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In this study, it is aimed to investigate the relationship between Bitcoin prices and economic policy uncertainty (EPU), money supply (M3), and inflation using the ARDL bounds test and Toda-Yamamoto causality tests. In this context, the short- and longterm relationship between the mentioned variables was carried out for the BRIC (Brazil, Russia, India, and China) countries by using monthly data between August 2010 and December 2021. As a result of empirical analysis, it has been found that China's EPU index negatively affects Bitcoin in the long and short term. For India, the effect of the EPU index on the Bitcoin price in the long run is negative; no short-term effects were found. In Russia and Brazil, the EPU index was not found to be effective on Bitcoin. In the BRIC countries, the effect of inflation on Bitcoin is positive in the long run. The impact of M3 on Bitcoin turned out to be positive for India in the short term. Finally, according to the causality results, there is unidirectional causality from inflation to Bitcoin in India and Brazil. For China, from inflation to Bitcoin, there is a causal relationship between Bitcoin and economic policy uncertainty. The findings will contribute to Bitcoin investors and policy makers to take initiatives and develop regulations regarding Bitcoin by considering the effects of M3, inflation and EPU. [ABSTRACT FROM AUTHOR]

In this study, the two main dynamics of inflation, defined as demand-pull and cost-push inflation, are analyzed for the Turkish economy. Based on the fact that this basic dynamic in inflation may vary, the empirical structure of the study was created by taking into account the structural break in inflation. According to the empirical findings, it was concluded that the dynamics of inflation changed with the structural break in inflation. In terms of the Turkish economy, while demand-pull inflation was observed in the pre-structural break period when the domestic currency was appreciated. Cost-push inflation was more effective in the post-structural break period when the domestic currency was relatively depreciated due to the pass-through effect. Empirical findings show that after the structural break in inflation, a structural process was experienced in the Turkish economy in which money supply did not cause inflation. As it is known, the transfer of wealth from the lower income group to the higher income group accelerates during periods of high inflation. The insufficiency of effective demand, which decreases with the deepening of income inequality, also provides evidence for the fact that the money supply is not inflationary. [ABSTRACT FROM AUTHOR]

Banks, which are important actors of the overall economy and the financial system, are directly and indirectly affected by the developments in the global and national economy and continue their activities by being exposed to various risks. Therefore, the risks that banks are exposed to and the management of these risks are important. Liquidity risk, which is among the risks mentioned above, is of vital importance for banks and requires proactive management. In this context, this study aims to reveal the internal and external determinants of the Liquidity Coverage Ratio, which is an indicator of the liquidity level of banks in the Turkish banking sector, covering the Covid-19 period. The quarterly data of 19 commercial and 4 participation banks operating in Turkey between 2015/12 and 2021/9 were analysed by panel data analysis method within the scope of the established models. As a result of the analysis, it was concluded that there are statistically significant relationships between the liquidity level of the Turkish banking sector, which consists of deposit and participation banks within the scope of the sample, and bank-specific deposits, loan deposit ratio, return on equity, capital adequacy ratio, equity and asset size and macroeconomic factors money supply, credit default swap, control variable Covid period. [ABSTRACT FROM AUTHOR]

In this study, the relationship between the current account balance, growth (BUY), money supply (M2) and reel effective exchange rate variables (RDK) for Turkey was analyzed for the period 2003Q1-2020Q4 using Autoregressive Distributed Lag Bound Test (ARDL) and Granger Causality Test. Current account balance excluding energy (EHCD) variable was used as dependent variable in the study. According to the analysis results, a long-term negative relationship was found between BUY and RDK variables with EHCD at the 5% significance level. Granger causality analysis results show that there is bidirectional causality between growth and current account balance excluding energy. Since growth in Turkey is dependent on imports, growth affects the external balance negatively by increasing domestic and foreign demand. On the other hand, there is unidirectional causality running from EHCD to money supply and real exchange rate, and from growth to money supply. In order for Turkey to get rid of the chronic current account deficit problem, it needs to produce export goods with high foreign demand, and reduce its dependence on foreign energy and other imported inputs. In this context, both the risks arising as a result of the current Russia-Ukraine tension and the targets of the Paris Climate Agreement to reduce environmental pollution reveal the importance of self-sufficiency in inputs and investments in renewable energy resources. [ABSTRACT FROM AUTHOR]

