摘要:

Recent years have seen the emergence of substantial scholarly research devoted to cross‐national comparisons of real estate markets and financial institutions. In part, these analyses evaluate real estate market efficiency and the distributional outcomes associated with diverse institutions and economies. Further, these analyses draw from the experience of different markets and institutions in a normative sense, so as to help facilitate the development of appropriate real estate market mechanisms and policy in emerging market economie

ISSN:1080-8620    

DOI:10.1111/1540-6229.00671

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

A mortgage pricing model is developed when a borrower goes through a series of distress states, including delinquency, long‐term nonpayment and ultimate default. These steps are sequential, and depend on prices and alternatives faced by the borrower. The multistate default model is applied to the mortgage market in the United Kingdom. As a byproduct, a pricing structure for the U.K. endowment mortgage, which combines a good and a life insurance policy, is developed. Income and liquidity constraints are shown to affect the decision to keep a mortgage current in different states of distress. Solvent borrowers may thus keep their mortgages current, even when equity is negativ

ISSN:1080-8620    

DOI:10.1111/1540-6229.00672

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This paper investigates the relationship between regional economic diversification and stability, and residential mortgage default risk in the Netherlands. To describe and measure regional economic diversity and stability, methods from both the regional economics and the industrial economics literature are used. All measures are based on regional employment characteristics. Mortgage default rates were obtained from a database of the population of insured mortgage defaults in the Netherlands from 1983 through 1990. To test the relationship between the measures and mortgage default risk, cross sectional Seemingly Unrelated Regression was used. The paper concludes that the employed measures explain regional mortgage default rates to a significant extent, and that stability measures outperform diversity measures.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00673

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This paper studies the financial barriers to ownership entry in Austria and Germany. In both countries the financial institutions are similar but there are differences as to public assistance, mortgage markets and risk allocation. Various risk shifting mechanisms between borrowers, banking and the state, and their impacts on social costs and social efficiency, are discussed. The findings indicate possible credit‐rationing as an outcome of the current securitization methods used in Austrian and German bank intermediation and their interaction with subsidy and tax allowance instruments. The existing entry barriers have raised concerns among the current decision makers and may initiate financial reforms in the near futur

ISSN:1080-8620    

DOI:10.1111/1540-6229.00674

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This is a study of tenure choice, housing demand and mobility in the submarkets of the Helsinki metropolitan area. The empirical analysis is based on data on households, type of tenure, housing characteristics and mobility for a sample of Helsinki residents at the end of 1980s. According to our results the probability of owning is affected not only by user costs of alternative tenure forms but also by permanent income and demographic variables. Results from the tenure specific housing demand models indicate that there are non‐neutralities in the housing markets. Permanent income elasticities of housing demand are clearly positive in owner‐occupied sector and systematically higher than in the rented sector. The demand for owner‐occupied housing depends very strongly on the age of the household head. User cost per housing unit affects housing demand negatively in both tenure forms. Effective demand is greater in private housing sector. The results suggest that owner‐occupied living is preferred with heavily subsidized households the least likely to move. In the rental sector, where the probability of moving is higher, it is also true that the most heavily subsidized households are the least likely

ISSN:1080-8620    

DOI:10.1111/1540-6229.00675

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This paper examines the effect of housing market disequilibrium on the supply of labor. Earlier studies suggested that housing market disequilibria affected other markets through altered consumption patterns (Podkaminer 1982, 1988) or because housing shortages restricted labor mobility (Mayo and Stein 1988). This paper examines the disincentive to supply labor which arises from housing market disequilibrium. The disequilibrium is measured by four variables. One is a measure of density, while the others are based upon the number of persons in official housing queues. Each of the variables is negative and significant in the two‐stage least squares estimates of labor supply. Estimates disaggregated by skill‐class are also presented. Housing market disequilibrium has the greatest impact on the labor supply of the least skil

ISSN:1080-8620    

DOI:10.1111/1540-6229.00676

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY