Stock Market Fluctuations Housing Wealth And Consumption Behaviour In Turkey

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Stock Market Fluctuations, Housing Wealth and Consumption Behaviour in Turkey

Author : Çiğdem Akın
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Stock Market Fluctuations, Housing Wealth and Consumption Behaviour in Turkey by : Çiğdem Akın

Download or read book Stock Market Fluctuations, Housing Wealth and Consumption Behaviour in Turkey written by Çiğdem Akın and published by . This book was released on 2011 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the effects of stock market, housing and financial wealth on durables and non-durables consumption in Turkey with a vector error correction model for the 1987-2006 period. The paper uses an originally constructed housing wealth series in addition to the stock market capitalization and banking deposits as proxies for the stock market and financial wealth respectively. Consistent with the life-cycle and permanent-income hypotheses, net private disposable income, bank credit to the private sector, and the real exchange rate fluctuations are also controlled in the estimation. The main finding is that in the long-run, an increase in housing wealth raises the consumption of non-durables, but has no effect on consumption of durables. On the other hand, durables consumption is significantly affected by the stock market wealth in contrast to the lack of effect on non-durables consumption. Short-run coefficients indicate positive wealth effects from stock market capitalization and financial savings on consumption of both non-durables and durables. However increases in housing wealth lower the consumption of non-durables in the short-run.

Housing Market Characteristics and Estimation of Housing Wealth in Turkey

Author : Çiğdem Akın
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Housing Market Characteristics and Estimation of Housing Wealth in Turkey by : Çiğdem Akın

Download or read book Housing Market Characteristics and Estimation of Housing Wealth in Turkey written by Çiğdem Akın and published by . This book was released on 2009 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Home ownership is one of the most preferred forms of wealth accumulation for households in Turkey. Given the important functions performed by the housing asset, this paper provides a comprehensive look at the housing market characteristics during 1987-2006 period in Turkey. On the basis of these characteristics, the paper develops an estimation of quarterly housing wealth series using primary sources on housing stock, residential construction and average floor area prices obtained from building census, construction and occupancy permit statistics. Unlike the previous literature using the total number of households in the population, the housing wealth is estimated using urban dwellings with occupancy permits in order to capture the collateral channel, through which home owners can borrow from the financial institutions using their legally documented homes as collateral. Since there is a substantial undocumented and unauthorized dwelling stock in Turkey, using this methodology to measure the housing wealth will avoid the potential problems associated with identifying the extent of illegal housing. The movements of the estimated housing wealth series are consistent with the developments in the construction sector, and therefore it can be successfully used in econometric models analyzing the relationship between the housing wealth and consumption behaviour of households in Turkey.

Real Estate Economics

Author : Nicholas G. Pirounakis
Publisher : Routledge
ISBN 13 : 0415676347
Total Pages : 514 pages
Book Rating : 4.4/5 (156 download)

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Book Synopsis Real Estate Economics by : Nicholas G. Pirounakis

Download or read book Real Estate Economics written by Nicholas G. Pirounakis and published by Routledge. This book was released on 2013 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real Estate Economics: A point-to-point handbook introduces the main tools and concepts of real estate (RE) economics. It covers areas such as the relation between RE and the macro-economy, RE finance, investment appraisal, taxation, demand and supply, development, market dynamics and price bubbles, and price estimation. It balances housing economics with commercial property economics, and pays particular attention to the issue of property dynamics and bubbles – something very topical in the aftermath of the US house-price collapse that precipitated the global crisis of 2008. This textbook takes an international approach and introduces the student to the necessary ‘toolbox’ of models required in order to properly understand the mechanics of real estate. It combines theory, technique, real-life cases, and practical examples, so that in the end the student is able to: • read and understand most RE papers published in peer-reviewed journals; • make sense of the RE market (or markets); and • contribute positively to the preparation of economic analyses of RE assets and markets soon after joining any company or other organization involved in RE investing, appraisal, management, policy, or research. This book should be particularly useful to third-year students of economics who may take up RE or urban economics as an optional course, to postgraduate economics students who want to specialize in RE economics, to graduates in management, business administration, civil engineering, planning, and law who are interested in RE, as well as to RE practitioners and to students reading for RE-related professional qualifications.

