Monetary Policy, Construction Sector Output and Housing Prices in India: An Emerging Economy Perspective
AbstractThe study examines the impact of monetary policy along with relevant macro economic factors on the construction sector activities? growth and housing prices in Indian context. The empirical result indicates that it is mainly commercial bank credit from supply side and rise in income in demand side have positive influences on the construction sector growth. Nevertheless, it observes a dominance of demand side over supply side factor contributing to shortages of housing. While examining the factors influencing housing prices, it finds overall inflation rate puts upward pressure and money supply puts downward pressure. This may be due to the fact that bank credit is operating from a supply side enabling increased supply of housing and thereby lowering the housing prices.
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Bibliographic InfoArticle provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.
Volume (Year): 11 (2011)
Issue (Month): 1 ()
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Web page: http://www.usc.es/economet/eaa.htm
Find related papers by JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
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- Peter Abelson & Roselyne Joyeux & George Milunovich & Demi Chung, 2005. "House Prices in Australia - 1970 to 2003 - Facts and Explanations," Research Papers 0504, Macquarie University, Department of Economics.
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