TY - CONF T1 - Conditions of Mortgage Market Development in Turkey: A Critical Empirical Review T2 - 20th Annual European Real Estate Society Conference Y1 - 2013 A1 - Yener Coskun KW - housing KW - Housing Finance KW - Housing Markets KW - Mortgage KW - Turkey AB -

The objective of the paper is to define conditions of mortgage market development in Turkey by presenting the findings of dynamic causal relationships between housing loans and selected socio/macro-economic indicators for the term 2005/01-2011/09. By using monthly time series, we employ granger causality tests, co-integration analysis and vector error correction model (VECM) in the research. The paper specifically aims to analyze the impacts of financial stability, financial risks, monetary policy, households' income/net wealth and housing demand to mortgage credits. We conclude based on the co-integration analysis that housing credit, interest rates, occupancy permits, real GDP per person and monetary aggregate (M2) have long term relationship with housing credits in Turkey. In the paper, we argue that the outcome has important policy implications for both Turkey and emerging economies. In this context, we underline that mortgage market policies in emerging economies should have a balanced approach between market economy and social needs.

JA - 20th Annual European Real Estate Society Conference T3 - ERES: Conference CY - Vienna, Austria U3 - RePEc:arz:wpaper:eres2013_11 J1 - Conference 2013 ID - oai:eres.id:eres2013_11 M3 - 10.15396/eres2013_11 ER -