The Role of Affordable Mortgages in Improving Living Standards and Stimulating Growth: A Survey of Selected Mena Countries
February 1, 2002
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Summary
This paper argues that making affordable home mortgage loans available to a large cross section of the population will serve both the redistributive and growth-enhancing objectives of poverty reduction policies. The current state of housing and mortgage markets in selected Middle East and North Africa (MENA) countries (Algeria, Egypt, Jordan, Morocco, and Tunisia) is examined. The study evaluates Turkey and Mexico as middle-income comparator countries. Historical experience of the United States is also described. Simulations based on U.S. parameters provide some guide to the effects on economic growth of alleviating housing shortages by improving access to mortgage financing.
Subject: Financial institutions, Housing, Housing prices, Income, Loans, Mortgages, National accounts, Prices
Keywords: commercial bank, construction initiative, down payment, East Africa, government housing policy, growth, Housing, housing construction, housing demand, Housing prices, housing supply, Income, insolvent public sector housing institution, Loans, Maghreb, Middle East, mortgage finance availability, mortgage finance market, mortgage financing, mortgage lending, Mortgages, North Africa, poverty, production program, secondary mortgage market, term housing finance facility, WP
Pages:
41
Volume:
2002
DOI:
Issue:
017
Series:
Working Paper No. 2002/017
Stock No:
WPIEA0172002
ISBN:
9781451843545
ISSN:
1018-5941
