Housing Market Activity and Macroeconomic Variables: An Analysis of Turkish Dwelling Market Under New Mortgage System

Istanbul University Journal of the School of Business Administration, Vol. 38, No. 1, pp. 38-46, 2009

9 Pages Posted: 6 Feb 2012

See all articles by Ali Hepsen

Ali Hepsen

Istanbul University - Faculty of Business Administration, Department of Finance

Nazli Kalfa

affiliation not provided to SSRN

Date Written: February 4, 2009

Abstract

The primary purpose of this paper is to examine dynamic causal relationships between housing market activity (construction permits for private use) and six determinants, including consumer price index (CPI), monetary aggregate (M2), interest rate (IR), industrial production index (IPI), real estate investment trusts’ indices (REITIX) and volume of mortgage loans (ML), in Turkish dwelling market under new mortgage system. Granger causality tests, impulse response functions and variance decomposition models are utilized for the period 2002 to 2007.

Keywords: Housing Investment; Granger Causality Tests, Variance Decomposition Models

JEL Classification: R10, R20, R30

Suggested Citation

Hepsen, Ali and Kalfa, Nazli, Housing Market Activity and Macroeconomic Variables: An Analysis of Turkish Dwelling Market Under New Mortgage System (February 4, 2009). Istanbul University Journal of the School of Business Administration, Vol. 38, No. 1, pp. 38-46, 2009, Available at SSRN: https://ssrn.com/abstract=1999403

Ali Hepsen (Contact Author)

Istanbul University - Faculty of Business Administration, Department of Finance ( email )

Istanbul
Turkey

Nazli Kalfa

affiliation not provided to SSRN ( email )

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