The purpose of this paper is to review the past evidence and to offer some new data to assess whether the incubator hypothesis can be empirically supported. In particular the two general aspects of the hypothesis will be tested. First, we will examine the proposition that highly centralized...

With the Russian housing reform underway for several years, this is an appropriate time to review the progress made towards the stated goal of creating a market-oriented housing sector. From the fundamental shift towards private ownership to the supporting legislation, substantial progress has...

Proxy means tests are often suggested for use in countries where tighter targeting of benefits of social programmes are desired but verification of household incomes is difficult. This paper reports on simulations of the use of two types of proxy means test in determining eligibility for...

Most of the interest in alternatives to the standard mortgage instrument has centered on the ability of the alternatives to improve on the performance of the mortgage instrument over the business cycle. The focus in this paper is on the long-term effects on homeownership rates and associated...

This analysis addresses the coverage and targeting performance of Russia's housing allowance programme, a programme characterized by very substantial decentralization in programme administration. Coverage in the five sample cities is generally low. Targeting of benefits in these cities -...

Mortgage markets are coming of age in a number of Eastern Europe and CIS countries. As they do, governments are looking to mortgage-loan associated subsidy schemes to respond to the popular demand for improved housing. This paper presents a detailed examination of the impact of two types of...