Urbanization and Housing Investment

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dc.creatorDasgupta, Basab
dc.creatorLall, Somik V.
dc.creatorLozano-Gracia, Nancy
dc.date2014-12-04T00:02:17Z
dc.date2014-12-04T00:02:17Z
dc.date2014-11
dc.date.accessioned2026-07-01T00:51:08Z
dc.descriptionThis paper provides the first systematic empirical assessment of the pace at which housing investment has responded to rising demand from urbanization. The assessment used National Accounts Statistics to build a data set of residential housing investment for more than 90 countries. The data set explicitly accounts for investment by households, the government, and the private sector. The analysis finds that housing investment follows an S-shaped trajectory taking off around per capita GDP of about $3,000 (US$2005) and tapering down at per capita GDP around $36,000 (US$2005). The analysis also finds that between 2001 and 2011, housing investment in low-income economies averaged 4.56 percent of gross domestic product and 9.12 percent in upper-middle-income economies. An important finding is that countries in Sub-Saharan Africa have housing elasticities similar to comparable low-income and lower-middle-income economies. In financing housing investment, the paper finds that developing countries tend to rely much more on domestic savings and government debt, whereas high-income Organisation for Economic Co-operation and Development countries lever capital markets by tapping foreign savings. Not only does excessive reliance on domestic savings and government debt increase the sensitivity of housing investment to the cyclicality of growth of gross domestic product, it also can potentially crowd out investments in health and education.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2014/11/20378391/urbanization-housing-investment
dc.identifierhttps://hdl.handle.net/10986/20655
dc.identifierhttps://doi.org/10.1596/1813-9450-7110
dc.identifier.urihttp://hdl.handle.net/123456789/411954
dc.languageEnglish
dc.languageen_US
dc.publisherWorld Bank Group, Washington, DC
dc.relationPolicy Research Working Paper;No. 7110
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectAFFILIATED ORGANIZATIONS
dc.subjectAFFORDABLE HOUSING
dc.subjectAGRICULTURE
dc.subjectASSET CLASS
dc.subjectAVAILABILITY OF CREDIT
dc.subjectBANKING SECTOR
dc.subjectBINDING CONSTRAINTS
dc.subjectBOND
dc.subjectBONDS
dc.subjectBUDGET CONSTRAINT
dc.subjectCAPITAL ACCUMULATION
dc.subjectCAPITAL FORMATION
dc.subjectCAPITAL GAINS
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL INVESTMENTS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET DEVELOPMENT
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL OUTLAYS
dc.subjectCD
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANK LENDING
dc.subjectCENTRAL GOVERNMENT DEBT
dc.subjectCOMMODITIES
dc.subjectCOMPETITIVENESS
dc.subjectCONSUMER PRICE INDEX
dc.subjectCONSUMPTION EXPENDITURES
dc.subjectCOST OF FINANCE
dc.subjectCOUNTRY TO COUNTRY
dc.subjectCREDIT MARKET
dc.subjectCURRENT ACCOUNT BALANCE
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectDEBT
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING ECONOMIES
dc.subjectDEVELOPMENT POLICY
dc.subjectDISPOSABLE INCOMES
dc.subjectDOMESTIC BORROWING
dc.subjectDOMESTIC CAPITAL
dc.subjectDOMESTIC CAPITAL MARKET
dc.subjectDOMESTIC CREDIT
dc.subjectDURABLE
dc.subjectDURABLES
dc.subjectECONOMETRIC ANALYSIS
dc.subjectECONOMETRICS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC DOWNTURN
dc.subjectECONOMIC GEOGRAPHY
dc.subjectECONOMIC RESEARCH
dc.subjectECONOMICS
dc.subjectELASTICITY
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectEQUIPMENT
dc.subjectEXPENDITURES
dc.subjectFINANCES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL PORTFOLIOS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFOREIGN INFLOWS
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTMENTS
dc.subjectGDP
dc.subjectGNP
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT EXPENDITURE
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROWTH RATE
dc.subjectHOME MORTGAGE
dc.subjectHOME OWNERSHIP
dc.subjectHOMEOWNERSHIP
dc.subjectHOUSING
dc.subjectHOUSING MARKETS
dc.subjectHOUSING POLICIES
dc.subjectHOUSING SUPPLY
dc.subjectINCOME
dc.subjectINCOME GROUP
dc.subjectINCOME GROUPS
dc.subjectINCOME LEVELS
dc.subjectINFLATIONARY PRESSURES
dc.subjectINFRASTRUCTURE DEVELOPMENTS
dc.subjectINSTITUTIONAL CAPACITY
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL FLOWS
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL CAPITAL MOBILITY
dc.subjectINVENTORIES
dc.subjectINVESTING
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT GROWTH
dc.subjectINVESTMENT IN BOND
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectINVESTMENT POLICIES
dc.subjectJOB CREATION
dc.subjectLIVING STANDARDS
dc.subjectLOCAL INVESTORS
dc.subjectLOCAL SAVINGS
dc.subjectLOW-INCOME ECONOMIES
dc.subjectMACROECONOMIC ADJUSTMENTS
dc.subjectMACROECONOMIC PERFORMANCE
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET INTEREST
dc.subjectMARKET INTEREST RATES
dc.subjectMARKET PERFORMANCE
dc.subjectMARKET PRICES
dc.subjectMIDDLE INCOME COUNTRIES
dc.subjectMIDDLE INCOME COUNTRY
dc.subjectMIDDLE-INCOME COUNTRIES
dc.subjectMIDDLE-INCOME ECONOMIES
dc.subjectMONETARY AUTHORITY
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICIES
dc.subjectMONETARY POLICY
dc.subjectMONEY SUPPLY
dc.subjectMORTGAGE
dc.subjectMORTGAGE DEBT
dc.subjectMORTGAGE LOANS
dc.subjectNASCENT MARKETS
dc.subjectNATIONAL DEVELOPMENT
dc.subjectOPEN MARKET
dc.subjectOPEN MARKET OPERATIONS
dc.subjectPER CAPITA INCOMES
dc.subjectPOLITICAL ECONOMY
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO INVESTMENTS
dc.subjectPORTFOLIOS
dc.subjectPRICE LEVELS
dc.subjectPRIVATE INVESTMENT
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC BORROWING
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC INVESTMENTS
dc.subjectPUBLIC POLICY
dc.subjectRAPID INDUSTRIALIZATION
dc.subjectREAL ESTATE
dc.subjectREAL ESTATE FINANCE
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATE
dc.subjectREAL INTEREST RATES
dc.subjectREGRESSION ANALYSIS
dc.subjectREGULATORY FRAMEWORKS
dc.subjectRESERVE
dc.subjectRESERVE REQUIREMENTS
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectSAVINGS
dc.subjectSLUMS
dc.subjectSMALL ECONOMIES
dc.subjectSTOCK MARKETS
dc.subjectTAX
dc.subjectTAX SUBSIDIES
dc.subjectTOTAL OUTPUT
dc.subjectURBAN DEVELOPMENT
dc.subjectURBAN ECONOMICS
dc.subjectURBANIZATION
dc.subjectVALUE ADDED
dc.subjectWEALTH
dc.subjectWEALTH EFFECTS
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.titleUrbanization and Housing Investment

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