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Christian-lambert Nguena, Fulbert Tchana tchana and Albert Zeufack
''On the determinants of housing finance development: Evidence from Sub-Saharan Africa (SSA)''
( 2021, Vol. 41 No.4 )
Using a panel database of 48 SSA countries throughout the period 2000-2013, this paper analyses the structure of housing finance and its determinants. We find that stock market capitalization, urban growth and official development aid are key determinants of housing finance development while a post-conflict environment is conducive to greater development in housing finance. These results confirm that housing finance is not only driven by standard market forces of demand and supply, but also by development policies to frame urbanization, credit and development aid. Furthermore, we discover that the development of housing finance is not an issue of legal origin but is a question of developing the existing legal system and allowing it to become strong and trusted by borrowers and lenders. Market capitalization appears also to be correlated with a strong legal framework, a good credit information system and a stable macroeconomic environment. All these findings imply specific macroeconomic policies to boost housing finance development in SSA countries.
Keywords: housing finance, Sub-Saharan Africa (SSA), Determinants, Principal Component Analysis
JEL: O2 - Development Planning and Policy: General
G2 - Financial Institutions and Services: General
Manuscript Received : Jan 23 2021 Manuscript Accepted : Dec 29 2021

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