TY - JOUR
T1 - Macroeconomic variables and the housing market in Turkey
AU - Sari, Ramazan
AU - Ewing, Bradley T.
AU - Aydin, Bahadir
PY - 2007/9
Y1 - 2007/9
N2 - This paper investigates the relation between housing starts and macroeconomic variables in Turkey from 1961 to 2000. The generalized variance decomposition approach is used to examine relations between housing market activity and prices, interest rates, output, money stock, and employment. In contrast to previous findings for developed countries, our results indicate that the monetary aggregate has a relatively more important and substantial effect on housing investment than does employment. Generally speaking, shocks to interest rates, output, and prices have noticeable effects on changes in the Turkish housing market.
AB - This paper investigates the relation between housing starts and macroeconomic variables in Turkey from 1961 to 2000. The generalized variance decomposition approach is used to examine relations between housing market activity and prices, interest rates, output, money stock, and employment. In contrast to previous findings for developed countries, our results indicate that the monetary aggregate has a relatively more important and substantial effect on housing investment than does employment. Generally speaking, shocks to interest rates, output, and prices have noticeable effects on changes in the Turkish housing market.
KW - Employment
KW - Housing investment
KW - Monetary policy
KW - Variance decompositions
UR - http://www.scopus.com/inward/record.url?scp=36049049544&partnerID=8YFLogxK
U2 - 10.2753/REE1540-496X430501
DO - 10.2753/REE1540-496X430501
M3 - Article
AN - SCOPUS:36049049544
VL - 43
SP - 5
EP - 19
JO - Emerging Markets Finance and Trade
JF - Emerging Markets Finance and Trade
SN - 1540-496X
IS - 5
ER -