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Article: 'Epargne-logement' in France
- Article from:
- Housing Finance International
- Article date:
- December 1, 1998
- Author:
CopyrightCopyright International Union for Housing Finance Dec 1998. Provided by ProQuest LLC. (Hide copyright information)
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Contractual savings for housing, or "epargne-logement" (EL), has become, in about 25 years of existence, a major instrument for financing housing investment in France. Epargne-logement loans directly finance private investment and the remaining funds are used to finance other types of loans.
The system has successfully survived the high inflation years (1980-1982) during which its stability was jeopardized by strong demand for new loans. Now, with low inflation and low interest rates, deposits are growing, providing banks with low-cost funds.
This paper describes the main features of epargne-logement which have been changed very little since its creation, evaluates the economic importance ...