Table of contents for Housing finance markets in transition economies : trends and challenges / [prepared by Shigehiro Shinozaki ... et al.].


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Part L       A COMPARATIVE ASSESSMENT OF HOUSING FINANCE MARKETS
IN TRANSITION ECONOMIES
by  Shigehiro  Shinozaki ........................................ ..... .................. 7
Introduction ......................................................................................................... .................   8
M etho d o log y  .......................................................................................................................   8
1. H ousing  M arkets ..................................... ........... ........ ....... .................  8
1-1. Demand of Housing .......................... ................................. 8
1-2. Supply of Housing ........................................      ................... 13
1-3. Country Assessments ..............................................  . ............ 14
2. Housing Finance M arkets ........................................  . ...................... 17
2-1. Primary  (Lending) M arkets.................................       ...................... 17
2-2. Secondary  (Funding) M arkets................................   ........................... 26
2-3. Country Assessments ........................................   ................... 33
3. Regulation  and  Housing Policy..................................     ........................ 35
3-1. Regulatory  Structure ........................................  ....................... 35
3-2. Housing  Policy .................................................... ................. 40
3-3. Country Assessments ........................... .............   ..................44
4. Aggregate Results and Lessons................................... ... ... .............46
4-1. Dynamics on Housing Finance Markets ........................ .   ....................46
4-2. SW O T  A nalysis  ...................... .. ......................... .. . .. ................................  48
4-3. L essons ........................ ...... ....                  ..........................  53
5. M ortgage  Insurance  ................................................. .. . ... ..... ................. 55
5-1. System  and  Benefits................................ ............................ 55
5-2. Mortgage Insurance Markets in Transition Economies .............................................. 57
C onclusion  ..................................           .......................... .................  61
References  .....................................            ........................... ..............  63
Annex  1.  General Indicators .....................    ............ ...................................  65
Annex 2. Findings from Market Survey on Housing Finance in Transition Economies .......... 70
1. Primary  (Lending) M arket ........................................   .......................70
(1) Lender and Borrower Structure ...................... .            .......................70
(2) M ajor Lenders......................................            ............ .......... 71
(3) Typical Loan Products ........................................  ... ...........72
(4) Loan  Conditions  ................................................................ ... .................. 73
(5) Housing  Loans Outstanding  ......................................  ......................74
(6) Mortgage Insurance ........................................     ....................76
(7) Contract Savings Schemes (CSS) ..................................................... 77
2. Secondary  (Funding) M arket .......................................................... ..............  78
(1) Funding  Instrum ents ......................................................... ............ 78
(2) Mortgage Bonds................................................... 78
3. Government Support (Government Subsidies) .............................................. 80
4. Regulations (Legal Framework) ......................................      .................. 81
Part H      HOUSING FINANCE MARKETS
IN SELECTED TRANSITION ECONOMIES ........................................... 83
Chapter 1.  HOUSING FINANCE IN POLAND
by Karol Skiba ........................................  .................... 85
Chapter 2.  HOUSING FINANCE IN HUNGARY
by Andris Bethlendi and Gergely Kiss..................... .................. 103
Chapter 3.  HOUSING FINANCE IN CZECH REPUBLIC
by  Daniela  Grabmillerov ..................................................... 1 17
Chapter 4.  HOUSING FINANCE IN SLOVAK REPUBLIC
by Dana Rigaszova .......................................... 141
Chapter 5.  HOUSING FINANCE IN LITHUANIA ...............         ...  .................. 155
Chapter 6.  HOUSING FINANCE IN LATVIA
by Ilze Osa                               ................................................ 185
Chapter 7.  HOUSING FINANCE IN ESTONIA
by Jana Kask, Tarmo Klettenberg, Lembit Olev ........................................ 209
Chapter 8.  HOUSING FINANCE IN SLOVENIA
by Barbara Staric-Strajnar .............................. .......................... 223
Chapter 9.  HOUSING FINANCE IN CROATIA
by  M laden  M irko  Tepus ............................................................. 237
Chapter 10. HOUSING FINANCE IN ROMANIA
by Diana Popescu, Ion Bejan, Mihaela Kalogerakos.............................  263
Chapter 11. HOUSING FINANCE IN UKRAINE
by Oleksiy Pylypets, Pavlo M atiyash ............................................. 269
Chapter 12. DEVELOPMENT OF MORTGAGE SYSTEM IN KAZAKHSTAN
by  A nuar  K arpykov  ....................................................................................   281



Library of Congress subject headings for this publication: Housing Europe, Eastern Finance, Housing Former Soviet republics Finance