Publication:
Mortgage Securities in Emerging Markets

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dc.contributor.authorChiquier, Loïc
dc.contributor.authorHassler, Olivier
dc.contributor.authorLea, Michael
dc.date.accessioned2013-06-24T19:40:52Z
dc.date.available2013-06-24T19:40:52Z
dc.date.issued2004-08
dc.description.abstractDespite its recognized economic and social importance, housing finance often remains underdeveloped in emerging economies. Residential lending remains small, poorly accessible, and depository-based. Lenders remain vulnerable to significant credit, liquidity, and interest rate risks. As a result, housing finance is relatively expensive and often rationed. The importance of developing robust systems of housing finance is paramount as emerging economy governments struggle to cope with population growth, rapid urbanization, and rising expectations from a growing middle class. The capital markets in many economies can provide an attractive and potentially large source of long-term funding for housing, and solutions to better allocate part of the risks. The advent of institutional investors is creating large and rapidly growing pools of funds that may facilitate the development of mortgage-related securities. Despite such a strong appeal, there are significant barriers to the development of mortgage securities in emerging markets. Their success is dependent on many factors, starting with a strong legal and regulatory framework and liberalized financial sector, and including a developed primary mortgage market. The experience in developing mortgage securities in emerging markets has been mixed. The authors review the experience of introducing mortgage securities in emerging markets and explore the policy issues related to this theme.en
dc.identifierhttp://documents.worldbank.org/curated/en/2004/08/5066104/mortgage-securities-emerging-markets
dc.identifier.doi10.1596/1813-9450-3370
dc.identifier.urihttps://hdl.handle.net/10986/14159
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, D.C.
dc.relation.ispartofseriesPolicy Research Working Paper;No.3370
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACCOUNTING FRAMEWORK
dc.subjectADEQUATE DISCLOSURE
dc.subjectASSET SALE
dc.subjectASSETS
dc.subjectBANK LOANS
dc.subjectBANKING SYSTEM
dc.subjectBANKING SYSTEMS
dc.subjectBANKRUPTCY
dc.subjectBANKRUPTCY REMOTENESS
dc.subjectBONDS
dc.subjectBROKERS
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL BASE
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL RELIEF
dc.subjectCASH FLOW
dc.subjectCASH FLOWS
dc.subjectCENTRAL BANKS
dc.subjectCOLLATERALIZATION
dc.subjectCOLLATERALIZED MORTGAGE OBLIGATIONS
dc.subjectCONTRACTUAL SAVINGS
dc.subjectCORPORATE BONDS
dc.subjectCREDIT ENHANCEMENT
dc.subjectCREDIT QUALITY
dc.subjectCREDIT RISK
dc.subjectDEBT
dc.subjectDEPOSIT INSURANCE
dc.subjectDEPOSITS
dc.subjectECONOMIC STABILITY
dc.subjectEMERGING MARKETS
dc.subjectEQUITY CAPITAL
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SYSTEMS
dc.subjectFIXED RATE MORTGAGES
dc.subjectFORECLOSURE
dc.subjectGLOBAL MARKETS
dc.subjectGOVERNMENT INTERVENTION
dc.subjectHOUSING
dc.subjectHOUSING AFFORDABILITY
dc.subjectHOUSING CONSTRUCTION
dc.subjectHOUSING DEMAND
dc.subjectHOUSING FINANCE
dc.subjectHOUSING FINANCE SYSTEM
dc.subjectHOUSING FINANCE SYSTEMS
dc.subjectHOUSING LOANS
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURERS
dc.subjectINVESTMENT BANKING
dc.subjectLAWS
dc.subjectLEGAL PROTECTION
dc.subjectLEGAL PROVISIONS
dc.subjectLENDING INSTITUTIONS
dc.subjectLEVEL PLAYING FIELD
dc.subjectLIABILITY
dc.subjectLIENS
dc.subjectLIQUIDATION
dc.subjectLIQUIDITY
dc.subjectLONG TERM LIABILITIES
dc.subjectMARKET ENTRY
