With the 1980s, as a result of economic and financial deregulation policies, housing finance systems in most countries have had great transformations and have become market-oriented. Recently, in Turkey, a draft law was submitted to the parliament which can be regarded as an attempt to integrate housing finance to capital markets through the establishment of secondary market for housing loans extended by commercial banks. In this thesis, it is aimed to evaluate the role of housing loans extended by commercial banks on housing finance in Turkey, to assess the prospective legal regulation in terms of lenders and borrowers of housing loans and to discuss the anticipated impacts of this scheme to the commercial banks, the housing loans and borrowers within the context of global trends in housing finance. For these purposes, housing files extended by commercial banks have been examined and in-dept interviews have been conducted with interviewees from commercial banks, Capital Market Board and Housing Development Administration. As a result, it is found out that the role of housing loans extended by commercial banks is very limited in housing finance in Turkey and only high income groups can access these loans. Moreover, it is explicit that the housing finance scheme in the draft law is entirely market-oriented and targets the middle and upper income groups. On the other hand, such a policy orientation is quite problematic and paradoxical in that / the housing problem in Turkey is most dramatically felt by the lower middle and low income groups.

Bostadspriserna har stigit markant under de senaste åren och till följd av detta har hushållen varit tvungna att ta på sig stora skulder. Svenska hushåll tar därför ständigt större lån och fler bostadslåntagare uppvisar högre skuldkvot och belåningsgrad än tidigare. Stigande inflation och ökade räntor resulterar i minskade ekonomiska marginaler för låntagare samt sociala konsekvenser. Hushållen har även blivit mer känsliga för risker, såsom förändringar i räntenivåer. Denna studie har till syfte att undersöka hur hög belåningen i samhället är idag och vilka konsekvenser som kan ses på kort och lång sikt. Privata bostadslån i Sverige studeras med fokus kring problematiken med hög skuldsättning. Detta görs genom banktjänstemäns syn på hushållens skuldkvot med hjälp av semistrukturerade intervjuer. Studien innefattar nio intervjuer med åtta svenska banker och en bankförening. Studiens resultat är relevant för svenska beslutsfattare, banker och hushåll, eftersom det ger insikt i vad som ökar riskexponeringen för de som tar bostadslån. Resultaten visar att Sverige ligger på rekordhöga nivåer vad gäller skuldsättning och att detta resulterar i flera konsekvenser. Hög skuldkvot leder till hög räntekänslighet och sårbarhet vilket kan strama åt hushållens ekonomi vid förändringar i penningpolitiken. Detta leder i sin tur till minskat konsumtionsutrymme, försämrad återbetalningsförmåga, minskad ekonomisk tillväxt, finansiell instabilitet, fler konkurser och högre arbetslöshet. / Housing prices have risen significantly in recent years and as a result, households have had to take on large debts. Swedish households are therefore constantly taking out larger loans, and more mortgage borrowers show a higher debt-to-income ratio and loan-to-value ratio than before. Rising inflation and increased interest rates result in reduced financial margins for borrowers and social consequences. Households have also become more sensitive to risks, such as changes in interest rates. The purpose of this study is to investigate how high the level of debt in society is today and what consequences can be foreseen in the short and long term. Private housing loans in Sweden are studied with focus on problems related to high indebtedness. This is done through the perspective of bank employees on households' debt-to-income ratio, using semi-structured interviews. The study includes nine interviews with eight Swedish banks and one banking association. The results of this study are relevant for Swedish decision-makers, banks, and households, as they provide insight into what increases risk exposure for those taking out home loans. The results show that Sweden is at record high levels in terms of indebtedness, and this implies several consequences. A high debt-to-income ratio leads to high interest rate sensitivity and vulnerability, which can tighten the finances of households in case of changes in monetary policy. This, in turn, leads to a reduced space for consumption, worsened repayment ability, reduced economic growth, financial instability, more bankruptcies, and higher unemployment.

Магистерская диссертация посвящена выявлению проблем развития ИЖК в РФ и рассмотрению возможных путей их решения на примере ПАО «Банк ВТБ». Предметом исследования являются экономические отношения в области ипотечного жилищного кредитования в кредитных организациях РФ и применение международного опыта. Основной целью магистерской диссертации является изучение теоретических аспектов ипотечного жилищного кредитования, анализ рынка ипотечного жилищного кредитования Российской Федерации, выявление его основных проблем и предложение возможных путей их решения. В заключении подводятся итоги проведенного исследования, делаются основные выводы и обобщаются перспективы развития ПАО «Банк ВТБ» в области ИЖК в РФ. / The master's thesis is devoted to identifying the problems of the development of housing and communal services in the Russian Federation and considering possible ways to solve them using the example of VTB Bank PJSC. The subject of the study is economic relations in the field of mortgage housing lending in credit organizations of the Russian Federation and the application of international experience. The main goal of the master's thesis is to study the theoretical aspects of mortgage housing lending, analyze the mortgage housing lending market of the Russian Federation, identify its main problems and propose possible ways to solve them. In conclusion, the results of the study are summed up, the main conclusions are made and the prospects for the development of VTB Bank PJSC in the field of housing and communal services in the Russian Federation are summarized.

M.Comm. / The purpose of this dissertation is to assess the progress that has been made in the provision of housing finance to low-income earners. In 1994, housing affordability was constrained, as around 86% of households earned below R3 500. The focus, therefore, is on the role played by both government and the four major banks in broadening access to housing finance for these households and also those who earn less than R7 500. Frameworks that brought about certain initiatives aimed at addressing this problem are explored. On the side of government, the housing subsidy scheme and the role played by the government housing finance institutions (i.e. the National Housing Finance Corporation and the Rural Housing Loan Fund) are explored. On the banking sector side, the provisioning of housing finance prior to and after the implementation of the Financial Sector Charter (FSC) in 2004 is investigated. The dissertation concludes by looking the challenges that exist in the low-cost housing finance environment. The paper notes that, although some considerable progress has been made in the broadening of access to housing finance, there is a huge gap between the number of subsidies approved and the number of households that have benefited from the government subsidy scheme, possibly resulting from, among other things, capacity constraints at local government level. In respect of the banking sector, data analysed shows that bank involvement in the low-income market was very minimal before the implementation of the FSC. However, as much as some progress has been made, there are some serious challenges in this market that could have possibly prevented the role players from extending this access to the rest of the target group.

科学研究費補助金 研究種目:基盤研究(C) 課題番号:14530108 研究代表者:家森 信善 研究期間:2002-2005年度