An Empirical Analysis of Financial and Housing Wealth Effects on Consumption in Turkey

Author : Yasemin Barlas Özer
Publisher :
ISBN 13 :
Total Pages : 178 pages
Book Rating : 4.:/5 (277 download)

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Book Synopsis An Empirical Analysis of Financial and Housing Wealth Effects on Consumption in Turkey by : Yasemin Barlas Özer

Download or read book An Empirical Analysis of Financial and Housing Wealth Effects on Consumption in Turkey written by Yasemin Barlas Özer and published by . This book was released on 2008 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Constructing Change: A Political Economy of Housing and Electricity Provision in Turkey

Author : Ezgi B. Ünsal
Publisher : BRILL
ISBN 13 : 9004462112
Total Pages : 293 pages
Book Rating : 4.0/5 (44 download)

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Book Synopsis Constructing Change: A Political Economy of Housing and Electricity Provision in Turkey by : Ezgi B. Ünsal

Download or read book Constructing Change: A Political Economy of Housing and Electricity Provision in Turkey written by Ezgi B. Ünsal and published by BRILL. This book was released on 2021-07-05 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Constructing Change, Ezgi B. Unsal explores the commodification of social provision as a defining feature of modern world economy, by using the case studies of electricity and housing provision in Turkey.

Comparing Wealth Effects

Author : Karl E. Case
Publisher :
ISBN 13 :
Total Pages : 17 pages
Book Rating : 4.:/5 (248 download)

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Book Synopsis Comparing Wealth Effects by : Karl E. Case

Download or read book Comparing Wealth Effects written by Karl E. Case and published by . This book was released on 2001 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the link between increases in housing wealth, financial wealth, and consumer spending. We rely upon a panel of 14 countries observed annually for various periods during the past 25 years and a panel of U.S. states observed quarterly during the 1980s and 1990s. We impute the aggregate value of owner-occupied housing, the value of financial assets, and measures of aggregate consumption for each of the geographic units over time. We estimate regressions relating consumption to income and wealth measures, finding a statistically significant and rather large effect of housing wealth upon household consumption

The Effect of Housing and Stock Market Wealth on Consumption in Emerging and Developed Countries

Author : Amina Ahec Šonje
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Effect of Housing and Stock Market Wealth on Consumption in Emerging and Developed Countries by : Amina Ahec Šonje

Download or read book The Effect of Housing and Stock Market Wealth on Consumption in Emerging and Developed Countries written by Amina Ahec Šonje and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the long- and short-run relationship between private consumption, housing wealth, stock market wealth and income. In order to asses this relationship empirically, we use pooled mean group estimators of dynamic heterogeneous panel data on a sample of 30 developed and emerging economies. The sample countries are segmented into three separate panels: a developed bank-based panel, a developed market-based panel, and an emerging bank-based panel. Empirical estimates support the existence of long- and short-run stock market wealth effects in both groups of developed countries, with the effect being particularly strong in the developed market-based countries. A moderate long-run housing wealth effect is confirmed only for the developed bank-based countries, while a very strong short-run housing wealth effect is present in the developed market-based countries. As far as the emerging countries are concerned, the evidence is somewhat inconclusive, but it does seem to suggest that both wealth effects are effective in the long run, with housing wealth being more dominant.

Wealth Effects on Household Final Consumption

Author : Yener Coskun
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Wealth Effects on Household Final Consumption by : Yener Coskun

Download or read book Wealth Effects on Household Final Consumption written by Yener Coskun and published by . This book was released on 2018 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study primarily explores the linkage between wealth effects, arising from stock and housing market channels, and household final consumption for 11 advanced countries over the period from 1970 Q1 to 2015 Q4. As a modelling strategy, we employ regression analysis through the common correlated effects mean group (CCEMG) estimator, as well as Durbin-Hausman cointegration and Dumitrescu and Hurlin (2012) causality tests. The study provides various pieces of evidence through whole-panel and country-level analyses. In this respect, we find that consumption is mostly explained by income and housing wealth is positively and significantly correlated with consumption. As counter-intuitive evidence, we detect a negative linkage between consumption and stock wealth. The evidence also suggests a long-run cointegration relationship among consumption, income, interest rates, housing wealth, and stock wealth. Moreover, we find bidirectional causality between consumption and income, stock wealth, housing wealth, and interest rates. Overall, the evidence implies that housing wealth, rather than stock wealth, is the primary source of consumption growth in advanced countries.

Financial Market and Housing Wealth Effects on Consumption

Author : Arnold C S. Cheng
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Financial Market and Housing Wealth Effects on Consumption by : Arnold C S. Cheng

Download or read book Financial Market and Housing Wealth Effects on Consumption written by Arnold C S. Cheng and published by . This book was released on 2008 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this study is to examine the financial market and housing wealth effects on consumption. Housing has the dual functions as both a commodity yielding a flow of housing services and an investment asset yielding a flow of capital income. The findings from this study suggest that a rise in housing price has both a positive wealth effect and a negative price effect on consumption. While the positive wealth effect is caused by an increase in capital income, the negative price effect is caused by an increase in the cost of housing services. In addition, the housing market wealth effect increases, at the expense of the price effect, with the levels of leverage and homeownership of the housing market. These findings imply that the government policy of land supply aiming to stimulate the economy should strike a balance between the possible wealth and price effects of the housing market.

