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Analysing The Housing Market Structure In Romania And Turkey Under The Global Financial Crisis Effect

Author

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  • Murat Kıyılar
  • Ali HepÅŸen

Abstract

Housing is the most important asset in the portfolio of most households. For all households it is an important determinant of quality of life. It is a relatively illiquid investment, with an uncertain capital value, and it is generally highly leveraged, which makes it a potentially important channel of transmission of monetary policy. On the other hand, housing finance is a crucial importance to the macro-economic system as mortgage loans account for a large proportion of bank lending. Indicators related to mortgage market activities and banks' exposures to real estate lending are also useful indicators for monitoring the health of the banking sector. This article aims to present a comparative analysis of the housing market structure in Romania and Turkey before and after the global financial crisis.

Suggested Citation

  • Murat Kıyılar & Ali HepÅŸen, 2010. "Analysing The Housing Market Structure In Romania And Turkey Under The Global Financial Crisis Effect," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(12), pages 1-41.
    • Handle: RePEc:alu:journl:v:1:y:2010:i:12:p:41
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    More about this item

    Keywords

    Housing Market; Mortgage Loans; Bank Lending; Financial Crisis; Romania; Turkey;
    All these keywords.

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • L74 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Construction
    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General
    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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