Intro -- Contents -- I. INTRODUCTION -- II. HAVE SAVING RATES REALLY FALLEN? -- III. LIKELY IMPACT OF FINANCIAL INNOVATION AND LIBERALIZATION ON HOME EQUITY WITHDRAWAL ( HEW) AND SAVING -- IV. TRENDS IN HEWAND HOUSEHOLD SAVING ACROSS COUNTRIES -- V. HOW DOES HEW AFFECT HOUSEHOLD SAVING? -- VI....

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...