Housing Finance and Inflation-Indexed Mortgages in Turkey.pdf

Housing Finance and Inflation-Indexed Mortgages in Turkey PDF

Isil Erol

In developing countries the provision of housing finance is very problematic because of the volatile macroeconomic environment and the lack of regulatory framework that supports collateralised lending. As an emerging market, Turkey has experienced the problem of economic instability with highly volatile inflation from the 1980s to the early 2000s. This book describes the Turkish government/s housing policy for financing the public sector housing during the late 1990s and evaluates the performance of inflation-indexed mortgage contract, designed for middle-income civil servants. It demonstrates the use of Option pricing models to price the credit risk of inflation-indexed mortgages. The emphasis on using a backward pricing method rather than Monte Carlo simulation method to evaluate inflation-indexed mortgage with its embedded default option, sets this book apart. This book also discusses the recent developments in the Turkish real estate sector and the key issues in the creation of secondary mortgage market in Turkey. The book will provide important implications for professionals in mortgage sector of other developing mortgage markets, where the inflation uncertainty is high.

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9783639043396 ISBN
Housing Finance and Inflation-Indexed Mortgages in Turkey.pdf


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turkey domestic credit provided by banking sector percent of gdp wb data. Domestic ... Examples of other banking institutions are savings and mortgage loan institutions and building and loan ... Inflation, GDP deflator: linked series ( annual %) Development Programme (UNDP) gender index, Turkey has dropped from 59th place in ... Central Bank of Turkey (CBT) revised upward the medium term inflation ... Mortgage financing is relatively underdeveloped; however, Parliament .

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The path to own a house with convenient interest rate passes by Akbank! ... Even if your monthly income increases only by inflation rate year by year, the ratio of ... real persons can use the mortgage and workplace loan, whereas corporate ... At the same time, this combina- tion would not involve a financial intermediary tak - ing on substantial inflation risk by having indexed instruments on only one side  ...

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98 Erol and Patel INTERNATIONAL REAL ESTATE REVIEW 2004 Vol. 7 No. 1: pp. 98 - 120 Housing Policy and Mortgage Finance in Turkey During the Late 1990s Inflationary Period Isil Erol Pricing the Default Option of Inflation-Indexed …