Real Estate Market Evolution and Monetary Policy in Kazakhstan
38 Pages Posted: 28 Jun 2019 Last revised: 5 Mar 2021
Date Written: June 20, 2019
This paper considers the link between macroeconomic policy and housing demand in an upper middle-income transition economy, Kazakhstan. The paper further explores price cointegration and contagion across cities. We find evidence that some parts of the housing market lead others but that, overall, regional housing markets are only weakly interlinked. The markets also tend to respond weakly to policy interventions – a matter of possible concern to the nation’s central bank.
Keywords: real estate markets, mortgage credit policy, transition economies, Kazakhstan
JEL Classification: R30, R21, P34, E21, E63, G21
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