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


Ali Hepsen


Istanbul University - Faculty of Business Administration, Department of Finance

Nazli Kalfa


affiliation not provided to SSRN
February 4, 2009

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

Number of Pages in PDF File: 9

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

JEL Classification: R10, R20, R30

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Date posted: February 6, 2012  

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: http://ssrn.com/abstract=1999403

Contact Information

Ali Hepsen (Contact Author)
Istanbul University - Faculty of Business Administration, Department of Finance ( email )
Istanbul
Turkey
Nazli Kalfa
affiliation not provided to SSRN ( email )
Feedback to SSRN (Beta)


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