Analysis On The Housing Finance Market, System And Operation Mechanism Of America, Britain And Germany

Limited by the housing system reform and banking system reform, the development of China's housing banking system is lack of speed and no complete theoretical system is formed for housing banking. In certain meanings, it is because of the lack of theoretical research that caused much confusion in the housing field and that limits the development of housing banking industry. In another word, the housing banking had raised intense requirements to develop the theory of housing banking. In developed countries like America, Britain and Germany, rich theory and contents of housing banking had been formed after tens even thousands of years of experience accumulation in housing banking.Therefore I choose to study the housing baking market, system and operation mechanism of America, Britain and Germany. By analysis on and comparison of the housing banking markets, policies, organizations, instruments and housing banking in these three countries, scientifically introducing its advanced experiences and combining the actual conditions in China, the paper aims to make a system innovation and make a proposal to gradually establish a housing banking system suitable for the real situation of China. The paper consists of three parts.The first part, based on the actuality that the concept and meanings of housing banking are very confused, makes a statement on the meanings and basic characteristics of the housing banking and economically analyzes the mechanism of the formation of housing banking. Housing banking is the transaction of various housing credit funds as housing loans as the main part, and is a general term of housing banking market, housing banking system and housing banking operation mechanism with housing fund collecting and financing as the core. The essence of housing banking is loan extending.Housing fund financing long-term stable and policy-related. The commodity property and marketalized operation of housing are not exclusive from the macro interfere and policy guidance of the government on housing banking. In any political system, housing and housing banking are strongly related to the society and policy, and there "no-related-to-market" situation exists in the housing banking field.Up to this moment, discussions on the combination of housing and banking are limited to the level that the real estate investment is large in amount and long in period, therefore it needs financial support and that the banks think highly of the value maintenance and increment functions of real estate. The paper, sets the monetary economic theory as the start point, through an analysis on the selective control method in western monetary policy, and makes an discussion on the transmission mechanism of money in housing economic activities or their internal combination.The second part dissertates the types of the finance markets of America, British and Germany and makes an analysis on its banking policies. The housing finance market is a result of the combination of housing capital and finance capital and the penetration of banking fund into the housing industry. It provides a good fund collecting and financing market for the development of house industry and provides a broader development space for the expansion and innovation of housing banking. The activities of America's housing banking institutions in the second level mortgage market had exceeded the total volume of mortgage loans extended by the commercial banks and thrifts, the functions of the second level mortgage market had exceeded that of the first level mortgage market. While the mortgage backed securitization in Britain and Germany was launched later, the two countries have relied on the first level mortgage market. Dislike the well-built housing finance market in America and Britain, Germany's housing finance market a savings resourced market, which is propitious to attracting savings, thus to provide capital guarantee for the development of housing industry.The government undertakes the management and promotion functions in the formatio...