In this study, the relationship between financial openness and macroeconomic indicators is examined by panel data analysis method. In the study, Dumitrescu-Hurlin Test and Panel ARDL Model were used, which show whether financial openness has an explanatory power on economic growth. In the study, the existence of a causal relationship between financial openness and economic growth in developing countries for the period 1995-2018 has been revealed. According to the panel ARDL results, increases in the degree of financial openness in the long run show that financial openness has a positive effect on economic growth for developing countries. While the level of financial openness has a positive effect on trade openness and large money supply in developing countries, an increase in the level of financial openness affects private sector loans negatively. [ABSTRACT FROM AUTHOR]

The aim of this study is to investigate the effect of demographic changes on inflation in Turkey. Although there is no direct theoretical explanation about the effects of changes in demographic structure on inflation, studies on the effect of changes in demographic structure on inflation in the national and international literature draw attention. In this study, the effects of demographic structure on inflation in Turkey were investigated by ARDL method. According to the findings of this study covering the years 1971-2020, while the dependent elderly population affects inflation as negatively in the long term, the dependent young population, exchange rate and money supply affect inflation as positively. According to the error correction model, it has been determined that a shock will be eliminated rate of 60% in the short term. [ABSTRACT FROM AUTHOR]

The COVID-19 Pandemic has affected all the economies globally. In order to reduce the adverse effects of the pandemic on the economy, governments have resorted to fiscal policies and monetary policies as they did in the 2008 Global Financial Crisis. In this framework, the most common policy that is conducted by the central banks has been quantitative easing again. The adverse effects of the monetary policies have been relatively low in developed economies since the monetary expansion was accompanied with fiscal policies such as transfer payments. However in Turkey, the negative effects on inflation and exchange rates arose due to the huge expansion in money supply and credits as the fiscal policies were limited. The aim of this study is to assess the effectiveness of the Central Bank policies and the financial measures taken in Turkey after the emergence of the pandemic crisis. The paper presents the policies of the Central Bank of Turkey and their results with international comparisons and provides recomendations. [ABSTRACT FROM AUTHOR]

The main aim of the study is to investigate the international determinants of inflation in Turkish economy, whose current production and consumption structure is mostly dependent on imported inputs. With this aim, global commodity prices, global food prices, the ratio of broadly defined money supply M3 to GDP and exchange rate variables are used to see the impact of global energy prices and global food prices on domestic prices at the international level for the period 2006:Q1-2020:Q3. Relations between variables is analyzed by means of VAR blok Granger and time-varying causality analysis. The test results reveal that there exists a long-term relationship between inflation and global commodity prices, global food prices, the money supply and the exchange rate. As a result of examining the relationships between variables with the time-varying causality analysis, it is observed that there are bidirectional causalities between inflation and global commodity and food prices, money supply and exchange rate in the 2008:Q4 period. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to explain the relationship between economic growth and financial development indicators such as credit volume, money supply, BİST 100 index, exports and imports in Turkey. In this study Johansen cointgeration, vector error correction model estimation, granger causality test, impulse-response and variance decomposition analysis are undertaken. According to Johansen cointegration analysis, it is found that there is a long-run relationship between the economic growth, BİST 100 index, inflation, export, import, credit volume and monetary aggregate M2. According to Granger causality tests there is one-way causality relation from economic growth to BİST 100 stock market index which is an indicator of capital markets and monetary aggregate M2. In this case bank credit volume is not found to be the reason for the economic growth. Impulse-response analysisshow that the response of economic growth one period later to one standard deviation shock in BİST 100 stock market index. The findings obtained during the period of study show that economic growth in the Turkish economy leads to an increase in demand in financial services and thus the demand-push hypothesis which states that it causes financial expansion is confirmed. [ABSTRACT FROM AUTHOR]

In this study, the effect of macroeconomic variables on stock returns in Borsa Istanbul is examined. XU100, XTUMY, XUMAL, XUHIZ, and XUSIN stock market indices were used as dependent variables; and money supply, interest rates, inflation rates, exchange rate, and confidence indices are used as independent variables. The data set covers the years between 2010 and 2020. In the study in which the least-squares method was used, the relationship between variables was tested in monthly and quarterly periods. According to the findings obtained from the research, it has been determined that (1) there is a positive relationship between money supply and small-cap companies and manufacturing companies, (2) there is a negative relationship between interest rates and large-cap companies and financial companies, (3) there is a positive relationship between composite leading indicator and large companies, small companies and financial companies, and (4) there is a negative relationship between the exchange rate and large-cap companies, financial companies and service companies. [ABSTRACT FROM AUTHOR]

