The Narodowy Bank Polski organized during November 14-15, 2013 an international workshop to discuss current issues in the field of real estate analysis from the central bank's point of view. The development of residential real estate prices as well as commercial real estate prices and real...

The main purpose of this paper has been to present an alternative approach to estimating individual demand for a local public good; in this case, education. Most empirical studies of the private demand for public goods utilize the median voter framework for preference aggregation to justify the...

This report documented the importance of housing in the economy while at the same time providing governments with guidelines on how best to design policy to create efficient housing markets. The purpose of this book is to provide fact-based information and guidance to policy makers concerned...

A central argument in the ongoing discussion about the fates of Fannie Mae and Freddie Mac is the importance of the 30-year, fixed-rate, prepayable mortgage (FRM). The FRM has been held up as the gold standard in mortgage instrument design and as an essential element of the U.S. housing-finance...

The purpose of paper is to review the policy responses to the US mortgage market crisis and assess how much the market has changed. There were many contributors to the meltdown of the US mortgage market. As summarized by the Financial Crisis Inquiry Commission, the major causes of the crisis...

En la actualidad, el doctor Lea participa en una misión técnica del Fondo Monetario Internacional para ayudar al desarrollo de instrumentos hipotecarios en el Perú.

The purpose of this paper is to develop a model of the asset disposition decision for the Resolution Trust Corporation (RTC). In this paper, we focus on the primary goal of the RTC-to maximize the net present value of the cash flows generated through holding and selling the assets it acquires. A...

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