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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.

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.

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)

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 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.

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.

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.

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 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.

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.

The imposition of federal conservatorships on September 6, 2008, at the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation—commonly known as Fannie Mae and Freddie Mac—was one of the most dramatic events of the financial crisis. These two government-sponsored enterprises play a central role in the US housing finance system, and at the start of their conservatorships held or guaranteed about $5.2 trillion of home mortgage debt. The two firms were often cited as shining examples of public-private partnerships—that is, the harnessing of private capital to advance the social goal of expanding homeownership. But in reality, the hybrid structures of Fannie Mae and Freddie Mac were destined to fail at some point, owing to their singular exposure to residential real estate and moral hazard incentives emanating from the implicit guarantee of their liabilities. We describe the financial distress experienced by the two firms, the events that led the federal government to take dramatic action in an effort to stabilize housing and financial markets, and the various resolution options available to US policymakers at the time; and we evaluate the success of the choice of conservatorship in terms of its effects on financial markets and financial stability, on mortgage supply, and on the financial position of the two firms themselves. Conservatorship achieved its key short-run goals of stabilizing mortgage markets and promoting financial stability during a period of extreme stress. However, conservatorship was intended to be a temporary fix, not a long-term solution, and more than six years later, Fannie Mae and Freddie Mac still remain in conservatorship.

Depuis le debut des annees 2000, le cout des terrains necessaires a la production de logements locatifs sociaux neufs a augmente, au meme titre que le cout de leur construction. Dans le meme temps, l’Etat a considerablement reduit les subventions directes qu’il accorde a chaque operation HLM. Malgre cela, le nombre de logements locatifs sociaux livres chaque annee a connu une hausse importante et durable. Alors que 46 000 logements HLM ont ete produits en 2000, plus de 100 000 le sont systematiquement a partir de 2006. La these explore cet apparent paradoxe, en analysant les evolutions de l’organisation institutionnelle du systeme de production HLM. Pour ce faire, elle s’appuie sur le traitement de donnees statistiques ainsi que sur une enquete realisee aupres d’acteurs locaux de l’habitat au sein des communautes d’agglomeration du Val-de-Bievre, du Boulonnais et de la communaute urbaine de Bordeaux. Un outillage theorique specifique est propose, qui croise les apports de la theorie de la regulation et de recherches sur les acteurs de la production urbaine. Cela permet de montrer qu’un ensemble de decisions politiques, d’ajustements locaux et de dispositifs de coordination ont ete articules de facon originale au cours de la decennie. Ils visent notamment a faire que les organismes HLM mobilisent leurs reserves financieres dans la production neuve, a distribuer inegalement dans l’espace le surplus de logements produits et a reorganiser les modalites d’acces a la ressource fonciere. Le systeme mis en place est cependant dependant des operateurs a but lucratif ainsi que des evolutions des marches immobiliers ; il participe de plus a redefinir les beneficiaires de l’intervention publique en France.

This study examined mortgage financing and housing development in Nigeria. The main focus of this research was to ascertain the impact of mortgage loan in housing development in Nigeria. To achieve this objective, data were extracted from CBN statistical bulletin and National Bureau of Statistics from 1990 to 2014. Three hypotheses were formulated and tested using econometric models such as Augmented Dickey-Fuller unit root test, the co-integration tests revealed the existence of a long-run relationship among the variables. The Error Correction Model established causal links and dynamic interactions between variables by granger causality test. The result of the findings showed a significant relationship between mortgage financing and housing development in Nigeria. Variables such as mortgage loan and interest rate had positive and significant impact on housing development while cost of building had a negative effect on housing development in Nigeria. Further findings revealed that mortgage bank deposit had positive effect on mortgage investment while inflation had a negative effect on mortgage investment. The study recommended that mortgage institution in Nigeria should develop strategies to mobilize more deposits and explore new sources of fund such as funds from the capital market via housing bonds, savings and loans from co-operative societies. Government should create an enabling environment for private housing sector in housing development in Nigeria by providing infrastructure and enhancing soundness and competitiveness of mortgage institutions in Nigeria.

