Mortgage market and climate variability adaptation: evidence from the mortgage market in emerging cities
Tóm tắt
The study examined the extent to which mortgage downpayments could be used by lending institutions to regulating the activities of real estate companies towards climate change and variability adaptation. It tried to justify the applicability of the policy initiatives given by Mercer concerning global warming reduction by (− 0.1) using regulated mortgage institutions in the context of Ghana. Using interview and structured questionnaires, information was solicited from real estate development companies and mortgage lending institutions pertaining to how they perceive climate change and variability adaptation. It was acknowledged that the financial institutions so identified provide 14 different types of mortgages of which the most common was the Home Improvement Mortgage. Using ANOVA, Chi-Square and Regression as statistical tools, the study reveals that though mortgagors rely on loans in a form of mortgages yet the amount of loan given them and the rate at which they expand their businesses is statistically insignificant p value of 0.059b > alpha 0.05).The findings, therefore, do not contradicts the claims made by Mercer (2015) in totality, however, makes it impractical in the case of Ghana. The study concludes that the real estate industry in Ghana is not regulated and players act outside the requirement of the SDG13. It, therefore, recommends for green building policy to define a threshold within which players will operate such that all mortgagors who operate in a climate variability friendly manner would be given a reduced mortgage interest rates.
Tài liệu tham khảo
Agyemang-Bonsu WK, Tellam I and Kemp-Benedict E (2008) Netherlands climate assistance programme, Ghana country report. Retrieved from http://fs.wa4.lucklaboratories.com/knowledge-base/wikiadapt/images/0/0e/FINAL_DRAFT_-Ghana_16FF5D-1-.pdf on 17th Oct, 2015.
Ambrose B, Bian X (2010) Stock market information and REIT earnings management. J Real Estate Res 32(10):101–137
Amine Q and Kahn E (2019) Mortgage finance in the face of rising climate risk
Asian Development Bank Institute-ADBI (2015) Managing the transition to a low-carbon economy; perspectives, policies, and practices from Asia, ISBN 978-4-89974-057-5 (Print) ISBN 978-89974-058-2 (PDF)
Belke A, Keil J (2017) Fundamental determinants of real estate prices: a panel study of German regions, Ruhr Economic Papers, No. 731, ISBN 978-3-86788-851-6, RWI - Leibniz-Institut für Wirtschaftsforschung, Essen, https://doi.org/10.4419/86788851
Betts RA, Falloon PD, Klein K, Ramankutty N (2007) Biogeophysical effects of land use on climate: model simulations of radiative forcing and large-scale temperature change. Agric Meteorol 142:216–233
Birgden H (2012) Climate change and asset allocation—how investors are managing climate risk. Melbourne 2011. http://www.climateandbusiness.com/userfiles/file/2011/
Cotter J and Stevenson S (2006) Multivariate modeling of daily REIT volatility. J Real Estate Fin Econ 32(2):305–325. 2011%20Presentations/T1330%201% 20Helga%20Birgden.pdf
Desjardins J (2007) Sustainability: business's new environmental obligation Journal of business, ethics, and the environment: imagining a sustainable future (Uppe r Saddle River, NJ: Prentice Hall, 2007)
Devaney M (2001) Time Varying Risk Premia for real estate investment trust: a GARCH-M EC(2013). Climate change policy on adaptation. https://ec.europa.eu/clima/policies/adaptation_en
Ellis E (2013) Land-use and land-cover change. Retrieved from http://www.eoearth.org/view/article/154143 on 28th Aug, 2015
Energy Statistics (2006) Energy commission of Ghana, National Energy Statistics (2000–2013) Final Draft
Etwire P, Fielding D and Kahui V (2017) The impact of climate change on crop production in Ghana: a Structural Ricardian analysis
Ghana Statistical Service (2019) Estimated Population and housing census of Ghana. http://worldpopulationreview.com/world-cities/accra-population/
Ghana Statistical Service (GSS) (2014) Ghana living standards survey round 6 (GLSS 6). Accra: GSS
Golob K, Majda B, Igor P (2012) Analysis of impact factors on the real estate market: case Slovenia. Inzinerine Ekonomika-Eng Econ 23(4):357–367. https://doi.org/10.5755/j01.ee.23.4.2566
Huang-Lachmann J (2019) Systematic review of smart cities and climate change adaptation. Sustain Account Manag Policy J 10(4):745–772. https://doi.org/10.1108/SAMPJ-03-2018-0052
