Monetary Policy, Construction Sector Output and Housing Prices in India: An Emerging Economy Perspective
The 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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Volume (Year): 11 (2011)
Issue (Month): 1 ()
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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.
- Hrushikesh Mallick & Mantu Mahalik, 2010. "Constructing the Economy: The Role of Construction Sector in India’s Growth," The Journal of Real Estate Finance and Economics, Springer, vol. 40(3), pages 368-384, April.
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