The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications

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 h

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Year of publication:	2009
Authors:	Beidas-Strom, Samya
Other Persons:	Lian, Weicheng (contributor) ; Maseeh, Ashwaq (contributor)
Publisher:	Washington : International Monetary Fund
Subject:	Wohnungsmarkt \| Housing market \| Immobilienpreis \| Real estate price \| Konjunktur \| Business cycle \| Spekulationsblase \| Bubbles \| Miete \| Rent \| MENA-Staaten \| MENA countries \| Immobilienfinanzierung \| Real estate finance

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Extent:	Online-Ressource (31 p)
Series:	IMF Working Papers IMF working paper ; WP/09/288
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Contents; I. Introduction; II. Housing Market Composition; Tables; 1. Characteristics of the Housing Market in EMCD; III. Mortgage Market Innovations and a Mortgage Market Index; 2. Institutional Differences in National Mortgage Markets and the Mortgage Market Index in EMCD, 2004-08; Figures; 1. Mortgage Debt Extended by Banks and Mortgage Market Innovations; IV. Housing and Rental Price Dynamics; Boxes; 1. Sources of House Price Data in EMCD; 2. Nominal and Real House Prices in Four EMCD countries, 11/2005-7/2009; 3. Nominal and Real CPI Rent, 1/1990-7/2009 2. The Burst in the Housing Price Bubble: Differences in Timing4. Comparison Between Real House and Rental Price in Four EMCD Countries, (2003-09); IV. Housing and the Macroeconomy; A. Brief Review of the Literature; B. Housing and Consumption in EMCD; 5. Comparison of GDP, Consumption, House and Rental Price in Kuwait, 2003-08; 6. Mortgage Market Index and Consumption Correlations, 1989-08; VI. The Dynamics of Rental Prices; A. Data; B. Estimation; C. Dummies and Omitted Regressors; 3. Standard and Panel with Fixed Effects to Model △ln Pit-1 4. Panel and Fixed Effects with Interaction Terms to Model △ln Pit-1VII. Conclusions and Policy Implications; Appendix; References
ISBN:	978-1-4518-7433-4 ; 978-1-4527-2482-9 ; 978-1-4518-7433-4
Source:	ECONIS - Online Catalogue of the ZBW

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