For related research and our MBA
course, see the Markets in Human Hope site.
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). While bond market development
takes time, counter to the
'original sin' view it isn't impossible.
Burger, J., and F.
IMF Staff Papers
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.
F. Warnock, and V.
Investing in local currency bond markets. Financial Analysts Journal
Burger, J., F.
Warnock, and V. Warnock, 2008.
Ingredients of a Well-Functioning Capital Market. Korea's
Economy 24: 31-38.
Burger, J., and
F. Warnock, 2007.
participation in local currency bond markets. Review of
Financial Economics 16: 291-304.
Burger, J., and F.
Foreign Participation in Emerging Asian Bond Markets.
See also Global
Emerging Markets Local Currency Bond Fund (GEMLOC), a
program initiated by the World Bank
HOUSING FINANCE SYSTEMS
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:
V., and F. Warnock, 2008.
Markets and Housing Finance.
Journal of Housing Economics 17: 239-251. Previously released
as NBER WP 13081. Talk: Bangko Sentral ng Pilipinas Roundtable on Property Sector in the Philippines.
Taking Stock of Housing and Housing Finance in the Philippines ADB-AIM
V., and F. Warnock, 2012. "Developing Housing Finance Systems" RBA/BIS Annual Conference
Volume (Dec 2012).
in Latin America & the Caribbean: What is holding it back?
research program initiated by the Inter-American Development Bank
that seeks to describe the current state and evolution of the national
system of housing finance in Latin America and the Caribbean, as well as
associated current and past government policy initiatives. The project
will study both the outcomes (the state of the housing finance system)
and inputs (primarily policy actions, as well as other country
characteristics including but not limited to market or government
failures). The project also aims to explain the extent of development of
the housing finance system, to assess the effectiveness of the housing
finance system, and to identify where further reform and policy changes
Housing the Newly Banked: Credit Scoring for Housing Micro Lenders
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 project
Veronica Cacdac Warnock and Frank Warnock
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.
V., and F. Warnock, 2007.
Why Credit Scoring for Housing Micro Lenders? in Access Housing
2007 No. 7 pgs. 6-7 (FinMark
"Credit Scoring for Housing Micro Lenders," at the Rural Home Loan Fund's Annual Workshop
Microfinance as mechanism of accelerating housing delivery
(Johannesburg, South Africa).