Gold, which has been a symbol of wealth throughout human history is the most important precious metal that has preserved its value for thousands of years and continuously increases its value. Today its importance is increasing as an investment instrument in addition to being used as jewelry and in the industrial field although it was generally used as a means of money making and payment in ancient times. Frequent economic fluctuations in recent years reduce the confidence of individuals and financial institutions in various investment instruments, making gold a more preferred investment tool and an ever-increasingly attractive safe haven in times of crisis. Gold has an indispensable place and importance in protecting the value of the currencies of the countries and their assets when considered at the scale of central banks and states. With the study in the form of a literature review, it is aimed to make an assessment on the global supply and demand of this precious metal, which has increased significantly due to the excessive money supply of the central banks and the financial crises experienced in recent years, and the examination of the gold markets around the world. [ABSTRACT FROM AUTHOR]

Foreign currency reserves are important external assets held by countries in cases of international payment difficulties. Especially in the recent period, it has become more important for countries as it minimizes future insecurity and instills confidence. In this study, the relationship in Turkey between money supply and foreign exchange reserves is discussed. In the study, the subject is handled with the monetary balance of payments approach, unlike the other studies in the literature. In the study where the period of 2008: 01-2019: 12 is dealt with, the stationarity examination is made with ADF and RALS-ADF unit root tests. After determining that the variables are not stationary at the level, EG and RALS-EG cointegration tests are performed. According to the test results, the existence of a long-term relationship between variables has been revealed. ADF unit root test and EG cointegration tests are also included in the analysis for comparison. After the estimation results of the variables, it is concluded that the increase in money supply increases the foreign exchange reserves in accordance with the theory. [ABSTRACT FROM AUTHOR]

The purpose of this study is to investigate the relationship between the monetary aggregates items on the Balance Sheet of Central Bank of the Republic of Turkey [CBRT] and economic growth and inflation. In the research, for the monetary aggregates items it is used central bank money, monetary base and reserve money. For the 2003Q1-2019Q4 period, long-term relationships between variables were evaluated using Engle and Granger Cointegration Analysis and short-term relationships Error Correction Model and VAR/Granger Causality Analysis. The results obtained from the study are that there is no statistically significant relationship between CBRT's balance sheet monetary aggregates and economic growth in the long term. In the short term, only central bank money is the Granger cause of economic growth. On the other hand, there is a statistically significant positive relationship between the CBRT's balance sheet monetary aggregates and inflation both in the long run and the short run. In light of these results, it is very important for policymakers to be sensitive in determining and monitoring monetary aggregates, especially in line with the purpose of price stability. [ABSTRACT FROM AUTHOR]

In this study, the effects of monetary and fiscal policies on the stock market were examined in Turkey. M3/GDP was used to measure monetary policy and primary budget balance/GDP was used to measure fiscal policy as independent variables. As a dependent variable, the return of the BIST100 index was determined to measure the performance of Borsa Istanbul. In the data set, the period between 20061Q and 20193Q is covered. ADF test is used to test the stationarity of variables. ARDL boundary test and ECM were used to determine the short-term and longterm relationships between variables. Finally, CUSUM and CUSUM x2 tests have been implemented to understand whether structural breaks affect the results of the study. According to the research findings, negative changes in the budget balance and the increase in the M3 money supply have a statistically significant positive effect on the BIST100 return index. [ABSTRACT FROM AUTHOR]

The effects of monetary policy on aggregate demand occur through transmission mechanism channels. Nowadays, the preference of monetary policies rather than fiscal policies in order to influence the economies enables both monetary transmission mechanism to remain on the agenda and to examine various channels affecting the economy. In this context, in this study, the introduction of the monetary transmission mechanism channels, to reveal the functioning mechanism in Turkey's economy and the empirical evidence is to investigate the effectiveness of monetary transmission channels. Accordingly, the efficiency of the channels has been analyzed with the structural VAR (SVAR) analysis using monthly data for the period 2011: 01-2018: 09, and according to empirical findings, it has been concluded that the channels of monetary transmission mechanism are effective on the real economy. [ABSTRACT FROM AUTHOR]

