The Role of Affordable Mortgages in Improving Living Standards and Stimulating Growth: A Survey of Selected MENA Countries
S. Nuri Erbas
International Monetary Fund (IMF) - Middle East and Central Asia Department
IMF Working Paper No. P/02/17
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.
Number of Pages in PDF File: 41
Keywords: housing supply, mortgage finance availability, growth, poverty
JEL Classification: R31, R5, R52
Date posted: January 31, 2006
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