Property Markets and Financial Stability

118 Pages Posted: 19 Jun 2012 Last revised: 5 Oct 2013

Date Written: March 1, 2012


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 by Timothy J Riddiough

Session contributions Commercial real estate loan performance at failed US banks by Andrew Felton and Joseph B Nichols House prices from magazines, realtors, and the Land Registry by Chihiro Shimizu, Kiyohiko G Nishimura and Tsutomu Watanabe A cluster analysis approach to examining Singapore's property market by Lily Chan , Heng Tiong Ng and Rishi Ramchand

Dealing with real estate booms and busts by Deniz Igan Capital inflows, financial innovation and housing booms by Filipa Sá, Pascal Towbin and Tomasz Wieladek Credit standards and the bubble in US house prices: new econometric evidence by John V Duca, John Muellbauer and Anthony Murphy

Credit conditions and the real economy: the elephant in the room by John Muellbauer and David M Williams

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

Suggested Citation

Settlements, Bank for International, Property Markets and Financial Stability (March 1, 2012). BIS Paper No. 64, Available at SSRN:

Bank for International Settlements (Contact Author)

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