Publication:
Europe and Central Asia Housing Finance Crisis Prevention and Resolution : A Review of Policy Options

dc.contributor.authorWorld Bank
dc.date.accessioned2014-01-08T21:52:55Z
dc.date.available2014-01-08T21:52:55Z
dc.date.issued2013-03
dc.description.abstractThe objective of this paper, besides offering insight in the regional and global development and stability issues, is to initiate a dialog with housing finance market stakeholders on the course of action appropriate for their jurisdictions. The policy options presented in the paper are practical and implementable and should frame discussions between public and private housing finance market participants. It offers observations of the recent Europe and Central Asia (ECA) market developments and presents a menu of policy actions that should be considered by the mortgage regulators to address the current challenges and to better prepare for next cyclical events. The scope of the paper is on the mortgage finance in ECA region. Some of the policy measures discussed deal with the real estate market evolution- notably the market observatories- as the real estate market evolutions are intricately linked with the cyclicality of the mortgage credit (and with the broad business cycles) and this linkage should be analyzed and considered by the mortgage market stakeholders. The policy options discussed in this paper are: (a) interconnected; and (b) need to be tailored to the specific country circumstances. The paper is structured as follows: after an overview of ECA mortgage market characteristics, key elements of the post-2008 performance are discussed in details- Non-Performing Loan (NPL) and funding mechanisms evolution. A number of policy options that can be utilized in a crisis management and counter-cyclical context are suggested.en
dc.identifierhttp://documents.worldbank.org/curated/en/2013/03/17852623/europe-central-asia-housing-finance-crisis-prevention-resolution-review-policy-options
dc.identifier.doi10.1596/16526
dc.identifier.urihttps://hdl.handle.net/10986/16526
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectACCOUNTING
dc.subjectAGENCY PROBLEM
dc.subjectAMORTIZATION
dc.subjectARREARS
dc.subjectASSET CLASS
dc.subjectASSET MANAGEMENT
dc.subjectASSET MANAGERS
dc.subjectASSET PORTFOLIO
dc.subjectASSET PRICE
dc.subjectASSET PRICES
dc.subjectASSET QUALITY
dc.subjectAVAILABILITY OF CREDIT
dc.subjectBACKED SECURITIES
dc.subjectBAILOUT
dc.subjectBALANCE SHEET
dc.subjectBALANCE SHEETS
dc.subjectBANK BONDS
dc.subjectBANK LENDERS
dc.subjectBANK POLICY
dc.subjectBANKING SECTOR
dc.subjectBANKING SYSTEM
dc.subjectBOND
dc.subjectBOND PAYMENT
dc.subjectBONDS
dc.subjectBORROWER
dc.subjectBORROWER BEHAVIOR
dc.subjectBROKERS
dc.subjectBULLET REPAYMENTS
dc.subjectBUSINESS CYCLE
dc.subjectBUSINESS CYCLES
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL ALLOCATION
dc.subjectCAPITAL BASE
dc.subjectCAPITAL CONSTRAINTS
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL GAINS
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCASH FLOW
dc.subjectCASH FLOWS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCOLLATERAL
dc.subjectCOMMERCIAL BANKS
dc.subjectCONFLICT OF INTEREST
dc.subjectCONSUMER CREDIT
dc.subjectCONSUMER PROTECTION
dc.subjectCORPORATE BONDS
dc.subjectCORPORATE DEBT
dc.subjectCREDIT ENHANCEMENT
dc.subjectCREDIT GUARANTEE
dc.subjectCREDIT HISTORY
dc.subjectCREDIT LINES
dc.subjectCREDIT RISK
dc.subjectCREDIT RISKS
dc.subjectCURRENCY DEPRECIATION
dc.subjectCURRENCY RISK
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectDEBT
dc.subjectDEBT CRISIS
dc.subjectDEBT INSTRUMENT
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBT ISSUE
dc.subjectDEBT OBLIGATION
dc.subjectDEBT OBLIGATIONS
dc.subjectDEBT OUTSTANDING
dc.subjectDEPOSITS
dc.subjectDEVALUATION
dc.subjectDOMESTIC MARKETS
dc.subjectEMERGING MARKETS
dc.subjectEXCHANGE RATE
dc.subjectFAIR VALUE
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTABILITY
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENT
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL RISK
dc.subjectFINANCIAL SHOCKS
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIAL STRESS
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFORECLOSURE
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN CURRENCY LOANS
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE RISKS
dc.subjectFOREIGN LENDERS
dc.subjectGLOBAL BANKING
dc.subjectGLOBAL ECONOMIES
dc.subjectGROUPS OF LENDERS
dc.subjectHOLDING
dc.subjectHOME OWNERSHIP
dc.subjectHOMEOWNERSHIP
dc.subjectHOST COUNTRY
dc.subjectHOUSEHOLD WEALTH
dc.subjectHOUSING FINANCE
dc.subjectINCOME TAX
dc.subjectINFORMATION SYSTEM
dc.subjectINFORMATION SYSTEMS
