Monetary Correction and Housing Finance in Colombia, Brazil, and Chile.
本书分析哥伦比亚、巴西和智利如何通过货币校正（指数化）应对通货膨胀对住房业的影响，并论证住房作为主导部门打破贫困恶性循环的可行性，适合研究住房金融与通胀治理的学者参考。
This book deals with the development of long-term capital markets, especially for housing finance, in Colombia, Brazil, and Chile. After providing a brief background on the origin of his involvement with government planning in Colombia, the author goes on to define indexing and proceeds to a survey of the literature beginning with the earliest proposals for monetary correction. The second of the six chapters is a comprehensive, nontechnical analysis of the consequences of inflation on the housing industry and the role that indexing could play in helping reduce distortions and inflation. In the last part of the chapter, an argument is made in favor of the so-called leading sector approach as a means to break the vicious circle of poverty caused by a lack of incentives to invest, which leads to a reduction in new job creation, and as a result, the perpetuation of poverty. The possibility of implementing a development program based on a leading sector model is shown to be constrained by the existence of latent or repressed demand for that specific product. The remainder of the book is an effort to show that there existed, and still exists, sufficient latent demand for housing in these three countries. In the subsequent three chapters the experiences with indexing in Colombia, Brazil, and Chile are discussed. Emphasis is placed on institutional mechanisms that characterize each country. The background of the writer is apparent from the lengthy coverage of the Colombian case as compared to the other two countries. Unfortunately, Colombia is also the country where indexing was most recently implemented. In his general conclusions, the author argues in favor of selective indexing and suggests that other countries can gain much by studying these three experiences. Finally, some suggestions are made on how to improve the existing institutional framework within which the housing financing sector operates. These suggestions are directed mainly toward extending repayment periods and reducing conjunctural modifications in the indexing process. The book successfully points out how the financing of more expensive houses will end up providing cheaper and better shelter for low income people through the ';filtration process. If the concept that building houses, regardless of their quality or cost, will end up reducing prices and increasing the access to housing by all