Related Ph.D.
Course: Markets in Human Hope
Overview: Financial Development
Around the World
A study of mortgage markets in 62 countries that highlights the
important role of (among other things) deep credit information systems
in the development of housing finance systems:
Warnock,
V., and F. Warnock, 2008.
Markets and Housing Finance.
Journal of Housing Economics (forthcoming), previously released
as NBER WP 13081. Recent Talk: Bangko Sentral ng Pilipinas Roundtable on Property Sector in the Philippines
A
study of bond markets in over 40 countries that shows that there is no
quick way to develop a deep bond market. It takes a commitment to stable
macroeconomic policies and an adherence to the rule of law (and laws
that protect creditors, in particular). This is very much counter to the
'original sin' view of bond market development.
Burger, J., and F.
Warnock, 2006.
Local Currency
Bond Markets.
IMF Staff Papers
53: 115-132. Featured in the
IFC Sustainable
Investor and
Interest Bearing Notes.
One aspect of a well-developed bond market is its ability to attract
outside investors. This series of papers assesses the ability of
countries to attract U.S. investors to their local currency bond markets
and also presents a review of what we know about foreign investment in
general (not much is the short answer).
Burger, J., and F.
Warnock, 2006. What do we know about foreign investment in local bond
markets? Presented at
HKIMR/BIS/CEPR Conference on Bond Market Developments.
Burger, J., and
F. Warnock, 2007.
Foreign
participation in local currency bond markets. Review of
Financial Economics 16: 291-304.
Burger, J., and F.
Warnock, 2006.
Foreign Participation in Emerging Asian Bond Markets.
Korea's Economy
22: 24-28.
Burger, J., F.
Warnock, and V. Warnock, 2008.
Ingredients of a Well-Functioning Capital Market. Korea's
Economy 24: 31-38.
GEMLOC: Global
Emerging Markets Local Currency Bond Fund
A new
program initiated by the World Bank
and IFC. Updates on the contributions of Burger, Warnock, and Warnock to
this program will be posted here.
Housing the Newly Banked: Credit Scoring for Housing Micro Lenders
While
Markets and Housing Finance
concentrated on mortgage markets (that is, collateralized home loans), a
large portion of the world's population cannot access such a loan.
Instead, they are served by housing micro lenders (HMLs) who specialize
in smaller, non-collateralized home loans. Can HMLs be profitable and
sustainable? In this current project
Veronica Cacdac Warnock and Frank Warnock are
partnering with
Development Innovations Group,
FinMark Trust, and many
lenders and government entities in South Africa to explore whether a
non-standard credit scoring system can improve the risk assessment (and,
by extension, profitability) of housing micro lenders. Updates on this
long-term project will be posted here.
Short Description
of Project:
Warnock,
V., and F. Warnock, 2007.
Why Credit Scoring for Housing Micro Lenders? in Access Housing
2007 No. 7 pgs. 6-7 (FinMark
Trust).
Recent Talk:
"Credit Scoring for Housing Micro Lenders," at RHLF's Annual Workshop
Housing
Microfinance as mechanism of accelerating housing delivery
(Johannesburg, South Africa).
