits and non-target bank credits, as well as other limits of understanding. The author formulated his own idea of consumer credit by incorporating retail and mortgage crediting in this notion. As a result the author gives the definition of the category ‘consumer credit’.

[Resumen]: El principio de crédito responsable se manifiesta a través de una serie de conductas recogidas en las Directivas 2008/48/CE de crédito al consumo, y 2014/17/UE de crédito hipotecario. Sin embargo, el contenido del principio difiere de una Directiva a otra. En la Directiva 2008/48/CE observamos un enfoque reducido del principio, mientras que en la Directiva 2014/17/UE, el contenido se amplía incluyendo un mayor número de conductas. [Abstract]: The responsible lending principle is stated through an array of conducts contained in the Consumer Credit Directive, and in the Mortgage Credit Directive. However, the content of the principle is different in each one. The Consumer Credit Directive shows a reduced perspective of the principle, whereas the Mortgage Credit Directive contains a wider perspective of it.

espanolEste articulo examina el mercado de credito hipotecario del Peru durante la era del guano y analiza los efectos de la creacion de los bancos hipotecarios en la asignacion del credito. El articulo muestra que los bancos hipotecarios operaron como intermediarios interregionales y facilitaron el acceso a credito de largo plazo a duenos de propiedades inmuebles. Sin embargo, los bancos no ampliaron el acceso al credito. Como los prestamistas privados, los bancos hipotecarios mayormente prestaron a comerciantes y propietarios de inmuebles de Lima y a hacendados de los principales valles costeros. EnglishThis article examines the mortgage credit market of Peru during the guano era and analyses the effects of the creation of mortgage banks on the allocation of credit. It shows that mortgage banks served as interregional intermediaries and facilitated access to long-term credit for large estate owners. However, banks did not broaden access to credit. As private lenders, mortgage banks loaned largely to Lima’s merchants and renters and to hacendados from the main coastal valleys.

Resumen El crédito hipotecario es reconocido en Colombia como una de las herramientas más utilizadas para obtener vivienda propia. Esta investigación identifica los principales determinantes del crédito hipotecario, y estima la influencia de factores como la educación, el ingreso y el empleo en la probabilidad de hacer uso efectivo de tal crédito por parte de los hogares bogotanos. Con tal propósito, se realiza una descripción del marco normativo del acceso a la vivienda y las condiciones de financiación establecidas por las principales entidades bancarias. Posteriormente, y con base en los datos recolectados por la encuesta multipropósito, realizada en 2014, para Bogotá, se estima un modelo Logit para establecer la probabilidad de uso del crédito para la compra de vivienda. Los resultados sugieren que la edad, el ingreso y la estabilidad laboral influyen significativamente sobre la decisión de uso de crédito; sin embargo, el factor más importante está dado por el nivel de educación. JEL Classification: D14, H31, G21 Abstract Mortgage credit is recognized in Colombia as one of the most used tools to obtain homeownership. This research identifies the main determinants of mortgage credit and estimates the influence of factors such as education, income and employment in the probability of making effective use of such credit by households in Bogota. In order to aim that purpose, this paper makes a description of regulatory framework for access to housing and the financial conditions established by major banks. Subsequently, and bases on the data gathered by the multipurpose survey made in 2014 for Bogota, a Logit model was estimated to establish the probability of use of credit for the purchase of housing. The results suggest that age, income and job stability influence the decision to use mortgage credit, however, the most important factor is given by the level of education. JEL Classification: D14, H31, G21

