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Year 2020, Volume: 15 Issue: 60, 971 - 986, 31.10.2020

Musa Bayır , Hüseyin Güvenoğlu

https://doi.org/10.19168/jyasar.730082

Abstract

References

  • Akın, Ç. (2008). “Housing Market Characteristics and Estimation of Housing Wealth in Turkey”. https://ssrn.com/abstract=1331324, (Erişim Tarihi: 19.09.2019).
  • Akkoyunlu, Ş. (2002). “Modelling Consumers Expenditure in Turkey, 1962-1999”. 1st OxMetrics User Conference, Faculty of Finance, Cass Business School, London.
  • Alp, E. ve Seven, Ü. (2019). “The Dynamics of Household Final Consumption: The Role of Wealth Channel”. Central Bank Review, 19(1): 21-32.
  • Aoki, K., Proudman, J. ve Vlieghe, G. (2004). “House Prices, Consumption, and Monetary Policy: A Financial Accelerator Approach”. Journal of Financial Intermediation, 13(4): 414-435.
  • Athanassiou, E. ve Tsouma, E. (2017). “Financial and Housing Wealth Effects on Private Consumption: The Case of Greece”. South-Eastern Europe Journal of Economics, 1, 63-86.
  • Barrell, R., Costantini, M. ve Meco, I. (2015). “Housing Wealth, Financial Wealth, and Consumption: New Evidence for Italy and the UK”. International Review of Financial Analysis, 42, 316-323.
  • Bassanetti, A. ve Zollino, F. (2010). “The Effects of Housing and Financial Wealth on Personal Consumption: Aggregate Evidence for Italian Households”. (De Bandt O., Knetsch T., Peñalosa J. ve Zollino F. (edt)), Housing Markets in Europe kitabı içinde. Springer, Berlin, Heidelberg.
  • Binay, Ş. ve Salman, F. (2008). “A Critique on Turkish Real Estate Market”. Discussion Paper No. 2008/8, Türkiye Ekonomi Kurumu.
  • Bonis, R. D. ve Silvestrini, A. (2012). “The Effects of Financial and Real Wealth on Consumption: New Evidence from OECD Countries”. Applied Financial Economics, 22(5): 409-425.
  • Borsa İstanbul. (BİST). (2019). https://www.borsaistanbul.com/, (Erişim Tarihi: 10.01.2020).
  • Case, K.E., Quigley, J.M. ve Shiller, R.J. (2005). “Comparing Wealth Effects: The Stock Market versus the Housing Market”. Working Papers Series, W01-004, 1-32.
  • Ciarlone, A. (2011). “Housing Wealth Effect in Emerging Economies”. Emerging Markets Review, 12(4): 299-417.
  • Coşkun, Y., Atasoy, B.S., Morri, G. ve Alp, E. (2018). “Wealth Effects on Household Final Consumption: Stock and Housing Market Channels”. International Journal of Financial Studies, 6, 57-89.
  • Friedman, M. (1957). “A Theory of the Consumption Function”. Princeton University Press, Princeton.
  • Georgakopoulos, I. (2019). “Wealth Effects on Consumption in Malta: Evidence from Household Level Data”. Applied Economics and Finance, 6(4): 28-35.
  • Giuliodori, M. (2005). “The Role of House Prices in the Monetary Transmission Mechanism across European Countries”. Scottish Journal of Political Economy, 52(4): 519–543.
  • Güler, M.H. (2012). “Housing Wealth Effects Mechanism and the Monetary Policy Transmission in Turkey”. Yayımlanmamış Doktora Tezi, University of North Carolina.
