World Bank2013-03-282013-03-282011-06-08https://hdl.handle.net/10986/13051At the request of the Secretariat of Economic Policy (SPE) at the Brazilian Ministry of Finance (Fazenda), the World Bank carried out a second phase of the Non-Lending Technical Assistance (NLTA) aimed at supporting the Government's ongoing housing sector reform efforts. Work provided under Phase II of the NLTA focused on two interrelated issues : Proposing the introduction of new instruments which will allow lenders to raise long-term funds from the capital markets; and Identifying options to ensure a better alignment of the Sistema Financeiro de Habitação (SFH), with its two pillars SBPE and FGTS, with the introduction of new capital market instruments.en-USCC BY 3.0 IGOALTERNATIVE FUNDINGALTERNATIVE INVESTMENTAMORTIZATIONARBITRAGEASSET CLASSASSET CLASSESASSET-LIABILITY MANAGEMENTBACKED SECURITIESBALANCE SHEETBALANCE SHEETSBANK BONDBANK BOND MARKETSBANK BONDSBANK REGULATIONSBANKING REGULATIONSBANKING SYSTEMBANKRUPTCYBASIS POINTSBOND INSTRUMENTBOND ISSUESBOND MARKETBOND RATINGSBONDHOLDERBONDSBORROWERCAPITAL ADEQUACYCAPITAL FLOWSCAPITAL INFLOWSCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKET FINANCINGCAPITAL MARKET TRANSACTIONSCAPITAL MARKETSCAPITAL REQUIREMENTSCASH FLOWCASH FLOWSCDSCENTRAL BANKCENTRAL BANKSCOLLATERALCOLLATERAL RISKCOLLATERALIZATIONCOLLECTIVE INVESTMENTCOMMERCIAL BANKSCONSUMER LOANSCONSUMER PRICE INDEXCORPORATE BONDCOUNTRY RISKCREDIT ENHANCEMENTCREDIT INSTITUTIONSCREDIT LINESCREDIT QUALITYCREDIT RISKCREDIT RISK ASSESSMENTSDEBENTURESDEBTDEBT CRISISDEBT INSTRUMENTDEBT INSTRUMENTSDEEDDEMAND FOR FUNDSDEPOSITDEPOSIT HOLDERSDEPOSITORSDEPOSITSDOMESTIC CAPITALDOMESTIC CAPITAL MARKETDOMESTIC CAPITAL MARKETSEQUITIESEXTERNAL FUNDINGFINANCESFINANCIAL CRISISFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL MARKETSFINANCIAL STABILITYFIXED INCOMEFIXED INCOME MARKETFIXED INCOME SECURITIESFIXED INTERESTFIXED INTEREST RATEFORECLOSUREFOREIGN CAPITALFOREIGN CURRENCYFOREIGN INVESTORSGOVERNMENT BONDGOVERNMENT BONDSGOVERNMENT BUDGETGOVERNMENT SECURITIESHOLDINGHOLDINGSHOUSING FINANCEINCOME TAXINCOME TAX EXEMPTIONINFLATIONINFRASTRUCTURE FINANCINGINFRASTRUCTURE INVESTMENTINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE COMPANIESINSURANCE INDUSTRYINTEREST INCOMEINTEREST RATEINTEREST RATE REGIMEINTEREST RATE REGIMESINTEREST RATE RISKINTEREST RATESINTEREST RATES ON LOANSINVESTMENT ALLOCATIONSINVESTMENT FUNDSINVESTMENT OPPORTUNITIESINVESTMENT STRATEGYINVESTMENT VEHICLESINVESTOR BASEISSUANCEISSUANCESLEGAL FRAMEWORKSLENDERLENDERSLENDING LIMITLENDING LIMITSLIABILITYLIENLIQUIDITYLIQUIDITY CONSTRAINTLIQUIDITY CONSTRAINTSLIQUIDITY MANAGEMENTLIQUIDITY RISKLOANLOAN PORTFOLIOLOAN PORTFOLIOSLOANS FROM BANKSLOCAL CURRENCYLONG-TERM DEBTLONG-TERM FINANCELONG-TERM INVESTMENTMACROECONOMIC CONDITIONSMACROECONOMIC STABILIZATIONMARKET ACCEPTANCEMARKET BENCHMARKMARKET CONDITIONSMARKET FAILUREMARKET FAILURESMARKET INSTRUMENTMARKET INSTRUMENTSMARKET INTEREST RATEMARKET INTEREST RATESMARKET MAKERMARKET MAKERSMARKET MAKINGMARKET PARTICIPANTSMARKET SHAREMATURITIESMATURITYMATURITY MISMATCHMATURITY TRANSFORMATIONMORTGAGEMORTGAGE BONDMORTGAGE BONDSMORTGAGE FINANCEMORTGAGE LOANMORTGAGE LOANSMORTGAGE MARKETMORTGAGE MARKETSMORTGAGESOUTSTANDING LOANSPENSIONPENSION FUNDPERSONAL INCOMEPORTFOLIOPORTFOLIOSPRIMARY MARKETPRIVATE LENDERSPRIVATE PLACEMENTSPRUDENTIAL REGULATIONSREAL ESTATE INVESTMENTREAL ESTATE LOANSREGULATORY FRAMEWORKREINVESTMENTREINVESTMENT RISKRESERVERESERVE REQUIREMENTRESERVE REQUIREMENTSRESERVESRESIDENTIAL MORTGAGERESIDENTIAL MORTGAGESRETURNRETURNSRISK MANAGEMENTSAVINGS BANKSAVINGS DEPOSITSAVINGS RATESECONDARY MARKETSECONDARY MARKET TRADINGSECURITY INTERESTSHORT-TERM DEPOSITSSOLVENCYSOURCE OF CREDITSOVEREIGN BONDSOVEREIGN DEBTSOVEREIGN RISKSTOCK EXCHANGESTOCKSSUPERVISORY AGENCIESSWAPSTAXTAX CONCESSIONSTAX EXEMPTIONSTAX POLICYTAX RATETAX TREATMENTTERM DEPOSITSTIME DEPOSITSTRADINGTRANCHETRANCHESTRANSACTIONTRANSACTION COSTTRANSACTION COSTSTRANSPARENCYTREASURYTREASURY SECURITIESUNDERLYING ASSETSUNDERLYING MORTGAGEUNIVERSAL BANKUNSECURED BONDSUNSECURED DEBTVALUATIONWorld Bank10.1596/13051