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The World Bank and the Globalisation of Housing Finance

Mortgaging Development

Liam Clegg

The World Bank remains one of the most prominent actors in the field of global development, and one of the foremost international organisations in contemporary global politics. Over its history, its lending for housing has mortgaged development by prioritising financial sector expansion over the needs of low-income groups. Through this book, Liam Clegg explores the drivers of World Bank operational practices, and the contribution of these operations to state transformations across the global South.
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Index

Mortgaging Development

Liam Clegg

Adler, Emanuel 16
Agency for Housing Mortgage Lending (AHML) 97
Alexander, Lisa 23
Alfonsín, Ricardo 70
Allocated Subsidy Programme (ASP) 55
Angel, Schlomo 55, 59, 60
Argentine housing system 70
Asian Financial Crisis 108, 112
Babangida, Ibrahim 122
Babb, Sarah 27
balanced socialist development 128
Ban, Cornel 17
Barnett, Michael 17
Bertaud, Alain 55, 60
Best, Jacqueline 2
Biddulph, Robin 4, 24
Black, Eugene 45
Botswana intervention 121
Bouillon, César Patricio 5, 6, 24
Brassett, James 19
Broome, André 6, 29, 30, 34
Buckley, Robert 35
Burell, Mattias 24
Butner, Richard 24
Calderón, Felipe 84, 87
Campbell-Verduyn, Malcolm 19, 20
Canadian International Development Research Centre 51
Cardenas, Lazaro 768
Central Projects Staff (CPS) 45, 46, 48
Chama cha Mapinduzi (CCM) 117, 128, 132, 133, 135
Chen, Jie 24
Chilean Ministry of Housing and Urban Development (MINVU) 70
China 36, 90
China’s housing system 9
Chinese 8
Chinese Communist Party 9
Chinese financial system 106, 107
Chinese housing system 101, 112
Chinese housing system transition 10113
Chinese-language software 110
Chinese mortgage market 108
Chiquier, Loic 24
Churchill, Anthony 54
Chwieroth, Jeffrey 17
Cohen, Michael 60
Colombian housing system reforms 72
Communist Party rule 100
congruent reform agendas 9
consensual knowledge 17
contemporary IO scholarship 16
Contractual Savings Programme (CSP) 55, 56
Cultural Revolution 103
Dar-es-Salaam 1268, 131, 133, 136, 137, 139, 140
de Burca, Grainne 19
de la Madrid, Miguel 69
debt crisis 69
debtfare compulsion 6
decision-making 18
Deng, Lan 24
Deng Xiaoping 101, 102
discretionary macroeconomic management 22
Doling, John 5, 6
Dubash, Navroz 245, 148
Durand-Lasserve, Alain 24
Enabling Markets to Work report 122, 147
epistemic communities 17
Ethiopian national housing system 124
European Union (EU) 18
experimentalism 2, 11
Finance, Economics, and Urban Development (FEUD) Department 60
Finance, Private Sector Development, and Infrastructure (FPSDI) Network 60
financial liberalisation 30
Financial Sector Adjustment Programme 134
Fine, Ben 28, 34
Finnemore, Martha 17
former USSR 99
Fossum, John Erik 20
FOVISSSTE 74, 75, 81, 836
Fox, Vicente 8, 81, 87
Fundamental Law of Land Socialisation 91
global experimentalist governance 19
Global Financial Crisis 99, 112, 125
global South, regulatory states in 215
Grinspun, Bernardo 70
Gross, David 57
Haas, Ernst 17, 146
Haas, Peter 16, 17, 146
housing loans 3, 7, 55
see also World Bank
housing micro-finance 39
housing operations 66
housing provident fund (HPF) 107, 108
Housing Sector Policy Paper 51
housing trusts 74
INFONAVIT 74, 75, 81, 83, 85, 86
informal model 7, 36, 11644
exploring 11725
Tanzania 12532
Tanzanian housing system transition 13241
Institutional Revolutionary Party (PRI) 8, 73
Inter-American Development Bank (IDB) 67
International Bank for Reconstruction and Development (IBRD) 47
International Development Association (IDA) 46
International Finance Corporation (IFC) 47
International Monetary Fund (IMF) 17, 25, 29, 70
international organisations, operational change politics 1521
Isthmus housing project 78
Jaycox, Edward 54
Jordana, J. 23
Kalarickal, Jerry 35
Kenyan arrangement 124
Kikwete, Jakaya 137
Krasner, Stephen 16
Kyrgyz Republic 97
Lafarge 151
Latin America 7, 23, 24, 26, 32, 38, 52, 56, 679, 71, 86
Lea, Michael 24
Learning by Doing report 121, 147
lending for housing 24, 4265, 14555
foundations of 448
mortgage markets globalisation 5863
mortgaging development 1459