  • Helander, M. (2014). “Estimating Wealth Effects on Consumption in Finland”. Statistics Finland Working Papers, 4, 1-55.
  • Hui, E., Zheng, X. ve Zuo, W. (2012). “Housing Wealth, Stock Wealth and Consumption Expenditure: A Dynamic Analysis for Hong Kong”. Property Management, 30(5): 435-448.
  • Kengne, B.D., Gupta, R. ve Bittencourt, M. (2012). “The Impact of House Prices on Consumption in South Africa: Evidence from Provincial-Level Panel VARs”. Housing Studies, 28(8): 1133-1154.
  • Ludwig, A. ve Slok, T. (2004). “The Relationship between Stock Prices, House Prices and Consumption in OECD Countries”. The B.E. Journal of Macroeconomics, 4(1): 1-28.
  • Marzabal, O.R. ve Junior, V.M.F. (2016). “The Wealth Effect in the Eurozone”. Panoeconomicus, 63(1): 87-112.
  • Milcheva, S. ve Sebastian, S. (2010). "Housing Channels of Monetary Policy Transmission in European Industrial and Transition Countries". 17th Annual European Real Estate Society Conference, Milano.
  • Modigliani, F. ve Brumberg, R. (1954). “Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data”. The MIT Press (2005), Cambridge.
  • Özer, Y.B. ve Tang, K.K. (2009). “An Empirical Analysis of Financial and Housing Wealth Effects on Consumption in Turkey”. MRG Discussion Paper Series, 2809. School of Economics, University of Queensland, Australia.
  • Peltonen, T.A., Sousa, R.M. ve Vansteenkiste, I.S. (2012). “Wealth Effects in Emerging Market Economies”. International Review of Economics & Finance, 24, 155-166.
  • Pesaran, M.H., Shin, Y. ve Smith, R.J. (2001). “Bound Testing Approaches to the Analysis of Level Relationships”. Journal of Applied Econometrics, 16(3): 289-326.
  • Shen, X., Holmes, M.J. ve Lim, S. (2014). “Wealth Effects and Consumption: A Panel VAR Approach”. International Review of Applied Economics, 29(2): 221-237.
  • Shin, Y., Yu, B. ve Greenwood-Nimmo, M. (2014). “Modelling Asymmetric Cointegration and Dynamic Multipliers in a Nonlinear ARDL Framework”. Festschrift in Honor of Peter Schmidt: Econometric Methods and Applications. (eds. by R. Sickels and W. Horrace) Springer, pp. 281-314.
  • Singh, B. (2012). “How Important is the Stock Market Wealth Effect on Consumption in India?”. Empirical Economics, 42(3): 915–927.
  • Slacalek, J. (2009). “What Drives Personal Consumption? The Role of Housing and Financial Wealth”. The B.E. Journal of Macroeconomics, 9(1): 1935-1690.
  • Sonje, A.A., Casni, A.C. ve Vizek, M. (2014). “The Effect of Housing and Stock Market Wealth on Consumption in Emerging and Developed Countries”. Economic Systems, 38(3): 433-450.
  • Sousa, R.M. (2009). “Wealth Effects on Consumption Evidence from the Euro Area”. ECB Working Paper Series, No. 1050. European Central Bank.
  • Türkiye Cumhuriyet Merkez Bankası (TCMB). (2019). https://www.tcmb.gov.tr/, (Erişim Tarihi: 10.01.2020).
  • Türkiye İstatistik Kurumu (TÜİK). (2019). https://www.tuik.gov.tr/, (Erişim Tarihi: 10.01.2020).
  • Winkler, S. (2016). “Empirical Evidence of Wealth Effects on Consumption”. 34th IARIW General Conference, Dresden, Germany.

