Discussion of Developing Housing Finance Systems
It is a pleasure to be able to discuss such an interesting and important paper. We know from recent experience in the United States and other countries that housing markets can be the epicentre for systemic failures in national financial and banking sectors. However, we also know relatively little about the nature of different countries’ mortgage markets. That these recent collapses occurred with little warning highlights the paucity of our knowledge in this area. This paper aims to help bridge this gap in data and understanding. The importance of this work derives from its relevance both to practising regulators and ivory-tower academics.