Real estate indicators and financial stability

Bank for International Settlements

No 21 in BIS Papers from Bank for International Settlements

Abstract: The papers in this volume were presented at a joint conference on Real Estate Indicators and Financial Stability organised by the International Monetary Fund and the Bank for International Settlements in Washington, D.C., on 27-28 October 2003. The purpose of this conference was to discuss and explore the theoretical as well as the practical issues underlying the development and use of real estate indicators in assessing financial stability. A key aspect of the current attention on financial stability is the collection of information to assess the strengths and risks of financial systems using statistical indicators collectively known as Financial Soundness Indicators (FSIs). Real estate prices are part of these indicators. However there has been less emphasis on the identification and use of appropriate statistical information relating to real estate markets. It is hoped that this volume will go some way in addressing these gaps and stimulate further discussion in this area. The papers in the volume are grouped into broad thematic areas as they were discussed in the conference: review of the impact of real estate on monetary and financial stability, usefulness of available statistics, country experiences in the compilation of real estate price indices, methodological issues on residential and commercial real estate prices, hedonic real estate price indices, aggregation issues, valuation of real estate in special situations, and areas of future work. The volume also contains a summary of the discussion that took place at the conference on possible future areas for work. Transcripts of the discussions during the individual sessions of the conference are available upon request.

Date: 2005 Written 2005-04
ISBN: 92-9131-678-4
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (40)

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Chapters in this book:

Welcoming remarks , pp 1-5

Horst Köhler, Carol Carson and Paul Van den Bergh

Real estate prices as financial soundness indicators , pp 6-8

Robert Heath

The importance of property markets for monetary policy and financial stability , pp 9-29

Haibin Zhu

Housing price bubbles - a tale based on housing price booms and busts , pp 30-41

Thomas F Helbling

The asset price bubble in Japan in the 1980s: lessons for financial and macroeconomic stability , pp 42-62

Shigenori Shiratsuka

Obtaining real estate data: criteria, difficulties and limitations , pp 63-69

Stephan V Arthur

Performance measurement and real estate lending risk , pp 70-90

Rupert Nabarro and Tony Key

The availability and usefulness of real estate data in eastern Asia - a user’s perspective , pp 91-111

Boaz Boon

Housing valuations: no bubble apparent , pp 112-23

Kathleen Stephansen and Maxine Koster

Real estate indicators in Hong Kong SAR , pp 124-38

Kelvin Fan and Wensheng Peng

Real estate price index: a model for the Philippines , pp 139-48

Estrella V Domingo and Reynaldo F Fulleros

The Absa residential property market database for South Africa - key data trends and implications , pp 149-70

Christo Luüs

New quality adjusted price indexes for non-residential structures Book-title: Real estate indicators and financial stability , pp 171-83

Bruce Grimm

Real estate prices and CNB monetary policy , pp 184-96

Ivan Matalík, Michaela Skolkova and Jan Syrovatka

Residential real estate price indices as financial soundness indicators: methodological issues , pp 197-211

Bradford Case and Susan Wachter

A comparison of UK residential house price indices , pp 212-227

Robert Wood

Methodological issues regarding residential real estate prices , pp 227-231

Paul Hilbers

US commercial real estate indices: transaction-based and constant-liquidity indices , pp 232-242

Donald Haurin

Going where the data is , pp 243-254

Jon Southard

Introduction to Session VI on 'Hedonic real estate price indices' , pp 255-256

Marc Prud'Homme

Housing stock in Brazil: estimation based on a hedonic price model , pp 257-270

Luis Otavio Reiff and Ana Luiza Barbosa

Hedonic housing price indexes: the French experience , pp 271-287

Anne Laferrere

Euro area residential property prices: the aggregation of non-harmonised national data , pp 288-307

Henning Ahnert and Adrian Page

Experience with construction composite asset price indices , pp 308-322

Stephan V Arthur

Aggregation bias and the repeat sales price index , pp 323-335

Anthony Pennington-Cross

Comments on session 'Aggregation issues', David Fenwick, Chair, with three papers , pp 336-339

Robert Shiller

Fair valuation of real estate , pp 340-351

Elvin Fernandez

CMBS loan losses: property type highlights and trends , pp 352-358

Mary O'Rourke and Susan Merrick

US commercial real estate indices: the NCREIF property index , pp 359-367

Jeffrey D Fisher

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