Housing as a Means of Sustainable Economic Recovery in Southeast Asia

Koichi Mera and Eric J. Heikkila

Review of Urban & Regional Development Studies, 1999, vol. 11, issue 2, 82-90

Abstract: This paper addresses the economic crisis in Southeast Asia as it effects the housing sector there. Our basic argument is that the lower end of the formal housing market sector (worker housing) provides the best opportunity to restore productive employment activity while addressing basic housing needs. We call for a range of policy measures to support this outcome, based in part on the recent experience in Japan with declining real estate markets. The policies include limited subsidies, guarantees and insurance for housing loans, along with a downward indexing of housing loans, strategic infrastructure investment and promotion of local building materials. These measures are necessary under the current circumstances of deficient aggregate demand. The key is to target demand increments where they are most likely to meet the basic need for shelter while generating productive market†based activity.

Date: 1999
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