Property markets and financial stability

Bank for International Settlements

No 64 in BIS Papers from Bank for International Settlements

Abstract: The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) jointly organised a workshop on property markets and financial stability in Singapore on 5 September 2011. The workshop aimed to bring together academics and researchers at central banks, regulatory agencies and international organisations to present and discuss ongoing theoretical and empirical work in the field. In response to their call for papers, the organisers received 67 submissions from central banks, public agencies, international organisations and academic institutions. From these, a paper selection committee comprising staff of the BIS, the MAS and academia chose seven papers organised around the following four themes: (1) lessons from the crisis; (2) house price assessment; (3) housing booms and busts; and (4) property, credit and markets. All in all, 39 participants took part, including central bank economists as well as academics from Asia and the Pacific, Europe and the United States. Assistant Managing Director Andrew Khoo of the MAS and Frank Packer, Head of Financial Stability and Markets for Asia and the Pacific of the BIS, delivered the opening remarks. Professor Timothy Riddiough at the University of Wisconsin gave a keynote speech. This volume is a collection of the opening remarks, the keynote speech, revised versions of all the papers presented during the workshop, as well as discussant remarks on these papers.

Date: 2012 Written 2012-03
ISBN: 92-9197-107-3
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (18)

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Chapters in this book:

Welcome remarks , pp 1-3

Andrew Khoo

Welcome remarks , pp 5-6

Frank Packer

The first sub-prime mortgage crisis and its aftermath , pp 7-18

Timothy J Riddiough

Welcome remarks , pp 19-24

Andrew Felton and Joseph B Nichols

Discussant remarks on Andrew Felton and Joseph B Nichols’ paper Commercial real estate loan performance at failed US banks , pp 25-28

Ilhyock Shim

House prices from magazines, realtors,and the Land Registry , pp 29-38

Chihiro Shimizu, Kiyohiko G Nishimura and Tsutomu Watanabe1

Discussant remarks on Chihiro Shimizu, Kiyohiko G Nishimura and Tsutomu Watanabe’s paper House prices from magazines, realtors,and the Land Registry , pp 39-41

Yongheng Deng

A cluster analysis approach to examining Singapore’s property market , pp 43-53

Chan Lily, Ng Heng Tiong and Rishi Ramchand

Discussant remarks on Chan Lily, Ng Heng Tiong and Rishi Ramchand’s paper "A clustering analysis approach to examining Singapore’s property market" , pp 55-58

Sock-Yong Phang

Welcome remarks , pp 59-67

Deniz Igan

Discussant remarks on Deniz Igan’s paper "Dealing with real estate booms and busts" , pp 69-70

Veronica Warnock

Capital inflows, financial innovation and housing booms , pp 71-74

Filipa Sa, Pascal Towbin and Tomasz Wieladek

Discussant remarks on Filipa Sá, Pascal Towbin and Tomasz Wieladek’s paper "Capital inflows,financial innovation and housing booms" , pp 76-82

Kenneth Kuttner

Credit standards and the bubble in US house prices: new econometric evidence , pp 83-89

John Duca, John Muellbauer and Anthony Murphy

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