Chapter 11. Mortgage Finance in Emerging Markets: Constraints and Feasible Development Paths

  1. Danny Ben-Shahar BA, MBA, PhD Senior Lecturer board member member2,
  2. Charles Ka Yui Leung Associate Professor visiting scholar referee editorial board member member3 and
  3. Seow Eng Ong PhD Professor president recipient4
  1. Bertrand M. Renaud MS, PhD international consultant Housing Finance Advisor Professor

Published Online: 2 FEB 2009

DOI: 10.1002/9781444302301.ch11

Mortgage Markets Worldwide

Mortgage Markets Worldwide

How to Cite

Renaud, B. M. (2008) Mortgage Finance in Emerging Markets: Constraints and Feasible Development Paths, in Mortgage Markets Worldwide (eds D. Ben-Shahar, C. K. Y. Leung and S. E. Ong), Blackwell Publishing Ltd., Oxford, UK. doi: 10.1002/9781444302301.ch11

Editor Information

  1. 2

    Faculty of Architecture and Town Planning, Technion – Israel Institute of Technology, Israel

  2. 3

    Department of Economics and Finance, City University of Hong Kong, Hong Kong

  3. 4

    Department of Real Estate, National University of Singapore, Singapore

Author Information

  1. World Bank, USA

Publication History

  1. Published Online: 2 FEB 2009
  2. Published Print: 16 MAY 2008

Book Series:

  1. Real Estate Issues

Book Series Editors:

  1. Stephen Brown5,
  2. John Henneberry6,
  3. K. W. Chau7 and
  4. Elaine Worzala8

Series Editor Information

  1. 5

    Royal Institution of Chartered Surveyors, UK

  2. 6

    Department of Town & Regional Planning, University of Sheffield, UK

  3. 7

    Department of Real Estate and Construction, The University of Hong Kong, Hong Kong

  4. 8

    Edward St. John Department of Real Estate, Johns Hopkins University, USA

ISBN Information

Print ISBN: 9781405132107

Online ISBN: 9781444302301



  • mortgage finance in emerging markets;
  • housing finance not neutral to economic development;
  • absence of comparative studies of mortgage finance systems in emerging economies;
  • recurring issues in developing mortgage markets;
  • domestic risk-pricing infrastructure not developed;
  • issue of financial market scale;
  • responses to constraints in small domestic financial markets of tier 1;
  • macroeconomic and financial instability;
  • exchange rate imbalances - direct indicator of growing macroeconomic risks;
  • crises and secondary market spreads for emerging markets


This chapter contains sections titled:

  • Introduction

  • Recurring issues in developing mortgage markets

  • Types of mortgage systems observed in developing countries

  • Lessons learned and some strategic priorities

  • Notes

  • References

  • Appendix 1

  • Appendix 2

  • Notes to appendices