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE PRODUCTS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE RISK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINVESTMENT FUNDS
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectIRREGULAR INCOMES
dc.subjectISSUANCE
dc.subjectLENDER
dc.subjectLENDERS
dc.subjectLENDING CYCLE
dc.subjectLENDING INTEREST RATES
dc.subjectLEVEL OF INTEREST RATES
dc.subjectLEVEL OF RISKS
dc.subjectLIABILITY
dc.subjectLIENS
dc.subjectLIFE INSURANCE
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY CRISIS
dc.subjectLIQUIDITY RATIO
dc.subjectLIQUIDITY RATIOS
dc.subjectLIQUIDITY RISKS
dc.subjectLOAN
dc.subjectLOAN DEFAULTS
dc.subjectLOAN MARKET
dc.subjectLOAN OFFICERS
dc.subjectLOAN PERFORMANCE
dc.subjectLOAN PORTFOLIO
dc.subjectLOAN PORTFOLIOS
dc.subjectLOAN PRODUCTS
dc.subjectLOAN REPAYMENT
dc.subjectLOAN TERMS
dc.subjectLOCAL BANKS
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL LENDERS
dc.subjectMACROECONOMIC CONDITIONS
dc.subjectMARKET DATA
dc.subjectMARKET DEEPENING
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET DEVELOPMENTS
dc.subjectMARKET INFORMATION
dc.subjectMARKET INFRASTRUCTURE
dc.subjectMARKET INSTRUMENT
dc.subjectMARKET INSTRUMENTS
dc.subjectMARKET INTERMEDIARIES
dc.subjectMARKET INTERMEDIARY
dc.subjectMARKET LIQUIDITY
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET PRACTICE
dc.subjectMARKET SHARE
dc.subjectMARKET STABILITY
dc.subjectMARKET STRUCTURES
dc.subjectMARKET SURVEILLANCE
dc.subjectMATURITY
dc.subjectMATURITY MISMATCHES
dc.subjectMORTGAGE
dc.subjectMORTGAGE FINANCE
dc.subjectMORTGAGE LOAN
dc.subjectMORTGAGE LOANS
dc.subjectMORTGAGE MARKET
dc.subjectMORTGAGE MARKETS
dc.subjectMORTGAGES
dc.subjectNATIONAL BANK
dc.subjectNON-PERFORMING LOAN
dc.subjectNON-PERFORMING LOANS
dc.subjectNPL
dc.subjectOPEN ECONOMIES
dc.subjectPARTICULAR DEBT
dc.subjectPAYMENT OF PRINCIPAL
dc.subjectPENSION
dc.subjectPENSION FUNDS
dc.subjectPOLICY RESPONSE
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO ALLOCATION
dc.subjectPORTFOLIO MANAGEMENT
dc.subjectPORTFOLIO PERFORMANCE
dc.subjectPREPAYMENT
dc.subjectPRIVATE CREDIT
dc.subjectPRIVATE CREDIT BUREAUS
dc.subjectPROVISIONING RULES
dc.subjectPRUDENTIAL REGULATIONS
dc.subjectPRUDENTIAL SUPERVISION
dc.subjectPUBLIC MARKET
dc.subjectREAL ESTATE INVESTMENT
dc.subjectREAL ESTATE INVESTMENTS
dc.subjectREAL ESTATE LENDING
dc.subjectREGULAR PAYMENTS
dc.subjectREGULATORY FRAMEWORK
dc.subjectREPAYMENT CAPACITY
dc.subjectREPO
dc.subjectREPO TRANSACTIONS
dc.subjectRESERVE
dc.subjectRESERVE REQUIREMENTS
dc.subjectRESIDENTIAL MORTGAGE
dc.subjectRETURNS
dc.subjectRISK AVERSION
dc.subjectRISK FACTORS
dc.subjectRISK MANAGEMENT
dc.subjectRISK PROFILE
dc.subjectSAVINGS SCHEMES
dc.subjectSHARE OF CREDIT
dc.subjectSHARE OF INVESTMENT
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDERS
dc.subjectSMALL BUSINESS
dc.subjectSOLVENCY
dc.subjectSOVEREIGN DEBT
dc.subjectSOVEREIGN GUARANTEE
dc.subjectSOVEREIGN RATING
dc.subjectTAX
dc.subjectTAX TREATMENT
dc.subjectTOTAL DEBT
dc.subjectTRADING
dc.subjectTRANCHES
dc.subjectTRANSACTION
dc.subjectTRANSPARENCY
dc.subjectTURNOVER
dc.subjectUNDERDEVELOPED CAPITAL MARKETS
dc.subjectUNDERLYING ASSETS
dc.subjectUNDERLYING MORTGAGE
dc.subjectUNIVERSAL BANKS
dc.subjectVALUATION
dc.subjectVALUATIONS
dc.titleEurope and Central Asia Housing Finance Crisis Prevention and Resolution : A Review of Policy Optionsen
dspace.entity.typePublication
okr.date.disclosure2013-06-13
okr.date.doiregistration2025-05-07T11:01:15.424598Z
okr.doctypeEconomic & Sector Work::Other Financial Sector Study
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2013/03/17852623/europe-central-asia-housing-finance-crisis-prevention-resolution-review-policy-options
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid679061468029955772
okr.identifier.externaldocumentum000442464_20130613115154
okr.identifier.internaldocumentum17852623
okr.identifier.report78346
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/06/13/000442464_20130613115154/Rendered/PDF/783460WP0P13090esponse0clean0final.pdfen
okr.region.administrativeEurope and Central Asia
okr.sectorCapital markets,Housing finance
okr.sectorFinance
okr.themeFinancial Consumer Protection and Financial Literacy
okr.themeFinancial and private sector development :: Regulation and competition policy
okr.themeInternational financial standards and systems
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicMacroeconomics and Economic Growth::Markets and Market Access
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.topicFinance and Financial Sector Development::Debt Markets
okr.unitPrivate/Financial Sectors Devt (ECSPF)
okr.volume1 of 1
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