The Stock Market, Housing and Consumer Spending

Author : Monica Paiella
Publisher :
ISBN 13 :
Total Pages : 23 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Stock Market, Housing and Consumer Spending by : Monica Paiella

Download or read book The Stock Market, Housing and Consumer Spending written by Monica Paiella and published by . This book was released on 2012 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the literature on the relationship between stock and house prices and consumer spending. It reviews both the time-series studies and the microeconomic evidence. The time-series approach allows us to distinguish between short-run and long-run links between consumption, income and wealth. It allows us to identify which variables adjust to restore the long-run equilibrium in the case of a shock, and to determine the time taken by the adjustment process. The microeconomic literature improves our understanding of the link between wealth and expenditure and distinguishes among the alternative hypotheses - of direct wealth effect, common causality, and collateral channel - that have been proposed to explain this relationship. Based on the evidence, the relationship between wealth and consumer spending appears to be strong, although there is some disagreement as to the size and nature of the link. Furthermore, there also appear to be some important differences across countries, which should be allowed for by policymakers when appraising the policy implications of a change in asset prices.

Stock Market Fluctuations and Consumption Behaviour

Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (847 download)

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Book Synopsis Stock Market Fluctuations and Consumption Behaviour by :

Download or read book Stock Market Fluctuations and Consumption Behaviour written by and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of the Economics of Finance

Author : G. Constantinides
Publisher : Elsevier
ISBN 13 : 9780444513632
Total Pages : 698 pages
Book Rating : 4.5/5 (136 download)

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Book Synopsis Handbook of the Economics of Finance by : G. Constantinides

Download or read book Handbook of the Economics of Finance written by G. Constantinides and published by Elsevier. This book was released on 2003-11-04 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.

Handbook of Behavioral Economics - Foundations and Applications 1

Author :
Publisher : Elsevier
ISBN 13 : 0444633898
Total Pages : 749 pages
Book Rating : 4.4/5 (446 download)

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Book Synopsis Handbook of Behavioral Economics - Foundations and Applications 1 by :

Download or read book Handbook of Behavioral Economics - Foundations and Applications 1 written by and published by Elsevier. This book was released on 2018-09-27 with total page 749 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics Written for those who wish to become quickly acquainted with behavioral economics

Economic Research Report

Author :
Publisher :
ISBN 13 :
Total Pages : 236 pages
Book Rating : 4.:/5 ( download)

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Book Synopsis Economic Research Report by :

Download or read book Economic Research Report written by and published by . This book was released on 1993 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Dissertation Abstracts International

Author :
Publisher :
ISBN 13 :
Total Pages : 700 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Dissertation Abstracts International by :

Download or read book Dissertation Abstracts International written by and published by . This book was released on 2008 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of Career Studies

Author : Hugh P. Gunz
Publisher : SAGE Publications
ISBN 13 : 145226161X
Total Pages : 649 pages
Book Rating : 4.4/5 (522 download)

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Book Synopsis Handbook of Career Studies by : Hugh P. Gunz

Download or read book Handbook of Career Studies written by Hugh P. Gunz and published by SAGE Publications. This book was released on 2007-08-08 with total page 649 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Career Studies brings together, for the first time in a single work, a comprehensive scholarly treatment of the major topics within the growing field of career studies. Drawing on the expertise of leading international scholars in each area of career studies, editors Hugh Gunz and Maury Peiperl have assembled a consummate set of writings, defining the field with a breadth of coverage and integration of topics not found elsewhere. From a view of the history of the field and a map of its elements to a set of essays about the future of careers and work, this volume provides the most complete reference available on the role of work careers in individual lives, institutions, and industries. Key Features • Offers a comprehensive history and structure of the field: Building on previous work done in the discipline, the editors and contributors take a fresh look at the origins and current structure of career studies. • Presents the most complete review of research available: An unparalleled set of prominent global contributors describes the state of work in their areas of expertise as well as offering a glimpse at future trends. • Extends subject area knowledge to other disciplines: By linking career studies to a wider set of disciplines through critical essays, this volume thoroughly explores future directions for career research, policy, and practice. • Includes an endorsement and critical comments on the state of the field: Edgar H. Schein, widely acknowledged as a seminal contributor to the modern field of career studies, provides a Foreword and a critical Afterword. Intended Audience This Handbook is an invaluable reference work for students, academics, and researchers in the areas of Careers, Industrial and Organizational Psychology, Social Psychology, Counseling, Sociology, and Organization Studies as well as for human resource practitioners interested in the state of knowledge of the field.

International Macroeconomics in the Wake of the Global Financial Crisis

Author : Laurent Ferrara
Publisher : Springer
ISBN 13 : 3319790757
Total Pages : 300 pages
Book Rating : 4.3/5 (197 download)

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Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara

Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.