Servetin Tüketim Üzerindeki Asimetrik Etkileri

Year 2020, Volume: 15 Issue: 60, 971 - 986, 31.10.2020

Musa Bayır , Hüseyin Güvenoğlu

https://doi.org/10.19168/jyasar.730082

Abstract

Hanehalkı tüketim harcamaları ile ilgili kararlarını yalnızca cari gelirlerini değil, sahip oldukları serveti de göz önünde bulundurarak almaktadır. Bu durum iktisat literatüründe servet etkisi olarak isimlendirilmektedir. Teorik olarak, hane halkı servetinde yaşanan değişim tüketim harcamalarını etkilemektedir. Bu çerçevede, servet etkisinin varlığının ekonomi üzerinde önemli etkilerinin olacağı ifade edilebilir. Diğer taraftan, Türkiye ekonomisinde son yıllarda konut ve finansal varlıkların fiyatlarında önemli dalgalanmalar yaşanmıştır. 2008 finansal krizi konut fiyatlarında yaşanan gelişmelerin toplam talep üzerindeki uyarıcı etkisinin önemini ortaya koymuştur. Bununla birlikte, yaşanan gelişmeler servetteki artış ve azalışın tüketim üzerindeki etkisinin aynı olmadığını göstermektedir. Bu doğrultuda, çalışmanın amacı konut ve finansal servetteki değişimin tüketim harcamaları üzerindeki asimetrik etkilerini ampirik olarak araştırmaktır. Çalışmada, iki ampirik model tahmin edilmektedir. Birincisinde, konut servetinin tüketim üzerindeki etkisi araştırılmaktadır. İkinci modelde ise finansal servetin tüketim üzerindeki etkisi araştırılmaktadır. Çalışmanın yöntemi sınır testi ve NARDL’dir. Analizler 2011:Q1-2019:Q4 dönemini kapsamaktadır. Çalışmanın ampirik bulguları servet ve tüketim arasında asimetrik eşbütünleşme ilişkisi olduğunu göstermiştir. Uzun dönemde, konut servetindeki artışın tüketim üzerinde bir etkisi yoktur. Ancak, konut servetindeki %1’lik bir azalma tüketimi %0.32 düşürmektedir. Finansal servetteki değişimin tüketim üzerindeki etkisi ise hem artış hem azalış durumunda ortaya çıkmaktadır. Finansal servetteki %1’lik artış tüketimi %0.18 artırırken, finansal servetteki %1’lik düşme tüketimi %0.21 azaltmaktadır. Sonuçlar birlikte değerlendirildiğinde, analiz döneminde servet etkisinin geçerli olduğu ifade edilebilir.

