The Effect of Credit Supply on House Prices: Evidence From Turkey
The Effect of Credit Supply on House Prices: Evidence From Turkey
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信贷供应对房价的影响：来自土耳其的证据
DOI：
10.1080/10511482.2019.1661266
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发表时间：
2020
影响因子：
2.9
通讯作者：
Cengiz Tunç
中科院分区：
文献类型：
--
作者：
Cengiz Tunç
摘要本文研究了新兴经济体土耳其的外生信贷供应冲击对房价的影响，使用银行存款，分行数量和金融知识作为工具来估计外生信贷供应。利用2010年至2017年26个地区的数据，我发现住房信贷和消费信贷的外生扩张对价格产生了巨大而显著的影响。类似的效应也适用于经过质量调整的享乐房价。这一结果对信贷驱动的新兴经济体具有重要的政策意义。
ABSTRACT This article examines the effect of exogeneous credit supply shocks on house prices in an emerging economy, Turkey, using bank deposits, the number of branches, and financial literacy as instruments to estimate exogenous credit supply. Utilizing data for 26 regions and from 2010 to 2017, I find that an exogenous expansion in housing credits as well as consumer credits utilized has a large and significant effect on prices. A similar effect holds for quality-adjusted hedonic house prices. The results have important policy implications for credit-driven emerging economies.