Edited by Loic Chiquier, Michael Lea
Housing finance markets have been changing dramatically in both
emerging and developed economies. On the one hand, housing finance
markets are expanding and represent a powerful engine for economic
growth in many emerging economies. However, the unfolding sub-prime
mortgage crisis highlights the risks and potential turbulence that this
sector can introduce into the financial system when expanding without
proper infrastructure and regulation. As housing finance keeps growing
in emerging economies to match a rising demand for housing, new risk
management approaches, business models, funding tools, and policy
instruments can help. Yet many questions remain about the right balance
between innovation and regulation, the extent of risks to the financial
system, the appropriate role of the state to promote affordable
housing, and the effects of the sub-prime crisis.
This book provides a guide for policymakers dealing with housing
finance in emerging markets. It highlights the prerequisites for an
effective housing finance system; it lays out several policy
alternatives and models of housing finance; and it explores the role of
governments in expanding access to housing finance for lower-income
households. There is no “best” model set out in this book.
The aim is to provide a developmental roadmap that can be tailored and
sequenced to each country’s situation and timing.
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