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Investigation Ofrelationshipbetween House Prices And Macroeconomic Variables In Turkey

Listed author(s):
  • ‹lkay Oner Bodurlar


    (Anadolu University)

Registered author(s):

    This study analyses the dynamic effects of macroeconomic variables (i.e. gross domestic product (GDP), money supply, short-run interest rates and exchange rates) on the house prices in Turkey for the period 2000-2006. Estimates of the long run relationship between house prices and macroeconomic variables are obtained using the Johansen cointegration test. The results of cointegration analysis suggest that there exists a long run relationship between house prices and macroeconomic variables. Vector Error Correction Model (VECM) is used to investigate of the short-run dynamic relationship between house prices and macroeconomic variables. The results of VEC Granger Causality/Block Exogeneity Wald Test show that thereis bi-directional causality between house prices and interest rates and exchange rates. It is observed that one-directional causality exists from gross domestic product and money supply to house prices.

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    Article provided by Anadolu University in its journal Anadolu University Journal of Social Sciences.

    Volume (Year): 8 (2008)
    Issue (Month): 1 (June)
    Pages: 223-238

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    Handle: RePEc:and:journl:v:8:y:2008:i:1:p:223-238
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