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Paper eres2013_11:
Conditions of Mortgage Market Development in Turkey: A Critical Empirical Review

id eres2013_11
authors Coskun, Yener
year 2013
title Conditions of Mortgage Market Development in Turkey: A Critical Empirical Review
source 20th Annual European Real Estate Society Conference in Vienna, Austria
summary The objective of the paper is to define conditions of mortgage market development in Turkey by presenting the findings of dynamic causal relationships between housing loans and selected socio/macro-economic indicators for the term 2005/01-2011/09. By using monthly time series, we employ granger causality tests, co-integration analysis and vector error correction model (VECM) in the research. The paper specifically aims to analyze the impacts of financial stability, financial risks, monetary policy, households' income/net wealth and housing demand to mortgage credits. We conclude based on the co-integration analysis that housing credit, interest rates, occupancy permits, real GDP per person and monetary aggregate (M2) have long term relationship with housing credits in Turkey. In the paper, we argue that the outcome has important policy implications for both Turkey and emerging economies. In this context, we underline that mortgage market policies in emerging economies should have a balanced approach between market economy and social needs.
keywords Mortgage, Turkey, Housing finance, Housing markets, Housing
series ERES:conference
type paper session
email ycoskun@spk.gov.tr
more http://library.eres.org/cgi-bin/rsa98.pl?conf=ERES2013&type=session&theme=D&slot=4712
discussion No discussions. Post discussion ...
ratings
session D-3: Housing Markets & Economics
last changed 2014/10/21 21:51
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