Between 1996 and 2006, Ireland experienced unprecedented house price inflation, driven by a fourfold increase in the volume of outstanding private mortgage debt and accompanied by a radical growth in housing output. This article outlines the most significant features of the housing boom and explains how it generated and disguised crucial risks in the macro economy and public finances, among mortgage lenders and in the finances of individual households. This is followed by an outline of the key features of the unwinding of the boom since and of its implications for the Irish economy, mortgage lenders and households. The conclusions examine the lessons regarding appropriate regulatory and policy responses to a house price boom which arise from the Irish experience. Author has checked copyright

This paper investigates the determinants of credit risk from a broad perspective. Particular attention is given to the role of housing affordability and household indebtedness. However, the impact of credit market developments and regulations is also closely examined. Using a large panel of countries it is found that housing affordability and household fragility significantly affect the risk of banks’ loan portfolios. In addition, an analysis of the conditional quantiles of non-performing loan ratios reveals that financial institutions in countries with greater levels of financial liberalization and less regulated markets also experience greater credit risk.

As defined by the Investment Dictionary, housing bubbles usually start with an increase in demand in the face of limited supply, which takes a relatively long period of time to replenish and increase. At some point, however, demand decreases or stagnates at the same time supply increases, resulting in a sharp drop in prices known as a bubble burst. During the last two decades, the Slovenian housing market has been characterised by a very high housing demand under circumstances of a limited supply, which may primarily be attributed to the effects of the housing reforms introduced in the early 1990s. As is always the case in such situations, speculators seeking huge quick profits drove house prices to unsustainable levels relative to average incomes. Like in many countries throughout the world, the situation has recently changed. Statistical records show a slight decline in the growth of house prices and there are signs of stagnation in housing demand. These developments have prompted various (contrasting) viewpoints among housing experts. Some are convinced that the bubble has finally burst because house prices had reached the highest possible levels that buyers were willing to pay. On the other hand, others argue that house prices would have continued to grow had the credit crunch not occurred, which resulted in the reduced availability of mortgages and therefore depressed demand. These two viewpoints represent the main hypotheses of this discussion. This paper reviews the housing market circumstances over the last two decades and identifies facts that may substantiate or disprove these hypotheses.

This article has the gold of summarize the institutional modifications of the US housing finance system between the 60's and the end of the 90's. Those changes narrowed the bonds between this segment of the credit market and the securitized financial markets, encouraging the foundation and diffusion of financial innovations that are in the core of the current financial crises.

A partir dos anos 1980, as finanças americanas passaram por profundas transformações reforçando o papel dos mercados de capitais na gestão da riqueza e do crédito nos Estados Unidos. Nessa nova estrutura financeira, as decisões de gasto das famílias e das empresas sofrem influências importantes dos ciclos de preço de seus ativos, dando origem a ciclos econômicos finance-led. O artigo discute os dois últimos ciclos econômicos dos Estados Unidos, período em que a valorização dos imóveis residenciais substituiu o papel desempenhado pela valorização da riqueza no estímulo ao consumo e ao investimento agregados. Since the 1980's and from then on, the American finances had passed through deep changes that reinforced the role of the capital markets in the wealth and credit management in the U. S. In this new finance structure the household and corporation's decision expenses suffered important influence of theirs assets price cycles, resulting in economic cycles finance-led. The article assesses the last two economic cycles in the United States, in which period the value of the residential property replaced the role previously fulfilled by the shareholder value to stimulate the aggregates expenditure and investment.

The incidence of taking a mortgage loan from a commercial bank or cooperative for home purchase is sharply lower in developing than industrialized countries. Indeed, the common approach for achieving good quality housing is for a family to construct and improve a dwelling over a number of years. At the same time, it may be possible for formal lenders to expand the volume of mortgage lending by marketing mortgage loans better tailored to those more prone to seek them. This analysis is based on a representative survey of households intending to purchase a dwelling in the next three years with a final sample size of 1,281 conducted in 2008 in Indonesia’s seven largest metropolitan areas. We find that those more likely to seek such loans are families who already have an established relationship with a bank or cooperative, professionals and those with higher permanent incomes, and those with greater knowledge of mortgage loans. These factors all contain important ideas to assist lenders in targeting mortgage lending marketing campaigns.

