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Contractual Savings For Housing How Suitable Are They For Transitional Economies
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Book Synopsis Contractual savings for housing : how suitable are they for transitional economies? by : Michael J. Lea
Download or read book Contractual savings for housing : how suitable are they for transitional economies? written by Michael J. Lea and published by World Bank Publications. This book was released on 1995 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Contractual Savings for Housing by : Michael Lea
Download or read book Contractual Savings for Housing written by Michael Lea and published by . This book was released on 2016 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Problems of developing sp ...
Book Synopsis Housing Finance in Transition Economies by : OECD
Download or read book Housing Finance in Transition Economies written by OECD and published by OECD Publishing. This book was released on 2002-03-15 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This conference proceedings present papers providing the the first in-depth survey of current situation and challenges in the development of housing finance in major transition economies in particular, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, the Slovak Republic and Slovenia.
Book Synopsis Contractual Savings for Housing by : J. Michael Lea
Download or read book Contractual Savings for Housing written by J. Michael Lea and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: September 1995 Problems of developing specialized financial services for housing are acute in socialist economies in transition. Contractual savings for housing (CSH) are often advocated in Central and Eastern European countries as a primary solution. CSH systems were indeed used successfully in Europe for reconstruction after World War II. The issue today is what role CSH can play under very different financial conditions in latecomer countries that want to develop competitive and flexible financial systems capable of successfully integrating with the global financial markets. Problems of developing financial services for housing are acute in transitional socialist economies. Lea and Renaud examine contractual savings for housing (CSH), which are often advocated as a primary solution, especially in Central and Eastern European countries. A CSH instrument links a phase of contractual savings remunerated at below-market rate to the promise of a housing loan at a rate also fixed below market at the time the contract is signed. This contract can contain a variety of options. CSH were used very successfully in Europe after World War II. The issue today is not whether such specialized instruments can work. They clearly can under low inflation. The issue is whether CSH systems are advisable today in latecomer countries with vastly different financial technology and financial policy environments. Lea and Renaud focus on two influential CSH systems: the closed German Bauspar system and the open French épargne-logement. In a closed CSH system, access to a housing loan is based on queuing: a loan can be made only if funds are available in the specialist institution. In an open system, the saver can legally call his or her loan at contract maturity, regardless of the liquidity conditions in the CSH system. From the perspective of households, CSH contracts facilitate the accumulation of equity and offer the prospect of a low-interest loan. They promote savings discipline and provide a concrete goal that many households find important. But CSH instruments leave the objective of providing a primary loan unmet. In addition, even moderate inflation quickly leads to very low loan-to-value ratios for CSH loans and a large financing gap for housing purchases. From the perspective of financial institutions, CSH can help overcome the severe information asymmetries they face in transitional socialist economies, where there are no retail financial markets, no credit bureaus, and problematic income reporting. CSH are very effective in screening, monitoring, and establishing the reputation of steady savers as future borrowers, and they are good at lowering credit risks. With their saving periods of four to five years, CSH also help bridge the gap between long-term loans and short-term deposits. Finally, CSH can be an important commercial tool for developing cross-lending activities. But CSH can be risky. When the interest rate on outstanding contracts is low compared with current market rates, holders of mature contracts will want to call their loans. And new savers will be reluctant to sign on at very low contract rates. Eliminating this liquidity risk with a closed CSH system erodes the attractiveness of CSH. From the perspective of government, a CSH instrument can work in a noninflationary environment, yet a CSH system would have no justification in fully developed and competitive financial markets today. CSH instruments can play a useful but not a dominant role in housing finance. After stabilization, they can provide additionality, overcome information constraints on financial contracts, and contribute to higher financial savings rates. CSH instruments are best used to finance home improvements. They can also be used as part of a social policy to reach targeted social groups. This paper -- a product of the Financial Sector Development Department -- is part of a larger effort in the department to develop sustainable housing finance in transition economies.
Book Synopsis Housing Finance Markets in Transition Economies Trends and Challenges by : OECD
Download or read book Housing Finance Markets in Transition Economies Trends and Challenges written by OECD and published by OECD Publishing. This book was released on 2005-08-10 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive issue-by-issue and country-by-country study of housing markets and housing finance markets in Central and Eastern Europe.
