| Popis: |
There have been major changes in the housing finance markets of most industrialized countries in recent years. Generally, there has been a closer integration between housing finance and other financial markets, the role of specialist housing finance institutions has been declining, the housing finance function itself has been fragmenting, and there has been a move towards greater use of variable interest rates. As in so many other areas, there is a general presumption that developing countries have much to learn from the experience of industrialized countries, but all too often there is a failure to appreciate the very significant differences between the two groups of countries. This paper surveys the major developments in housing finance techniques in the industrialized countries and then considers what relevance they have, if any, in developing countries. |
