Housing Finance in Emerging Markets:
Is the Expansion Affected by the Sub-Prime Crisis?
Housing finance markets have been changing dramatically in both emerging and developed economies. On the one hand, housing finance markets are expanding and represent a powerful engine for economic growth in many emerging economies. However, the unfolding sub-prime mortgage crisis highlights the risks and potential turbulence that this sector can introduce into the financial system when expanding without proper infrastructure and regulation. As housing finance keeps growing in emerging economies to match a rising demand for housing, new risk management approaches, business models, funding tools, and policy instruments can help expand markets, increase access to affordable housing, and contribute to countries’ strategies for sheltering the poor. Yet many questions remain about the right balance between innovation and regulation, the extent of risks to the financial system, the appropriate role of the state to promote affordable housing, and the effects of the sub-prime crisis.
In this context, the World Bank Group is presenting its third
Global Conference on Housing Finance in Emerging Markets that will take place
May 28 - 30, 2008 in Washington, D.C at the
World Bank Headquarters. The conference is organized by the World Bank and the International Finance Corporation, reflecting their respective roles in working with governments and the private sector.
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