In this study, the monetary base growth rate in Turkey is questioning whether a relationship between economic growth. In the study, "Wide money supply (M3)" and "Growth" variables for the period 1969-2017 were subjected to an empirical analysis. ARDL test was applied to investigate the presence of co-integration between the "Growth" series and the "Large Money Supply (M3)" series. Results show that there is a co-integration (long-term) relationship between "monetary base growth" and "economic growth" in Turkey. Then, with the ARDL model, it is seen that financial development has a long-term enhancing effect on growth. As a result of the Granger causality test with the Toda Yamamoto approach applied to determine the causality relationship between the series, it was observed that there was no causality between the two series. Referring to Turkey's economy is that there is a significant impact on the growth of the money supply. Because an advanced financial system is needed in order to target sustainable growth requirements. For this reason, economic growth should be supported by developing the right policies without ignoring the money supply or the monetary base. [ABSTRACT FROM AUTHOR]

Central banks are the most important institutions that enable countries to implement monetary policy. Central bank autonomy is defined as keeping away from the pressures of the government while making and performing decisions on monetary policy. Existence of developed financial markets and being focused on price stability by monetary policy are among the essential conditions in terms of central bank autonomy. Monetary and fiscal policies should be determined and implemented so as to provide economic stability. Accordingly, it was aimed in this study to scrutinize the effects of autonomy of Central Bank of Turkey (CBT) on macroeconomic variables (inflation, money supply, growth and budget deficit) for the period of 1990- 2018. It is concluded when the obtained data are analyzed that there occurs a positive impact by the guarantee of both legal and actual autonomy of CBT. [ABSTRACT FROM AUTHOR]

The main purpose of this study is to investigate the factors that the impact of macroeconomic variables, which is effective on money demand and the stability of the money demand function in Turkey. The analysis covers the period after the 2008 financial crisis, where there was powerful monetary easing in developed countries (2008-2018). In the study, the M2 money supply is preferred as monetary aggregates. Variables that are investigated the effect are real income, interest rate and exchange rate. ARDL approach and CUSUM-CUSUMSQ test are used as methods. The analysis is performed with quarterly data. According to the results of the analysis, real income and exchange rate have a positive effect and the interest rate has a negative effect on money demand in the long term. In the short term, while the effect of real income and exchange rate on money demand continue, the effect of interest rate is disappeared. [ABSTRACT FROM AUTHOR]

The idea of the hypothesis of the money supply as a theory is based on the Post Keynesians. This hypothesis suggests that there is a causal relationship between credit and money supply and monetary base in an economy. With the developing financial system and financial innovations, the endogeneity of money supply is one of the priority issues to be studied. For this reason it is important to consider the endogeneity of money supply in a theoretical and empirical context. In this study, the hypothesis of endogeneity money supply for Turkey's economy was investigated by Toda-Yamamoto and Bootstrap Toda-Yamamoto causality analysis procedures for the period 2006-2018. Empirical findings show that there is a causal relationship between credit and money supply, monetary base and money multiplier. There is also a causal relationship from money supply to credit. In this case, the bidirectional causality relationship between credit and money multiplier supports the view of liquidity preference regarding the endogeneity of money supply. [ABSTRACT FROM AUTHOR]

The aim of this study is to investigate the effect of financial development on foreign direct investment in Turkey period from 1985 to 2016. For this purpose, the effect of private credits, M2 money supply and stock trading volume indicators on foreign direct investments net inflows is analyzed by ARDL bound analysis. The results indicate that there is a cointegration between the variables in the long run and it illustrates that there is a negative effect of the stock trading volume and private credits on foreign direct investments. In the short run error correction model, contrary to the long run, the effect of private credits on the increase of foreign direct investments has been determined. In addition, while the coefficient of M2 money supply variable is positive in both short and long run, the coefficient related to this variable is statistically significant only in the short run error correction model. [ABSTRACT FROM AUTHOR]