Book Synopsis Economic Evaluation of Housing Subsidy Systems by : David Le Blanc
Download or read book Economic Evaluation of Housing Subsidy Systems written by David Le Blanc and published by World Bank Publications. This book was released on 2005 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author applies the methodology to the system prevailing in Morocco in 1995 and 2004. The analysis shows that the most visible subsidies might not have been the most inefficient, nor the most resource consuming for the state. Examination of policy changes since 1995 shows that while the most visible subsidies received nearly all the government's attention, large invisible subsidies remain at the heart of Morocco's housing policy. The framework used here is very general and can be used to compare the Moroccan system with those of similar countries"--Abstract.
Book Synopsis Developing Commercial Law in Transition Economies by : Cheryl Williamson Gray
Download or read book Developing Commercial Law in Transition Economies written by Cheryl Williamson Gray and published by World Bank Publications. This book was released on 1995 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Divergence, Big Time by : Lant Pritchett
Download or read book Divergence, Big Time written by Lant Pritchett and published by . This book was released on 1995 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Encyclopedia of Housing and Home by :
Download or read book International Encyclopedia of Housing and Home written by and published by Elsevier. This book was released on 2012-10-09 with total page 3870 pages. Available in PDF, EPUB and Kindle. Book excerpt: Available online via SciVerse ScienceDirect, or in print for a limited time only, The International Encyclopedia of Housing and Home, Seven Volume Set is the first international reference work for housing scholars and professionals, that uses studies in economics and finance, psychology, social policy, sociology, anthropology, geography, architecture, law, and other disciplines to create an international portrait of housing in all its facets: from meanings of home at the microscale, to impacts on macro-economy. This comprehensive work is edited by distinguished housing expert Susan J. Smith, together with Marja Elsinga, Ong Seow Eng, Lorna Fox O'Mahony and Susan Wachter, and a multi-disciplinary editorial team of 20 world-class scholars in all. Working at the cutting edge of their subject, liaising with an expert editorial advisory board, and engaging with policy-makers and professionals, the editors have worked for almost five years to secure the quality, reach, relevance and coherence of this work. A broad and inclusive table of contents signals (or tesitifes to) detailed investigation of historical and theoretical material as well as in-depth analysis of current issues. This seven-volume set contains over 500 entries, listed alphabetically, but grouped into seven thematic sections including methods and approaches; economics and finance; environments; home and homelessness; institutions; policy; and welfare and well-being. Housing professionals, both academics and practitioners, will find The International Encyclopedia of Housing and Home useful for teaching, discovery, and research needs. International in scope, engaging with trends in every world region The editorial board and contributors are drawn from a wide constituency, collating expertise from academics, policy makers, professionals and practitioners, and from every key center for housing research Every entry stands alone on its merits and is accessed alphabetically, yet each is fully cross-referenced, and attached to one of seven thematic categories whose ‘wholes' far exceed the sum of their parts
Book Synopsis World Bank Policy Research Bulletin by : World Bank
Download or read book World Bank Policy Research Bulletin written by World Bank and published by . This book was released on 1999 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Boletín informativo de nuevas adquisiciones by : Banco de México (1925- ). Oficina de Servicios Bibliotecarios
Download or read book Boletín informativo de nuevas adquisiciones written by Banco de México (1925- ). Oficina de Servicios Bibliotecarios and published by . This book was released on 1996 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Comparing Mortgage Credit Risk Policies by : Robert M. Buckley
Download or read book Comparing Mortgage Credit Risk Policies written by Robert M. Buckley and published by . This book was released on 2003 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Housing for All by : Xing Quan Zhang
Download or read book Housing for All written by Xing Quan Zhang and published by UN-HABITAT. This book was released on 2008 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides a comprehensive review of the challenges for low and moderate income housing. It focuses on the issues of affordability, accessibility and sustainability in resolving the housing problem. It looks at both formal and informal instruments and how experiences in developed countries and instruments in addressing middle income households can help inspire solutions for low and moderate income housing. The report examines a whole range of major instruments and experiences across the developing and developed worlds.
