Araştırma Makalesi
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The Relationship Between Real House Prices and Economic Policies Uncertainty: A Case of South Korea

Yıl 2020, Cilt: 6 Sayı: 11, 114 - 144, 29.06.2020

Mümin Atalay Çetin , İlker Yaman , İbrahim Bakırtaş

https://doi.org/10.34086/rteusbe.732041

Öz

Especially with the Global Financial Crisis in 2008, the effects of the housing market on macroeconomic stability have been more clearly understood by researchers and policy makers, both nationally and globally. In this context, it was observed that various types of uncertainty, especially uncertainties in economic policies, affect the housing market. The main aim of this study is to investigate the relationship between real house prices and uncertainty of economic policies between 2001-2008 in South Korea by using VAR analysis. According to the empirical findings, uncertainties in economic policies in South Korea is effective in explaining real house prices changes. In addition, the results revelaed a bidirectional causality relationship between real house prices and economic policy uncertainty.

Anahtar Kelimeler

Economic Policies Uncertainty Real House Prices South Korea VAR Analysis Granger Causality

Kaynakça

  • Aaberge, R., Liu, K. ve Zhu, Y. (2017). Political Uncertainty and Household Savings. Journal of Comparative Economics, 45(1), 154-170.
  • Abelson. P., Joyeux, R., Milunovich, G. ve Chung, D. (2005). Explaining House Prices in Australia: 1970-2003. The Economic Record, 81(255), S96-S103.
  • Adams, Z. ve Füss, R. (2010). Macroeconomic Determinants of International Housing Markets. Journal of Housing Economics, 19(1), 38-50.
  • Alola, A. A. ve Uzuner, G. (2019). The Housing Market and Agricultural Land Economic Policy Uncertainty Index. International Journal of Finance & Economics, 25(12) 1-12.
  • Anari, A. ve Kolari, J. (2002). House Prices and Inflation. Real Estate Economics, 30(1), 67-84.
  • Anoruo, E., Akpom, U. ve Nwoye, Y. (2017). Dynamic Relationship between Economic Policy Uncertainty and Housing Market Returns in Japan. Journal of International Business and Economics, 5(2), 28-37.
  • Andre, C., Bonga-Bonga, L. ve Gupta, R. (2015). The Impact of Economic Policy Uncertainty on US Real Housing Returns and their Volatility: A Nonparametric Approach. Working Paper, No. 82, University of Pretoria, Department of Economics Working Paper Series, 1-51.
  • Antonakakis, N., Gupta, R. ve Andre, C. (2015). Dynamic Co-movements Between Economic Policy Uncertainty and Housing Market Returns. Journal of Real Estate Portfolio Management, 21(1), 53-60.
  • Antonakakis, N. ve Floros, C. (2016). Dynamic Interdependencies Among the Housing Market, Stock Market, Policy Uncertainty and the Macroeconomy in the United Kingdom. International Review of Financial Analysis, 44, 111-122.
  • Asamoah, M. E., Adjasi, C. K. D. ve Alhassan, A. L. (2016). Macroeconomic Uncertainty, Foreign Direct Investment and Institutional Quality: Evidence From Sub-Saharan Africa. Economic Systems, 40(4), 612-621.
  • Aye, G. C. (2018). Causality Between Economic Policy Uncertainty and Real Housing Returns in Emerging Economies: A Cross-Sample Validation Approach. Cogent Economics & Finance, 6(1), 1-16.
  • Bachmann, R., Elstner, S. ve Sims, E. R. (2013). Uncertainty and Economic Activity: Evidence from Business Survey Data. American Economic Journal: Macroeconomics, 5(2), 217-249.
  • Baker, S. R. ve Bloom, N. (2013). Does Uncertainty Reduce Growth? Using Disasters as Natural Experiments. NBER Working Paper, No. 19475, 1-34.
  • Baker, S. R., Bloom, N. ve Davis, S. J. (2016). Measuring Economic Policy Uncertainty. The Quarterly Journal of Economics, 131(4), 1593-1636.
  • Bekiros, S., Gupta, R. ve Kyei, C. (2016). On Economic Uncertainty, Stock Market Predictability, and Nonlinear, Spillover Effects. North American Journal of Economics and Finance, 36, 184-191.
