Inter-relationship between the housing market and housing finance system: evidence from Malaysia

International Journal of Strategic Property Management

Rohayu Majid¹  Rosli Said²  Alaistair Adair³  Stanley McGreal³ 

[1] Department of Estate Management, Faculty of Architecture, Planning & Surveying, University of Technology Mara, 40450 Shah Alam, Selangor, Malaysia;Department of Estate Management, Faculty of the Built Environment, University of Malaya, 50603 Kuala Lumpur, Malaysia;School of the Built Environment, University of Ulster, Jordanstown campus, Shore Road, Newtownabbey, Co. Antrim, BT37 0QB, United Kingdom;

关键词: Housing market;    Housing finance;    Mortgage-backed;    Vector autoregressive;    Causality;   

DOI  :  10.3846/1648715X.2014.912691

来源: DOAJ

【 摘 要 】

The Malaysian housing market and associated housing finance system have expanded significantly as a result of rapid urbanisation since the late 1980s. The key aspect of this paper is to analyse the inter-relationship between the housing market and housing finance system in Malaysia. The paper employs Vector Autoregressive approach and Granger Causality test to empirically investigate this inter-relationship. In Malaysia, no housing studies has actually looked into or used this approach to identify the inter-relationship between these two elements. The key findings show that there is a strong inter-relationship between the housing market and housing finance system. The direction of causality shows that there is a bi-directional relationship between the housing market and housing finance system. These inter-relationships provide evidence that sound performance of the sub-markets within the housing finance system is a determinant prerequisite of the robustness of the housing finance system, if a healthy performance of the housing market is to be achieved.

【 授权许可】

Unknown