Front Matter Page
Middle East and Central Asia Department
Authorized for distribution by Ralph Chami
Contents
I. Introduction
II. Housing Market Composition
III. Mortgage Market Innovations and a Mortgage Market Index
IV. Housing and Rental Price Dynamics
V. Housing and the Macroeconomy
A. Brief Review of the Literature
B. Housing and Consumption in EMCD
VI. The Dynamics of Rental Prices
A. Data
B. Estimation
C. Dummies and Omitted Regressors
VII. Conclusions and Policy Implications
Boxes
1. Sources of House Price Data in EMCD
2. The Burst in the Housing Price Bubble: Differences in Timing
Figures
1. Mortgage Debt Extended by Banks and Mortgage Market Innovations
2. Nominal and Real House Prices in Four EMCD countries, 11/2005-7/2009
3. Nominal and Real CPI Rent, 1/1990-7/2009
4. Comparison Between Real House and Rental Price in Four EMCD Countries, (2003-09)
5. Comparison of GDP, Consumption, House and Rental Price in Kuwait, 2003-08
6. Mortgage Market Index and Consumption Correlations, 1989-08
Tables
1. Characteristics of the Housing Market in EMCD
2. Institutional Differences in National Mortgage Markets and the Mortgage Market Index in EMCD, 2004-08
3. Standard and Panel with Fixed Effects to Model Δln Pit-1
4. Panel and Fixed Effects with Interaction Terms to Model Δln Pit-1
References
Appendix