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Latin America: Vulnerabilities Under Construction?

Luis Cubeddu, Camilo Tovar () and Evridiki Tsounta

No 2012/193, IMF Working Papers from International Monetary Fund

Abstract: This paper documents developments in mortgage credit and the housing sector in Latin America over the past decade, and compares them with those of other emerging economies. In particular, it examines the real estate and mortgage markets to assess whether (i) growth in mortgage credit is excessive compared to long-term trends; (ii) trends in house prices reflect changes in economic fundamentals; and (iii) the extent to which household and banking sector vulnerabilities could lead to potential fragilities. Although data limitations hamper a rigorous analysis of trends, our analysis suggests that while there are no imminent misalignments in the real estate and mortgage sectors, they could emerge if current trends persist. Strengthening supervision and addressing data gaps is thus critical to ensure adequate monitoring of risks and vulnerabilities in these sectors.

Keywords: WP; price; house price; mortgage credit; housing market; Mortgage; credit; real estate; housing prices; data gaps; credit growth; interest rate; price movement; Mortgages; Housing; Credit booms; Global; Europe; Asia and Pacific (search for similar items in EconPapers)
Pages: 27
Date: 2012-07-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (17)

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