Mortgage credit is recognized in Colombia as one of the most used tools to obtain homeownership. This research identifies the main determinants of mortgage credit and estimates the influence of factors such as education, income and employment in the probability of making effective use of such credit by households in Bogota. In order to aim that purpose, this paper makes a description of regulatory framework for access to housing and the financial conditions established by major banks. Subsequently, and bases on the data gathered by the multipurpose survey made in 2014 for Bogota, a Logit model was estimated to establish the probability of use of credit for the purchase of housing. The results suggest that age, income and job stability influence the decision to use mortgage credit, however, the most important factor is given by the level of education., El crédito hipotecario es reconocido en Colombia como una de las herramientas más utilizadas para obtener vivienda propia. Esta investigación identifica los principales determinantes del crédito hipotecario, y estima la influencia de factores como la educación, el ingreso y el empleo en la probabilidad de hacer uso efectivo de tal crédito por parte de los hogares bogotanos. Con tal propósito, se realiza una descripción del marco normativo del acceso a la vivienda y las condiciones de financiación establecidas por las principales entidades bancarias. Posteriormente, y con base en los datos recolectados por la encuesta multipropósito, realizada en 2014, para Bogotá, se estima un modelo Logit para establecer la probabilidad de uso del crédito para la compra de vivienda. Los resultados sugieren que la edad, el ingreso y la estabilidad laboral influyen significativamente sobre la decisión de uso de crédito; sin embargo, el factor más importante está dado por el nivel de educación

Kreditna se analiza odnosi, ne samo na ocjenu globalne kreditne sposobnosti kupaca, nego i na utvrđivanje maksimalnog iznosa kredita koji neki kupac može podnijeti. Banke prije odobravanja kredita rade kreditnu analizu, odnosno izračunavaju kreditnu sposobnost dužnika. U ovom se radu obrađuje pojam i vrste kredita te značaj kredita u gospodarstvu. Kredit je određeni novčani iznos koji se odobrava korisniku kredita na određeni rok i uz određenu cijenu. Potom, objašnjen je kreditni proces i navode se koraci koji su ključni u procesu kreditiranja, kao i dijelovi ugovora o kreditu. Kroz rad obrađuju se konkretni primjeri zahtjeva za poslovni, potrošački i hipotekarni kredit. Kako bi se utvrdila vjerojatnost toga da dužnici neće kasniti u otplati kredita, odnosno kako bi se razlučili dobri od loših dužnika, koristi se scoring metoda. Na kraju rada donosi se zaključak da je cijeli postupak kreditiranja zapravo kompleksan i zahtjevan, unatoč tome što su krediti danas dostupni gotovo svima. Credit analysis refers not only to an assessment of a client's overall credit capability, but also to a process of determining the maximum credit amount a buyer can bear. Before approving credit, banks make a credit analysis i.e. a calculation of the credit capability of the debtor. This paper explains the notion and types of credit as well as the significance of credit in the economy. Credit is a particular amount of money that is approved to the credit user for a particular amount of time and at a particular price. Also, the crediting process is explained and the key steps in the process of crediting are listed, as well as the parts of the credit agreement. Throughout, the paper covers concrete examples of requests for commercial, consumer and mortgage credits. To determine the probability that the debtor will not be late with paying back of the loan, i.e. to discern the good from the bad, a scoring method will be used. At the end of the paper it is concluded, that although credit today is available to almost everybody, the entire process of crediting is in fact complex and demanding.

El trabajo materia de investigación, buscará establecer los criterios normativos necesarios para la implementación de la Hipoteca Inversa en el Perú como complemento al sistema previsional peruano, debido a que dicho instrumento jurídico consistirá en ser un crédito hipotecario pero dirigido a propietarios de la tercera edad. La población en el Perú está envejeciendo rápidamente y resulta lógico que un buen porcentaje de esos adultos mayores van a llegar a la edad de jubilación sin haber ahorrado lo suficiente para financiar una pensión durante su vejez, por tanto, es importante promover mecanismos para proveer un ingreso digno a los adultos mayores que les permita establecer vías de mejora en su calidad de vida. Trabajo de investigación

