Mortgage markets in Middle East and North African countries: Market development, poverty reduction, and growth

Erbas, S. Nuri; Nothaft, Frank E.

doi:10.1016/j.jhe.2005.07.002

Cited by 23 publications

(19 citation statements)

References 15 publications

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“…As there is yet to be a standardized methodology for collecting data on housing finance, we cannot vouch for the quality of the data. Moreover, the data are Sources: Scanlon and Whitehead (2004), Calhoun (2005), Erbas and Nothaft, 2005; Hoek-Smit (2005), Zhu (2006), Low et al (2003), Ong (2005), Hegedüs and Struyk (2005), BIS (2006), Brounen et al (2006), Green and Wachter (2005), Lin and Yang (2005), Tiwari and Moriizumi (2003), National Association of Realtors (2000a,b), IMF (2006), European Mortgage Federation (2005), Sheppard (2007). Note that the coding of ''Mostly fixed or Variable" is not always straightforward; thus the entries in that column should be seen as indicative but not necessarily exact.…”

Section: Cross-country Data On the Size Of The Housing Finance Systemmentioning

confidence: 99%

Markets and housing finance

Warnock

2008

Journal of Housing Economics

169

125

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a b s t r a c tWe examine the extent to which markets enable the provision of housing finance across a wide range of countries. Housing is a major purchase requiring long-term financing, and the factors that are associated with well-functioning housing finance systems are those that enable the provision of long-term finance. Across all countries, controlling for country size, we find that countries with stronger legal rights for borrowers and lenders (through collateral and bankruptcy laws), deeper credit information systems, and a more stable macroeconomic environment have deeper housing finance systems. These same factors also help explain the variation in housing finance across emerging market economies. Across developed countries, which tend to have low macroeconomic volatility and relatively extensive credit information systems, variation in the strength of legal rights helps explain the extent of housing finance. We also examine another potential factor-the existence of sizeable government securities markets-that might enable the development of emerging markets' housing finance systems, but we find no evidence supporting that.

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Section: Cross-country Data On the Size Of The Housing Finance Systemmentioning

confidence: 99%

Markets and housing finance

Warnock

2008

Journal of Housing Economics

169

125

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“…His regression results using data for the U.S. indicate that credit availability plays a significant role in the level of construction activity especially for speculative construction. Erbas and Nothaft (2005) apply the Washington University Macro Model, a quarterly econometric system with 442 equations and 611 variables, to countries in the Middle East and North Africa. They simulate the likely effect of sharp reductions in mortgage and other lending rates on house construction and GDP growth over 10 years.…”

Section: Constructionmentioning

confidence: 99%

Housing and Housing Finance - A Review of the Links to Economic Development and Poverty Reduction

2013

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The views expressed in this paper are those of the author and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. Terms of use: Documents inADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.By making any designation of or reference to a particular territory or geographic area, or by using the term "country" in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area. Note: In this publication, "$" refers to US dollars.The ADB Economics Working Paper Series is a forum for stimulating discussion and eliciting feedback on ongoing and recently completed research and policy studies undertaken by the Asian Development Bank (ADB) staff, consultants, or resource persons. The series deals with key economic and development problems, particularly those facing the Asia and Pacific region; as well as conceptual, analytical, or methodological issues relating to project/program economic analysis, and statistical data and measurement. The series aims to enhance the knowledge on Asia's development and policy challenges; strengthen analytical rigor and quality of ADB's country partnership strategies, and its subregional and country operations; and improve the quality and availability of statistical data and development indicators for monitoring development effectiveness.

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“…10 Income data from Greater Cairo Housing Survey described later (Aziz et al, 2007, p. 7). 11 A ratio of median free market dwelling price to median household income for 1992 of 7 for Cairo is reported in Table 2 of Erbas and Nothaft (2005). this. Over the 5-year period, 77% of purchases were all cash, with the balance involving some sort of financing.…”

Section: Financing Home Purchasementioning

confidence: 99%