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

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collection.link.77
https://openknowledge.worldbank.org/handle/10986/2185
collection.name.77
Other Financial Sector Study
dc.contributor.author
World Bank
dc.date.accessioned
2014-01-08T21:52:55Z
dc.date.available
2014-01-08T21:52:55Z
dc.date.issued
2013-03
dc.date.lastModified
2021-04-23T14:03:31Z
dc.description.abstract
The 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.identifier
http://documents.worldbank.org/curated/en/2013/03/17852623/europe-central-asia-housing-finance-crisis-prevention-resolution-review-policy-options
dc.identifier.uri
http://hdl.handle.net/10986/16526
dc.language
English
dc.language.iso
en_US
dc.publisher
Washington, DC
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
ACCOUNTING
dc.subject
AGENCY PROBLEM
dc.subject
AMORTIZATION
dc.subject
ARREARS
dc.subject
ASSET CLASS
dc.subject
ASSET MANAGEMENT
dc.subject
ASSET MANAGERS
dc.subject
ASSET PORTFOLIO
dc.subject
ASSET PRICE
dc.subject
ASSET PRICES
dc.subject
ASSET QUALITY
dc.subject
AVAILABILITY OF CREDIT
dc.subject
BACKED SECURITIES
dc.subject
BAILOUT
dc.subject
BALANCE SHEET
dc.subject
BALANCE SHEETS
dc.subject
BANK BONDS
dc.subject
BANK LENDERS
dc.subject
BANK POLICY
dc.subject
BANKING SECTOR
dc.subject
BANKING SYSTEM
dc.subject
BOND
dc.subject
BOND PAYMENT
dc.subject
BONDS
dc.subject
BORROWER
dc.subject
BORROWER BEHAVIOR
dc.subject
BROKERS
dc.subject
BULLET REPAYMENTS
dc.subject
BUSINESS CYCLE
dc.subject
BUSINESS CYCLES
dc.subject
CAPITAL ADEQUACY
dc.subject
CAPITAL ALLOCATION
dc.subject
CAPITAL BASE
dc.subject
CAPITAL CONSTRAINTS
dc.subject
CAPITAL FLOWS
dc.subject
CAPITAL GAINS
dc.subject
CAPITAL INFLOWS
dc.subject
CAPITAL MARKET
dc.subject
CAPITAL MARKETS
dc.subject
CAPITAL REQUIREMENTS
dc.subject
CASH FLOW
dc.subject
CASH FLOWS
dc.subject
CENTRAL BANK
dc.subject
CENTRAL BANKS
dc.subject
COLLATERAL
dc.subject
COMMERCIAL BANKS
dc.subject
CONFLICT OF INTEREST
dc.subject
CONSUMER CREDIT
dc.subject
CONSUMER PROTECTION
dc.subject
CORPORATE BONDS
dc.subject
CORPORATE DEBT
dc.subject
CREDIT ENHANCEMENT
dc.subject
CREDIT GUARANTEE
dc.subject
CREDIT HISTORY
dc.subject
CREDIT LINES
dc.subject
CREDIT RISK
dc.subject
CREDIT RISKS
dc.subject
CURRENCY DEPRECIATION
dc.subject
CURRENCY RISK
dc.subject
CURRENT ACCOUNT DEFICIT
dc.subject
DEBT
dc.subject
DEBT CRISIS
dc.subject
DEBT INSTRUMENT
dc.subject
DEBT INSTRUMENTS
dc.subject
DEBT ISSUE
dc.subject
DEBT OBLIGATION
dc.subject
DEBT OBLIGATIONS
dc.subject
DEBT OUTSTANDING
dc.subject
DEPOSITS
dc.subject
DEVALUATION
dc.subject
DOMESTIC MARKETS
dc.subject
EMERGING MARKETS
dc.subject
EXCHANGE RATE
dc.subject
FAIR VALUE
dc.subject
FINANCIAL CRISES
dc.subject
FINANCIAL CRISIS
dc.subject
FINANCIAL INSTABILITY
dc.subject
FINANCIAL INSTITUTIONS
dc.subject
FINANCIAL INSTRUMENT
dc.subject
FINANCIAL MARKETS