Diplomsko delo obravnava proces pridobitve hipotekarnega kredita v Novi Ljubljanski banki, d. d. Problem obstoječega procesa pridobitve hipotekarnega kredita predstavljajo aktivnosti na posameznih oddelkih, ki jih je mogoče združiti z istočasnim izvajanjem, zato se diplomsko delo osredotoča na prenovo obstoječega postopka. V prvem delu predstavim problem procesa, cilje in namen diplomskega dela. V drugem delu predstavim teoretično podlago, da bi bolje razumeli poslovni proces. Opisane so faze prenove poslovnega procesa, cilji in namen prenove ter modeliranje in tehnike. Opisana je tudi organizacija, v kateri se poslovni proces izvaja. Zadnji del temelji na obstoječem postopku, v katerem s pomočjo programa IGrafx, torej z rezultati simulacij, ugotovim slabosti. Na podlagi rezultatov izvedem prenovo obstoječega postopka ter dobim prenovljeni postopek in ga analiziram, ali je postopek hitrejši od obstoječega. S tem potrdim zastavljeno hipotezo. This thesis deals with the acquisition of a mortgage credit at Nova Ljubljanska banka, d.d. The main issue of the existing process of acquiring such a credit is the amount of activities in individual departments that could be merged by performing them simultaneously. The first part discusses the issue of the process and presents the goals and the purpose of the thesis. The second part contains the theoretical grounds for better understanding of the business process. It also describes the phases of renewing the business process, the goals and the purpose of the renovation, and modelling and techniques. Moreover, it provides insight into the organisation which has the said business process in place. The final part attempts to determine the weaknesses of the existing process using IGrafix simulation software. The results are used for the renovation of the procedure, which is analysed in order to determine whether it is faster than before. The hypothesis was confirmed.

Se analiza las ventajas y desventajas que traería consigo el ingreso de este mecanismo de acceso al crédito a nuestro sistema financiero, teniendo en consideración la experiencia comparada. Así, se manifiesta que es menester esperar la aprobación de la ley y su reglamento para poder determinar si efectivamente será una herramienta que facilite el acceso al crédito.

We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets and the economy. Through a narrative analysis, we identify historical policy changes leading to expansions or contractions in agency mortgage holdings. Based on those regulatory events that we classify as unrelated to short-run cyclical or credit market shocks, we find that an increase in mortgage purchases by the agencies boosts mortgage lending, in particular refinancing, and lowers mortgage rates. Agency purchases influence prices in other asset markets, stimulate residential investment and expand homeownership. Using information in GSE stock prices to construct an alternative instrument for agency purchasing activity yields very similar results as our benchmark narrative identification approach. The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

Trabajo de fin de Grado. Grado en Derecho. Curso académico 2016-2017, [ES] El presente trabajo tiene por objeto el estudio de la actual problemática que ha acarreado la inclusión de cláusulas suelo o cláusulas IRPH en contratos de préstamos hipotecarios. Tanto las cláusulas suelo como las cláusulas IRPH han supuesto un perjuicio para los consumidores que contrataron con las entidades bancarias estas disposiciones que aunque lícitas, su importante falta de información hacia el consumidor conlleva a declararlas como cláusulas abusivas y por tanto nulas en todo contrato. El derecho de información del consumidor no solo consiste en lo escrito en el contrato sino que la entidad bancaria debe explicar con precisión el funcionamiento y comportamiento de ese contrato. Repasaremos las resoluciones más importantes de los tribunales relativas a la nulidad de las cláusulas, así como su retroactividad y profundizaremos en la doctrina instaurada por el Tribunal Supremo sobre el doble control de transparencia que debe superar una cláusula para no ser considerada abusiva., [EN] The present dissertation aims to study the actual problem occasioned by the inclusion of “floor clauses” or IRPH clauses in the mortgage credit. “Floor clauses” and IRPH clauses have been detrimental for the consumers who take on these clauses with the bank company. Although these clauses are lawful, the breach of the duty of information for the consumer to declare them as unfair terms and to annul them. The right to information does not only consist on which is written in the contract, the bank company has the duty of explaining accurately the functioning and behavior of that contract. We will review the most important judgments concerning the nullity of the clauses, as well as their retroactivity, and we will go into detail about the doctrine established by the Tribunal Supremo on the double transparency control which must overcome any clause in order not to be considered unfair.