The aim of this study is to analyze the relationship between consumer loans and some macroeconomic variables between 2006:Q1 and 2018:Q2 quarter periods in Turkey. In this context; consumer loans, inflation, exchange rate, interest and money supply variables were used. Firstly, the stability of variables are analyzed that structural non-breaking unit root test (ADF, PP) and a structural break (Zivot-Andrews) unit root test. Whether or not there is a long-term relationship between the variables was investigated by the Gregory- Hansen structural fracture cointegration test. The direction of causality between the variables was examined with Toda-Yamamato causality test. In Toda-Yamamoto causality test, it is seen that there is a bidirectional causality relationship between interest rate and consumer loans. In addition, the one-way causality relationship from money supply to consumer loans has been determined. [ABSTRACT FROM AUTHOR]

The banks that undertake financial intermediation provide the increase of production, employment and economic growth with the credits they give. The increase in the credit volume of the banks leads to an increase in the money supply in the economy, which will result in an increase in economic growth. For this reason, the relation between bank loans and economic growth has been examined in many studies. This study examines the impact of credit volume on money supply and economic growth in Turkey. 2005: Q4-2017: FMOLS and DOLS tests showing cointegration, causality and coefficient of correlation for period three-month time series were performed. According to the findings of the study, there is a one-way causality relation from the money supply to the domestic credit volume and from the economic growth to the domestic credit volume. At the same time, the among money supply, economic growth and volume of domestic credit was identified a long-run cointegrated relationship. FMOLS and DOLS tests also support Granger causality results. According to the FMOLS test, a 1% increase in the volume of domestic credit increases the money supply by 0.67% (0.66% compared to DOLS). In terms of economic growth; According to the FMOLS test, a 1% increase in the volume of domestic credit increases economic growth by 0.22% (0.23% compared to DOLS). [ABSTRACT FROM AUTHOR]

The aim of this study is to determine whether there is an impact of some macroeconomic variables and credit default swaps on BIST-100 Index by using monthly data of 2005:12-2014:03. Short and long term relationships of variables were analyzed by using ARDL approach. According to the results, it was found that credit default swaps and foreign trade equilibrium affected positively on stock prices in the long term, however, they have negative effects on the stock prices in short term. While the effects of industrial production index on stock prices was negative in long term, it was positive in short term. [ABSTRACT FROM AUTHOR]

In our day where manufacture processes are reformed by sorting in the frame of international division of labor, it is indispensable for domestic manufacture structure and labor market to be influenced by global dynamics. In the frame of a theoretical model including aggregate supply and aggregate demand, we evaluate the relation of causality among real exchange rates, employment, money supply and public expenditures regarding the period of 2005:01 - 2009:12. While empirical findings state the existence of a mutually relation of causality between agricultural employment and fiscal policies, it was determined that there are causality relationships among non-agricultural employment, energy prices and money and fiscal policies. [ABSTRACT FROM AUTHOR]

The purpose of this study is to investigate the relationship between the macro economic variables and ISE-100 Index returns. In this study which includes the monthly data from January 2002 to June 2012, ISE-100 index returns are determined as dependent variable and interest rate, money supply, industrial production index and exchange rates are determined as independent variables. We have used ordinaryleast squares method of multiple regression models. According to research findings, there is a positive relation between stock returns and Money supply (M2) and a negative relation with exchange rate. [ABSTRACT FROM AUTHOR]

Several channels through which financial development promotes growth in the economy include efficient mobilization of savings, lowering the cost of information gathering. On the other hand economic growth generates demand for some categories of financial instruments and facilitates financial development. The relationship between financial development and economic growth has been covered by many empirical studies. The ratio of money supply (M2Y) to national product (GNP) and the share of financial sector employment in total employment are used to represent the financial development level. Semiannual Turkey data set ranges over the period 1988 to 2009. There is no evidence that financial development is the cause of economic growth. Also this study shows that economic growth is the cause of the increase of the share of financial sector employment in total employment, but not effecting the ratio of M2Y/GNP over the same period in Turkey. [ABSTRACT FROM AUTHOR]

Internal and external sources, particularly after the year 1925 export season was not enough to meet the increasing demand for money. Contraction occurring after the year 1927 the money supply in the domestic market, the demand for Money and credit did not met the demand. Decline in the money supply has increased interest rates. This situation has raised rates in the existing national and local banks' profitability. In order to meet the market demand for heavy money and credit in order to obtain higher profits and capital of small local merchant banks, called the local bank was opened. Bank of Diyarbakir, in the country for similar reasons was founded by Mr. Hasan Rasid and his friends in 9 november 1930. Banking activities began in 1931. TL. 75.000 to be paid ten percent of initial capital. Bank of Diyarbakir, had important functions performed by invesment banking activities formed new commercial organizations, partly contributed to the economic development of Diyarbakir. The purpose of this study is to explainthe reasons for the foundation of the Bank of of Diyarbakir, its founders, the annual balance sheets, profit and loss accounts, banking activities and the possible contribution of these activities is to reveal the local economy. This study is based on archival resarch and documentation with the bank resulting from the first study on this subject. [ABSTRACT FROM AUTHOR]

