|Housing<br>finance<br>access<br>(proportion of population who<br>can access mortgage rate in<br>SSA)|French<br>speaking<br>English<br>speaking|10.38<br>10.96|16.45<br>17.58|High|English speaking countries<br>perform better than French<br>speaking countries|
|---|---|---|---|---|---|
|Cheapest housing price (price<br>of the cheapest, newly built<br>house by a formal developer or<br>contractor)|French<br>speaking<br>English<br>speaking|42560<br>43520|58330<br>26039|Low|Both tend to have the same<br>performance|
|Housing input price (cost of<br>standard 50kg bag of cement in<br>US$)|French<br>speaking<br>English<br>speaking|12.29<br>10.49|5.3<br>3.94|Low|Both tend to have the same<br>performance|

_Source_ : Authors’ calculation based on a collection of data from a survey, the World Bank and Housing Finance in Africa yearbooks 2010, 2011 and 2013. Available at: www.housingfinanceafrica.org (accessed: 08/09/2014). _Notes_ : All measures are in US$. The countries included in each group are: (1) French speaking countries: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Rep., Chad, Comoros, Congo, Ivory Coast, Dem. Rep. of Congo, Djibouti, Equatorial Guinea, Gabon, Guinea, Guinea-Bissau, Madagascar, Mali, Mauritania, Niger, Sao Tome & Principe, Senegal and Togo; (2) English speaking countries: Botswana, Eritrea, Ethiopia, Gambia, Ghana, Kenya, Lesotho, Liberia, Malawi, Mauritius, Mozambique, Namibia, Nigeria, Rwanda, Seychelles, Sierra Leone, Somalia, South Africa, Sudan, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.

**Table A.3:** Variable Definition and Data Source

|**Variables **|**Signs**|**Variable Definitions**|**Sources**|
|---|---|---|---|
|Housing finance policy|HFINP|Mortgage rate|Housing finance data<br>base, World Bank|
|Mortgage depth|HFIND|Mortgage debt to GDP / Credit to GDP|Housing finance data<br>base, World Bank|
|Mortgage penetration|HFINPE|Percentage of adult population with an outstanding loan<br>to purchase a home.|Financial inclusion data<br>base, World Bank|
|Housing cost|HFINC|Cheapest house price|Housing finance in<br>Africa|
|Housing<br>construction|HFINCP|Housing input price|Housing finance in|
|price|||Africa|
|Housing demand|HFINDM|Annual housing demand|Housing finance data<br>base, World Bank|
|Urban population|UPOP|Urban population (% of total)|World Bank (WDI)|
|Public spending|PSPEND|Public spending on education, total (% of GDP)|World Bank (WDI)|
|Real interest rate|TXINT|Real interest rate (annual %)|World Bank (WDI)|
|Financial openness|KAOPEN|economy capital account degree of openness|Chin & Ito (2006)|
|Domestic credit|BCRED|Domestic credit to private sector by banks (% of GDP)|World Bank (WDI)|
|Net transfers|TRANS|Net current transfers from abroad (constant LCU)|World Bank (WDI)|
|Shared prosperity|INEQ1|Gini index|World Bank (WDI)|
|Shared prosperity|INEQ2|GDP per capita|World Bank (WDI)|
|Trade openness|TROPEN|Imports plus Exports in commodities (% of GDP)|World Bank (WDI)|
|Public Investment|PUBIV|Gross Public Investment (% of GDP)|World Bank (WDI)|
|Stock<br>market|MACAP|Total value of all listed shares in a stock market as a|Standard & Poor's,|
|capitalization to GDP (%)||percentage of GDP. (Standard & Poor's, Global Stock|Global Stock Markets|
|||Markets Factbook and supplemental S&P data)|Fact book and<br>supplemental S&P data|
|Inflation|INFL|Consumer Price Index (annual %)|World Bank (WDI)|
|Economic Prosperity|GDPG|GDP Growth (annual %)|World Bank (WDI)|
|Per<br>Capita<br>Economic<br>prosperity|GDPPC|GDP per capita Growth (annual %)|World Bank (WDI)|
|Foreign Direct Investment|FDI|Foreign Direct Investment (%)|World Bank (WDI)|
|Unemployment|UNEM|Unemployment rate (annual %)|World Bank (WDI)|
|Human Capital|SE_SEC_E<br>NRR|Secondary school enrollment (% gross)|World Bank (WDI)|
|Gender education|SE_ENR_P<br>RSC_FIN|Ratio of girls to boys in primary and secondary<br>education(%)|World Bank (WDI)|

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