摘要：Instability of prices in the hou sing market is one of the problems that Iran has been faced with in recent years. It is in a way that in one period there has been a considerable increase in housing price and in another period reduction of prices or relatively high and comprehen sive stabi lity has been dominant on the housing price and thus considerable changes have been appeared in the housing sector and finally in the whole economy. Therefore, the main research question is proposed in this way: what is the effect of financial debts on pri ce stability in the housing market. Purpose of the present study, therefore, was to investigate the effects of financial debts on stability or instability of prices in the housing market. Effects of total volume of financial debts on price stability in the housing market were studied using VARX model, the related variables and data related to time period 1992-2012. The results revealed that total volume of debts in short-term has no effect on house price fluctuations in Isfahan province but it is effective in long-term. Shocks resulted from changes of housing price contain a major portion of house price fluctuations
关键词：total volume of financial debts; housing price index; VARX method