This empirical study investigates the stability of the money demand function in Turkey from 1989:Q1 to 2011:Q2 by employing bounds test and also rolling bounds test approaches. Unlike the previous studies, we also add the stock prices to the money demand function to overcome the excluded variables problem. The results we obtained show that the money demand function is instable in the analysis period, thus the central bank should not use the M2 broad money supply as a monetary policy instrument. [ABSTRACT FROM AUTHOR]

In terms of implementation and provision of success of economic policies, it is an important issue that the resulting shocks in macro variables caused from a variety of reasons are temporary or permanent. The comprehension that increases policy makers' credibility and also mediates the formation of expectations management on economic units causes a more stable economic process when this comprehension perceives the response rate given to the shocks in macro variables. This study searches the persistence of inflation for 11 EU countries and Turkey reaches the following evidence; for Germany, Italy and Portugal, an inflation existing after a shock converges fast to its own average value, the inflation series related to these countries is stationary and inflation persistence has remained at a low-level for these countries. When the Lucas criticism is considered, inflation returns to it's own average level rapidly and the inflation persistence is in a low level for Germany, Austria, Finland, France, Netherland and Italy. [ABSTRACT FROM AUTHOR]

This article analyzes money, money debasements as internal financing tools, and precious metals like gold and silver in the context of financial problems of the Ottomans for the period of 1800-1844. This is the beginning era of political, social and economic change and transformation of the Ottoman Empire. Monetary policies designed for reforms and war financing affected the production and distribution of precious metals as well. Increase in imports and wars involved had a negative impact on treasury income, money stocks and precious metals in the Ottomans. As a result of the pressure on the Ottoman markets of production capacity, exports and finance policies of the industrializing countries, the Ottomans shifted towards liberal policies for reforming its traditional economic structure. External and internal situations caused budget deficits and there was an insufficient money stock to balance the budget. Money standard was accepted in 1844 and the Ottomans turned to foreign borrowing. [ABSTRACT FROM AUTHOR]

The purpose of this article is to argue the neo-liberal economy policies applied after 1980's and their effects on Turkish agriculture, specifically focusing on Muğla villages via area research. The effects of global and national economy policies will be handled base on data collected from selected 10 villages of Muğla. For this aim, the effects on local agriculture, rural development and rural changes caused by national policies applied according to decisions made by international organizations will be discussed. [ABSTRACT FROM AUTHOR]

Empirical investigations examining the relationship between budget deficits, monetary growth and inflation have not reached a consensus on the possible relationship between deficits, monetary growth and the rate of inflation. But the major outcome from the empirical studies indicated strong evidence that a budget deficit financed through monetisation and a rising money supply could lead to inflation. The inflationary effect of budget deficits depends on the means by which the deficit is financed and the impact of that on aggregate demand. In this study, budget deficits, monetary growth and inflation relationships are investigated by utilizing the ARDL bounds testing approach for Turkey over the period 1992:1-2006:12. While empirical results show that there is a statistically positive relationship between monetary growth and inflation in both long and short run, no connection found between inflation and budget deficit in the both runs. [ABSTRACT FROM AUTHOR]

This study analyses the dynamic effects of macroeconomic variables (i.e. gross domestic product (GDP), money supply, short-run interest rates and exchange rates) on the house prices in Turkey for the period 2000-2006. Estimates of the long run relationship between house prices and macroeconomic variables are obtained using the Johansen cointegration test. The results of cointegration analysis suggest that there exists a long run relationship between house prices and macroeconomic variables. Vector Error Correction Model (VECM) is used to investigate of the short-run dynamic relationship between house prices and macroeconomic variables. The results of VEC Granger Causality/Block Exogeneity Wald Test show that there is bi-directional causality between house prices and interest rates and exchange rates. It is observed that one-directional causality exists from gross domestic product and money supply to house prices. [ABSTRACT FROM AUTHOR]