  • Bernanke, B. S. (1983). Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression. NBER Working Paper, No. 1054, 1-56.
  • Bloom, N. (2009). The Impact of Uncertainty Shocks. Econometrica, 77(3), 623-685.
  • Bloom, N. (2013). Fluctuations in Uncertainty. NBER Working Paper, No. 19714, 1-29.
  • Born, B. ve Pfeifer, J. (2014). Policy Risk and the Business Cycle. Journal of Monetary Economics, 68, 68–85.
  • Brogaard, J. ve Detzel, A. (2015). The Asset-Pricing Implications of Government Economic Policy Uncertainty. Management Science, 61(1), 3-18.
  • Byrne, J. P. ve Davis, E. P. (2005). Investment and Uncertainty in the G7. Review of World Economics, 141(1), 1-32.
  • Caggiano, G., Castelnuovo, E. ve Groshenny, N. (2014). Uncertainty Shocks and Unemployment Dynamics in U.S. Recessions. Journal of Monetary Economics, 67, 78-92.
  • Calcagnini, G. ve Saltari, E. (2000). Real and Financial Uncertainty and Investment Decisions. Journal of Macroeconomics, 22(3), 491-514.
  • Carriere-Swallow, Y. ve Cespedes, L. F. (2013). The Impact of Uncertainty Shocks in Emerging Economies. Journal of International Economics, 90(2), 316-325.
  • CBRE. (2019). Korea Real Estate Market Outlook 2019. Erişim tarihi: 10.02.2020, https://www.cbre.com/research-and-reports/Korea-Real-Estate-Market-Outlook-2019.
  • Charles, S. (1977). Housing Economics. London: The Macmillan Press LTD.
  • Choudhry, T. (2018). Economic Policy Uncertainty and House Prices: Evidence From Geographical Regions of England and Wales. Real Estate Economics, 1-26.
  • Chow, S. C., Cunado, J., Gupta, R. ve Wong, W. K. (2017). Causal Relationship Between Economic Policy Uncertainty and Housing Market Returns in China and India: Evidence from Linear and Nonlinear Panel and Time Series Models. Studies in Nonlinear Dynamics and Econometrics, 22(2), 1-15.
  • Christou, C., Gupta, R. ve Hassapis, C. (2017). Does Economic Policy Uncertainty Forecast Real Housing Returns in a Panel of OECD Countries? A Bayesian Approach. The Quarterly Review of Economics and Finance, 65, 50-60.
  • Colombo, V. (2013). Economic Policy Uncertainty in the US: Does It Matter for the Euro Area?. Economics Letters, 121(1), 39-42.
  • Cunningham, C. R. (2006). House Price Uncertainty, Timing of Development, and Vacant Land Prices: Evidence for Real Options in Seattle. Journal of Urban Economics, 59(1), 1-31.
  • Çetin, M. (2020). Türkiye’de Konut Piyasası Dinamikleri (Makroekonomik Yaklaşım). Bursa: Ekin Yayınevi.
  • Dickey, D. A., ve Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series With a Unit Root. Journal of the American Statistical Association, 74(336), 427-431.
  • Dickey, D. A. ve Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root. Econometrica, 49(4), 1057-1072.
  • Dixit, A. K. Ve Pindyck, R. S. (1994). Investment Under Uncertainty. Chichester, United Kingdom: Princeton University Press.
  • El-Montasser, G., Ajmi, A. N., Chang, T., Simo-Kengne, B. D., Andre, C. ve Gupta, R. (2016). Cross-Country Evidence on the Causal Relationship Between Policy Uncertainty and Housing Prices. Journal of Housing Research, 25(2), 195-211.
  • Enders, W. (2015). Applied Econometric Time Series. Fourth Edition, New Jersey: John Wiley & Sons.
  • Freeman, J.R., Williams, J.T. ve Lin, T. (1989). Vector Autoregression and the Study of Politics. American Journal of Political Science, 33(4), 842-877.
  • Giavazzi, F. ve McMahon, M. (2012). Policy Uncertainty and Household Savings. The Review of Economics and Statistics, 94(2), 517-531.
  • Granger, C. W. J. (1969). Investigating Casual Relations by Econometric Models and Cross-spectral Methods. Econometrica, 37(3), 424-438.
  • Gujarati, D. N. (2004). Basic Econometrics. Fourth Edition. The McGraw-Hill Companies, New York.
  • Hirata, H., Kose, M. A., Otrok, C. ve Terrones, M. E. (2012). Global House Fluctuations: Synchonization and Determinants. NBER Working Paper, No. 18362, 1-44.
