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dc.titleThe Missing Foundations of Housing Finance: Incomplete Markets, Fragmented Policies and Emerging Solutions in Guatemala
dc.contributor.authorCuevas, Mario
dc.contributor.authorLée, Sigfrido
dc.contributor.authorBonilla, María Isabel
dc.contributor.orgunitDepartment of Research and Chief Economist
dc.coverageGuatemala
dc.date.available2011-09-26T00:00:00
dc.date.issue2011-09-02T00:00:00
dc.description.abstractIn Guatemala there are substantial and growing imbalances in the housing market; at the same time, financial markets remain shallow and underdeveloped. The analytical framework applied in this paper starts by identifying the types of market failures responsible for the underdevelopment of the housing finance system. The working hypothesis is that there is a correlation between the nature and scope of market failures, and the kind of public interventions actually implemented. Evidence collected points to a rejection of the policy adequacy hypothesis. Nevertheless, it is encouraging that solutions have begun to emerge as economic agents learn to overcome market failures; these experiences are reinterpreted as "natural experiments" showing what could happen if market failures could be fixed at a large scale through appropriate government policy. Building on this framework, the paper proposes guidelines for the design and implementation of housing finance policy in Guatemala.
dc.format.extent54
dc.identifier.doihttp://dx.doi.org/10.18235/0008911
dc.identifier.urlhttps://publications.iadb.org/publications/english/document/The-Missing-Foundations-of-Housing-Finance-Incomplete-Markets-Fragmented-Policies-and-Emerging-Solutions-in-Guatemala.pdf
dc.language.isoen
dc.mediumAdobe PDF
dc.publisherInter-American Development Bank
dc.subjectHousing
dc.subjectFinancial Service
dc.subjectPublic Administration
dc.subject.jelcodeG10 - General Financial Markets: General
dc.subject.jelcodeG18 - Government Policy and Regulation
dc.subject.jelcodeG21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages
dc.subject.jelcodeG22 - Insurance • Insurance Companies • Actuarial Studies
dc.subject.jelcodeG28 - Government Policy and Regulation
dc.subject.jelcodeH54 - Infrastructures • Other Public Investment and Capital Stock
dc.subject.jelcodeH81 - Governmental Loans • Loan Guarantees • Credits • Grants • Bailouts
dc.subject.jelcodeR31 - Housing Supply and Markets
dc.subject.jelcodeR38 - Government Policy
dc.subject.jelcodeR51 - Finance in Urban and Rural Economies
dc.subject.keywordsHousing finance, Financial sector, Access to credit, Market failures, Public policy, Policy adequacy, Mortgage insurance
dc.typeTechnical Notes
idb.identifier.pubnumberTechnical Notes
idb.operationRG-K1125
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