In the XXI century under condition of urbanization and promote comfort as life purpose and meaning of its own comfortable and functional accommodation becomes a dream and an important element of the life strategies of the ordinary citizens of our country. The purpose of the article is to describe the well-established and new socio-economic practices to improve the living conditions in the Russian city, to assess their prevalence, identify strategies to improve the living conditions of the youth. The main methods of the study were secondary data analysis of domestic and foreign sociological research of the housing sector and focus groups on the problem under study with young people. For example, Kirov analyzed the possibilities and the actual practices of use and improvement of the housing conditions of young people, shows the differences in relation to the property as a source of investment and income. It was identified what types of housing young people prefer. The survey results indicate that graduates are actively interested in improving their housing conditions, but they plan more than they act. Positive practices in the use and improvement of living conditions of young people is the high level of responsibility for the existing property, a large supply of life energy for the realization of high geographical mobility in search of the comforts of life, the desire to expand the infrastructure of the suburbs at the expense of individual housing construction / Рассматриваются основные направления исследований жилищного вопроса в современной социологии. На эмпирическом материале показано, что жилищная проблема в России — исключительно сложная, острая и дорогостоящая с точки зрения ее решения. На примере г. Кирова проанализированы возможности и реальные практики использования и улучшения жилищных условий молодежи, уровень сформированности у нее отношения к собственности как потенциальному источнику инвестиций и доходов. Выявлены предпочтения молодых людей относительно типов жилья

For many years now, there has been an attempt in the European Union to create a common legal framework for mortgage credit contracts and cross-border activities in the mortgage financial sector. One of the greatest challenges has been the establishment of a corresponding level of consumer protection in EU residential mortgage markets. This issue has become particularly important at the time of financial crisis. Consumers are increasingly exposed to the risk of losing their homes because of failing to fulfil, in due time, their obligations arising from mortgage loans, and thus losing confidence in the EU financial sector. Therefore, the European Union has intensified its efforts to improve consumers’ ability to inform themselves of the potential risks when entering into mortgage loans and mortgaging their real property. On 4 February 2014 the EU adopted the new rules on mortgage credits in the Mortgage Credit Directive. The main objective of the Directive is to increase the protection of consumers in EU mortgage markets from the risks of defaults and foreclosures. A higher level of protection must be ensured by consumers’ increased information capacity related to mortgage credits, as well as by developing a responsible mortgage lending practice across the EU. The Mortgage Credit Directive is also aimed at contributing to the gradual establishment of a single internal market for mortgage credits. In this chapter, the author analyses previous and current attempts by the EU to establish a uniform market of mortgage loans, and assesses the possible impact of the Mortgage Credit Directive on the protection of consumers in the market of mortgage credits and on the development of cross-border activities in the mortgage financial sector. Special emphasis is placed on the possible impact of the new EU rules on mortgages on national protection measures aimed at consumer protection at the time of financial crisis. The transposition of the Mortgage Credit Directive will undoubtedly contribute to a higher level of consumer protection when consumers enter into home loan contracts. However, the question arises whether, because of different levels of harmonisation of some rules laid down in the Directive, its implementation will actually contribute to an increase in cross-border home loans. The possibility for Member States to opt for increased consumer protection in some aspects of credit agreements when implementing the Directive, or the existence of different options for the exercise of individual rights that they may use cannot bring about an integration of mortgage credit markets.

The Global Financial Crisis is clearly identifiable as a catalyst for reform of financial regulation and supervision in the period from 2008 onwards. It was also the starting point for the emergence of an indebtedness crisis among mortgage consumers in jurisdictions such as Ireland, which were characterised by significant levels of mortgage market liberalisation and house price inflation. This thesis focuses on the extent to which the crisis related impetus for reform has extended to the frameworks which regulate the interaction of borrowers and lenders in the residential mortgage context. The analysis is undertaken in the comparative context of Ireland and Spain, to facilitate an evaluation of the relative import of economic context and legal culture as causal factors in the process of reform, and the respective national and EU role in the process. It identifies residential mortgage regulation as a composite of obligations stemming from private and public law frameworks and uses a conceptualisation of constitutive and facilitative regulatory spheres to identify the distinction between the nature and function of the respective frameworks. The underlying objective is to identify the nature and extent of reform to the national frameworks over the period from 2008 to 2015. This facilitates analysis of the extent to which the reform can be interpreted as a regulatory response to the financial crisis and the issue of whether post-crisis frameworks represent a change in the paradigm of regulation as compared with their pre-crisis counterpart. 2021-01-30

