Chiquier, LoicLea, Michael2012-03-192012-03-192009978-0-8213-7750-5https://hdl.handle.net/10986/2641This report documented the importance of housing in the economy while at the same time providing governments with guidelines on how best to design policy to create efficient housing markets. The purpose of this book is to provide fact-based information and guidance to policy makers concerned with housing finance in emerging markets. An overarching goal is to improve the understanding of the importance of housing finance to the economy. This includes covering the prerequisites for an effective housing finance system together with the main characteristics of such a system. The book continues by laying out some of the policy alternatives and models of housing finance (products, infrastructure, risk management, regulations, and funding). In line with the priorities of many governments, the book is focused on solutions; in particular the role of government in contributing to the growth of housing finance and in increasing access to housing finance for lower and informal income households. The way taken to achieve these objectives is of the essence: they cannot be achieved, at least in a sustainable manner, by involving the creation of undue additional risks for the financial sector or eventually unbearable fiscal liabilities.CC BY 3.0 IGOACCOUNTING STANDARDSAMORTIZATIONAMOUNT OF CREDITASSET BACKED SECURITIESASSET CLASSESAUCTIONBACKED SECURITYBANKING CRISESBANKING SECTORBANKRUPTCYBASIS POINTSBONDBOND ISSUERSBOND MARKETSBORROWERBROKERSBUSINESS CYCLESCAPITAL MARKETCAPITAL MARKET FINANCINGCAPITAL MARKETS DEVELOPMENTCAPITAL REQUIREMENTSCOLLATERALCOMMERCIAL BANKCOMMERCIAL BANKSCOMMERCIAL MORTGAGECOMMERCIAL MORTGAGE-BACKED SECURITIESCOMPLEX SECURITYCONSUMER PROTECTIONCONTRACT DESIGNCONTRACTUAL SAVINGCONTRACTUAL SAVINGSCORPORATE GOVERNANCECREDIBILITYCREDIT BUREAUCREDIT BUREAUSCREDIT COOPERATIVESCREDIT ENHANCEMENTSCREDIT GUARANTEECREDIT INFORMATIONCREDIT INFORMATION BUREAUSCREDIT INFORMATION SYSTEMSCREDIT RATINGCREDIT RATING AGENCIESCREDIT RISKCREDIT RISKSCREDIT SYSTEMSCREDITORCREDITORSDEBTDEFAULT RISKDEFAULTSDEPOSITSDEVELOPING COUNTRIESDEVELOPMENT BANKDEVELOPMENT FINANCEDIRECTED CREDITDOMESTIC FINANCIAL MARKETSECONOMIC DEVELOPMENTEMERGING ECONOMIESEMERGING MARKETEMERGING MARKETSENFORCEMENT PROCEDURESEXCESS LIQUIDITYEXCHANGE COMMISSIONFINANCIAL CRISESFINANCIAL INSTITUTIONSFINANCIAL LIBERALIZATIONFINANCIAL MARKETSFINANCIAL PERFORMANCEFINANCIAL SECTOR DEVELOPMENTFINANCIAL STABILITYFINANCIAL STRUCTURESFINANCIAL SYSTEMFORECLOSUREFOREIGN CURRENCYFOREIGN EXCHANGEGLOBAL CAPITALGLOBAL CAPITAL MARKETSGOVERNMENT DEBTGOVERNMENT DEBT MARKETSGOVERNMENT INTERVENTIONGOVERNMENT POLICYGOVERNMENT SECURITIESGROSS DOMESTIC PRODUCTGUARANTEE FUNDHOME MORTGAGEHOME OWNERSHIPHOMEOWNERSHIPHOUSEHOLD WEALTHHOUSING FINANCEILLIQUIDITYINDIVIDUAL LOANINFLATIONINFLATION RISKINFORMATION ASYMMETRYINFORMATION TECHNOLOGYINSTALLMENT SALESINSTRUMENTINSURANCEINSURANCE PRODUCTSINTEREST RATEINTEREST RATESINTEREST-RATE RISKINTERNATIONAL BANKINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL DEVELOPMENTINTERNATIONAL FINANCEINTERNATIONAL SETTLEMENTSINTERNATIONAL STANDARDSINVESTMENT CORPORATIONINVESTMENT INSTRUMENTSINVESTOR DEMANDISLAMIC FINANCEJUDICIAL ENFORCEMENTWorld Bank10.1596/978-0-8213-7750-5