Machine generated contents note: Why analyse developments in housing finance? / Jens Lunde / Christine Whitehead -- Defining housing finance / Jens Lunde / Christine Whitehead -- The countries / Christine Whitehead / Jens Lunde -- Trends in mortgage systems / Christine Whitehead / Jens Lunde -- Mortgage debt and house price increases -- enabling each other? / Jens Lunde / Christine Whitehead -- Conclusions / Jens Lunde / Christine Whitehead -- References / Jens Lunde / Christine Whitehead -- Introduction / Jens Lunde / Christine Whitehead -- Mortgage systems / Jens Lunde / Christine Whitehead -- Funding the supply of mortgages / Jens Lunde / Christine Whitehead -- Mortgage characteristics / Jens Lunde / Christine Whitehead -- Overview / Jens Lunde / Christine Whitehead -- References / Christine Whitehead / Jens Lunde -- The economic and institutional environment of the last 25 years / Judith Yates / Maria Belén Yanotti -- Key milestones / Judith Yates / Maria Belén Yanotti -- Impacts and implications of changes / Judith Yates / Maria Belén Yanotti -- Emerging issues / Judith Yates / Maria Belén Yanotti -- Conclusion / Judith Yates / Maria Belén Yanotti -- Acknowledgements / Maria Belén Yanotti / Judith Yates -- References / Maria Belén Yanotti / Judith Yates -- The economic and institutional environment of the last 25 years / Alexis Mundt / Elisabeth Springier -- Finance milestones / Elisabeth Springier / Alexis Mundt -- Impacts and outcomes / Alexis Mundt / Elisabeth Springier -- Looking to the future / Elisabeth Springier / Alexis Mundt -- Acknowledgements / Alexis Mundt / Elisabeth Springier -- References / Alexis Mundt / Elisabeth Springier -- Introduction / Sien Winters / Katleen Van den Broeck -- The Belgian housing finance system / Katleen Van den Broeck / Sien Winters -- The economic and institutional environment of the last 25 years in Belgium / Katleen Van den Broeck / Sien Winters -- Milestones during the last 25 years of housing finance in Belgium / Katleen Van den Broeck / Sien Winters -- Impacts / Katleen Van den Broeck / Sien Winters -- Looking to the future / Katleen Van den Broeck / Sien Winters -- Acknowledgements / Katleen Van den Broeck / Sien Winters -- References / Katleen Van den Broeck / Sien Winters -- Introduction / Martin Lux / Petr Sunega -- Milestones in housing finance / Martin Lux / Petr Sunega -- Impacts / Martin Lux / Petr Sunega -- Future prospects / Martin Lux / Petr Sunega -- Acknowledgements / Martin Lux / Petr Sunega -- Notes / Martin Lux / Petr Sunega -- References / Martin Lux / Petr Sunega -- Introduction / Jens Lunde -- The economic environment of the last 25 years / Jens Lunde -- The Danish mortgage system / Jens Lunde -- Key milestones / Jens Lunde -- The impacts of these milestones over the last 25 years / Jens Lunde -- Parallel development in house prices and owner-occupiers' net debt / Jens Lunde -- The housing crisis, the national banking crisis and the Global Financial Crisis / Jens Lunde -- The aftermath / Jens Lunde -- The rescue operations / Jens Lunde -- Looking to the future / Jens Lunde -- Acknowledgements / Jens Lunde -- References / Jens Lunde -- Introduction / Henryk Adamczuk / Kathleen Scanlon -- The economic and institutional environment of the last 25 years / Henryk Adamczuk / Kathleen Scanlon -- Milestones in private housing finance / Henryk Adamczuk / Kathleen Scanlon -- Milestones in social and affordable housing finance / Henryk Adamczuk / Kathleen Scanlon -- Impacts / Henryk Adamczuk / Kathleen Scanlon -- Looking to the future / Henryk Adamczuk / Kathleen Scanlon -- Note / Henryk Adamczuk / Kathleen Scanlon -- References / Henryk Adamczuk / Kathleen Scanlon -- Introduction / Tommi Laanti / Timo Tähtinen -- Key milestones / Tommi Laanti / Timo Tähtinen -- Impacts and implications of changes / Tommi Laanti / Timo Tähtinen -- Looking to the future / Tommi Laanti / Timo Tähtinen -- References / Tommi Laanti / Timo Tähtinen -- Further reading / Tommi Laanti / Timo Tähtinen -- Introduction: A quarter of a century later / Bernard Vorms / Christian Tutin -- Finance milestones / Bernard Vorms / Christian Tutin -- Specifics of French housing finance / Bernard Vorms / Christian Tutin -- Impacts / Bernard Vorms / Christian Tutin -- Looking to the future / Bernard Vorms / Christian Tutin -- Conclusions / Bernard Vorms / Christian Tutin -- References / Bernard Vorms / Christian Tutin -- The initial situation in 1989 / Stefan Kofner -- Milestones at a glance / Stefan Kofner -- German reunification (1990): A friendly takeover by the white knight? / Stefan Kofner -- The conversion of homeownership subsidisation from a tax to a grant system (1996): Heading for a new balance of tenures? / Stefan Kofner -- Integration and deregulation of capital markets: risks for the future? / Stefan Kofner -- Trying to run a housing system without subsidies / Stefan Kofner -- Measures to rescue the financial system since 2008 / Stefan Kofner -- The dynamics of the German system of housing finance since 1989 / Stefan Kofner -- Notes / Stefan Kofner -- References / Stefan Kofner -- From socialism to capitalism: the economic and institutional environment / Eszter Somogyi / József Hegedüs -- Finance milestones in the housing system / Eszter Somogyi / József Hegedüs -- Impacts / József Hegedüs / Eszter Somogyi -- The future of the housing finance system / József Hegedüs / Eszter Somogyi -- References / József Hegedüs / Eszter Somogyi -- Introduction / Lúðvik Eliasson / Magnús Árni Skúlason -- The economic and institutional environment of the past 25 years / Magnús Árni Skúlason / Lúðvik Eliasson -- The bumpy ride of Icelandic housing finance / Magnús Árni Skúlason / Lúðvik Eliasson -- Impacts / Magnús Árni Skúlason / Lúðvik Eliasson -- Looking to the future / Magnús Árni Skúlason / Lúðvik Eliasson -- References / Magnús Árni Skúlason / Lúðvik Eliasson -- Key milestones / Padraic Kenna -- Emerging issues / Padraic Kenna -- Conclusion / Padraic Kenna -- Acknowledgements / Padraic Kenna -- Notes / Padraic Kenna -- References / Padraic Kenna -- Introduction / Peter Boelhouwer / Hugo Priemus / Marja Elsinga -- Milestones over the three periods / Marja Elsinga / Peter Boelhouwer / Hugo Priemus -- Impacts / Marja Elsinga / Peter Boelhouwer / Hugo Priemus -- Reflection / Marja Elsinga / Peter Boelhouwer / Hugo Priemus -- Acknowledgements / Marja Elsinga / Peter Boelhouwer / Hugo Priemus -- References / Marja Elsinga / Peter Boelhouwer / Hugo Priemus -- Introduction / Rolf Barlindhaug -- The economic and institutional environment of the last 25 years / Rolf Barlindhaug -- Finance milestones / Rolf Barlindhaug -- The financial crisis / Rolf Barlindhaug -- Impacts of the housing finance milestones / Rolf Barlindhaug -- Looking into the future / Rolf Barlindhaug -- Conclusion / Rolf Barlindhaug -- Acknowledgements / Rolf Barlindhaug -- References / Rolf Barlindhaug -- Introduction / Jacek Laszek / Marta Widlak -- Housing finance milestones / Jacek Laszek / Marta Widlak -- Impact of housing finance milestones in Poland in the last 25 years / Jacek Laszek / Marta Widlak -- Looking towards the future / Jacek Laszek / Marta Widlak -- References / Jacek Laszek / Marta Widlak -- Introduction / Jaime R.S. Fonseca / Romana Xerez -- Context: a legacy of family financing, the impact of the 1974 revolution and the period to 1989 / Jaime R.S. Fonseca / Romana Xerez -- Milestones in the development of the Portuguese housing market and housing finance since 1989 / Jaime R.S. Fonseca / Romana Xerez -- Impacts / Jaime R.S. Fonseca / Romana Xerez -- Conclusions / Jaime R.S. Fonseca / Romana Xerez -- Acknowledgements / Jaime R.S. Fonseca / Romana Xerez -- References / Jaime R.S. Fonseca / Romana Xerez -- Introduction / Maria Plotnikova / Evgeniya Zhelezova / Andrey Tumanov -- Brief review of basic features of the Soviet era housing system / Maria Plotnikova / Evgeniya Zhelezova / Andrey Tumano -- The