IDEAS home Printed from https://ideas.repec.org/p/tcb/econot/1314.html
   My bibliography  Save this paper

Turkiye’de Goreli Konut Deflatoru

Author

Listed:
  • Mustafa Kilinc
  • Cengiz Tunc

Abstract

[TR] Diger ekonomik degiskenlerle cok guclu bir etkilesim icinde bulunan konut fiyatlari takip edilmesi gereken onemli ekonomik degiskenlerden birisidir. Konutun teminat olarak kullanilabilmesi, konut kredilerinin kredi piyasasinda onemli bir paya sahip olmasi, konut kredisi uzerine finansal enstrumanlar yazilabilmesi ve konut fiyati degisimlerinin zenginlik etkisi araciligi ile tuketim ve tasarruf davranislarini etkilemesi konut fiyatlarinin cesitli kanallar ile ekonomik etkiler ortaya koyabilmesine sebep olmaktadir. Turkiye’de gecmise yonelik uzun donemli konut fiyatlarini takip edebilecek bir konut fiyat endeksi bulunmamaktadir. Bu calismada oncelikle tuketim yontemi ile hesaplanan GSYIH altindaki konut yatirimlarina ait deflatorun farkli ulkelerde konut fiyat endeksi icin iyi bir gosterge oldugu ortaya konmustur. Daha sonra Turkiye icin 1998 yilindan itibaren konut deflatoru ve goreli konut deflatoru elde edilmistir. Goreli konut deflatoru 1998-2012 yillari arasinda ekonomik dalgalanmalari takip ederek dalgali bir seyir izlemis ve herhangi uzun donemli bir egilim sergilememistir. [EN] House price is an important economic variable to be tracked. Home ownership which constitutes a large component of investment has strong interaction with other economic variables. Housing has strong economic effects through various factors such as housing being used as collateral, the large proportion of housing credits in credit market, generating financial instruments on mortgages, and the wealth effects of changes in house prices. There is no house price index to track long-term house price changes in Turkey. In this study, it is first shown that housing investment deflator generated from expenditure approach based GDP is a good estimate for house price index in different countries. Then GDP based relative housing deflator is constructed for Turkey since 1998. This relative housing deflator follows a similar pattern to the economic fluctuations in Turkey between 1998 and 2012 and has no special long-run trend.

Suggested Citation

  • Mustafa Kilinc & Cengiz Tunc, 2013. "Turkiye’de Goreli Konut Deflatoru," CBT Research Notes in Economics 1314, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    • Handle: RePEc:tcb:econot:1314
    as

