The purpose of this chapter is to survey recent research on housing markets and policy in what used to be called the “second” and “third” worlds. We adopt the labels “transition” economies to refer to countries as disparate as Russia and Vietnam, and “developing” to refer to...

While other countries dismantled their segmented housing finance systems and linked housing finance to capital markets through deregulated depositories, the US linked housing finance to capital markets through depository deregulation and securitization. Elsewhere securitization has not...

Not so long ago, the US housing finance system was arguably the best in the world. Consumers had access to products that were not available elsewhere, and the market was able to sustain major economic disruptions with relatively little impact on either the cost or availability of mortgage...