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英文文献：Aspects Of Mortgage Pricing In Developing Countries: The Case Of Rwanda-发展中国家抵押贷款定价的几个方面:卢旺达的例子
英文文献作者：Aha Bismark,Iyandemye Samuel
英文文献摘要：
PURPOSE: Access to decent and affordable housing remains one of the greatest challenges in Sub-Sahara African exacerbated by its exponential population growth rate and low income levels. Whilst mortgage has proven to be a superior approach to housing finance in developed countries, this has not been the case in developing countries where ridiculous interest charges have effectively priced the middle and low income groups out of the mortgage market. This study provides an empirical examination of the determinants of mortgage interest rates and effective borrowing costs in Rwanda, and the implications thereof for residential mortgage demand and affordability.DESIGN: The study combines secondary data (mainly macroeconomic indicators) with primary information obtained by questionnaires and interviews with the major mortgage lenders in Rwanda.FINDINGS: The study reveals that, at the current interest rates, mortgages are affordable to less than five percent of the Rwandan population. The high cost of borrowing is driven primarily by the lender’s cost of funds, unstable macroeconomic environment (exchange rate and inflation), inflation, liquidity, default risks, and lack of access to long term funds.RESEARCH LIMITATIONS: The mortgage market in Rwanda is still very young, and as such, access to longer time-series data was unavailable to permit a more robust analysis.PRACTICAL IMPLICATIONS: There is the need to integrate the housing finance market to the broader capital market to ensure access to long time funding and reduce asset-liability mismatches on the part of mortgage lenders. This will also reduce the risk borne by the primary mortgage lenders and transfer the risk to capital market investors who are better able to handle such risks. The government of Rwanda should partner with Rwanda Social Security Board (RSSB) and life insurance companies to provide a mortgage liquidity facility to ensure constant supply of mortgage funds to the commercial banks.ORIGINALITY: The study provides primary empirical explanations for the reasons behind the high interest rates on mortgages. By identifying the primary reasons behind this, it offers more relevant recommendations to help curtail this situation Keywords: housing, mortgage, interest rate, effective borrowing cost, affordability, mortgage liquidity facility
目的:在撒哈拉以南非洲地区，获得体面和负担得起的住房仍然是最大的挑战之一，人口指数增长率和低收入水平加剧了这一挑战。在发达国家，抵押贷款被证明是一种更好的住房融资方式，但在发展中国家，情况并非如此，在那里，荒谬的利息收费实际上已经把中低收入群体挤出了抵押贷款市场。本研究提供了对卢旺达抵押贷款利率和有效借贷成本的决定因素的实证检验，以及其对住宅抵押贷款需求和负担能力的影响。设计:本研究将二手数据(主要是宏观经济指标)与通过问卷调查和采访卢旺达主要抵押贷款机构获得的主要信息相结合。调查结果:研究显示，在目前的利率下，只有不到5%的卢旺达人能负担得起抵押贷款。借贷成本高的主要原因是贷款人的资金成本、不稳定的宏观经济环境(汇率和通货膨胀)、通货膨胀、流动性、违约风险以及无法获得长期资金。研究局限性:卢旺达的抵押贷款市场还很年轻，因此，无法获得较长的时间序列数据，无法进行更有力的分析。实际意义:有必要将住房金融市场与更广泛的资本市场整合起来，以确保获得长期融资，并减少抵押贷款机构的资产负债错配。这也将降低一级抵押贷款机构所承担的风险，并将风险转移给更有能力处理此类风险的资本市场投资者。卢旺达政府应与卢旺达社会安全委员会(RSSB)和人寿保险公司合作，提供抵押流动性工具，以确保向商业银行持续提供抵押资金。原创性:本研究为抵押贷款高利率背后的原因提供了初步的实证解释。通过找出这一现象背后的主要原因，提出了更相关的建议，以帮助遏制这种情况
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