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14
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65
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29
In this study, the effects of monetary policy on housing prices are being investigated with monthly data for the period between 2010 and 2016 by using the ARDL model. The findings obtained show that expansionary monetary policy creates a pressure to increase housing prices. This result implies that increasing lending opportunities of banks of the expansionary monetary policy has a positive impact on aggregate demand. Occurrences of bubbles due to increases in housing prices, which are caused by creation of more loans by banks to increase profitability ratio (rate), may create financial instability. CBRT should monitor and prevent the potential bubbles in asset prices via proactive actions in its implementation of expansionary monetary policy.
In this study, the effects of monetary policy on housing prices are being investigated with monthly data for the period between 2010 and 2016 by using the ARDL model. The findings obtained show that expansionary monetary policy creates a pressure to increase housing prices. This result implies that increasing lending opportunities of banks of the expansionary monetary policy has a positive impact on aggregate demand. Occurrences of bubbles due to increases in housing prices, which are caused by creation of more loans by banks to increase profitability ratio (rate), may create financial instability. CBRT should monitor and prevent the potential bubbles in asset prices through proactive actions in its implementation of expansionary monetary policy.
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