WASHINGTON, D.C., December 9, 1998 ---
The burgeoning of secondary mortgage markets in Asia has underlined a need for more information on how their role relates to primary mortgage institutions and on the links between housing finance and capital markets.
The International Finance Corporation has released
New Directions in Asian Housing Finance
, a book that examines the common issues in housing finance in Asia and how markets, financial institutions, and laws and regulations influence the availability of financing for new housing.
The analysis is based on eight comparative studies from Japan, the United States, and European countries as well as developing economies in Asia. Reports of the studies were first presented last February at an IFC workshop in Bali, Indonesia, that was held to improve the flow of information on issues and opportunities associated with the development of secondary mortgage markets in Asia. The book also includes analysis of different models of these markets.
IFC has long made it a priority to work on the development of domestic capital markets to finance economic growth. IFC has promoted constructive legal and regulatory frameworks, building new institutions, and providing technical assistance and advisory services in developing countries. It has also encouraged securitization and the use of asset-backed securities as another important element of the strategy for development of capital markets.
The technical assistance work linking capital markets and housing finance – on which the book is based – was financed by the government of Japan through a trust fund that is managed by IFC. The technical assistance project was also supported by the Housing Finance Practice Group of the IFC, the World Bank, and the Asian Development Bank. The book was edited by Masakazu Watanabe of IFC, who also managed the project and recently returned to the private sector.
IFC, part of the World Bank Group, fosters economic growth in the developing world by financing private sector investments, mobilizing capital in the international financial markets, and providing technical assistance and advice to governments and businesses.
To obtain a copy of this publication, please contact IFC Corporate Relations at (202) 473-7711 or send an e-mail request to Vincent Yemoh at
vyemoh@ifc.org