  • Huang, W. L., Lin, W. Y. ve Ning, S. L. (2018). The Effect of Economic Policy Uncertainty on China’s Housing Market. North American Journal of Economics and Finance, https://doi.org/10.1016/j.najef.2018.09.008.
  • Jeon, J. H. (2018). The Impact of Asian Economic Policy Uncertainty: Evidence from Korean Housing Market. Journal of Asian Finance, Economics and Business, 5(2), 43-51.
  • Juardo, K., Ludvigson, S. C. ve Ng, S. (2015). Measuring Uncertainty. American Economic Review, 105(3), 1177–1216.
  • KAB. (2019). Korea Real Estate Market Report: Trends in 2018 and Outlook for 2019. Vol.9. Erişim tarihi: 10.02.2020, http://www.kab.co.kr/kab/home/eng/trend/trend02.jsp.
  • Kaya, O. (2018). Economic Policy Uncertainty in Europe: Detrimental to Capital Markets and Bank Lending. Deutsche Bank Research, 1-9.
  • Kim, S., Kim, J. ve Kim, J. (2016). Structural Changes in the Korean Housing Market Before and After Macroeconomic Fluctuations. Sustainability, 8(5), 415, 1-20.
  • Kumo, W. L. (2006). Macroeconomic Uncertainty and Aggregate Private Investment in South Africa. South African Journal of Economics, 74(2), 190-204.
  • McDonald, S. ve Siegel, D. (1986). The Value of Waiting to Invest. The Quarterly Journal of Economics, 101(4). 707-728.
  • Mumtaz, H. ve Surico, P. (2018). Policy Uncertainty and Aggregate Fluctuations. Journal of Applied Econometrics, 33(3), 319-331.
  • Nodari, G. (2014). Financial Regulation Policy Uncertainty and Credit Spreads in the US. Journal of Macroeconomics, 41, 122-132.
  • OECD. (2020). OECD Data Housing Prices. Erişim tarihi: 13.02.2020, https://data.oecd.org/price/housing-prices.htm.
  • Özgen, F.B. ve Güloğlu, B. (2004). Türkiye’de İç Borçların İktisadi Etkilerinin VAR Tekniğiyle Analizi. METU Studies in Development, 93-114.
  • Panagiotidis, T. ve Printzis, P. (2016). On the Macroeconomic Determinants of the Housing Market in Greece: A VECM Approach. International Economics and Economic Policy, 13, 387-407.
  • Pastor, L. ve Veronesi, P. (2013). Uncertainty About Government Policy and Stock Prices. The Journal of Finance, 67(4), 1219-1264.
  • Pellegrino, G. (2018). Uncertainty and the Real Effects of Monetary Policy Shocks in the Euro Area. Economics Letters, 162, 177-181.
  • Phillips, P. C. ve Perron, P. (1988). Testing for a Unit Root in Time Series Regression. Biometrika, 75(2), 335-346.
  • Rees, D. (2000). Essential statistics. Boca Raton, FL: Chapman and Hall/CRC Press.
  • Reuters. (2018). South Korea's Construction Sector Feels Chill from Moon Policies. Erişim tarihi: 29.03.2020, https://www.reuters.com/article/us-southkorea-economy-construction-analy/south-koreas-construction-sector-feels-chill-from-moon-policies-idUSKCN1NW2MU.
  • Shin, H. S. ve Yi, H. C. (2019). The Korean Housing Market: Its Characteristics and Policy Resposnes. R. Nijskens, M. Lohuis, P. Hilbers ve W. Heeringa (Ed.). Hot Property: The Housing Market in Major Citites. (s.181-194), Cham: Springer.
  • Shoag, D. ve Veuger, S. (2016). Uncertainty and the Geography of the Great Recession. Journal of Monetary Economics, 84, 84-93.
  • Sims, C.A. (1980). Macroeconomics and Reality. Econometrica, 48(1), 1-48.
  • Su, D., Li, X., Lobont, O. R. ve Zhao, Y. (2016). Economic Policy Uncertainty and Housing Returns in Germany: Evidence from a Bootstrap Rolling Window. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu, 34(1), 43-61.
  • Stock, J.H. ve Watson, M. W. (2001). Vector Autoregressions. Journal of Economic Perspectives, 15(4), 101-115.
  • Titman, S. (1985). Urban Land Prices Under Uncertainty. The American Economic Review, 75(3), 505-514.
  • Uysal, D., Mucuk, M. ve Alptekin, V. (2008). Türkiye Ekonomisinde Vektör Otoregresif Model İle Enflasyon-Büyüme İlişkisinin Analizi. ZKÜ Sosyal Bilimler Dergisi, 4(8), 55-71.
  • Weisberg S. (2005). Applied linear regression. Englewood Cliffs, NJ: John Wiley and Sons Inc.
  • World Bank (2020). World Bank Open Data. Erişim tarihi: 12.02.2020, https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=KR.

