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Author: Elina Pyykkö Publisher: ISBN: Category : Credit Languages : en Pages : 9
Book Description
In this ECRI Commentary, Elina Pyykkö provides a snapshot of the current state of household credit markets in Europe. She assesses how member states have recovered from the financial crisis by looking at credit markets and other financial indicators. The evidence is used to discuss what grounds the different stages of recovery provide for new EU-wide legislative proposals, in particular the proposed directive on mortgage credit.--Publisher description.
Author: Elina Pyykkö Publisher: ISBN: Category : Credit Languages : en Pages : 9
Book Description
In this ECRI Commentary, Elina Pyykkö provides a snapshot of the current state of household credit markets in Europe. She assesses how member states have recovered from the financial crisis by looking at credit markets and other financial indicators. The evidence is used to discuss what grounds the different stages of recovery provide for new EU-wide legislative proposals, in particular the proposed directive on mortgage credit.--Publisher description.
Author: Robin Sainsot Publisher: ISBN: Category : Consumer credit Languages : en Pages : 13
Book Description
The liberalisation of Eastern Europe's market during the 1990s and the 2004 EU enlargement have had a great impact on the economies of Central and Eastern Europe (CEE). Indeed, prior to these events, the financial system and household credit markets in CEE were underdeveloped. Nonetheless, it appeared to numerous economists that the development of the CEE financial system and credit markets was following an intensely positive trend, raising the question of sustainability. Many variables impact the level and growth rate of credit; several economists point out that a convergence process might be one of the most important. Using a descriptive statistics approach, it seems likely that a convergence process began during the 1990s, when the CEE countries opened their economies. However, it also seems that the main driver of this household credit convergence process is the GDP per capita convergence process. Indeed, credit to households and GDP per capita have followed broadly similar trends over the last 20 years and it has been shown in the literature that they appear to influence each other. The consistency of this potential convergence process is also confirmed by the breakdown of household credit by type and maturity. There is a tendency towards similar household credit markets in Europe. However, it seems that this potential convergence process was slowed down by the financial crisis. Fortunately, the crisis also stabilised the share of loans in foreign currency in CEE countries. This might add more stability to credit markets in Eastern Europe.
Author: Mr.Pau Rabanal Publisher: International Monetary Fund ISBN: 1455253308 Category : Business & Economics Languages : en Pages : 60
Book Description
The financial crisis showed, once again, that neglecting real estate booms can have disastrous consequences. In this paper, we spell out the circumstances under which a more active policy agenda on this front would be justified. Then, we offer tentative insights on the pros and cons as well as implementation challenges of various policy tools that can be used to contain the damage to the financial system and the economy from real estate boom-bust episodes.
Author: Miriam Anderson Publisher: ISBN: 9789089521989 Category : Housing Languages : en Pages : 460
Book Description
How has European Private Law responded to the property and mortgage markets crisis? And in what way is this reaction likely to model domestic systems? The financial and economic crisis that marked the beginning of the century has had a devastating effect on the property and mortgage markets in many Member States of the European Union. Despite this, the European legislator took its time to respond. This book analyzes the impact of the Mortgage Credit Directive (Directive 2014/17) in twelve different jurisdictions: Belgium, England, France, Germany, Greece, Ireland, Italy, Malta, The Netherlands, Poland, Portugal, and Spain. The reports show how in some instances only certain products (such as foreign currency loans) or practices (irresponsible lending, homeownership promoting policies, the use of unfair terms) were factors that triggered the property crash; in other cases; the system completely failed to address an exceptional situation; and, finally, how in some instances prudent lending explained why the market was virtually not hit at all. This book aims to find out whether the two goals of Directive 2014/17 (financial sector stability and enhanced consumer protection) can be achieved in light of its provisions and of the transposition carried out by the different Member States, and whether the changes it introduces have a significant impact in the jurisdictions considered here. Some systems are already showing signs of yet another property bubble. There is room for hope: perhaps we have learned from the past, perhaps the Directive is a step forward, but more importantly this book shows that we can learn from each other. [Subject: European Law, Private Law, Property Law]
Author: Mr.Stijn Claessens Publisher: International Monetary Fund ISBN: 1498340938 Category : Business & Economics Languages : en Pages : 38
Book Description
Macroprudential policies – caps on loan to value ratios, limits on credit growth and other balance sheets restrictions, (countercyclical) capital and reserve requirements and surcharges, and Pigouvian levies – have become part of the policy paradigm in emerging markets and advanced countries alike. But knowledge is still limited on these tools. Macroprudential policies ought to be motivated by market failures and externalities, but these can be hard to identify. They can also interact with various other policies, such as monetary and microprudential, raising coordination issues. Some countries, especially emerging markets, have used these tools and analyses suggest that some can reduce procyclicality and crisis risks. Yet, much remains to be studied, including tools’ costs ? by adversely affecting resource allocations; how to best adapt tools to country circumstances; and preferred institutional designs, including how to address political economy risks. As such, policy makers should move carefully in adopting tools.
