This book provides evidence on how housing finance markets developed across Europe. The objective of the text is to bring together up to date material from across Europe which will help to clarify (i) how national housing finance markets have dealt with the challenges of deregulation and privatisation since the 1980s,(ii) how the financial crisis has impacted on the structure of the industry and the range of financial instruments available, (iii) how governments and the EU have responded to increasing risks and higher indebtedness in most West European countries and the need to grow new…mehr
This book provides evidence on how housing finance markets developed across Europe. The objective of the text is to bring together up to date material from across Europe which will help to clarify (i) how national housing finance markets have dealt with the challenges of deregulation and privatisation since the 1980s,(ii) how the financial crisis has impacted on the structure of the industry and the range of financial instruments available, (iii) how governments and the EU have responded to increasing risks and higher indebtedness in most West European countries and the need to grow new finance markets in Eastern Europe, and (iv) how changing housing finance markets impact on the capacity to provide adequate affordable housing into the future.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
Jens Lunde, Department of Finance, Copenhagen Business School Jens Lunde has been Associate Professor in the Department of Finance at Copenhagen Business School since 1984. He previously taught in the Department of Economics at the University of Copenhagen and worked for the Danish Ministry of Housing and the Danish Building Research Institute. His main specialisms are in housing finance with a particular emphasis on the analysis of individual data. Christine Whitehead, Emeritus Professor in Housing Economics, Department of Economics, London School of Economics She works mainly in the fields of housing economics, finance and policy. She has worked with a wide range of international agencies as well as regularly for the UK government and parliament.
Inhaltsangabe
Notes on Contributors xv
Foreword by David Miles, Professor of Financial Economics, Imperial College, London xxi
Acknowledgements xxiii
1 Introduction: Milestones in European Housing Finance since 1989 1 Jens Lunde and Christine Whitehead
Why analyse developments in housing finance? 1
Defining housing finance 3
The countries 4
Trends in mortgage systems 5
Mortgage debt and house price increases - enabling each other? 7
Conclusions 13
References 14
2 European Housing Finance Models in 1989 and 2014 15 Jens Lunde and Christine Whitehead
Introduction 15
Mortgage systems 16
Funding the supply of mortgages 21
Mortgage characteristics 25
Overview 33
References 35
3 Australia's 25 Years with a Deregulated Housing Finance System: Looking Back and Looking Forward 37 Judith Yates and María Belén Yanotti
The economic and institutional environment of the last 25 years 37
Key milestones 39
Impacts and implications of changes 43
Emerging issues 48
Conclusion 51
Acknowledgements 51
References 52
4 Milestones in Housing Finance in Austria over the Last 25 Years 55 Alexis Mundt and Elisabeth Springler
The economic and institutional environment of the last 25 years 55
Finance milestones 57
Impacts and outcomes 66
Looking to the future 70
Acknowledgements 71
References 71
5 Milestones in 25 Years of Housing Finance in Belgium 75 Sien Winters and Katleen Van den Broeck
Introduction 75
The Belgian housing finance system 76
The economic and institutional environment of the last 25 years in Belgium 76
Milestones during the last 25 years of housing finance in Belgium 77
Impacts 86
Looking to the future 88
Acknowledgements 89
References 89
6 Milestones in Housing Finance in the Czech Republic since 1990 93 Petr Sunega and Martin Lux
Introduction 93
Milestones in housing finance 95
Impacts 102
Future prospects 106
Acknowledgements 106
Notes 106
References 107
7 Milestones in Danish Housing Finance since 1990 109 Jens Lunde
Introduction 109
The economic environment of the last 25 years 110
The Danish mortgage system 111
Key milestones 113
The impacts of these milestones over the last 25 years 117
Parallel development in house prices and
owner-occupiers' net debt 118