Keywords

Servet Etkisi Tüketim Konut Serveti Finansal Servet Asimetrik İlişki

References

  • Akın, Ç. (2008). “Housing Market Characteristics and Estimation of Housing Wealth in Turkey”. https://ssrn.com/abstract=1331324, (Erişim Tarihi: 19.09.2019).
  • Akkoyunlu, Ş. (2002). “Modelling Consumers Expenditure in Turkey, 1962-1999”. 1st OxMetrics User Conference, Faculty of Finance, Cass Business School, London.
  • Alp, E. ve Seven, Ü. (2019). “The Dynamics of Household Final Consumption: The Role of Wealth Channel”. Central Bank Review, 19(1): 21-32.
  • Aoki, K., Proudman, J. ve Vlieghe, G. (2004). “House Prices, Consumption, and Monetary Policy: A Financial Accelerator Approach”. Journal of Financial Intermediation, 13(4): 414-435.
  • Athanassiou, E. ve Tsouma, E. (2017). “Financial and Housing Wealth Effects on Private Consumption: The Case of Greece”. South-Eastern Europe Journal of Economics, 1, 63-86.
  • Barrell, R., Costantini, M. ve Meco, I. (2015). “Housing Wealth, Financial Wealth, and Consumption: New Evidence for Italy and the UK”. International Review of Financial Analysis, 42, 316-323.
  • Bassanetti, A. ve Zollino, F. (2010). “The Effects of Housing and Financial Wealth on Personal Consumption: Aggregate Evidence for Italian Households”. (De Bandt O., Knetsch T., Peñalosa J. ve Zollino F. (edt)), Housing Markets in Europe kitabı içinde. Springer, Berlin, Heidelberg.
  • Binay, Ş. ve Salman, F. (2008). “A Critique on Turkish Real Estate Market”. Discussion Paper No. 2008/8, Türkiye Ekonomi Kurumu.
  • Bonis, R. D. ve Silvestrini, A. (2012). “The Effects of Financial and Real Wealth on Consumption: New Evidence from OECD Countries”. Applied Financial Economics, 22(5): 409-425.
  • Borsa İstanbul. (BİST). (2019). https://www.borsaistanbul.com/, (Erişim Tarihi: 10.01.2020).
  • Case, K.E., Quigley, J.M. ve Shiller, R.J. (2005). “Comparing Wealth Effects: The Stock Market versus the Housing Market”. Working Papers Series, W01-004, 1-32.
  • Ciarlone, A. (2011). “Housing Wealth Effect in Emerging Economies”. Emerging Markets Review, 12(4): 299-417.
  • Coşkun, Y., Atasoy, B.S., Morri, G. ve Alp, E. (2018). “Wealth Effects on Household Final Consumption: Stock and Housing Market Channels”. International Journal of Financial Studies, 6, 57-89.
  • Friedman, M. (1957). “A Theory of the Consumption Function”. Princeton University Press, Princeton.
  • Georgakopoulos, I. (2019). “Wealth Effects on Consumption in Malta: Evidence from Household Level Data”. Applied Economics and Finance, 6(4): 28-35.
  • Giuliodori, M. (2005). “The Role of House Prices in the Monetary Transmission Mechanism across European Countries”. Scottish Journal of Political Economy, 52(4): 519–543.
  • Güler, M.H. (2012). “Housing Wealth Effects Mechanism and the Monetary Policy Transmission in Turkey”. Yayımlanmamış Doktora Tezi, University of North Carolina.
  • Helander, M. (2014). “Estimating Wealth Effects on Consumption in Finland”. Statistics Finland Working Papers, 4, 1-55.
  • Hui, E., Zheng, X. ve Zuo, W. (2012). “Housing Wealth, Stock Wealth and Consumption Expenditure: A Dynamic Analysis for Hong Kong”. Property Management, 30(5): 435-448.
  • Kengne, B.D., Gupta, R. ve Bittencourt, M. (2012). “The Impact of House Prices on Consumption in South Africa: Evidence from Provincial-Level Panel VARs”. Housing Studies, 28(8): 1133-1154.
  • Ludwig, A. ve Slok, T. (2004). “The Relationship between Stock Prices, House Prices and Consumption in OECD Countries”. The B.E. Journal of Macroeconomics, 4(1): 1-28.
  • Marzabal, O.R. ve Junior, V.M.F. (2016). “The Wealth Effect in the Eurozone”. Panoeconomicus, 63(1): 87-112.
  • Milcheva, S. ve Sebastian, S. (2010). "Housing Channels of Monetary Policy Transmission in European Industrial and Transition Countries". 17th Annual European Real Estate Society Conference, Milano.
  • Modigliani, F. ve Brumberg, R. (1954). “Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data”. The MIT Press (2005), Cambridge.
  • Özer, Y.B. ve Tang, K.K. (2009). “An Empirical Analysis of Financial and Housing Wealth Effects on Consumption in Turkey”. MRG Discussion Paper Series, 2809. School of Economics, University of Queensland, Australia.
  • Peltonen, T.A., Sousa, R.M. ve Vansteenkiste, I.S. (2012). “Wealth Effects in Emerging Market Economies”. International Review of Economics & Finance, 24, 155-166.
  • Pesaran, M.H., Shin, Y. ve Smith, R.J. (2001). “Bound Testing Approaches to the Analysis of Level Relationships”. Journal of Applied Econometrics, 16(3): 289-326.
  • Shen, X., Holmes, M.J. ve Lim, S. (2014). “Wealth Effects and Consumption: A Panel VAR Approach”. International Review of Applied Economics, 29(2): 221-237.
  • Shin, Y., Yu, B. ve Greenwood-Nimmo, M. (2014). “Modelling Asymmetric Cointegration and Dynamic Multipliers in a Nonlinear ARDL Framework”. Festschrift in Honor of Peter Schmidt: Econometric Methods and Applications. (eds. by R. Sickels and W. Horrace) Springer, pp. 281-314.
  • Singh, B. (2012). “How Important is the Stock Market Wealth Effect on Consumption in India?”. Empirical Economics, 42(3): 915–927.
  • Slacalek, J. (2009). “What Drives Personal Consumption? The Role of Housing and Financial Wealth”. The B.E. Journal of Macroeconomics, 9(1): 1935-1690.
  • Sonje, A.A., Casni, A.C. ve Vizek, M. (2014). “The Effect of Housing and Stock Market Wealth on Consumption in Emerging and Developed Countries”. Economic Systems, 38(3): 433-450.
  • Sousa, R.M. (2009). “Wealth Effects on Consumption Evidence from the Euro Area”. ECB Working Paper Series, No. 1050. European Central Bank.
  • Türkiye Cumhuriyet Merkez Bankası (TCMB). (2019). https://www.tcmb.gov.tr/, (Erişim Tarihi: 10.01.2020).
  • Türkiye İstatistik Kurumu (TÜİK). (2019). https://www.tuik.gov.tr/, (Erişim Tarihi: 10.01.2020).
  • Winkler, S. (2016). “Empirical Evidence of Wealth Effects on Consumption”. 34th IARIW General Conference, Dresden, Germany.
There are 36 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Musa Bayır 0000-0002-6877-4032