dc.subject
FINANCIAL RISK
dc.subject
FINANCIAL SHOCKS
dc.subject
FINANCIAL STABILITY
dc.subject
FINANCIAL STATEMENTS
dc.subject
FINANCIAL STRESS
dc.subject
FINANCIAL SYSTEM
dc.subject
FINANCIAL SYSTEMS
dc.subject
FORECLOSURE
dc.subject
FOREIGN CAPITAL
dc.subject
FOREIGN CURRENCY
dc.subject
FOREIGN CURRENCY LOANS
dc.subject
FOREIGN EXCHANGE
dc.subject
FOREIGN EXCHANGE RISKS
dc.subject
FOREIGN LENDERS
dc.subject
GLOBAL BANKING
dc.subject
GLOBAL ECONOMIES
dc.subject
GROUPS OF LENDERS
dc.subject
HOLDING
dc.subject
HOME OWNERSHIP
dc.subject
HOMEOWNERSHIP
dc.subject
HOST COUNTRY
dc.subject
HOUSEHOLD WEALTH
dc.subject
HOUSING FINANCE
dc.subject
INCOME TAX
dc.subject
INFORMATION SYSTEM
dc.subject
INFORMATION SYSTEMS
dc.subject
INSURANCE COMPANIES
dc.subject
INSURANCE PRODUCTS
dc.subject
INTEREST RATE
dc.subject
INTEREST RATE RISK
dc.subject
INTERNATIONAL CAPITAL
dc.subject
INVESTMENT FUNDS
dc.subject
INVESTMENT OPPORTUNITIES
dc.subject
IRREGULAR INCOMES
dc.subject
ISSUANCE
dc.subject
LENDER
dc.subject
LENDERS
dc.subject
LENDING CYCLE
dc.subject
LENDING INTEREST RATES
dc.subject
LEVEL OF INTEREST RATES
dc.subject
LEVEL OF RISKS
dc.subject
LIABILITY
dc.subject
LIENS
dc.subject
LIFE INSURANCE
dc.subject
LIQUIDITY
dc.subject
LIQUIDITY CRISIS
dc.subject
LIQUIDITY RATIO
dc.subject
LIQUIDITY RATIOS
dc.subject
LIQUIDITY RISKS
dc.subject
LOAN
dc.subject
LOAN DEFAULTS
dc.subject
LOAN MARKET
dc.subject
LOAN OFFICERS
dc.subject
LOAN PERFORMANCE
dc.subject
LOAN PORTFOLIO
dc.subject
LOAN PORTFOLIOS
dc.subject
LOAN PRODUCTS
dc.subject
LOAN REPAYMENT
dc.subject
LOAN TERMS
dc.subject
LOCAL BANKS
dc.subject
LOCAL CURRENCY
dc.subject
LOCAL LENDERS
dc.subject
MACROECONOMIC CONDITIONS
dc.subject
MARKET DATA
dc.subject
MARKET DEEPENING
dc.subject
MARKET DEVELOPMENT
dc.subject
MARKET DEVELOPMENTS
dc.subject
MARKET INFORMATION
dc.subject
MARKET INFRASTRUCTURE
dc.subject
MARKET INSTRUMENT
dc.subject
MARKET INSTRUMENTS
dc.subject
MARKET INTERMEDIARIES
dc.subject
MARKET INTERMEDIARY
dc.subject
MARKET LIQUIDITY
dc.subject
MARKET PARTICIPANTS
dc.subject
MARKET PRACTICE
dc.subject
MARKET SHARE
dc.subject
MARKET STABILITY
dc.subject
MARKET STRUCTURES
dc.subject
MARKET SURVEILLANCE
dc.subject
MATURITY
dc.subject
MATURITY MISMATCHES
dc.subject
MORTGAGE
dc.subject
MORTGAGE FINANCE
dc.subject
MORTGAGE LOAN
dc.subject
MORTGAGE LOANS
dc.subject
MORTGAGE MARKET
dc.subject
MORTGAGE MARKETS
dc.subject
MORTGAGES
dc.subject
NATIONAL BANK
dc.subject
NON-PERFORMING LOAN
dc.subject
NON-PERFORMING LOANS
dc.subject
NPL
dc.subject
OPEN ECONOMIES
dc.subject
PARTICULAR DEBT
dc.subject
PAYMENT OF PRINCIPAL
dc.subject
PENSION
dc.subject
PENSION FUNDS
dc.subject
POLICY RESPONSE
dc.subject
PORTFOLIO
dc.subject
PORTFOLIO ALLOCATION
dc.subject
PORTFOLIO MANAGEMENT
dc.subject
PORTFOLIO PERFORMANCE
dc.subject
PREPAYMENT
dc.subject
PRIVATE CREDIT
dc.subject
PRIVATE CREDIT BUREAUS