IPCC (2014) Climate Change 2014: Synthesis Report. Contribution of Working Groups I, II and III to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change. In: Pachauri RK, Meyer LA (eds) Core Writing Team. IPCC, Geneva, Switzerland, p 151
Jo P (2017) Climate risk management at financial firms challenges and opportunities, co-president, and Maxine Nelson, Senior Vice President
Kahn M (2016) The Climate Change Adaptation Literature. Rev Environ Econ Policy 10(1):rev023. https://doi.org/10.1093/reep/rev023
Kankam-Yeboah K, Obuobie E, Amisigo B, Opoku-Ankomah Y (2010) Climate change effects on water resources and adaptation strategies in Ghana, Ghana National Commission/UNESCO/Ministry of Education, CSIR-WRI, Accra, Ghana
Lackner M, Wei-Yin C, Suzuki T (2017) Introduction to climate change mitigation. In: book: handbook of climate change mitigation and adaptation. https://doi.org/10.1007/978-3-319-14409-2_1
Lee CC, Chin MS, Lin TC (2012) Dynamic moddeling of real estate investment trust and stock markets. Econ Model 29(2):295–407. https://doi.org/10.1016/j.econmod.2011.11.008
Legard R, Keegan J, Ward K (2003) In-depth interviews. In: Ritchie J and Lewis J (eds) Qualitative research practice: a guide for social science students and researchers. pp 138–169
Lipej B (2008) Razvojna Perspektiva Nepremicninskega Podrocja. Geodetski Vestnik 52/2008 - 4. Ljubljana
Lobell D, Field C, Kimberly A, Céline B (2006) Impacts of future climate change on California perennial crop yields: Model projections with climate and crop uncertainties. https://doi.org/10.1016/j.agrformet.2006.10.006
Malhi G, Kaur M, Kaushik P (2021) Impact of climate change on agriculture and its mitigation strategies: a review. Sustainability 13(3):1318
Mercer LLC (2015) Investing in a time of climate change. Retrieved from https://www.mercer.com/our-thinking/wealth/climate-change-the-sequel.html
Miller R, Brewer J (2014) The A–Z of social research (eds), London, Sage, 2003, pp. xv + 346, 0 7619
Murphy D, De Vit C, Nolet J (2009) Climate change mitigation through land use measures in the agriculture and forestry sectors. Int Inst Sustain Dev 1–36 (Background paper)
Ofori P, Ameyaw S (2020) The extent of mortgage financing in the supply of commercial space: a review of Wa Space Market in Ghana. J Real Estate Fin 2
Ole M, Kirsten H, Eivind O, Jørgen E, Kjeld R (2009) Adaptation to climate change in eveloping countries, environmental manage Saharan Africa
Psunder I (2009) Demografske Spremembe in Trg Nepremicnin. 5. Slovenska Nepremicninska Konferenca. Portoroz
Romain H, Julie E, Morgane N (2018) Getting started on physical climate risk analysis in finance—available approaches and the way forward. ClimINVEST Research Project Work Package 1
Rosengren (2009) The impact of financial institutions and financial markets on the real economy: implications of a ‘Liquidity Lock’
Sampson Y (2016) Smallholder farmers’ mitigation of and adaptation to climate change and climate variability in the Bosomtwe district of Ashanti region, Ghana
Smith B (2013) Tracking adaptation and measuring development (TAMD) in Ghana: appraisal and design phase report. Int Inst Environ Dev Lond Ment 43(5):743–752. https://doi.org/10.1007/s00267-008-9259-3
Stevenson S (2002) Ex-Ante and Ex-Post Performance of Optimal REIT Portfolios. The Journal of Real Estate Portfolio Management Vol. 8, No. 3 (2002), pp 199-208 (10 pages) Published By: Taylor & Francis, Ltd. https://www.jstor.org/stable/24878065
UNEP and UNDP (2004) National climate change adaptation strategy-climate change and development, adapting to reducing vulnerability. A joint programme for Sub-Saharan Africa
UNFCCC (2006) Climate change: impacts, vulnerabilities and adaptation in developing countries. https://unfccc.int/resource/docs/publications/impacts.pdf
Velpuri NM, Senay GB (2013) Analysis of long-term trends (1950–2009) in precipitation, runoff and runoff coefficient in major urban watersheds in the United States. Environ Res Lett 8:24020–24026
Verge XPC, De Kimpe C, Desjardins RL (2007) Agricultural production, greenhouse gas emissions and mitigation potential. Agric Forest Meteorol 142:255–269
Victor D, Kumar D, Dadi Z, Kamel S, Jos GJ, Mitsutsune Y et al (2014) Climate Change: Mitigation of Climate Change, a report by (The Intergovernmental Panel on Climate Change - IPCC, 2014-AR5 WGILL)
Wolstenholm K (2019) Primary mortgage market vs. secondary mortgage market [Key Differences]
Yin RK (2004) Applications of case study research, 2nd edn. Sage, Thousand Oaks