Hüseyin Güvenoğlu 0000-0002-5220-3657

Publication Date October 31, 2020
Published in Issue Year 2020 Volume: 15 Issue: 60

Cite

APA Bayır, M., & Güvenoğlu, H. (2020). Servetin Tüketim Üzerindeki Asimetrik Etkileri. Yaşar Üniversitesi E-Dergisi, 15(60), 971-986. https://doi.org/10.19168/jyasar.730082
AMA Bayır M, Güvenoğlu H. Servetin Tüketim Üzerindeki Asimetrik Etkileri. Yaşar Üniversitesi E-Dergisi. October 2020;15(60):971-986. doi:10.19168/jyasar.730082
Chicago Bayır, Musa, and Hüseyin Güvenoğlu. “Servetin Tüketim Üzerindeki Asimetrik Etkileri”. Yaşar Üniversitesi E-Dergisi 15, no. 60 (October 2020): 971-86. https://doi.org/10.19168/jyasar.730082.
EndNote Bayır M, Güvenoğlu H (October 1, 2020) Servetin Tüketim Üzerindeki Asimetrik Etkileri. Yaşar Üniversitesi E-Dergisi 15 60 971–986.
IEEE M. Bayır and H. Güvenoğlu, “Servetin Tüketim Üzerindeki Asimetrik Etkileri”, Yaşar Üniversitesi E-Dergisi, vol. 15, no. 60, pp. 971–986, 2020, doi: 10.19168/jyasar.730082.
ISNAD Bayır, Musa - Güvenoğlu, Hüseyin. “Servetin Tüketim Üzerindeki Asimetrik Etkileri”. Yaşar Üniversitesi E-Dergisi 15/60 (October 2020), 971-986. https://doi.org/10.19168/jyasar.730082.
JAMA Bayır M, Güvenoğlu H. Servetin Tüketim Üzerindeki Asimetrik Etkileri. Yaşar Üniversitesi E-Dergisi. 2020;15:971–986.
MLA Bayır, Musa and Hüseyin Güvenoğlu. “Servetin Tüketim Üzerindeki Asimetrik Etkileri”. Yaşar Üniversitesi E-Dergisi, vol. 15, no. 60, 2020, pp. 971-86, doi:10.19168/jyasar.730082.
Vancouver Bayır M, Güvenoğlu H. Servetin Tüketim Üzerindeki Asimetrik Etkileri. Yaşar Üniversitesi E-Dergisi. 2020;15(60):971-86.
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