This paper builds on recent research examining the impact of finance on growth, looking at the effect of the financial system on volatility in gross domestic product per capita and consumption per capita growth. It also examines the impact of credit on the composition of growth. The findings show that financial development smooths growth in gross domestic product and consumption per capita, but only up to a point. At high levels of credit, further credit is positively associated with volatility even after controlling for the quality of institutions and periods of financial crises. In large financial systems, finance may not help individuals smooth consumption volatility. The threshold at which finance's effect may be volatility enhancing may be lower than previously thought. In terms of the impact on growth, total credit (and credit to firms) has a nonlinear relationship, with rising credit supporting higher growth up to a point, beyond which the additional impact of finance on growth is negative. This can be explained by finance flowing into less productive activities (or drawing other resources into less productive activities). In addition, household credit is negatively related to manufacturing sector growth, although credit to firms has a positive relationship to manufacturing growth. This may be explained by the fact that much of household credit is used to finance the consumption (including imports) of goods and services broadly (not just manufacturing sector goods) or investment in housing.

Ireland and Spain were amongst the European countries which experienced the most severe economic and fiscal problems following the global financial crisis. The proximate causes of these economic crashes have been explored in-depth by researchers and governments, who have highlighted strong parallels between the policy, regulatory and economic factors which underpinned them. In both countries residential property price inflation increased dramatically from the late 1990s driven by increased availability of cheap mortgages but unusually was accompanied by marked growth in new house building. Thus, following the international credit crunch in 2008, a simultaneous contraction in both mortgage credit and house building occurred in Ireland and Spain, which precipitated a marked knock-on decline in the employment, tax revenue and consumer spending which the housing boom had underpinned. This paper argues that the Irish and Spanish housing booms and busts are similar not just in terms of scale and proximate causes but also in terms of fundamental causes. In both countries the housing boom/bust cycle was underpinned by a suite of macroeconomic policies which aimed to use asset price growth to underpin rising demand and economic growth, or in other words achieve what Robert Brenner (2006) terms 'asset-price Keynesianism'. This approach was particularly attractive to the Irish and Spanish governments because it enabled them to resolve historical legacies of industrial underdevelopment and regional imbalances by generating construction jobs in underdeveloped areas. As a result of the latter, local/regional governments in both countries played a key role in facilitating the implementation of this policy. Irish Research Council

We explore how house prices evolve under technological progress, when housing serves for consumption as well as store of value. Technological change leads to human capital substituting physical capital and manual labor. Reduced use of physical capital implies that firms have less tangible collateral to pledge for external finance. This results in lower business demand for credit and a decline in interest rates. Over time, savings are redirected to mortgage credit, where houses serve as collateral. Under fixed land supply, house prices rise in real terms. The combination of growing wage inequality and mortgage credit leads to high household leverage for low-skill workers, increasing default rates and foreclosures. Restraining mortgage borrowing is more effective than subsidies to limit mortgage defaults, by containing both leverage and house price appreciation. It also leads to lower interest rates, supporting more corporate investment and higher wages.

Na przestrzeni ostatnich lat – wskutek dynamicznego rozwoju systemu finansowego, procesów globalizacji oraz bogacenia się społeczeństwa – wzrosło znaczenie jednego z produktów bankowych – kredytu hipotecznego. Kredyt hipoteczny uznawany jest za główne źródło finansowania budownictwa mieszkaniowego oraz komercyjnego w Polsce, stanowi również wyznacznik gospodarki wolnorynkowej. Podmiotami odpowiedzialnymi za jego rozwój są banki, które w specyfikę swojego działania mają wbudowaną funkcję depozytowo-kredytową. Niniejszy artykuł poświęcony został charakterystyce ryzyka towarzyszącego polityce kredytowej banków, ze szczególnym uwzględnieniem kredytów hipotecznych. Przedstawiono w nim dogłębną analizę pięciu rodzajów ryzyka (ryzyko kredytowe, stopy procentowej, kursu walutowego, płynności oraz cen nieruchomości) oraz metod jego minimalizacji. In recent years, due to the dynamic development of the financial system, the processes of globalization and the increasing wealth of the society has increased the importance of one of the banking products - mortgage. Mortgage credit is considered to be the main source of financing for residential and commercial construction in Poland, is also an attribute of the market economy. The parties responsible for mortgage development are banks, which provide deposit and credit function. This article is devoted to the analysis of the risk associated with lending policies of banks with particular empha-sis on the mortgage. The article presents characterization of the five types of risk (credit risk, interest rate risk, exchange rate risk, liquidity risk and real estate prices) and methods for its minimization.

