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The Role of Affordable Mortgages in Improving Living Standards and Stimulating Growth: A Survey of Selected MENA Countries

41 Pages Posted: 31 Jan 2006  

S. Nuri Erbas

International Monetary Fund (IMF) - Middle East and Central Asia Department

Frank Nothaft

Freddie Mac

Date Written: January 2002

Abstract

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.

Keywords: housing supply, mortgage finance availability, growth, poverty

JEL Classification: R31, R5, R52

Suggested Citation

Erbas, S. Nuri and Nothaft, Frank, The Role of Affordable Mortgages in Improving Living Standards and Stimulating Growth: A Survey of Selected MENA Countries (January 2002). IMF Working Paper, Vol. , pp. 1-41, 2002. Available at SSRN: https://ssrn.com/abstract=879351

S. Nuri Erbas (Contact Author)

International Monetary Fund (IMF) - Middle East and Central Asia Department ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Frank Nothaft

Freddie Mac ( email )

8200 Jones Branch Road
McLean, VA 22101
United States

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