dc.subject
PROVISIONING RULES
dc.subject
PRUDENTIAL REGULATIONS
dc.subject
PRUDENTIAL SUPERVISION
dc.subject
PUBLIC MARKET
dc.subject
REAL ESTATE INVESTMENT
dc.subject
REAL ESTATE INVESTMENTS
dc.subject
REAL ESTATE LENDING
dc.subject
REGULAR PAYMENTS
dc.subject
REGULATORY FRAMEWORK
dc.subject
REPAYMENT CAPACITY
dc.subject
REPO
dc.subject
REPO TRANSACTIONS
dc.subject
RESERVE
dc.subject
RESERVE REQUIREMENTS
dc.subject
RESIDENTIAL MORTGAGE
dc.subject
RETURNS
dc.subject
RISK AVERSION
dc.subject
RISK FACTORS
dc.subject
RISK MANAGEMENT
dc.subject
RISK PROFILE
dc.subject
SAVINGS SCHEMES
dc.subject
SHARE OF CREDIT
dc.subject
SHARE OF INVESTMENT
dc.subject
SHAREHOLDER
dc.subject
SHAREHOLDERS
dc.subject
SMALL BUSINESS
dc.subject
SOLVENCY
dc.subject
SOVEREIGN DEBT
dc.subject
SOVEREIGN GUARANTEE
dc.subject
SOVEREIGN RATING
dc.subject
TAX
dc.subject
TAX TREATMENT
dc.subject
TOTAL DEBT
dc.subject
TRADING
dc.subject
TRANCHES
dc.subject
TRANSACTION
dc.subject
TRANSPARENCY
dc.subject
TURNOVER
dc.subject
UNDERDEVELOPED CAPITAL MARKETS
dc.subject
UNDERLYING ASSETS
dc.subject
UNDERLYING MORTGAGE
dc.subject
UNIVERSAL BANKS
dc.subject
VALUATION
dc.subject
VALUATIONS
dc.title
Europe and Central Asia Housing Finance Crisis Prevention and Resolution : A Review of Policy Options
en
okr.date.disclosure
2013-06-13
okr.doctype
Economic & Sector Work :: Other Financial Sector Study
okr.doctype
Economic & Sector Work
okr.docurl
http://documents.worldbank.org/curated/en/2013/03/17852623/europe-central-asia-housing-finance-crisis-prevention-resolution-review-policy-options
okr.globalpractice
Macroeconomics and Fiscal Management
okr.globalpractice
Finance and Markets
okr.globalpractice
Finance and Markets
okr.globalpractice
Trade and Competitiveness
okr.googlescholar.linkpresent
yes
okr.identifier.externaldocumentum
000442464_20130613115154
okr.identifier.internaldocumentum
17852623
okr.identifier.report
78346
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/06/13/000442464_20130613115154/Rendered/PDF/783460WP0P13090esponse0clean0final.pdf
en
okr.region.administrative
Europe and Central Asia
okr.sector
Capital markets,Housing finance
okr.sector
Finance
okr.theme
Financial Consumer Protection and Financial Literacy
okr.theme
Financial and private sector development :: Regulation and competition policy
okr.theme
International financial standards and systems
okr.topic
Finance and Financial Sector Development :: Access to Finance
okr.topic
Macroeconomics and Economic Growth :: Markets and Market Access
okr.topic
Private Sector Development :: Emerging Markets
okr.topic
Finance and Financial Sector Development :: Bankruptcy and Resolution of Financial Distress
okr.topic
Finance and Financial Sector Development :: Debt Markets
okr.unit
Private/Financial Sectors Devt (ECSPF)
okr.volume
1 of 1

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