REEL KONUT FİYATLARI İLE EKONOMİ POLİTİKALARI BELİRSİZLİĞİ ARASINDAKİ İLİŞKİ: GÜNEY KORE ÖRNEĞİ

Yıl 2020, Cilt: 6 Sayı: 11, 114 - 144, 29.06.2020

Mümin Atalay Çetin , İlker Yaman , İbrahim Bakırtaş

https://doi.org/10.34086/rteusbe.732041

Öz

Özellikle 2008 yılında yaşanan Küresel Finansal Kriz ile birlikte hem ulusal hem de küresel ölçekte konut piyasasının makroekonomik istikrar üzerindeki etkileri araştırmacılar ve politika yapıcılar tarafından daha net bir biçimde kavranmıştır. Bu bağlamda ekonomi politikalarındaki belirsizlikler başta olmak üzere farklı belirsizlik türlerinin konut piyasasını etkilediği görülmüştür. Bu çalışmanın temel amacı Güney Kore’de 2001-2018 yılları arasında reel konut fiyatları ile ekonomi politikaları belirsizliği arasındaki ilişkiyi VAR analizi yardımıyla ortaya koymaktır. Çalışmanın ampirik bulguları Güney Kore’de ekonomi politikalarındaki belirsizliklerin reel konut fiyatlar değişimlerini açıklamada etkin olduğunu göstermektedir. Ayrıca reel konut fiyatları ile ekonomi politikası belirsizliği arasında çift yönlü bir nedensellik ilişkisi olduğu tespit edilmiştir.

Anahtar Kelimeler

Ekonomi Politikaları Belirsizliği Reel Konut Fiyatları Güney Kore VAR Analizi Granger Nedensellik

Kaynakça

  • Aaberge, R., Liu, K. ve Zhu, Y. (2017). Political Uncertainty and Household Savings. Journal of Comparative Economics, 45(1), 154-170.
  • Abelson. P., Joyeux, R., Milunovich, G. ve Chung, D. (2005). Explaining House Prices in Australia: 1970-2003. The Economic Record, 81(255), S96-S103.
  • Adams, Z. ve Füss, R. (2010). Macroeconomic Determinants of International Housing Markets. Journal of Housing Economics, 19(1), 38-50.
  • Alola, A. A. ve Uzuner, G. (2019). The Housing Market and Agricultural Land Economic Policy Uncertainty Index. International Journal of Finance & Economics, 25(12) 1-12.
  • Anari, A. ve Kolari, J. (2002). House Prices and Inflation. Real Estate Economics, 30(1), 67-84.
  • Anoruo, E., Akpom, U. ve Nwoye, Y. (2017). Dynamic Relationship between Economic Policy Uncertainty and Housing Market Returns in Japan. Journal of International Business and Economics, 5(2), 28-37.
  • Andre, C., Bonga-Bonga, L. ve Gupta, R. (2015). The Impact of Economic Policy Uncertainty on US Real Housing Returns and their Volatility: A Nonparametric Approach. Working Paper, No. 82, University of Pretoria, Department of Economics Working Paper Series, 1-51.
  • Antonakakis, N., Gupta, R. ve Andre, C. (2015). Dynamic Co-movements Between Economic Policy Uncertainty and Housing Market Returns. Journal of Real Estate Portfolio Management, 21(1), 53-60.
  • Antonakakis, N. ve Floros, C. (2016). Dynamic Interdependencies Among the Housing Market, Stock Market, Policy Uncertainty and the Macroeconomy in the United Kingdom. International Review of Financial Analysis, 44, 111-122.
  • Asamoah, M. E., Adjasi, C. K. D. ve Alhassan, A. L. (2016). Macroeconomic Uncertainty, Foreign Direct Investment and Institutional Quality: Evidence From Sub-Saharan Africa. Economic Systems, 40(4), 612-621.
  • Aye, G. C. (2018). Causality Between Economic Policy Uncertainty and Real Housing Returns in Emerging Economies: A Cross-Sample Validation Approach. Cogent Economics & Finance, 6(1), 1-16.
  • Bachmann, R., Elstner, S. ve Sims, E. R. (2013). Uncertainty and Economic Activity: Evidence from Business Survey Data. American Economic Journal: Macroeconomics, 5(2), 217-249.
  • Baker, S. R. ve Bloom, N. (2013). Does Uncertainty Reduce Growth? Using Disasters as Natural Experiments. NBER Working Paper, No. 19475, 1-34.
  • Baker, S. R., Bloom, N. ve Davis, S. J. (2016). Measuring Economic Policy Uncertainty. The Quarterly Journal of Economics, 131(4), 1593-1636.
  • Bekiros, S., Gupta, R. ve Kyei, C. (2016). On Economic Uncertainty, Stock Market Predictability, and Nonlinear, Spillover Effects. North American Journal of Economics and Finance, 36, 184-191.
  • Bernanke, B. S. (1983). Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression. NBER Working Paper, No. 1054, 1-56.
  • Bloom, N. (2009). The Impact of Uncertainty Shocks. Econometrica, 77(3), 623-685.
  • Bloom, N. (2013). Fluctuations in Uncertainty. NBER Working Paper, No. 19714, 1-29.
  • Born, B. ve Pfeifer, J. (2014). Policy Risk and the Business Cycle. Journal of Monetary Economics, 68, 68–85.
  • Brogaard, J. ve Detzel, A. (2015). The Asset-Pricing Implications of Government Economic Policy Uncertainty. Management Science, 61(1), 3-18.
  • Byrne, J. P. ve Davis, E. P. (2005). Investment and Uncertainty in the G7. Review of World Economics, 141(1), 1-32.
  • Caggiano, G., Castelnuovo, E. ve Groshenny, N. (2014). Uncertainty Shocks and Unemployment Dynamics in U.S. Recessions. Journal of Monetary Economics, 67, 78-92.
  • Calcagnini, G. ve Saltari, E. (2000). Real and Financial Uncertainty and Investment Decisions. Journal of Macroeconomics, 22(3), 491-514.
  • Carriere-Swallow, Y. ve Cespedes, L. F. (2013). The Impact of Uncertainty Shocks in Emerging Economies. Journal of International Economics, 90(2), 316-325.
  • CBRE. (2019). Korea Real Estate Market Outlook 2019. Erişim tarihi: 10.02.2020, https://www.cbre.com/research-and-reports/Korea-Real-Estate-Market-Outlook-2019.
  • Charles, S. (1977). Housing Economics. London: The Macmillan Press LTD.
  • Choudhry, T. (2018). Economic Policy Uncertainty and House Prices: Evidence From Geographical Regions of England and Wales. Real Estate Economics, 1-26.
  • Chow, S. C., Cunado, J., Gupta, R. ve Wong, W. K. (2017). Causal Relationship Between Economic Policy Uncertainty and Housing Market Returns in China and India: Evidence from Linear and Nonlinear Panel and Time Series Models. Studies in Nonlinear Dynamics and Econometrics, 22(2), 1-15.
  • Christou, C., Gupta, R. ve Hassapis, C. (2017). Does Economic Policy Uncertainty Forecast Real Housing Returns in a Panel of OECD Countries? A Bayesian Approach. The Quarterly Review of Economics and Finance, 65, 50-60.
  • Colombo, V. (2013). Economic Policy Uncertainty in the US: Does It Matter for the Euro Area?. Economics Letters, 121(1), 39-42.
  • Cunningham, C. R. (2006). House Price Uncertainty, Timing of Development, and Vacant Land Prices: Evidence for Real Options in Seattle. Journal of Urban Economics, 59(1), 1-31.
  • Çetin, M. (2020). Türkiye’de Konut Piyasası Dinamikleri (Makroekonomik Yaklaşım). Bursa: Ekin Yayınevi.
  • Dickey, D. A., ve Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series With a Unit Root. Journal of the American Statistical Association, 74(336), 427-431.
  • Dickey, D. A. ve Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root. Econometrica, 49(4), 1057-1072.
  • Dixit, A. K. Ve Pindyck, R. S. (1994). Investment Under Uncertainty. Chichester, United Kingdom: Princeton University Press.
  • El-Montasser, G., Ajmi, A. N., Chang, T., Simo-Kengne, B. D., Andre, C. ve Gupta, R. (2016). Cross-Country Evidence on the Causal Relationship Between Policy Uncertainty and Housing Prices. Journal of Housing Research, 25(2), 195-211.
  • Enders, W. (2015). Applied Econometric Time Series. Fourth Edition, New Jersey: John Wiley & Sons.
  • Freeman, J.R., Williams, J.T. ve Lin, T. (1989). Vector Autoregression and the Study of Politics. American Journal of Political Science, 33(4), 842-877.
  • Giavazzi, F. ve McMahon, M. (2012). Policy Uncertainty and Household Savings. The Review of Economics and Statistics, 94(2), 517-531.
  • Granger, C. W. J. (1969). Investigating Casual Relations by Econometric Models and Cross-spectral Methods. Econometrica, 37(3), 424-438.
  • Gujarati, D. N. (2004). Basic Econometrics. Fourth Edition. The McGraw-Hill Companies, New York.
  • Hirata, H., Kose, M. A., Otrok, C. ve Terrones, M. E. (2012). Global House Fluctuations: Synchonization and Determinants. NBER Working Paper, No. 18362, 1-44.
  • Huang, W. L., Lin, W. Y. ve Ning, S. L. (2018). The Effect of Economic Policy Uncertainty on China’s Housing Market. North American Journal of Economics and Finance, https://doi.org/10.1016/j.najef.2018.09.008.
  • Jeon, J. H. (2018). The Impact of Asian Economic Policy Uncertainty: Evidence from Korean Housing Market. Journal of Asian Finance, Economics and Business, 5(2), 43-51.
  • Juardo, K., Ludvigson, S. C. ve Ng, S. (2015). Measuring Uncertainty. American Economic Review, 105(3), 1177–1216.
  • KAB. (2019). Korea Real Estate Market Report: Trends in 2018 and Outlook for 2019. Vol.9. Erişim tarihi: 10.02.2020, http://www.kab.co.kr/kab/home/eng/trend/trend02.jsp.
  • Kaya, O. (2018). Economic Policy Uncertainty in Europe: Detrimental to Capital Markets and Bank Lending. Deutsche Bank Research, 1-9.
  • Kim, S., Kim, J. ve Kim, J. (2016). Structural Changes in the Korean Housing Market Before and After Macroeconomic Fluctuations. Sustainability, 8(5), 415, 1-20.
  • Kumo, W. L. (2006). Macroeconomic Uncertainty and Aggregate Private Investment in South Africa. South African Journal of Economics, 74(2), 190-204.
  • McDonald, S. ve Siegel, D. (1986). The Value of Waiting to Invest. The Quarterly Journal of Economics, 101(4). 707-728.
  • Mumtaz, H. ve Surico, P. (2018). Policy Uncertainty and Aggregate Fluctuations. Journal of Applied Econometrics, 33(3), 319-331.
  • Nodari, G. (2014). Financial Regulation Policy Uncertainty and Credit Spreads in the US. Journal of Macroeconomics, 41, 122-132.
  • OECD. (2020). OECD Data Housing Prices. Erişim tarihi: 13.02.2020, https://data.oecd.org/price/housing-prices.htm.
  • Özgen, F.B. ve Güloğlu, B. (2004). Türkiye’de İç Borçların İktisadi Etkilerinin VAR Tekniğiyle Analizi. METU Studies in Development, 93-114.
  • Panagiotidis, T. ve Printzis, P. (2016). On the Macroeconomic Determinants of the Housing Market in Greece: A VECM Approach. International Economics and Economic Policy, 13, 387-407.
  • Pastor, L. ve Veronesi, P. (2013). Uncertainty About Government Policy and Stock Prices. The Journal of Finance, 67(4), 1219-1264.
  • Pellegrino, G. (2018). Uncertainty and the Real Effects of Monetary Policy Shocks in the Euro Area. Economics Letters, 162, 177-181.
  • Phillips, P. C. ve Perron, P. (1988). Testing for a Unit Root in Time Series Regression. Biometrika, 75(2), 335-346.
  • Rees, D. (2000). Essential statistics. Boca Raton, FL: Chapman and Hall/CRC Press.
  • Reuters. (2018). South Korea's Construction Sector Feels Chill from Moon Policies. Erişim tarihi: 29.03.2020, https://www.reuters.com/article/us-southkorea-economy-construction-analy/south-koreas-construction-sector-feels-chill-from-moon-policies-idUSKCN1NW2MU.
  • Shin, H. S. ve Yi, H. C. (2019). The Korean Housing Market: Its Characteristics and Policy Resposnes. R. Nijskens, M. Lohuis, P. Hilbers ve W. Heeringa (Ed.). Hot Property: The Housing Market in Major Citites. (s.181-194), Cham: Springer.
  • Shoag, D. ve Veuger, S. (2016). Uncertainty and the Geography of the Great Recession. Journal of Monetary Economics, 84, 84-93.
  • Sims, C.A. (1980). Macroeconomics and Reality. Econometrica, 48(1), 1-48.
  • Su, D., Li, X., Lobont, O. R. ve Zhao, Y. (2016). Economic Policy Uncertainty and Housing Returns in Germany: Evidence from a Bootstrap Rolling Window. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu, 34(1), 43-61.
  • Stock, J.H. ve Watson, M. W. (2001). Vector Autoregressions. Journal of Economic Perspectives, 15(4), 101-115.
  • Titman, S. (1985). Urban Land Prices Under Uncertainty. The American Economic Review, 75(3), 505-514.
  • Uysal, D., Mucuk, M. ve Alptekin, V. (2008). Türkiye Ekonomisinde Vektör Otoregresif Model İle Enflasyon-Büyüme İlişkisinin Analizi. ZKÜ Sosyal Bilimler Dergisi, 4(8), 55-71.
  • Weisberg S. (2005). Applied linear regression. Englewood Cliffs, NJ: John Wiley and Sons Inc.
  • World Bank (2020). World Bank Open Data. Erişim tarihi: 12.02.2020, https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=KR.
Toplam 69 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Hakemli Makaleler
Yazarlar

Mümin Atalay Çetin 0000-0002-0442-8720

İlker Yaman 0000-0002-3724-7467

İbrahim Bakırtaş 0000-0003-0945-2823

Yayımlanma Tarihi 29 Haziran 2020
Gönderilme Tarihi 4 Mayıs 2020
Kabul Tarihi 2 Haziran 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 6 Sayı: 11

Kaynak Göster

ISNAD Çetin, Mümin Atalay vd. “REEL KONUT FİYATLARI İLE EKONOMİ POLİTİKALARI BELİRSİZLİĞİ ARASINDAKİ İLİŞKİ: GÜNEY KORE ÖRNEĞİ”. Recep Tayyip Erdoğan Üniversitesi Sosyal Bilimler Dergisi 6/11 (Haziran 2020), 114-144. https://doi.org/10.34086/rteusbe.732041.

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