LEADER 05876oam 22011894 450 001 9910812445803321 005 20240402044939.0 010 $a1-4623-1438-4 010 $a9786612844751 010 $a1-282-84475-X 010 $a1-4527-2482-2 010 $a1-4518-7433-2 035 $a(CKB)3170000000055413 035 $a(SSID)ssj0001477212 035 $a(PQKBManifestationID)11812514 035 $a(PQKBTitleCode)TC0001477212 035 $a(PQKBWorkID)11452512 035 $a(PQKB)11042499 035 $a(OCoLC)680613501 035 $a(MiAaPQ)EBC1606027 035 $a(IMF)WPIEE2009288 035 $a(EXLCZ)993170000000055413 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications /$fSamya Beidas-Strom, Weicheng Lian, Ashwaq Maseeh 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a29 p. $cill 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1849-6 320 $aIncludes bibliographical references and index. 327 $aIntro -- 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. 330 3 $aThis paper examines housing finance and housing price dynamics in selected emerging Middle Eastern economies over the past two decades. It finds that (i) mortgage markets have experienced rapid development, which has led to lower private per capita consumer spending volatility this decade; (ii) a downward price correction occurred in the housing market after 2007, which appears to have bottomed out; (iii) the rental market appears to be largely determined by region-specific economic fundamentals-a youthful working-age population and wealth variables; and (iv) a segregation between self-owned house and rental price dynamics exists in this region, rendering the former more sensitive to the business cycle. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/288 606 $aHousing$xFinance$zMiddle East 606 $aHousing$xPrices$zMiddle East 606 $aInfrastructure$2imf 606 $aMacroeconomics$2imf 606 $aReal Estate$2imf 606 $aIndustries: Financial Services$2imf 606 $aHousing Supply and Markets$2imf 606 $aEconomic Development: Urban, Rural, Regional, and Transportation Analysis$2imf 606 $aHousing$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)$2imf 606 $aProperty & real estate$2imf 606 $aFinance$2imf 606 $aEconomic growth$2imf 606 $aHousing prices$2imf 606 $aConsumption$2imf 606 $aBusiness cycles$2imf 606 $aPrices$2imf 606 $aSaving and investment$2imf 606 $aEconomics$2imf 607 $aKuwait$2imf 615 0$aHousing$xFinance 615 0$aHousing$xPrices 615 7$aInfrastructure 615 7$aMacroeconomics 615 7$aReal Estate 615 7$aIndustries: Financial Services 615 7$aHousing Supply and Markets 615 7$aEconomic Development: Urban, Rural, Regional, and Transportation Analysis 615 7$aHousing 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data) 615 7$aProperty & real estate 615 7$aFinance 615 7$aEconomic growth 615 7$aHousing prices 615 7$aConsumption 615 7$aBusiness cycles 615 7$aPrices 615 7$aSaving and investment 615 7$aEconomics 676 $a332.1 700 $aBeidas-Strom$b Samya$01661579 701 $aLian$b Weicheng$01661580 701 $aMaseeh$b Ashwaq$01661581 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910812445803321 996 $aThe Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications$94017596 997 $aUNINA