Housing Finance and Real-Estate Booms: A Cross-Country Perspective


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Date Published 2015
Primary Author Eugenio Cerutti, Jihad Dagher, and Giovanni Dell'Arricia
Other Authors
Theme Housing Market & Urban Indicators, Comparing Housing Finance Systems, Real Estate Cycles and Bubbles


This note analyzes mortgage markets across countries, documenting the heterogeneity of housing finance institutions. It asks whether housing finance characteristics (for example, mortgage characteristics); institutional factors (for example, rule of law); and/or macro factors (for example, inflation volatility) can predict cross-country differences in mortgage-market depth. Further, it explores the benefits of housing-finance development for home ownership, and more generally, welfare.

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