The Financial Policy Dimension

Robert M. Buckley
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Robert M. Buckley: Urban Division, The World Bank

Chapter 2 in Housing Finance in Developing Countries, 1996, pp 11-24 from Palgrave Macmillan

Abstract: Abstract In most developing countries, relatively little mortgage credit is voluntarily supplied. The main reason for this is the lack of credible contracts of the sort dicussed by Oliver Williamson (1985). The cost of postcontract governance rather than the cost of producing contracts explains this restrained supply of mortgage credit. This is an important distinction because the costs of production are dictated by technological conditions — that is, the nature of the production function — and consequently little can be done to change them. The costs of governance, however, are more amenable to change. Hence, if there are significant gains from reducing these costs, institutional reforms may help realize them.

Keywords: House Price; Mortgage Loan; Stock Market Index; Housing Finance; Housing Investment (search for similar items in EconPapers)
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37660-1_2

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DOI: 10.1057/9780230376601_2

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