Volltext herunterladen
(462.1 KB)
Zitationshinweis
Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):
https://nbn-resolving.org/urn:nbn:de:0168-ssoar-314407
Export für Ihre Literaturverwaltung
Can an Islamic model of housing finance cooperative elevate the economic status of the underprivileged?
[Zeitschriftenartikel]
Abstract A formal home loan is onerous to subprime borrowers in efficient markets. This can deter homeownership for financially strapped individuals, leading to a market failure. This paper proposes a special form of cooperative mortgage financing (practiced in Oman) to overcome this market failure. We integ... mehr
A formal home loan is onerous to subprime borrowers in efficient markets. This can deter homeownership for financially strapped individuals, leading to a market failure. This paper proposes a special form of cooperative mortgage financing (practiced in Oman) to overcome this market failure. We integrate the literature of Mortgage Design with that of informal savings schemes (i.e., ROSCAs/ ASCRAs) to illustrate that this mode of financing dissipates credit risk better than the formal mode of financing. It is also resilient to volatility of interest rates and allows prepayments without any additional charges. Finally, we verify the assertions of Besley et al. (1994), and Hart and Moore (1998) that cooperative mortgages are pareto-superior to formal mortgages in special cases.... weniger
Thesaurusschlagwörter
Inflation
Klassifikation
Volkswirtschaftslehre
Freie Schlagwörter
C63 (Computational Techniques); G21 (Banks – Mortgages); G32 (Financing Policy – Capital and Ownership Structures); I31 (Welfare and Poverty); O17 (Formal and Informal Sectors; Institutional Arrangements); P13 (Cooperative Enterprises); ASCRA; Asset Bubble; Mutual Bank; Mortgage Design; ROSCA
Sprache Dokument
Englisch
Publikationsjahr
2009
Seitenangabe
864–883 S.
Zeitschriftentitel
Journal of Economic Behavior & Organization, 72 (2009) 3
DOI
https://doi.org/10.1016/j.jebo.2009.08.002
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)