In many developed countries, house prices have been rising rapidly, mortgage debt has been increasing and affordability has worsened. It is in this context that the standard annuity mortgage is increasingly being supplanted by mortgages with non-standard features, such as longer terms or interest-only payments. Many of these new features aim to reduce the borrower's monthly debt service in the initial period of the loan. While these new mortgage types help households to enter owner-occupation and to vary their expenditure patterns, the long-term cost to the borrower cannot normally be less than for a standard product. Moreover, such mortgages can also be more risky: the interest-only borrower does not accumulate equity as an annuity borrower does, and loans with longer terms expose the borrower to greater risk of interest-rate or other economic shocks. As a result both borrowers pay more and the housing finance system may be more fragile. This paper brings together evidence from 13 developed countries about house prices, debt and affordability, and particularly the availability and market share of mortgages with these new features. It analyses trends over the last ten years and discusses the risks of these mortgages compared to standard annuity products.

Стан житлової проблеми є одночасно індикатором і фактором соціально-економічного розвитку суспільства. Характер житлової проблеми і підходи до її вирішення залежать від внутрішнього і зовнішнього соціально-політичного та економічного становища країни і в свою чергу суттєво впливають на нього. В даний час в Росії житлова проблема є вкрай гострою і зачіпає не менше половини населення країни. Держава бере участь у її вирішенні, як на федеральному, так і на місцевому рівні. Форми участі варіюють від розробки законів і нормативно-правових документів до прямого субсидування окремих категорій громадян. У статті виявлено форми і методи державної участі у вирішенні житлової проблеми в Росії і механізми їх ресурсного забезпечення, здійснена оцінка результатів державної участі у вирішенні житлової проблеми, сформульовані принципи оптимізації державної участі у вирішенні житлової проблеми населення, запропонована модель оптимізації державної участі у вирішенні житлової проблеми населення Росії, що враховує різноманіття форм, методів і результатів державної участі. The state of the housing problem is an indicator as well as a factor of social and economic development. The nature of the housing problem and approaches to its solution depend on the internal and external social, political and economic situation in the country and in turn significantly affect on them. Currently in Russia the housing is very acute problem that refers to at least half of the population. The government participates in its solving on the federal and local level. The forms of participation vary from the drafting of laws and legal documents up to direct subsidizing certain categories of citizens. The paper considers the forms and the methods of governmental participation in the housing problem solving in Russia, the mechanisms and the results of their resource support; the principles of optimization of state participation in the housing problems solving; the model of estimation of the governmental participation in the housing problem solving, which takes into account the diversity of the forms, methods and results of the governmental participation. Состояние жилищной проблемы является одновременно индикатором и фактором социально- экономического развития общества. Характер жилищной проблемы и подходы к ее решению зависят от внутреннего и внешнего социально-политического и экономического положения страны и в свою очередь существенно влияют на него. В настоящее время в России жилищная проблема является крайне острой и затрагивает не менее половины населения страны. Государство участвует в ее решении, как на федеральном, так и на местном уровне. Формы участия варьируются от разработки законов и нормативно-правовых документов до прямого субсидирования отдельных категорий граждан. В статье выявлены формы и методы государственного участия в решении жилищной проблемы в России и механизмы их ресурсного обеспечения, дана оценка результатов государственного участия в решении жилищной проблемы, сформулированы принципы оптимизации государственного участия в решении жилищной проблемы населения, предложена модель оптимизации государственного участия в решении жилищной проблемы населения России, учитывающая многообразие форм, методов и результатов государственного участия.