Author: Asli Demirguc-Kunt Publisher: World Bank Publications ISBN: 1464812683 Category : Business & Economics Languages : en Pages : 148
Book Description
In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.
Author: National Intelligence Council Publisher: Cosimo Reports ISBN: 9781646794973 Category : Languages : en Pages : 158
Book Description
"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
Author: Khalid ElFayoumi Publisher: International Monetary Fund ISBN: 151357020X Category : Business & Economics Languages : en Pages : 97
Book Description
Many European economies have faced pressure from rental housing affordability that has widened social and economic divergence. While significant country and regional differences exist, this departmental paper finds that in many advanced European economies a large and rising share of low-income renters, the young, and those living in cities is overburdened. In several locations, middle-income groups also increasingly face rental affordability issues.
Author: Thomas A. Durkin Publisher: ISBN: 0195169921 Category : Business & Economics Languages : en Pages : 737
Book Description
Consumer Credit and the American Economy examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States. After discussing the origins and various kinds of consumer credit available in today's marketplace, this book reviews at some length the long run growth of consumer credit to explore the widely held belief that somehow consumer credit has risen "too fast for too long." It then turns to demand and supply with chapters discussing neoclassical theories of demand, new behavioral economics, and evidence on production costs and why consumer credit might seem expensive compared to some other kinds of credit like government finance. This discussion includes review of the economics of risk management and funding sources, as well discussion of the economic theory of why some people might be limited in their credit search, the phenomenon of credit rationing. This examination includes review of issues of risk management through mathematical methods of borrower screening known as credit scoring and financial market sources of funding for offerings of consumer credit. The book then discusses technological change in credit granting. It examines how modern automated information systems called credit reporting agencies, or more popularly "credit bureaus," reduce the costs of information acquisition and permit greater credit availability at less cost. This discussion is followed by examination of the logical offspring of technology, the ubiquitous credit card that permits consumers access to both payments and credit services worldwide virtually instantly. After a chapter on institutions that have arisen to supply credit to individuals for whom mainstream credit is often unavailable, including "payday loans" and other small dollar sources of loans, discussion turns to legal structure and the regulation of consumer credit. There are separate chapters on the theories behind the two main thrusts of federal regulation to this point, fairness for all and financial disclosure. Following these chapters, there is another on state regulation that has long focused on marketplace access and pricing. Before a final concluding chapter, another chapter focuses on two noncredit marketplace products that are closely related to credit. The first of them, debt protection including credit insurance and other forms of credit protection, is economically a complement. The second product, consumer leasing, is a substitute for credit use in many situations, especially involving acquisition of automobiles. This chapter is followed by a full review of consumer bankruptcy, what happens in the worst of cases when consumers find themselves unable to repay their loans. Because of the importance of consumer credit in consumers' financial affairs, the intended audience includes anyone interested in these issues, not only specialists who spend much of their time focused on them. For this reason, the authors have carefully avoided academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit and to what the markets and institutions that provide these products have become today.
Author: Elina Pyykkö
Author: Elina Pyykkö
Author: Robin Sainsot
Author: Mr.Pau Rabanal
Author: Miriam Anderson
Author: Mr.Stijn Claessens
Author: Asli Demirguc-Kunt
Author: National Intelligence Council
Author: Khalid ElFayoumi
Author: European Central Bank
Author: Thomas A. Durkin