European Mortgage Markets Versus Institutions

S. Belgin Akçay () and Begüm Şeren Güler ()
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S. Belgin Akçay: Ankara University
Begüm Şeren Güler: Financial and Social Policies Unit, Ministry of Foreign Affairs

International Real Estate Review, 2021, vol. 24, issue 4, 577-612

Abstract: This study aims to measure the institutional features of residential mortgage markets in the European Union (EU) countries. The institutional features of the mortgage markets include access to credit information, protection of creditor rights, and enforcement of contracts among others, and attributes that define the evolution and functioning of mortgage markets. Differences among these features lead to institutional variations in mortgage markets among countries. In this study, we measure the institutional features along four dimensions (financial, legal, openness and cultural), and compare them to a benchmark. To achieve this, composite indices (overall index and its sub-indices) are developed with the use of a factor analysis. The findings show that the institutional features of the EU mortgage markets are diverse; northern European countries and the United Kingdom (UK) take the lead with respect to the institutional environment of their mortgage markets and have markets with higher institutional quality than the others. That is, these countries have mortgage markets with a more efficient legal framework, more government transparency in policymaking, easier access to financial services and credit information, etc.

Keywords: Mortgage Markets; European Union; Institutional Environment (search for similar items in EconPapers)
JEL-codes: D02 D5 E02 F15 (search for similar items in EconPapers)
Date: 2021
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