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

Frank Nothaft and S. Erbas

No 2002/017, IMF Working Papers from International Monetary Fund

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: WP; housing construction; term housing finance facility; mortgage lending; commercial bank; down payment; mortgage finance market; housing supply; mortgage finance availability; growth; poverty; secondary mortgage market; construction initiative; production program; mortgage financing; insolvent public sector housing institution; housing demand; government housing policy; Housing; Mortgages; Housing prices; Loans; Income; Middle East; North Africa; East Africa; Maghreb (search for similar items in EconPapers)
Pages: 41
Date: 2002-02-01
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Citations: View citations in EconPapers (3)

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