Master Degree / Yüksek Lisans Tezleri
Permanent URI for this collectionhttps://hdl.handle.net/11147/3008
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Master Thesis An Analysis of the Impact of the Exchange Rate Pass-Through (erpt) To Construction Cost Index and Housing Unit Prices in Turkey(01. Izmir Institute of Technology, 2021) Kale, Serdar; Lağap, Umut; Kale, Serdar; 02.02. Department of Architecture; 01. Izmir Institute of Technology; 02. Faculty of ArchitectureAfter the high-speed globalization attack, the interrelations between countries have increased significantly, and local economies have become vulnerable to global economic developments. Despite the successful monetary policies in the 2000s, the Turkish Lira has severely depreciated against foreign currencies in the last decade. Thus, the exchange rate pass-through (ERPT) to domestic prices and its relationship with other macroeconomic variables has become a hot topic for governments and scholars in the literature. However, this pass-through effect on the Turkish Construction Industry and the Housing Market is minimal, although they play a pivotal role in the Turkish economy. With Vector Autoregression (VAR) models analyzing the collected monthly data between 2010 and 2020, this study reveals (1) the ERPT to housing unit prices in Turkey (hup1) and Istanbul (hup2), (2) the change in this pass-through effect during economic stabilization, and fluctuation in the Turkish economy. Moreover, this thesis uncovers (3) the ERPT to Construction Cost Index (cci1) and its material component (cci2) between 2015 and 2020. As a result of Variance Decomposition (VD) and Impulse Response Function (IRF), the housing mortgage rate's (hmr) effect on hup2 is much more significant than its effect on hup1 in the first two years. However, there is no significant difference between the nominal exchange rate's (exr) effects on these prices in the same period. Besides, the effects of hmr and exr diminished during economic stabilization. Moreover, the ERPT to cci1 is greater than the ERPT to cci2 at the end of the first year.Master Thesis Determinants of Regional Housing Prices in Turkey(Izmir Institute of Technology, 2017) Özdoğan, Hilal; Duran, Hasan Engin; Duran, Hasan Engin; 02.03. Department of City and Regional Planning; 02. Faculty of Architecture; 01. Izmir Institute of TechnologyIn the literature on regional housing prices, two main groups of determinants are primarily put forward; speculative and fundamental variables. Empirical literature in this field has several shortcomings. First, although existing studies have analyzed the role played by speculative factors, none of the studies, have measured precisely the relative importance of speculative and fundamental variables. We aim at doing this. Moreover, the literature has measured the speculation only by analyzing backwardlooking behavior. We improve this analysis by considering also forward-looking expectations. Second, in terms of cross-regional determinants, literature has largely considered economic and demographic variables whereas; geographic, urbanization and cultural variables have been ignored. We intend to incorporate them. Hence, aim of this paper is to understand the dynamics behind the housing prices in 26 Turkish regions between 2010:1-2016:9. We employ range of econometric methods such as Vector- Autoregressions, Unit Root Analysis, Cholesky Forecast Error Variance Decompositions, Impulse-Response Functions, Panel Regressions, Lagrange Multiplier Spatial Dependence Tests and Granger Causality Tests. As an outcome, three results emerge. First, housing price appreciations are so heterogeneous across regions. Second, role of speculative behavior is quite significant. Third, regions which have high urbanization, population, crime rate, trade openness, vehicle ratio, seaside and cultural activity ratios experience faster housing appreciations.