M.Comm. The purpose of this dissertation is to assess the progress that has been made in the provision of housing finance to low-income earners. In 1994, housing affordability was constrained, as around 86% of households earned below R3 500. The focus, therefore, is on the role played by both government and the four major banks in broadening access to housing finance for these households and also those who earn less than R7 500. Frameworks that brought about certain initiatives aimed at addressing this problem are explored. On the side of government, the housing subsidy scheme and the role played by the government housing finance institutions (i.e. the National Housing Finance Corporation and the Rural Housing Loan Fund) are explored. On the banking sector side, the provisioning of housing finance prior to and after the implementation of the Financial Sector Charter (FSC) in 2004 is investigated. The dissertation concludes by looking the challenges that exist in the low-cost housing finance environment. The paper notes that, although some considerable progress has been made in the broadening of access to housing finance, there is a huge gap between the number of subsidies approved and the number of households that have benefited from the government subsidy scheme, possibly resulting from, among other things, capacity constraints at local government level. In respect of the banking sector, data analysed shows that bank involvement in the low-income market was very minimal before the implementation of the FSC. However, as much as some progress has been made, there are some serious challenges in this market that could have possibly prevented the role players from extending this access to the rest of the target group.

The authors empirically study how the underlying riskiness of the pool of home equity line of credit originations is affected over the credit cycle. Drawing from the largest existing database of U.S. home equity lines of credit, they use county-level aggregates of these loans to estimate panel regressions on the characteristics of the borrowers and their loans, and competing risk hazard regressions on the outcomes of the loans. The authors show that when the expected unemployment risk of households increases, riskier households tend to borrow more. As a consequence, the pool of households that borrow on home equity lines of credit worsens along both observable and unobservable dimensions. This is an interesting example of a type of dynamic adverse selection that can worsen the risk characteristics of new lending, and suggests another avenue by which the precautionary demand for liquidity may affect borrowing.

A speech delivered by Charles Evans before the Indianapolis Neighborhood Housing Partnership Community Breakfast on August 24, 2010 in Indianapolis, Indiana.

In contrast to many other countries, Switzerland generally has not seen soaring house prices in the 2000s and house prices have only recently started to diminish slightly. Also, Swiss authorities do not engage in trying to increase the homeownership rate much above its current level. This paper presents the main aspects of housing policy and finance in Switzerland, which can help to explain these idiosyncrasies. House prices and rents are also analyzed. The policies that are discussed in this paper may be useful to housing policy makers in other countries.

We study how the structure of housing finance affects the transmission of monetary policy shocks. We document three main facts: first, the features of residential mortgage markets differ markedly across industrialized countries; second, and according to a wide range of indicators, the transmission of monetary policy shocks to residential investment and house prices is significantly stronger in those countries with larger flexibility/development of mortgage markets; third, the transmission to consumption is stronger only in those countries where mortgage equity release is common and mortgage contracts are predominantly of the variable-rate type. We build a two-sector DSGE model with price stickiness and collateral constraints and analyse how the response of consumption and residential investment to monetary policy shocks is affected by alternative values of two institutional features: (i) down-payment rate; (ii) interest rate mortgage structure (variable vs. fixed rate). In line with our empirical evidence, the sensitivity of both variables to monetary policy shocks increases with lower values of the down-payment rate and is larger under a variable-rate mortgage structure. JEL Classification: E21, E44, E52

This paper draws together themes from work at the RBA, other national central banks, the BIS and elsewhere on recent developments in housing and housing finance. The general conclusion is that financial and macroeconomic developments have increased the demand for the stock of housing. Because the stock of housing is inherently slow to adjust, this has increased its relative price. Although this is a global trend, individual country institutions have affected outcomes, sometimes in ways that are not obvious. The resulting expansion in both sides of the household balance sheet is an important development for policy-makers to monitor, but it is probably not of itself a cause of financial instability.

This article reviews the evidence on the importance of finance for economic well-being. It provides data on the use of basic financial services by households and firms across a sample of countries, assesses the desirability of universal access, and provides an overview of the macroeconomic, legal, and regulatory obstacles to access. Despite the benefits of finance, the data show that use of financial services is far from universal in many countries, especially developing countries. Universal access to financial services has not been a public policy objective in most countries and would likely be difficult to achieve. Countries can, however, facilitate access to financial services by strengthening institutional infrastructure, liberalizing markets and facilitating greater competition, and encouraging innovative use of know-how and technology. Government interventions to directly broaden access to finance, however, are costly and fraught with risks, among others the risk of missing the targeted groups. The article concludes with recommendations for global actions aimed at improving data on access and use and suggestions on areas of further analysis to identify constraints to broadening access.

