06022oam 22012854 450 991078648380332120230801225319.01-4755-4514-21-4755-7335-9(CKB)2670000000278862(EBL)1606896(SSID)ssj0000941878(PQKBManifestationID)11614173(PQKBTitleCode)TC0000941878(PQKBWorkID)10963833(PQKB)10723699(MiAaPQ)EBC1606896(Au-PeEL)EBL1606896(CaPaEBR)ebr10627083(OCoLC)870245019(IMF)WPIEE2012193(IMF)WPIEA2012193(EXLCZ)99267000000027886220020129d2012 uf 0engurcn|||||||||txtccrLatin America : Vulnerabilities Under Construction? /Luis Cubeddu, Camilo Tovar Mora, Evridiki TsountaWashington, D.C. :International Monetary Fund,2012.1 online resource (28 p.)IMF Working PapersDescription based upon print version of record.1-4755-1759-9 1-4755-0542-6 Includes bibliographical references.Cover; Contents; I. Introduction; Figures; 1. Latin America: Mortgage and Housing Market Developments; II. Developments in The Mortgage Credit and Real Estate Sector; A. Mortgage Credit; B. Construction Activity; C. House Prices; III. Making the Most of Imperfect Data; A. Identifying Mortgage Booms; Tables; 1. Data Availability on Select Financial and Housing Sector Indicators; B. Identifying Housing Price Booms; 2. Determinants of Equilibrium House Prices: Chile, Colombia, Mexico, and Peru; 2. Actual and Estimated Real House Prices; 3. House Price Over/(under)valuation; Box1. Colombia's Mortgage Crisis of the Late 1990's: A Cautionary Tale IV. The Household Debt Burden and Financial Balance Sheets; V. Conclusions and Policy Recommendations; References; Appendices; I. Data Definitions and Sources; II. Methodologies for Estimating Credit Booms and House Price Bubbles; III. Cointegration TestsThis paper documents developments in mortgage credit and the housing sector in Latin America over the past decade, and compares them with those of other emerging economies. In particular, it examines the real estate and mortgage markets to assess whether (i) growth in mortgage credit is excessive compared to long-term trends; (ii) trends in house prices reflect changes in economic fundamentals; and (iii) the extent to which household and banking sector vulnerabilities could lead to potential fragilities. Although data limitations hamper a rigorous analysis of trends, our analysis suggests that while there are no imminent misalignments in the real estate and mortgage sectors, they could emerge if current trends persist. Strengthening supervision and addressing data gaps is thus critical to ensure adequate monitoring of risks and vulnerabilities in these sectors.IMF Working Papers; Working Paper ;No. 2012/193Mortgage loansLatin AmericaHousingPricesLatin AmericaInfrastructureimfMoney and Monetary PolicyimfReal EstateimfIndustries: Financial ServicesimfFinancial Markets and the MacroeconomyimfGeneral Financial Markets: General (includes Measurement and Data)imfFinancial Institutions and Services: GeneralimfReal Estate ServicesimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfHousing Supply and MarketsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfEconomic Development: Urban, Rural, Regional, and Transportation AnalysisimfHousingimfFinanceimfProperty & real estateimfMonetary economicsimfMacroeconomicsimfHousing pricesimfCreditimfCredit boomsimfPricesimfFinancial institutionsimfMoneyimfNational accountsimfSaving and investmentimfColombiaimfMortgage loansHousingPricesInfrastructureMoney and Monetary PolicyReal EstateIndustries: Financial ServicesFinancial Markets and the MacroeconomyGeneral Financial Markets: General (includes Measurement and Data)Financial Institutions and Services: GeneralReal Estate ServicesBanksDepository InstitutionsMicro Finance InstitutionsMortgagesHousing Supply and MarketsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralEconomic Development: Urban, Rural, Regional, and Transportation AnalysisHousingFinanceProperty & real estateMonetary economicsMacroeconomicsHousing pricesCreditCredit boomsPricesFinancial institutionsMoneyNational accountsSaving and investmentCubeddu Luis1505816Tovar Mora Camilo1578648Tsounta Evridiki1493448DcWaIMFBOOK9910786483803321Latin America3858225UNINA