Announcement / Call for Papers

                

PROPERTY MARKETS AND FINANCIAL STABILITY

Joint workshop of the Monetary Authority of Singapore and the Bank for International Settlements, 5-6 September 2011, Singapore

Property market developments are of increasing importance to central banks and financial sector supervisors. The financial crises of the past two decades, both in developing and developed countries, have illustrated just how critical the health of this sector can be for achieving financial stability. Lately, the rapid growth in real estate prices – often supported by a strong expansion in bank lending – in a number of emerging market economies has become a concern for policymakers. In response, various stabilisation measures have been adopted or are under consideration.

This workshop aims to bring together academic and central bank researchers with practitioners in order to consider policy options for the macroprudential oversight of real estate lending. The aim is to analyse the relationship between property markets, finance and financial stability. The organisers will welcome (but not restrict themselves to) papers, both theoretical and empirical, on the following issues:

 • The valuation of house prices and commercial real estate prices;

 • The measurement and assessment of property prices, including the identification of potential real estate bubbles;

 • Inter-linkages between real estate cycles and credit cycles;

 • The impact of boom-bust property cycles on the banking sector and financial system  stability;
 
 • Lending practices in the real estate market, including loan-to-value constraints and collateral valuation methods;

 • Property-related investment instruments, including REITs and mortgage-backed securities;

 • Housing finance system arrangements – including the provision of public housing and government sponsored enterprises - and their impact on the     housing market;

 • The effectiveness of various stabilisation measures in the housing market, including the adoption of macroprudential polices;

 • The relationship between macroprudential instruments and monetary policy in dealing with asset price imbalances;

 • Housing, credit, and the macroeconomy, including households’ consumption and saving behaviour.

Papers that have practical implications for prudential policies and that focus on Asia and the Pacific will be given special consideration.


SUBMISSION OF PAPERS

Interested authors should submit a draft of the paper in electronic form to ghislaine.wong@bis.org by 1 June 2011. Papers will be selected by the scientific committee that consists of:


• Yongheng Deng (National University  of Singapore)
• Frank Packer (Bank for International Settlements)
• Elizabeth Roberts (Financial Stability Institute)
• Frank Warnock (University of Virginia)
• Nai-Seng Wong (Monetary Authority of Singapore)
• John Sequeira (Monetary Authority of Singapore)
• Haibin Zhu (Bank for International Settlements)

The authors of accepted papers will be notified in late June 2011.


EXPENSES


The organisers will cover reasonable expenses for travel and accommodation for the authors of accepted papers.

Last Modified on 26/11/2016