可以翻译的话,真的十分感谢!!!
Introduction
Real estate represents approximately half of all the tangible capital assets in the developed countries of the world. Real estate also tends to be the most durable asset in these economies, so that the cost of acquiring real estate assets generally far exceeds the annual rental cost of using real
estate. Consequently, in most developed countries, the mortgage market-- meaning the market for financing real estate assets--is among the largest components of the capital markets, its size being on the same order of magnitude as the markets for government debt and traded equity securities.
Due to this importance, mortgage market efficiency is likely to be a key factor in overall financial market efficiency. In particular, a poorly functioning mortgage market is likely to "pollute" other financial markets with its inefficiency. For example, governments are likely to try to "support" inefficient mortgage markets with subsidies and regulations, which then act as implicit taxes and constraints for the rest of the capital
markets. On the other hand, an efficient mortgage market will act as a positive externality for the other capital markets, creating pressure for higher efficiency in these markets.