En: La gestión de la crisis bancaria española y sus efectos. Las Rozas (Madrid) : Wolters Kluwer España, 2015. p. 17-19 ISBN 978-84-9020-469-6

The aftermath of the 2007/08 financial crisis has resulted in many Central Banks and regulatory authorities examining the appropriateness of macroprudential policy as an effective and efficient policy option in preventing the emergence of future credit bubbles. Specific limits on loan-to-value (LTV) and loan-to-income (LTI) ratios have been assessed and applied in a large number of markets both in developing and developed economies as a means of ensuring greater financial stability. The Irish property and credit market were particularly affected in the crisis as the domestic housing market had, since 1995, experienced sustained price and housing supply increases. Much of the activity in the Irish market was fuelled by a sizeable credit bubble which was greatly facilitated by the growth of international wholesale funding post 2003. After a period of pronounced declines, Irish house prices in late 2013 started to increase significantly. In early 2015, the Irish Central Bank responded by imposing new LTV and LTI limits to curb house price inflation. However, the introduction of these measures comes at a time when housing supply and mortgage lending are at historically low levels. In this paper we use a newly developed structural model of the Irish property and credit market to examine the implications of these measures for house prices and key activity variables in the mortgage market.

Consumers are legitimate stakeholders but are unevenly active and powerful in the dynamics that can lead companies to a more socially responsible behaviour. This article proposes to test the relevance, across the struggles of consumers, of the well-known opposition in business ethics between ethics of justice and ethics of care. Relying on a semi-participant direct and webnographic observation of a wide citizen movement that arose in Spain, questioning banks and mortgage regulation, after the explosion of the housing bubble in 2008, this article strives to highlight the permanent dual approach to ethics at all levels of the movement, from spokespersons to supporters, in speech and in actions. One approach is more focused on laws and principles, whereas the other is more focused on direct support to people affected by foreclosures. This article demonstrates the continuities between these two registers of justice and care and their functional complementarities in the dynamics of mobilization. A discussion will then follow on the substance of the opposition between the ethics of justice and the ethics of care as well as on the possible representativeness of this case: behind the singularities of the mortgage issue or of Spanish political culture, one cannot but observe the challenging mobilizing process that comprises a human rightist activism combined with a feminist approach to social issues., Les consommateurs constituent une partie prenante légitime mais inégalement active et puissante dans la dynamique pouvant conduire les entreprises à un comportement plus socialement responsable. Cette contribution propose d‟éprouver la pertinence à l‟échelle des luttes de consommateurs d‟une opposition devenue usuelle en éthique des affaires entre éthique de la justice et de la sollicitude. S‟appuyant sur une observation semi-participante directe et webnographique d‟un ample mouvement citoyen qui s‟est dressé face aux banques et à la régulation hypothécaire en Espagne suite à l‟explosion de la bulle immobilière en 2008, l‟article fait ressortir le maintien permanent d‟une double approche morale à tous les niveaux du mouvement, chez les porte-paroles comme chez les sympathisants, dans les discours comme dans les actions : l‟un plus axé sur les lois et les principes, l‟autre plus axé sur le soutien direct aux personnes affectées par les saisies. Ce sont les continuités entre ces deux registres de la justice et de la sollicitude et leurs complémentarités fonctionnelles dans la dynamique de mobilisation qui sont alors montrées dans cette contribution. Celle-ci débouche alors sur une discussion quant à la teneur de l‟opposition entre éthiques de la justice et de la sollicitude ainsi que sur le potentiel de représentativité de ce cas : derrière les singularités de la question hypothécaire ou de la culture politique espagnole on peut apprécier la recette mobilisatrice redoutable que constitue un activisme droit-de-l‟hommiste couplé à une approche féministe des questions sociales.

