01717cas a2200241 a 4500 AALejournalIMF001377 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451845457 1018-5941 BD-DhAAL BD-DhAAL Li, Xiaowei. Mortgage Market Development, Savings, and Growth / Xiaowei Li. Washington, D.C. : International Monetary Fund, 2001. 1 online resource (27 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Jappelli and Pagano (1994) argues that tightening the borrowing constraints in the mortgage markets promotes savings. Employing a six-period overlapping generations model with endogenous growth and a method of simulation calibrated on the Middle East, this paper demonstrates that the above argument is tenable only if consumers do not alter their tenure choices. Consumers do, however, postpone or forsake the purchase of a house under severely restrictive borrowing constraints, causing the savings and growth rates to fall. Therefore, for countries with scarce mortgage availability like those in the Middle East, expanding the mortgage markets to some extent is conducive to savings and growth. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2001/036 Full text available on IMF http://elibrary.imf.org/view/journals/001/2001/036/001.2001.issue-036-en.xml IMF e-Library