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Author Beidas-Strom, Samya
Title Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications
Imprint Washington : International Monetary Fund, 2009
©2009
book jacket
Descript 1 online resource (31 pages)
text txt rdacontent
computer c rdamedia
online resource cr rdacarrier
Series IMF Working Papers
IMF Working Papers
Note 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
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
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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2020. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
Link Print version: Beidas-Strom, Samya Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications Washington : International Monetary Fund,c2009 9781451874334
Subject Housing -- Finance -- Middle East.;Housing -- Prices -- Middle East
Electronic books
Alt Author Lian, Weicheng
Maseeh, Ashwaq
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