The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications / Samya Beidas-Strom, Weicheng Lian, Ashwaq Maseeh.

Format:

Book

Government document

Author/Creator:

Beidas, S. (Samya)

Contributor:

Lian, Weicheng.

Maseeh, Ashwaq.

International Monetary Fund.

Series:

IMF Working Papers; Working Paper ; No. 2009/288

IMF Working Papers

Language:

English

Subjects (All):

Housing--Finance--Middle East.

Housing.

Housing--Prices--Middle East.

Physical Description:

29 p. : ill.

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2009.

Language Note:

English

Summary:

This paper examines housing finance and housing price dynamics in selected emerging Middle Eastern economies over the past two decades. It finds that (i) mortgage markets have experienced rapid development, which has led to lower private per capita consumer spending volatility this decade; (ii) a downward price correction occurred in the housing market after 2007, which appears to have bottomed out; (iii) the rental market appears to be largely determined by region-specific economic fundamentals-a youthful working-age population and wealth variables; and (iv) a segregation between self-owned house and rental price dynamics exists in this region, rendering the former more sensitive to the business cycle.

Contents:

Intro

Contents

I. Introduction

II. Housing Market Composition

III. Mortgage Market Innovations and a Mortgage Market Index

IV. Housing and Rental Price Dynamics

IV. Housing and the Macroeconomy

A. Brief Review of the Literature

B. Housing and Consumption in EMCD

VI. The Dynamics of Rental Prices

A. Data

B. Estimation

C. Dummies and Omitted Regressors

VII. Conclusions and Policy Implications

Boxes

1. Sources of House Price Data in EMCD

2. The Burst in the Housing Price Bubble: Differences in Timing

Figures

1. Mortgage Debt Extended by Banks and Mortgage Market Innovations

2. Nominal and Real House Prices in Four EMCD countries, 11/2005-7/2009

3. Nominal and Real CPI Rent, 1/1990-7/2009

4. Comparison Between Real House and Rental Price in Four EMCD Countries, (2003-09)

5. Comparison of GDP, Consumption, House and Rental Price in Kuwait, 2003-08

6. Mortgage Market Index and Consumption Correlations, 1989-08

Tables

1. Characteristics of the Housing Market in EMCD

2. Institutional Differences in National Mortgage Markets and the Mortgage Market Index in EMCD, 2004-08

3. Standard and Panel with Fixed Effects to Model △ln Pit-1

4. Panel and Fixed Effects with Interaction Terms to Model △ln Pit-1

References

Appendix.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Includes bibliographical references and index.

Description based on print version record.

ISBN:

9786612844751

9781462314386

1462314384

9781282844759

128284475X

9781452724829

1452724822

9781451874334

1451874332

OCLC:

680613501