06075oam 22012734 450 991096213050332120250426110747.09786612844751978146231438614623143849781282844759128284475X9781452724829145272482297814518743341451874332(CKB)3170000000055413(SSID)ssj0001477212(PQKBManifestationID)11812514(PQKBTitleCode)TC0001477212(PQKBWorkID)11452512(PQKB)11042499(OCoLC)680613501(IMF)WPIEE2009288(MiAaPQ)EBC1606027(IMF)WPIEA2009288WPIEA2009288(EXLCZ)99317000000005541320020129d2009 uf 0engurcn|||||||||txtccrThe Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications /Samya Beidas-Strom, Weicheng Lian, Ashwaq Maseeh1st ed.Washington, D.C. :International Monetary Fund,2009.29 p. illIMF Working PapersBibliographic Level Mode of Issuance: Monograph9781451918496 1451918496 Includes bibliographical references and index.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.IMF Working Papers; Working Paper ;No. 2009/288HousingFinanceMiddle EastHousingPricesMiddle EastBanksimfBusiness cyclesimfConsumptionimfDepository InstitutionsimfEconomic Development: Urban, Rural, Regional, and Transportation AnalysisimfEconomic growthimfEconomicsimfFinanceimfHousing pricesimfHousing Supply and MarketsimfHousingimfIndustries: Financial ServicesimfInfrastructureimfMacroeconomicsimfMacroeconomics: ConsumptionimfMicro Finance InstitutionsimfMortgagesimfPricesimfPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)imfProperty & real estateimfReal EstateimfSaving and investmentimfSavingimfWealthimfKuwaitimfHousingFinanceHousingPricesBanksBusiness cyclesConsumptionDepository InstitutionsEconomic Development: Urban, Rural, Regional, and Transportation AnalysisEconomic growthEconomicsFinanceHousing pricesHousing Supply and MarketsHousingIndustries: Financial ServicesInfrastructureMacroeconomicsMacroeconomics: ConsumptionMicro Finance InstitutionsMortgagesPricesPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)Property & real estateReal EstateSaving and investmentSavingWealth332.1Beidas-Strom Samya1816223Lian Weicheng1816224Maseeh Ashwaq1816225International Monetary Fund.DcWaIMFBOOK9910962130503321The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications4372018UNINA