HIGHLIGHTS
SUMMARY
Knight Frank`s (Knight Frank Research 2021) Global House Price Index showed that 93% of the 56 sampled countries recorded annual growth in house prices in Q2 2021. The impacts of the expansionary monetary policy on global house prices were evidenced by a panel study of five countries (Yiu 2021). The contractionary monetary policy hypothesis predicts a housing price fall, but the increasing construction costs hypothesis predicts a housing price rise. This paper conducts a time series analysis on the monetary policy hypothesis on house price changes, using both total mortgage loans and interest . . .
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