INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES

Yıl: 2021 Cilt: 20 Sayı: 1 Sayfa Aralığı: 1 - 48 Metin Dili: İngilizce İndeks Tarihi: 17-06-2022

INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES

Öz:
The existing literature indicates developments in either the housing markets or the credit markets can influence the whole financial sector or even the economy due to the close relationship between both markets. With an increasing dependency on the domestic financial markets to international financial markets caused by an increasing financial liberalisation degree, this relationship has strengthened significantly in many countries. This study aims at examining the interaction between credit lending and house prices for the Eurozone and the sovereign debt crisis countries of the EU (the GIIPS) at the cross-country and country levels, respectively. To do this, the vector autoregressibe (VAR) approach is followed. The findings show credit lending, not house prices are decisive in the interaction between credit and house prices for all samples.
Anahtar Kelime:

Avrupa Birliği’nde Kredi Arzı ve Konut Fiyatları Arasındaki Etkileşim: Devlet Borç Krizi Ülkelerine İlişkin Bir Değerlendirme

Öz:
Mevcut literatür, konut ya da kredi piyasaları arasındaki yakın ilişki nedeniyle, bu piyasaların herhangi birinde ortaya çıkan gelişmeler tüm finansal sektörü, hatta ekonomiyi de etkileyebileceğini göstermektedir. Üstelik artan finansal serbestleşmeyle, yurt içi finansal piyasaların uluslararası finansal piyasalara artan bağımlılığı pek çok ülkede konut ve kredi piyasaları arasındaki ilişkiyi önemli ölçüde güçlenmiştir. Bu çalışmanın amacı, vektör otoregresif (VAR) modeli kullanarak, hem Avro Bölgesi hem de AB’nin devlet borç krizine giren ülkelerinde (GIIPS), konut fiyatları ile açılan kredi arasındaki etkileşimin incelenmesidir. Analiz sonuçları, tüm örneklemlerde kredi arzının, kredi ve konut fiyatları arasındaki ilişkide belirleyici olduğunu göstermektedir.
Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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APA AKÇAY S, Beale T (2021). INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES. , 1 - 48.
Chicago AKÇAY SARIYE BELGIN,Beale Tina INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES. (2021): 1 - 48.
MLA AKÇAY SARIYE BELGIN,Beale Tina INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES. , 2021, ss.1 - 48.
AMA AKÇAY S,Beale T INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES. . 2021; 1 - 48.
Vancouver AKÇAY S,Beale T INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES. . 2021; 1 - 48.
IEEE AKÇAY S,Beale T "INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES." , ss.1 - 48, 2021.
ISNAD AKÇAY, SARIYE BELGIN - Beale, Tina. "INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES". (2021), 1-48.
APA AKÇAY S, Beale T (2021). INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES. Ankara Avrupa Çalışmaları Dergisi, 20(1), 1 - 48.
Chicago AKÇAY SARIYE BELGIN,Beale Tina INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES. Ankara Avrupa Çalışmaları Dergisi 20, no.1 (2021): 1 - 48.
MLA AKÇAY SARIYE BELGIN,Beale Tina INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES. Ankara Avrupa Çalışmaları Dergisi, vol.20, no.1, 2021, ss.1 - 48.
AMA AKÇAY S,Beale T INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES. Ankara Avrupa Çalışmaları Dergisi. 2021; 20(1): 1 - 48.
Vancouver AKÇAY S,Beale T INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES. Ankara Avrupa Çalışmaları Dergisi. 2021; 20(1): 1 - 48.
IEEE AKÇAY S,Beale T "INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES." Ankara Avrupa Çalışmaları Dergisi, 20, ss.1 - 48, 2021.
ISNAD AKÇAY, SARIYE BELGIN - Beale, Tina. "INTERACTION BETWEEN CREDIT LENDING AND HOUSE PRICES IN THE EUROPEAN UNION: AN ASSESSMENT OF SOVEREIGN DEBT CRISIS COUNTRIES". Ankara Avrupa Çalışmaları Dergisi 20/1 (2021), 1-48.