У статті досліджується динаміка іпотечного ринку сучасної України в умовах світової іпотечної кризи. Аналізується сучасний стан іпотечного ринку США на основі огляду фінансової інформації та останніх публікацій ЗМІ цієї країни. Автори аналізують вплив кризових процесів у США та Європі на стан іпотечного ринку України., This is a research of the mortgage market dynamics in the present day Ukraine under the conditions of the world subprime crisis. Current US mortgage market condition is analysed, forecast concerning perspectives of US mortgage system development in 2008 are given on the basis of financial information surrey of the latest publications of the US mass media. US mortgage crisis influence upon Western European mortgage system is examined. The authors use materials from the lectures of Mr. Paul Hohl (Switzerland, firm Swisscontact). The authors analyze the influence of US and European crisis processesupon the state of Ukrainian mortgage market.

We estimate a structural model of the Irish housing and mortgage markets and isolate the role of demand and supply factors in each market. We focus on the pre-2004 period during which house prices and mortgage credit exhibited a stable relationship. We find that mortgage demand is determined by interest rates, income and house price growth while mortgage supply is mainly a function of deposits. We show that the demand for housing is predominantly driven by house prices, mortgage credit and demographics and that supply depends on the profitability of housing construction. We then use the model to forecast how these markets will develop based on different scenarios about the model's exogenous variables. The high-growth scenario sees house prices rising by 50 percent over the next decade with an annual increase in the housing stock of 18,500 units.

This article analyses the role of women and gender discrimination in the mortgage credit market in Peru between 1860 and 1875. Relying on a large sample of notarised loans, the article shows that women participated in the credit market as lenders and borrowers. However, their participation was lower than that of men. In addition, women received smaller loans and paid higher interest rates than men. The evidence suggests that the lower participation of women as borrowers and their smaller loans were largely a consequence of the distribution of collateral. In addition, much of the difference in interest rates resulted from the differences in loan sizes. As women received smaller loans and there were probably fixed costs involved in granting a loan, making a loan to a woman implied a higher average cost. Este artículo analiza el papel de las mujeres y la discriminación por género en el mercado de crédito hipotecario en Perú entre 1860 y 1875. Basándonos en una muestra significativa de préstamos notariales, el artículo muestra que las mujeres participaron en el mercado de crédito como prestamistas y prestatarias. Sin embargo, su participación fue menor que la de los hombres. Adicionalmente, las mujeres recibieron préstamos más pequeños y con mayores tasas de interés que los hombres. La evidencia sugiere que la menor participación de las mujeres como prestatarias y el menor tamaño de sus préstamos se debieron en gran medida a la distribución de colateral. Además, en gran medida las diferencias en tasas de interés se explican por las diferencias en tamaños de los préstamos. En la medida en que las mujeres recibieron préstamos más pequeños y hubo probablemente costos fijos en garantizar un préstamo, prestar dinero a una mujer implicó un mayor costo promedio.

This bachelor thesis deals with the analysis of products of the banks and building societies which are used for financing housing. The theoretical part describes and compares 2 most used products - mortgage credits and credits of building savings in detail. The practical part is aimed at the comparison of some products in two specific cases. The evaluation is based on the calculations of the annual percentage rate. The results of these calculations determine the most suitable product in the specific cases.

During the Great Moderation, financial innovation in the U.S. increased the size and scope of credit flows supporting the growth of wealth. We hypothesize that spending out of wealth came to finance a wider range of GDP components such that it smoothed GDP. Both these trends combined would be consistent with a decrease in the volatility of output. We suggest testable implications in terms of both growth of credit and output and volatility of growth. In a multivariate GARCH framework, we test this view for home mortgages and residential investment. We observe unidirectional causality in variance from total output, residential investment and non-residential output to mortgage lending before, but not during the Great Moderation. These findings are consistent with a role for credit dynamics in explaining the Great Moderation.