Book Synopsis Housing Finance Policy in Emerging Markets by : Loic Chiquier
Download or read book Housing Finance Policy in Emerging Markets written by Loic Chiquier and published by World Bank Publications. This book was released on 2009 with total page 540 pages. Available in PDF, EPUB and Kindle. Book excerpt: Housing finance markets have been changing dramatically in both emerging and developed economies. On the one hand, housing finance markets are expanding and represent a powerful engine for economic growth in many emerging economies. However, the unfolding sub-prime mortgage crisis highlights the risks and potential turbulence that this sector can introduce into the financial system when expanding without proper infrastructure and regulation. As housing finance keeps growing in emerging economies to match a rising demand for housing, new risk management approaches, business models, funding tools, and policy instruments can help. Yet many questions remain about the right balance between innovation and regulation, the extent of risks to the financial system, the appropriate role of the state to promote affordable housing, and the effects of the sub-prime crisis. This book provides a guide for policymakers dealing with housing finance in emerging markets. It highlights the prerequisites for an effective housing finance system; it lays out several policy alternatives and models of housing finance; and it explores the role of governments in expanding access to housing finance for lower-income households. There is no "best" model set out in this book. The aim is to provide a developmental roadmap that can be tailored and sequenced to each country's situation and timing.
Book Synopsis Social Housing in Transition Countries by : Jozsef Hegedus
Download or read book Social Housing in Transition Countries written by Jozsef Hegedus and published by Routledge. This book was released on 2013 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the large-scale social housing programs begun in Eastern and Central Europe after 2000 as an attempt to mitigate the inequality and declining standards of living that took hold in the region after the wave of privatizations that accompanied the political turn of the 1990s. It provides both case studies and theoretical frameworks for evaluating their successes and failures.
Book Synopsis poverty inequality and social policy in transition economies by : Branko Milanovic
Download or read book poverty inequality and social policy in transition economies written by Branko Milanovic and published by World Bank Publications. This book was released on 1999 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: November 1995 What happens to poverty and income inequality during the early period of transition to a market economy? Poverty is on the rise, and income inequality widens. Better targeting of social assistance and pension reform are the necessary policy reforms. In examining what happens to poverty and income inequality during the early period of transition to a market economy, Milanovic covers the period up to 1993. His analysis includes almost all transition economies that were not affected by wars, blockades, or embargoes. (In economies so affected, the intrinsic issues of transition are overshadowed by more basic issues of war or quasi-war economy and survival.) The two key issues of social policy in transition economies are pension reform and better targeting of social assistance. Pensions represent 70 to 80 percent of cash social expenditures. No reduction of current levels of social spending (which is unsustainable) can be envisaged without pension reform. Better targeting of social assistance is needed because many universally or enterprise-provided benefits have been terminated, poverty has increased, and social programs lack funding. If poverty is on the rise and money is scarce, better targeting is the only option. This paper -- a product of the Transition Economics Division, Policy Research Department -- is part of a larger effort in the department to study social effects of transition.
Book Synopsis Housing and the New Welfare State by : Richard Groves
Download or read book Housing and the New Welfare State written by Richard Groves and published by Routledge. This book was released on 2016-04-29 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: The changing nature and significance of housing provision within welfare states is considered in this timely book. With housing playing an increasingly important role in welfare provision, the new welfare state emerging in different parts of the world is being developed in the context of individual asset accumulation and the private ownership of housing. Housing and the New Welfare State shows that housing is becoming critical to asset-based welfare not only in Western Europe but also in the six East Asian housing systems that are a major focus of the book. Chapters by leading East Asian scholars provide analysis of housing policies in Singapore, Hong Kong, Korea, Japan, China and Taiwan. Also examined are the 'four worlds' of welfare and housing; the causes and consequences of the shift from tenants to home owners in the old welfare states of Britain and other parts of Western Europe; and the growth of the property-owning welfare state as a theme running through contemporary policy in both East Asia and Europe.
