Housing finance agencies in Asia

BIS Working Papers No 241
December 2007


This paper examines the role of government-supported housing finance agencies in Asia.
We estimate the size of the government subsidies received by these agencies, and their
distribution among households, financial institutions and the agencies themselves. We have
three main findings. The level of government support provided to housing finance agencies in
Asia varies, but is generally small relative to the economy. The housing finance agencies
have transferred most of the benefit of their government support to either households or
financial institutions. Agencies that participate directly in primary housing finance markets
have been most successful in passing on their government support to households.

JEL classification: G150, G180, G210, G280, H810, O160

Keywords: mortgages, Asia, housing finance agencies, government subsidies, government