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Mortgage bond institutional framework index: a scoring framework and pilot application to Germany and Poland
https://doi.org/10.26354/bb.4.1.102.2026
Abstract
This article develops the Mortgage Bond Institutional Framework Index (MBIFI), a transparent scoring framework for comparing the institutional design of mortgage bond systems. MBIFI comprises eleven indicators grouped into four pillars: legal protection, collateral safety, cash flow protection, and market infrastructure. Each indicator is scored on a 0–4 ordinal scale using published behavioral anchors and is presented primarily as an indicator-level diagnostic profile; an equal-weight composite score (0–100) is reported only as a supplementary summary measure. The framework is illustrated through a pilot application to Germany and Poland. Under the baseline specification, Germany scores 97.73 and Poland 77.27. The observed difference arises from five indicators in collateral, cash-flow, and market-infrastructure dimensions, while the legal-protection pillar shows no cross-country difference. Because the application is limited to two countries and a single assessor, the paper does not claim full validation of the index. Its contribution is instead methodological: it offers a transparent coding architecture, explicit scale anchors, and a replicable basis for future multi-country testing, inter-coder assessment, and validation against market outcomes.
Keywords:
Pfandbrief , institutional quality index , mortgage bonds , covered bonds , comparative financial regulation , Germany , PolandJEL Codes
G21, G28, K22, C43Download files
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This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Vol. 102 No. 1 (2026)
Published: 2026-07-09
10.26354
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.