Year 2020, Volume 28 , Issue 45, Pages 63 - 86 2020-07-30

Konut Fiyatlarının Parasal Aktarım Mekanizmasındaki Rolü
The Role of House Prices in the Monetary Transmission Mechanism

Musa BAYIR [1]


Konut piyasalarının 2008 finansal krizine giden süreçte önemli bir rolü bulunmaktadır. Konut piyasalarındaki olumsuzluklar ise para politikasındaki daralmayla başlamıştır. Bu gelişmeler para politikası, konut piyasaları ve reel sektör arasındaki ilişkinin önemini ortaya çıkarmıştır. Ayrıca, konut fiyatlarının parasal aktarımdaki rolü sorgulanmaya başlamıştır. Bu bağlamda, makale konut fiyatlarının Türkiye ekonomisinde parasal aktarım mekanizmasındaki rolünü ampirik olarak incelemeyi amaçlamaktadır. Çalışmanın analiz yöntemi Yapısal VAR’dır. Analiz dönemi 2011:1-2019:4 şeklindedir. Analiz sonuçlarına göre, para politikası konut fiyatlarını etkilemektedir. Ancak, konut fiyatlarının tüketim ve konut yatırımları üzerinde bir etkisi yoktur. Bu iki durum birlikte değerlendirildiğinde, konut fiyatlarının parasal aktarım mekanizmasında rolü bulunmamaktadır. Diğer taraftan, analizler Türkiye Cumhuriyet Merkez Bankası’nın konut fiyatlarını yakından takip ettiğini göstermektedir. Bu çerçevede, uygun politika tepkisini hızla vermektedir.

Housing markets have an essential role in the process leading up to the 2008 financial crisis. The problems in the housing markets started with monetary tightening. These developments revealed the importance of the relationship between monetary policy, housing markets, and the real sector. Besides, the role of housing prices in the monetary transmission mechanism has begun to examine. In this context, the paper aims to investigate the role of housing prices in the monetary transmission mechanism in the Turkish economy empirically. The analysis method of the study is Structural VAR. The analysis period is 2011:1-2019:4. According to the results of the analysis, monetary policy affects housing prices. However, housing prices have no impact on consumption and housing investment. When these two situations evaluated together, housing prices have no role in the monetary transmission mechanism. On the other hand, the analyses indicate that the Central Bank of the Republic of Turkey closely followed the housing prices. In this framework, it reacts rapidly to the appropriate policy response.

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Primary Language tr
Subjects Social
Journal Section Articles
Authors

Orcid: 0000-0002-6877-4032
Author: Musa BAYIR (Primary Author)
Institution: BANDIRMA ONYEDİ EYLÜL ÜNİVERSİTESİ, İKTİSADİ VE İDARİ BİLİMLER FAKÜLTESİ
Country: Turkey


Dates

Publication Date : July 30, 2020

Bibtex @research article { sosyoekonomi560280, journal = {Sosyoekonomi}, issn = {1305-5577}, address = {}, publisher = {Sosyoekonomi Society}, year = {2020}, volume = {28}, pages = {63 - 86}, doi = {10.17233/sosyoekonomi.2020.03.05}, title = {Konut Fiyatlarının Parasal Aktarım Mekanizmasındaki Rolü}, key = {cite}, author = {Bayır, Musa} }
APA Bayır, M . (2020). Konut Fiyatlarının Parasal Aktarım Mekanizmasındaki Rolü . Sosyoekonomi , 28 (45) , 63-86 . DOI: 10.17233/sosyoekonomi.2020.03.05
MLA Bayır, M . "Konut Fiyatlarının Parasal Aktarım Mekanizmasındaki Rolü" . Sosyoekonomi 28 (2020 ): 63-86 <https://dergipark.org.tr/en/pub/sosyoekonomi/issue/56258/560280>
Chicago Bayır, M . "Konut Fiyatlarının Parasal Aktarım Mekanizmasındaki Rolü". Sosyoekonomi 28 (2020 ): 63-86
RIS TY - JOUR T1 - Konut Fiyatlarının Parasal Aktarım Mekanizmasındaki Rolü AU - Musa Bayır Y1 - 2020 PY - 2020 N1 - doi: 10.17233/sosyoekonomi.2020.03.05 DO - 10.17233/sosyoekonomi.2020.03.05 T2 - Sosyoekonomi JF - Journal JO - JOR SP - 63 EP - 86 VL - 28 IS - 45 SN - 1305-5577- M3 - doi: 10.17233/sosyoekonomi.2020.03.05 UR - https://doi.org/10.17233/sosyoekonomi.2020.03.05 Y2 - 2020 ER -
EndNote %0 Sosyoekonomi Konut Fiyatlarının Parasal Aktarım Mekanizmasındaki Rolü %A Musa Bayır %T Konut Fiyatlarının Parasal Aktarım Mekanizmasındaki Rolü %D 2020 %J Sosyoekonomi %P 1305-5577- %V 28 %N 45 %R doi: 10.17233/sosyoekonomi.2020.03.05 %U 10.17233/sosyoekonomi.2020.03.05
ISNAD Bayır, Musa . "Konut Fiyatlarının Parasal Aktarım Mekanizmasındaki Rolü". Sosyoekonomi 28 / 45 (July 2020): 63-86 . https://doi.org/10.17233/sosyoekonomi.2020.03.05
AMA Bayır M . Konut Fiyatlarının Parasal Aktarım Mekanizmasındaki Rolü. Sosyoekonomi. 2020; 28(45): 63-86.
Vancouver Bayır M . Konut Fiyatlarının Parasal Aktarım Mekanizmasındaki Rolü. Sosyoekonomi. 2020; 28(45): 63-86.