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Analysing The Housing Market Structure In Romania And Turkey Under The Global Financial Crisis Effect


  • Murat Kıyılar

    (Istanbul University)

  • Ali Hepsen

    (Istanbul University)


Housing is the most important asset in the portfolio of most households. For allhouseholds it is an important determinant of quality of life. It is a relatively illiquid investment, withan uncertain capital value, and it is generally highly leveraged, which makes it a potentially importantchannel of transmission of monetary policy. On the other hand, housing finance is a crucialimportance to the macro-economic system as mortgage loans account for a large proportion ofbank lending. Indicators related to mortgage market activities and banks’ exposures to real estatelending are also useful indicators for monitoring the health of the banking sector. This article aimsto present a comparative analysis of the housing market structure in Romania and Turkey beforeand after the global financial crisis.

Suggested Citation

  • Murat Kıyılar & Ali Hepsen, 2010. "Analysing The Housing Market Structure In Romania And Turkey Under The Global Financial Crisis Effect," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(12), pages 1-41.
  • Handle: RePEc:alu:journl:v:1:y:2010:i:12:p:41

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    References listed on IDEAS

    1. Demirgüç-Kunt, Asli & Huizinga, Harry, 2010. "Bank activity and funding strategies: The impact on risk and returns," Journal of Financial Economics, Elsevier, vol. 98(3), pages 626-650, December.
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    More about this item


    Housing Market; Mortgage Loans; Bank Lending; Financial Crisis; Romania; Turkey;

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • L74 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Construction
    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General
    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General


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