The housing crisis, the national banking crisis and the Global Financial Crisis 121
The aftermath 123
The rescue operations 124
Looking to the future 124
Acknowledgements 125
References 126
8 Milestones in Housing Finance in England 127 Kathleen Scanlon and Henryk Adamczuk
Introduction 127
The economic and institutional environment of the last 25 years 128
Milestones in private housing finance 128
Milestones in social and affordable housing finance 136
Impacts 138
Looking to the future 142
Note 143
References 144
9 Milestones in Housing Finance in Finland 147 Timo Tähtinen and Tommi Laanti
Foreword by David Miles, Professor of Financial Economics, Imperial College, London xxi
Acknowledgements xxiii
1 Introduction: Milestones in European Housing Finance since 1989 1 Jens Lunde and Christine Whitehead
Why analyse developments in housing finance? 1
Defining housing finance 3
The countries 4
Trends in mortgage systems 5
Mortgage debt and house price increases - enabling each other? 7
Conclusions 13
References 14
2 European Housing Finance Models in 1989 and 2014 15 Jens Lunde and Christine Whitehead
Introduction 15
Mortgage systems 16
Funding the supply of mortgages 21
Mortgage characteristics 25
Overview 33
References 35
3 Australia's 25 Years with a Deregulated Housing Finance System: Looking Back and Looking Forward 37 Judith Yates and María Belén Yanotti
The economic and institutional environment of the last 25 years 37
Key milestones 39
Impacts and implications of changes 43
Emerging issues 48
Conclusion 51
Acknowledgements 51
References 52
4 Milestones in Housing Finance in Austria over the Last 25 Years 55 Alexis Mundt and Elisabeth Springler
The economic and institutional environment of the last 25 years 55
Finance milestones 57
Impacts and outcomes 66
Looking to the future 70
Acknowledgements 71
References 71
5 Milestones in 25 Years of Housing Finance in Belgium 75 Sien Winters and Katleen Van den Broeck
Introduction 75
The Belgian housing finance system 76
The economic and institutional environment of the last 25 years in Belgium 76
Milestones during the last 25 years of housing finance in Belgium 77
Impacts 86
Looking to the future 88
Acknowledgements 89
References 89
6 Milestones in Housing Finance in the Czech Republic since 1990 93 Petr Sunega and Martin Lux
Introduction 93
Milestones in housing finance 95
Impacts 102
Future prospects 106
Acknowledgements 106
Notes 106
References 107
7 Milestones in Danish Housing Finance since 1990 109 Jens Lunde
Introduction 109
The economic environment of the last 25 years 110
The Danish mortgage system 111
Key milestones 113
The impacts of these milestones over the last 25 years 117
Parallel development in house prices and
owner-occupiers' net debt 118
The housing crisis, the national banking crisis and the Global Financial Crisis 121
The aftermath 123
The rescue operations 124
Looking to the future 124
Acknowledgements 125
References 126
8 Milestones in Housing Finance in England 127 Kathleen Scanlon and Henryk Adamczuk
Introduction 127
The economic and institutional environment of the last 25 years 128
Milestones in private housing finance 128
Milestones in social and affordable housing finance 136
Impacts 138
Looking to the future 142
Note 143
References 144
9 Milestones in Housing Finance in Finland 147 Timo Tähtinen and Tommi Laanti
Introduction 147
Key milestones 148
Impacts and implications of changes 154
Looking to the future 161
References 162
Further reading 162
10 Milestones of Hous
Rezensionen
From the Foreword by David Miles, Professor of Financial Economics, Imperial College, London 'The great strength of this book is that detailed and up to date information on housing finance systems is presented in a way which allows for informed comparisons between countries... The result is that we have here a rich stock of information on the same fundamental set of characteristics of housing finance markets.... Jens Lunde and Christine Whitehead have done a fine job in editing and assembling this volume. They also provide three overview chapters which draw out some of the lessons from the experience of this large group of countries... A book like this which tracks the evolution of housing finance across countries and takes a detailed look at where we are now is immensely valuable.'
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