dc.subjectMARKET RISKS
dc.subjectMBS
dc.subjectMORAL HAZARD
dc.subjectMORTGAGE
dc.subjectMORTGAGE BOND
dc.subjectMORTGAGE BONDS
dc.subjectMORTGAGE CREDIT
dc.subjectMORTGAGE FINANCE
dc.subjectMORTGAGE INVESTMENTS
dc.subjectMORTGAGE LENDING
dc.subjectMORTGAGE LOANS
dc.subjectMORTGAGE MARKET
dc.subjectMORTGAGE POOL
dc.subjectMORTGAGE PRINCIPAL
dc.subjectMORTGAGE SECURITIES
dc.subjectMORTGAGE-BACKED SECURITIES
dc.subjectMORTGAGES
dc.subjectOFF BALANCE SHEET
dc.subjectOPERATING COSTS
dc.subjectPENSION FUNDS
dc.subjectPORTFOLIOS
dc.subjectPREPAYMENT RISK
dc.subjectPRIMARY MORTGAGE MARKETS
dc.subjectRATING AGENCIES
dc.subjectREGULATORY FRAMEWORK
dc.subjectRESIDENTIAL MORTGAGES
dc.subjectRISK MANAGEMENT
dc.subjectSAVINGS
dc.subjectSECONDARY MORTGAGE MARKETS
dc.subjectSECURITIZATION
dc.subjectSECURITY DESIGN
dc.subjectSHORT TERM BORROWING
dc.subjectSYSTEMIC RISK
dc.subjectTRANSACTION COSTS
dc.subjectUNDERWRITING
dc.subjectURBANIZATION
dc.subjectVARIABLE RATE MORTGAGES ACCOUNTABILITY
dc.subjectACCOUNTING
dc.subjectACCOUNTING FRAMEWORK
dc.subjectADEQUATE DISCLOSURE
dc.subjectADVERSE SELECTION
dc.subjectASSET ALLOCATION
dc.subjectASSETS
dc.subjectAUTONOMY
dc.subjectBANK LOANS
dc.subjectBANKING SYSTEM
dc.subjectBANKING SYSTEMS
dc.subjectBANKRUPTCY
dc.subjectBENEFICIAL INTEREST
dc.subjectBID
dc.subjectBOND
dc.subjectBOND ISSUANCE
dc.subjectBONDS
dc.subjectBORROWING
dc.subjectBROKERS
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL ALLOCATION
dc.subjectCAPITAL BASE
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCASH FLOW RISK
dc.subjectCASH FLOWS
dc.subjectCENTRAL BANKS
dc.subjectCOLLATERAL
dc.subjectCOLLATERALIZATION
dc.subjectCOLLATERALIZED MORTGAGE OBLIGATIONS
dc.subjectCONSUMER LOANS
dc.subjectCONTRACTUAL SAVINGS
dc.subjectCORPORATE BONDS
dc.subjectCREDIT RISK
dc.subjectDEALERS
dc.subjectDEBT
dc.subjectDEPOSIT INSURANCE
dc.subjectDEPOSITORY
dc.subjectDEPOSITORY INSTITUTIONS
dc.subjectDISCLOSURE
dc.subjectECONOMIC STABILITY
dc.subjectEMERGING MARKETS
dc.subjectEQUITY CAPITAL
dc.subjectEXPOSURE
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectMORTGAGE BONDS
dc.subjectMORTGAGE FINANCE
dc.subjectMORTGAGE INSURANCE
dc.subjectMORTGAGE LENDING
dc.subjectMORTGAGE LOANS
dc.subjectMORTGAGE MARKETS
dc.subjectMORTGAGE PRINCIPAL
dc.subjectMORTGAGE SECURITIES
dc.subjectRISK
dc.subjectISSUERS
dc.subjectLAWS
dc.subjectLEGAL PROTECTION
dc.subjectLEGAL PROVISIONS
dc.subjectLENDING INSTITUTIONS
dc.subjectLEVEL PLAYING FIELD
dc.subjectLIABILITY
dc.subjectLIENS
dc.titleMortgage Securities in Emerging Marketsen
dspace.entity.typePublication
okr.crossref.titleMortgage Securities in Emerging Markets
okr.date.doiregistration2025-04-10T09:42:52.054080Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2004/08/5066104/mortgage-securities-emerging-markets
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.globalpracticeFinance and Markets
okr.guid654661468765314141
okr.identifier.doi10.1596/1813-9450-3370
okr.identifier.externaldocumentum000160016_20040826171659
okr.identifier.internaldocumentum5066104
okr.identifier.reportWPS3370
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2004/08/26/000160016_20040826171659/Rendered/PDF/wps3370.pdfen
okr.topicFinance and Financial Sector Development::Non Bank Financial Institutions
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicBanks and Banking Reform
okr.topicFinance and Financial Sector Development::Housing Finance
okr.topicLaw and Development::Banking Law
okr.topicInternational Terrorism and Counterterrorism
okr.topicPayment Systems and Infrastructure
okr.unitOff of Sr VP Dev Econ/Chief Econ (DECVP)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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