In the history of economic policy in Colombia, the promotion of housing construction has been a recurring theme. In this article the different schemes for promoting housing are described. The period for which a quantified analysis can be done starts in 1923, the year in which the Central Bank (Banco de la República) and the Banking Supervision Agency (Superintendencia Bancaria) were created following recommendations from the Kemmerer Mission. In the 1930's and 1940's the main source of mortgage loans was the Central Mortgage Bank (Banco Central Hipotecario - BCH). In the 1950's and 1960's it was complemented by the National Loans Institute (Instituto de Crédito Territorial - ICT), but mortgage credit outside of BCH was kept to a minimum at other financial institutions. It was not until the 1970's, with the advent of the UPAC system, when other banks started providing long-term mortgage loans. Since the 1990's the government has been subsidizing demand for the acquisition of low-income housing (Vivienda de Interés Social - VIS). Finally, amid the economic crisis of 2008 the government tried to promote the building industry by creating an interest-rate subsidy for housing purchases. In addition policy has been used in different ways for the same end. En la historia de la política económica, el fomento de la construcción de vivienda ha sido un tema recurrente. En este artículo se hace un recuento de las diferentes maneras como se ha intentado hacer esto en Colombia a través de la historia moderna. La cuantificación se puede hacer a partir de 1923, una vez creados el Banco de la República y la Superintendencia Bancaria a raíz de las recomendaciones de la Misión Kemmerer. En los años treinta y cuarenta, la principal fuente de crédito para vivienda fue un banco estatal: el Banco Central Hipotecario (BCH). En los años cincuenta y sesenta, esta fuente fue complementada por el Instituto de Crédito Territorial (ICT), y el crédito bancario para vivienda diferente al BCH era mínimo. Solo a partir de los años setenta, en la era del UPAC (unidad de poder adquisitivo constante), el sector bancario formal financió el crédito de largo plazo para vivienda. A partir de los años noventa, el Estado otorga subsidios a familias de bajos ingresos para que estas puedan acceder al crédito para compra de vivienda de interés social. Finalmente, se ensaya promover la construcción durante la crisis económica del 2008, creando un subsidio de tasa de interés para la compra de vivienda popular. Además, la política tributaria se ha usado con el mismo propósito. Na história da política econômica, o fomento da construção de vivenda tem sido um tema recorrente. Neste artigo faz-se um reconto das diferentes maneiras de como se tem tentado fazer isto na Colômbia através da história moderna. A quantificação pode ser feita a partir de 1923, uma vez criados o Banco da República e a Superintendência Bancária a raiz das recomendações da Misión Kemmerer. Nos anos trinta e quarenta, a principal fonte de crédito para vivenda foi um banco estatal: o Banco Central Hipotecário (BCH). Nos anos cinquenta e sessenta esta fonte foi complementada pelo Instituto de Crédito Territorial (ICT), e o crédito bancário para vivenda diferente ao BCH era mínimo. Só a partir dos anos setenta, na era do UPAC (unidade de poder aquisitivo constante), o setor bancário formal financiou o crédito de longo prazo para vivenda. A partir dos anos noventa, o Estado outorga subsídios a famílias de baixos ingressos para que estas possam ter acesso ao crédito para compra de vivenda de interesse social. Finalmente, se ensaia promover a construção durante a crise econômica de 2008, criando um subsídio de taxa de juros para a compra de vivenda popular. Além disso, a política tributária tem sido usada com o mesmo propósito.

Financial innovation during the Great Moderation increased the size and scope of credit flows in the US. Credit flows increased both in volume and with regard to the range of activities and investments that was debt-financed. This may have contributed to the reduction in output volatility that was the Great Moderation. We hypothesize that during the Great Moderation (i) growth in mortgage finance partly decoupled from fundamentals as measured by overall output growth and (ii) this allowed mortgages less to finance residential investment and more to finance spending on other GDP components. We document that the start of the Moderation coincided with a surge in bank credit creation (especially mortgage credit), a rise in property income, a rise in the consumption share of GDP, and a change in correlation (from positive to negative) between consumption and non-consumption GDP components (investment, export and government expenditure). In a multivariate GARCH framework, we observe unidirectional causality in variance from total output to mortgage lending before the Great Moderation, which is no longer detectable during the Great Moderation. We also find that bidirectional causality in variance of home mortgage lending and residential investment existed before, but not during the Great Moderation. Both these findings are consistent with a role for credit dynamics in explaining the Great Moderation.