History and properties of Danish Mortgages
The Danish bond market is highly developed and relatively large compared to the size of the Danish economy. Its roots lie are based on a long tradition of institutions that deal with mortgages. This paper gives a review of the history of a particular type of bond which are called real-credit bonds....
| Published in: | Tímarit um viðskipti og efnahagsmál |
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| Main Author: | |
| Format: | Article in Journal/Newspaper |
| Language: | Icelandic |
| Published: |
Institute of Business Research
2016
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| Subjects: | |
| Online Access: | http://www.efnahagsmal.is/article/view/b.2016.13.2.1 https://doi.org/10.24122/tve.b.2016.13.2.1 |
| Summary: | The Danish bond market is highly developed and relatively large compared to the size of the Danish economy. Its roots lie are based on a long tradition of institutions that deal with mortgages. This paper gives a review of the history of a particular type of bond which are called real-credit bonds. These bonds have a long tradition in Denmark but are virtually unknown outside of Denmark. The aim is to link the bond market directly to the borrower and ensure that they obtain best possible interest rates. This type of bond is used to finance real estate, both for domestic and industrial investment. A review of 200 years of development in interests and financial products is given. A particular review of the period 1992-2013 is given and compared briefly to the development in Iceland in that period. Some comments on the interaction between the banking system and the European Union are given. Danskur skuldabréfamarkaður er mjög þróaður og hlutfallslega stór miðað við umfang hagkerfisins. Rætur hans liggja í langri regluhefð stofnana sem sýsla með veðlán. Í þessari grein er rakin saga tegundar skuldabréfa sem ganga undir heitinu realkredit-skuldabréf. Þannig bréf eiga sér langa hefð í Danmörku en eru lítt þekkt utan Danmerkur. Markmið útgáfunnar er að miðla markaðsvöxtum beint til lántaka þannig að þeir nái sem hagstæðustum vöxtum. Þessi tegund skuldabréfa er notuð til að fjármagna fasteignir, bæði í íbúðar- og atvinnuhúsnæði. Dregin er upp mynd af 200 ára þróun vaxta og fjármálaafurðum. Tengslum vaxtaþróunar, greiðslubyrði lána og fasteignaverðs á tímabilinu 1992-2013 er lýst og borið lauslega saman við íslenska þróun. Nokkrir þættir í samspili við bankakerfi og Evrópusambandið eru raktir. |
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