عنوان مقاله [English]
نویسندگان [English]چکیده [English]
We have studied the relation between bank deposit rates and house prices in Iran. For that, we have run some VAR models, using the following variables: real deposit rates (including 1 and 5 years deposit rates), money supply (including the high powered money and the liquidity), GDP, housing services index, and number of licenses for new houses. Our results show that a reduction in the deposit rates reduces its attraction and increases demand for housing as an alternative asset to stock wealth. In other word, we find that there is a negative relation between bank deposit rates and house prices.
JEL classification: E43, G12, R21, R31