This paper investigates how one particular aspect of the freedom of movement of capital – the right of EU residents to acquire real estate in EU member states – might shape Croatia's EU accession negotiations and affect its real estate market, the tourism industry and the national economy. It identifies potential benefits and risks of unrestricted foreign investment in Croatian real estate, and attendant dilemmas for economic policies. The main conclusion is that Croatia stands to benefit in the long run from foreign investment in the property sector. However, a gradual approach to the opening-up of the real estate market to non-residents can be justified on a number of grounds. These include inadequate legislation limiting property speculation; potential spillovers of price increases from the market for secondary residences onto the local housing market (of which there is already some evidence); costs of the adjustment in the housing market and construction industry to a sudden large increase in demand for secondary residences; loss of competitiveness in the tourism industry if there should be violations of building regulations and the resulting overdevelopment of coastal areas; and macroeconomic pressures arising from large and sudden capital inflows.

The paper discusses current government attempts to shift to market-based housing finance in the context of the past performance of the government's housing policy and strategy. It focuses on the interventions intended to provide access to the low-income groups that have been commonly excluded from formal housing credit markets. It analyzes some of the main constraints faced by low-cost housing in accessing mainstream finance, e.g., perceived affordability problems, credit risks and information asymmetry. The paper then draws attention to recent developments in market-based housing finance that can inform the government's financing strategy.

espanolUn techo en el que los seres humanos y sus familias puedan desarrollar su plan de vida, mas que una aspiracion, es un derecho subjetivo que requiere garantias para su realizacion. Asi, pensar en estrategias que permitan a las personas acceder a cualquier forma de tenencia de vivienda, obliga a preguntarse, entre otros asuntos, por las modalidades contractuales para lograr el acceso a un lugar habitable y por los instrumentos de proteccion con los que cuentan los consumidores de vivienda. Reflexionar sobre ello plantea diversas posibilidades para el empleo de herramientas y categorias, desarrolladas usualmente por el derecho privado, para concretar derechos como el de la vivienda. En este sentido, este articulo se acerca al derecho del consumo como una garantia que, en el marco del derecho constitucional y de algunos instrumentos internacionales de derechos humanos, permite realizar el derecho a una vivienda digna y adecuada para todos. EnglishA roof in which humans and their families can develop their plan of life, rather than an aspiration, is an individual right that requires guarantees for its realization. Think about strategies that enable people to access any housing tenure types, allows to raise the question, among others, by contracts and the protection tools with which have housing consumers. Thinking about it, raises a number of possibilities for the use of tools and categories usually developed by private law to specify rights such as housing. In this sense, this paper proposes the study of housing consumer right as a guarantee, in the context of constitutional law and some international human rights instruments, that allows a right to decent and suitable housing for everyone. portuguesUm teto no qual os seres humanos e suas familias possam desenvolver seu plano de vida, mais que uma aspiracao, e um direito subjetivo que requer garantias para sua realizacao. Assim, pensar em estrategias que permitam as pessoas ter acesso a qualquer forma de tenencia de vivenda, obriga a preguntar-se, entre outros assuntos, pelas modalidades contratuais para conseguir o acesso a um lugar habitavel e pelos instrumentos de protecao com os que contam os consumidores de vivenda. Reflexionar sobre isso projeta diversas possibilidades para o emprego de ferramentas e categorias, desenvolvidas usualmente pelo direito privado, para concretar direitos como o da vivenda. Neste sentido, este artigo se acerca ao direito do consumo como uma garantia que, no marco do direito constitucional e de alguns instrumentos internacionais de direitos humanos, permite realizar o direito a uma vivenda digna e adequada para todos.

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., 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 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.