Property Markets and Financial Stability

Abstract:     
The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) jointly organized 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 organizations to present and discuss ongoing theoretical and empirical work in the field. In response to their call for papers, the organizers received 67 submissions from central banks, public agencies, international organizations and academic institutions. From these, a paper selection committee comprising staff of the BIS, the MAS and academia chose seven papers organized 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.

Keynote speech
The first sub-prime mortgage crisis and its aftermath http://ssrn.com/abstract=2046529 by Timothy J Riddiough

Session contributions
Commercial real estate loan performance at failed US banks http://ssrn.com/abstract=2046492 by Andrew Felton and Joseph B Nichols

House prices from magazines, realtors, and the Land Registry http://ssrn.com/abstract=2046898 by Chihiro Shimizu, Kiyohiko G Nishimura and Tsutomu Watanabe

A cluster analysis approach to examining Singapore's property market http://ssrn.com/abstract=2054642 by Lily Chan , Heng Tiong Ng and Rishi Ramchand

Dealing with real estate booms and bustshttp://ssrn.com/abstract=2075576 by Deniz Igan

Capital inflows, financial innovation and housing booms http://ssrn.com/abstract=2078814 by Filipa Sá, Pascal Towbin and Tomasz Wieladek

Credit standards and the bubble in US house prices: new econometric evidence http://ssrn.com/abstract=2078817 by John V Duca, John Muellbauer and Anthony Murphy

Credit conditions and the real economy: the elephant in the room http://ssrn.com/abstract=2078835 by John Muellbauer and David M Williams

Number of Pages in PDF File: 118

JEL Classification: E30, E44, E58, R21, R31

Accepted Paper Series