Real Estate Market Evolution and Monetary Policy in Kazakhstan

38 Pages Posted: 28 Jun 2019

See all articles by Zhandos Ybrayev

Zhandos Ybrayev

University of Massachusetts Amherst, Department of Economics

Charles Becker

Duke University - Department of Economics

Date Written: June 20, 2019

Abstract

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

Suggested Citation

Ybrayev, Zhandos and Becker, Charles Maxwell, Real Estate Market Evolution and Monetary Policy in Kazakhstan (June 20, 2019). Economic Research Initiatives at Duke (ERID) Working Paper No. 287. Available at SSRN: https://ssrn.com/abstract=3409328 or http://dx.doi.org/10.2139/ssrn.3409328

Zhandos Ybrayev

University of Massachusetts Amherst, Department of Economics ( email )

Amherst, MA 01003
United States
8572007113 (Phone)

Charles Maxwell Becker (Contact Author)

Duke University - Department of Economics ( email )

213 Social Sciences Building
Box 90097
Durham, NC 27708-0204
United States

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