#07-26
Housing Finance in Emerging Economies: Applying a Benchmark from Developed Countries
Ashok Bardhan and Robert H. Edelstein
Abstract: This paper examines the existing and prospective housing finance systems for emerging
economies, in general, and China, India and Russia, the three largest emerging
economies, in particular, from the vantage point of the evolved systems of the developed
countries. All three countries have embarked upon sustained programs of economic
reform. While China and Russia were centrally planned economies in the not so distant
past, India has had a mixed economy with somewhat stringent state controls. India has
been a parliamentary democracy for over half a century, and has many political,
economic and social institutions that underpin a modern market economy, while China
has demonstrated a greater political will for market reform. Despite these differences,
many of the institutional, structural and economic problems confronting these three
countries, and other emerging economies as well, in their ongoing reform and transition
process are quite similar.
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