    Download full text from publisher

    File URL: https://www.tcmb.gov.tr/wps/wcm/connect/2de34f3d-78c1-4733-9a81-b94165f66001/EN1314eng.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-2de34f3d-78c1-4733-9a81-b94165f66001-m3fw5gP
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Yavuz Arslan & Evren Ceritoğlu, 2013. "Quality Growth Versus Inflation in Turkey," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 49(2), pages 31-43, March.
    2. Christopher D. Carroll & Misuzu Otsuka & Jiri Slacalek, 2011. "How Large Are Housing and Financial Wealth Effects? A New Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(1), pages 55-79, February.
    3. Iacoviello, Matteo, 2004. "Consumption, house prices, and collateral constraints: a structural econometric analysis," Journal of Housing Economics, Elsevier, vol. 13(4), pages 304-320, December.
    4. James Crotty, 2009. "Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture'," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 563-580, July.
    5. Chen, Nan-Kuang & Chen, Shiu-Sheng & Chou, Yu-Hsi, 2010. "House prices, collateral constraint, and the asymmetric effect on consumption," Journal of Housing Economics, Elsevier, vol. 19(1), pages 26-37, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Esra Alp Coskun & Nicholas Apergis & Yener Coskun, 2022. "Threshold effects of housing affordability and financial development on the house price‐consumption nexus," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 1785-1806, April.
    2. Charles Ka Yui Leung & Joe Cho Yiu Ng, 2018. "Macro Aspects of Housing," GRU Working Paper Series GRU_2018_016, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    3. Juan Carlos Cuestas & Merike Kukk, 2017. "Asymmetries in the interaction between housing prices and housing credit in Estonia," Bank of Estonia Working Papers wp2017-2, Bank of Estonia, revised 25 May 2017.
    4. Vivien Burrows, 2018. "The Impact of House Prices on Consumption in the UK: a New Perspective," Economica, London School of Economics and Political Science, vol. 85(337), pages 92-123, January.
    5. Khorunzhina, Natalia, 2021. "Intratemporal nonseparability between housing and nondurable consumption: Evidence from reinvestment in housing stock," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 658-670.
    6. Juan Carlos Cuestas & Merike Kukk, 2019. "Are there asymmetries in the interaction between housing prices and housing credit? Evidence from a country with rapid credit accumulation," Working Papers 2019/06, Economics Department, Universitat Jaume I, Castellón (Spain).
    7. Hamed Ghiaie, 2018. "Shadow Bank run, Housing and Credit Market: The Story of a Recession," THEMA Working Papers 2018-01, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
    8. Benedetto Manganelli & Francesco Tajani, 2015. "Macroeconomic Variables and Real Estate in Italy and in the usa," SCIENZE REGIONALI, FrancoAngeli Editore, vol. 2015(3), pages 31-48.
    9. Marco Locurcio & Pierluigi Morano & Francesco Tajani & Felicia Di Liddo, 2020. "An Innovative GIS-Based Territorial Information Tool for the Evaluation of Corporate Properties: An Application to the Italian Context," Sustainability, MDPI, vol. 12(14), pages 1-29, July.
    10. Chadi S. Abdallah & William D. Lastrapes, 2013. "Evidence on the Relationship between Housing and Consumption in the United States: A State-Level Analysis," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(4), pages 559-590, June.
    11. Stijn Claessens & M Ayhan Kose, 2017. "Asset prices and macroeconomic outcomes: a survey," BIS Working Papers 676, Bank for International Settlements.
    12. Ersi Athanassiou & Ekaterini Tsouma, 2017. "Financial and Housing Wealth Effects on Private Consumption: The Case of Greece," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 15(1), pages 63-86.
    13. Alessandro Piergallini, 2020. "Demographic change and real house prices: a general equilibrium perspective," Journal of Economics, Springer, vol. 130(1), pages 85-102, June.
    14. Xiaorong Zhou & Meng-Shiuh Chang & Karen Gibler, 2016. "The asymmetric wealth effects of housing market and stock market on consumption in China," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 21(2), pages 196-216, April.
    15. Yener Coskun & Christos Bouras & Rangan Gupta & Mark E. Wohar, 2021. "Multi-Horizon Financial and Housing Wealth Effects across the U.S. States," Sustainability, MDPI, vol. 13(3), pages 1-20, January.
    16. Wonhyeok Kim & Soohyung Lee & Yoonsoo Lee, 2021. "How Do House Prices Affect Consumption Patterns Across Categories?," Korean Economic Review, Korean Economic Association, vol. 37, pages 367-398.
    17. Tomas Havranek & Anna Sokolova, 2016. "Do Consumers Really Follow a Rule of Thumb? Three Thousand Estimates from 130 Studies Say "Probably Not"," Working Papers 2016/08, Czech National Bank.
    18. Lingxiao Li & Bing Zhu, 2020. "Housing Wealth, Consumption Channels and Mortgage Liberalization," International Real Estate Review, Global Social Science Institute, vol. 23(4), pages 433-465.
    19. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    20. Chi-Wei Su & Xiao-Cui Yin & Ran Tao, 2018. "How do housing prices affect consumption in China? New evidence from a continuous wavelet analysis," PLOS ONE, Public Library of Science, vol. 13(9), pages 1-14, September.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:tcb:econot:1314. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge or the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/tcmgvtr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.