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

Yıl 2021, Cilt: 20 Sayı: 1, 1 - 47, 24.09.2021

S. Belgin Akçay Tina Beale

https://doi.org/10.32450/aacd.995582

Cited By: 1

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 Kelimeler

Açılan Kredi, Konut Fiyatları, Devlet Borç Krizi Ülkeleri

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 Kelimeler

Credit Lending, House Prices, the Sovereign Debt Crisis Countries

Kaynakça

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