Mortgage markets in Emerging Economies: Challenges and Prospects-新兴经济体的抵押贷款...

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英文文献：Mortgage markets in Emerging Economies: Challenges and Prospects-新兴经济体的抵押贷款市场:挑战与前景
英文文献作者：Frank Gyamfi-Yeboah
英文文献摘要：
Access to long-term credit remains one of the major obstacles to solving the perennial housing problems in many emerging economies. These countries have been making serious attempts at developing their mortgage markets in recent times. There is a general consensus on the need for emerging economies to develop housing finance systems that ensure easy and affordable access to credit. The exact nature and the elements of such a system are still subject to debate. The development of the mortgage markets in developed economies has been largely attributed to the integration of their mortgage and capital markets as well as the adoption of some form of the secondary mortgage market. In the first instance, the integration of the mortgage market with the broader capital market allows the housing market to compete for funds as mortgages become a mainstream asset class for long-term investors. The institution of secondary mortgage market provides a direct mechanism through which funds are channelled to the housing market thereby removing or reducing the constraints on the supply of credit. This paper discusses the challenges that impede the institution and growth of formal housing finance systems across emerging economies. In particular, the paper examines whether the integration of the mortgage and capital markets is a sufficient step in developing mortgage markets in emerging economies. Should these countries institute some form of secondary mortgage market or will that be an unnecessary complication? The paper addresses these questions by examining the development of the South African mortgage market. Using co-integration and VAR techniques, I find that even though the South African mortgage market was integrated with the capital market prior to 2001, there still remained significant constraints on the supply of credit. However, the institution of the secondary mortgage market in 2001 led to a significant reduction in the constraints of supply of credit confirming the role that secondary mortgage markets play in channelling funds into the housing sector.

获得长期信贷仍然是许多新兴经济体解决长期住房问题的主要障碍之一。近年来，这些国家一直在认真尝试发展其抵押贷款市场。人们普遍认为，新兴经济体有必要发展住房金融体系，以确保它们能够轻松、负担得起地获得信贷。这种制度的确切性质和要素仍有争议。发达经济体中抵押市场的发展在很大程度上归因于抵押市场和资本市场的一体化，以及采用某种形式的次级抵押市场。首先，随着抵押贷款成为长期投资者的主流资产类别，抵押贷款市场与更广泛的资本市场的融合使得住房市场能够争夺资金。第二按揭市场的制度提供了一个直接机制，通过这个机制资金可以流入住房市场，从而消除或减少对信贷供应的限制。本文讨论了阻碍新兴经济体中正规住房金融系统的制度和增长的挑战。特别地，这篇论文考察了是否整合的抵押贷款和资本市场是一个足够的步骤，在发展抵押贷款市场的新兴经济体。这些国家应该建立某种形式的二级抵押贷款市场，还是会造成不必要的复杂性?本文通过考察南非抵押贷款市场的发展来解决这些问题。使用协整和VAR技术，我发现即使在2001年之前南非的抵押贷款市场已经与资本市场整合，在信贷供应方面仍然存在很大的限制。然而，在2001年，第二按揭市场的建立大大减少了信贷供应的限制，证实了第二按揭市场在引导资金进入房屋市场方面所发挥的作用。

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