caa a22 4500 475762975 CHVBK 20180406123557.0 cr unu---uuuuu 170329e20000601xx s 000 0 eng 10.1023/A:1010194725136 doi (NATIONALLICENCE)springer-10.1023/A:1010194725136 Stephens Mark Department of Urban Studies, University of Glasgow, Glasgow, 25 Bute Gardens, G12 8RS, Scotland, U.K. aut Convergence in European mortgage systems before and after EMU [Elektronische Daten] [Mark Stephens] The European Union's mortgage finance systemsremain diverse, despite the introduction of theEuropean Single Market. However, 11 of the 15members of the European Union have now enteredthe Economic and Monetary Union (EMU). In this article athree-part typology of convergence is created andlinked to two meanings of efficiency. The typology isused to assess the impact of EMU on mortgage systemconvergence. It is suggested that the single currencywill help to shift European mortgage markets fromtheir currently diverse positions, with a variety ofintermediation systems, mortgage products and prices,towards an intermediate position of financialintegration ('sfinancially competitive convergence')whereby the risk and option-adjusted prices ofmortgages will be similar, although institutions andmortgage products will continue to vary. This will beachieved through two mechanisms: first the muchgreater transparency of pricing of mortgages, andsecond by making retail savings markets morecompetitive. However, convergence will also beinhibited by the continued privileged availability ofcheap funds to some intermediaries. Even if thisbarrier were removed, non-financial features ofmortgage systems, such as legal frameworks, willprevent the development of a fully integrated marketwith a standard pan-European mortgage product. Kluwer Academic Publishers, 2000 Economic and Monetary Union nationallicence European Union nationallicence mortgage markets nationallicence Journal of Housing and the Built Environment Kluwer Academic Publishers 15/1(2000-06-01), 29-52 1566-4910 15:1<29 2000 15 10901 https://doi.org/10.1023/A:1010194725136 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1023/A:1010194725136 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Stephens Mark Department of Urban Studies, University of Glasgow, Glasgow, 25 Bute Gardens, G12 8RS, Scotland, U.K aut NATIONALLICENCE 773 0- Journal of Housing and the Built Environment Kluwer Academic Publishers 15/1(2000-06-01), 29-52 1566-4910 15:1<29 2000 15 10901 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer