KaydedilenlerDerginizi ekleyin

Dergiler / Central Bank Review / 2019 / Cilt: 19 - Sayı: 2

The impact of income distribution on house prices

M. Utku ÖZMEN
M. Koray KALAFATCILAR
Erdal YILMAZ
Sayfa
45–58
DOI
—
🏛️Bu makalenin bibliyografik verileri ve tam metin bağlantısı DergiPark üzerinden sağlanmıştır.
DergiPark Kaydı ↗
✨

Yapay Zeka Hızlı Bakış & Çıkarımlar

AI Insight
⚡ TL;DR(1 Cümlede Hızlı Çıkarım)

Thus, policies directed to improving income equality might help mitigate the imbalances in the housing market.

📌 3 Maddede Bu Makale

🎯
Amaç & Hipotez:Housing market developments have been attracting a great deal of attention in Turkey.
📊
Temel Bulgular & Veri:In this respect, basic regression estimations indicate that over the post-2010 period, income elasticity of house price changes is negative, despite housing being a normal good.
💡
Sonuç & Katkı:Thus, policies directed to improving income equality might help mitigate the imbalances in the housing market.
🔬Tür:Araştırma Makalesi
📍Kapsam:2010 Verileri
⚙️Değişkenler:Alan Parametreleri

Özet

Housing market developments have been attracting a great deal of attention in Turkey. Concerns related to supply, particularly at the higher segment of the market, lead these discussions. In this respect, basic regression estimations indicate that over the post-2010 period, income elasticity of house price changes is negative, despite housing being a normal good. In order to reveal the underlying reason, we discuss the role of income distribution. Our empirical analyses suggest that the share of bottom (the top) income quintiles are positively (is negatively) correlated with house price changes. Given the current ample stock of houses, at the high-end of the market, a demand surge led by an increase in the income share of the top income quintile may not put pressure on house prices. In addition, the declining income share of bottom three income quintiles may lead to a reduction in their housing demand. Thus, policies directed to improving income equality might help mitigate the imbalances in the housing market.

🔖

Bu Makaleye Atıf Yap

ÖZMEN, M. U., KALAFATCILAR, M. K., YILMAZ, E. (2019). The impact of income distribution on house prices. Central Bank Review, Cilt: 19 - Sayı: 2, 45–58. https://ajindex.com/articles/142177

📄 Tam Metin PDF Okuyucu

📄

PDF görüntüleyici hazırlanıyor...

Kaynakça (5)

  1. Abelson, P., Joyeux, R., Milunovich, G., Chung, D., 2005. Explaining house prices in Australia. Econ. Rec. 81 (s1), 96e103. Abraham, Jesse M., Hendershott, Patrick H., 1996. Bubbles in metropolitan housing markets. J. Hous. Res. 7, 191e207. Capozza, Dennis R., Hendershott, Partic H., Mack, Charlotte, Christopher, J. Mayer, 2002. Determinants of real house price dynamics. NBER Working Paper 9262. Case, K.E., Schiller, R.J., 1990. The efficiency of the market for single-family homes. Am. Econ. Rev. 79 (1), 125e137. Case, K.E., Shiller, R.J., 2003. Is there a bubble in the housing market? Brook. Pap. Econ. Act. 2003 (2), 299e362. Ceritoglu, E., 2019.
  2. Homeownership, Housing Demand, and Household Wealth Distribution in Turkey. Emerging Markets Finance and Trade, pp. 1e20. Chen, M.C., Tsai, I.C., Chang, C.O., 2007. House prices and household income: do they move apart? Evidence from taiwan. Habitat Int. 31 (2), 243e256. Durmaz, N., 2011. Housing prices and fundamentals: the role of a supply shifter. Econ. Bull. 31. Esteban, M., Altuzarra, A., 2008. A model of the Spanish housing market. J. Post Keynes. Econ. 30 (3), 353e373. Gallin, J., 2006. The long-run relationship between house prices and income: evidence form local housing markets. R. Estate Econ. 34 (3), 417e438. Ganioglu, A., Seven, U., 2019. “Convergence in House Prices: Cross-Regional Evidence for Turkey” CBRT Working Paper, No. 1914.
  3. Greiber, C., Setzer, R., 2007. Money and Housing - Evidence for the Euro Area and the US. Deutsche Bundesbank Discussion Paper, Series 1. Economic Studies. No. 12/2007.
  4. Guo, M., Wu, Q., 2013. The empirical analysis of affecting factors of shanghai housing prices. Int. J. Bus. Soc. Sci. 4 (14), 218e223. Kosem, S., 2019.
  5. Income Inequality, Mortgage Debt and House Prices. London School € of Economics (Job market paper). Liu, H., Shen, Y., 2005. Housing prices and general economic Conditions: an analysis of Chinese new dwelling market. Tsinghua Sci. Technol. 10 (3), 334e343. Maattanen, N., Tervio, M., 2014. Income distribution and housing prices: an € assignment model approach. J. Econ. Theory 151, 381e410. Meen, G., 2002. The time series behavior of house prices: a transatlantic divide? J. Hous. Econ. 11 (1), 1e23. Nellis, J.G., Longbottom, J.A., 1981. An empirical analysis of the determination of house prices in the United Kingdom. Urban Stud. 18 (1), 9e21. Piketty, T., 2014. Capital in the Twenty-First Century. The Belknap Press of Harvard University Press, Cambridge Massac