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"Despite its recognized economic and social importance, housing finance often remains underdeveloped in emerging economies. Residential lending remains small, poorly accessible, and depository-based. Lenders remain vulnerable to significant credit, liquidity, and interest rate risks. As a...

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"Microfinance has been heralded as an effective way to address imperfections in credit markets. But from a theoretical perspective, the success of microfinance contracts has puzzling elements. In particular, the group-based mechanisms often employed are vulnerable to free-riding and collusion,...

Cover -- Contents -- Foreword -- Acknowledgments -- Abbreviations and Glossary -- Overview -- 1 Conceptual Framework, Stylized Facts, and the Role of the Government -- 2 The Use of Long-Term Finance by Firms and Households: Determinants and Impact -- 3 The Use of Markets for Long-Term Finance --...