pro-poor targeting 14955
see also World Bank
lesson learning 2
Levi-Faur, David 22, 23
Loans and Advances Recovery Trust 134
Majone, Giandomenico 22, 147
Malian arrangement 123
Malpezzi, Stephen 55, 60
market-based housing finance 35
Marxist-Leninist architecture 92
Mayo, Stephen 55, 57, 59, 60
McNamara, Robert 37, 44, 47, 48
Menem, Carlos 69, 71
Mexican housing system transition 7781
Mexican mortgage market 816
Mexican Standstill 80
Meyer, Hannes 92
micro-finance 149, 150
Mints, Victor 24
mixed provision model 7, 36, 6689
Mexican housing system transition 7781
Mexican mortgage market 816
Mexican politics 737
Mkapa, Benjamin 135
Moi, Daniel arap 122
Morgan, Bronwen 24, 25, 148
mortgage-backed securities (MBS) 61, 71, 82, 84, 123
Mortgage Finance (Special Provisions) Act 138
mortgage market expansion 31, 32, 63, 148
mortgage markets globalisation 5863
mortgaging development 1459, 155
Mosedale, Sarah 23, 148
Municipal Sanitary Unit Programme 55
Naim, Moises 26
National Housing Corporation (NHC) 130, 132, 136, 137, 140, 141
National Housing Fund (FOVI) 75, 8082
national housing system 24, 37
National Savings Bank 98
National Trust Fund for Popular Housing (FONHAPO) 7881
neo-classical approach 27
Nigerian arrangement 122
Nyerere, Joseph 116
Nyerere, Julius 128
ownership structures 94
Peruvian Revolutionary Government 68
Pinochet, Augusto 69
Pinochet-led military dictatorship 70
Porter, Tony 19, 20, 147
post-Tequila Crisis financial sector reform 72
post-Washington Consensus 2534, 63
principal–agent (PA) modelling 16
project documentation 31
pro-market reform agendas 123
property rights, institutionalising 53
pro-poor targeting 33, 14955
in financial sector development 14951
in water and sanitation 1515
public housing finance system reform 56
Pugh, Cedric 4
reforms 26
Reform Strategy 9
regulatory capitalism 22
regulatory states 215
repayment collection processes 42
residential capitalism 23
Ronald, Richard 5, 6
Royston, Lauren 24
Sabel, Charles 1820, 146
sanitation services 39
Schwartz, Herman 23
Seabrooke, Leonard 23
Senegalese arrangement 52
Serra, Vitor M. 24
Shaanxi Province 100
Shanghai fund 107
Shenzhen Stock Exchange 109
slum clearance programmes 119
Social Housing Programme (SHP) 55
socialisation processes 18
socialist realism 92
Sociedad Hipotecaria Federal (SHF) 815, 87
Soederberg, Susanne 6
Sourrouille, Juan 70
state-based housing finance provision 62
state-controlled National Services and Public Works Bank (BANOBRAS) 74
state-led finance, experimental governance 548
state-owned enterprises 73
state socialist model 7, 36, 90115
China and 99101
Chinese housing system transition 10113
exploring 919
state-strengthening paradigm 8
Stiglitz, Joseph 27, 28
sub-Saharan Africa 52, 116, 117, 11921, 148
Sumner, Andrew 30
Swahilis 128
Tanzania 36
Tanzania Housing Bank (THB) 129, 131, 132, 135
Tanzania Mortgage Refinance Company (TMRC) 10, 39, 138, 141
Tanzanian Housing Micro-Finance Fund (HMFF) 139, 150
Tanzanian housing system 117, 135
Tanzanian housing system transition 13241
Tanzanian National Housing Corporation (NHC) 9
Ten Year Reform Strategy 104, 106
Tequila Crisis 80
trial-and-error-based experimental learning 2, 20, 43, 53, 54, 62, 147, 155
Universal Financial Access 2020 (UFA2020) 149
urbanisation 118
Urbanization Sector Working Paper49, 50
Urban Projects Department (UPD) 49, 54, 56, 147
US Marshall Plan 42, 45
USSR 925
Verduyn-Campbell, Malcolm 147
Vietnam 47
Volcker Shock 77
Washington Consensus 58, 63
Water and Sanitation Global Practice 153
Weiss, Andrew 27
Wells, Jill 135
Williamson, John 26, 30
Wolfensohn, James 60
Woods, Ngaire 6, 147
World Bank
and borrowers 611
constrained experimentalism and 1341
experimentalism 2
history 1
housing 46
housing operations 13
housing projects 5
interventions 38, 50, 67, 111
land administration reform, Cambodia 4
lending for housing 24, 33, 357, 4265, 14555
operational area 39
operationalisation 2
poverty reduction and 46
project documentation 35
state-led upgrading and construction 4954
supra-national colossus 13
trial-and-error-based learning 3, 14
Urban Projects Department (UPD) 49
Zanetta, Cecilia 4
Zedillo, Ernesto 72, 82
Zeitlin, Jonathan 1820, 146
Zemin, Jiang 99
Zhang, Xing Quan 24
zone of discretion 16