Property Markets and Financial Stability

The theme of the joint conference between the Reserve Bank of Australia and the Bank for International Settlements in 2012 was 'Property Markets and Financial Stability'. The conference brought together senior central bankers and leading academics to discuss important policy issues concerning property markets and financial stability. Discussions focused on several important topics, including measurement issues in property prices, housing finance, the effects of macroprudential policies, the management of banks' risks and securitisation.

The volume, containing the conference papers and discussions, was published on 11 December 2012.

Contents

• Introduction
  Alexandra Heath, Frank Packer and Callan Windsor
• Opening Remarks
  Glenn Stevens
• Land and Housing Price Measurement in China 
  Yongheng Deng, Joseph Gyourko and Jing Wu
  Discussion
  Haibin Zhu
• Developing Housing Finance Systems
  Francis E Warnock and Veronica Cacdac Warnock
  Discussion
  Joseph Gyourko
• When is a Housing Market Overheated Enough to Threaten Stability?
  John Muellbauer
  General Discussion
• Property Market Cycles as Paths to Financial Distress
  Luci Ellis, Mariano Kulish and Stephanie Wallace
  Discussion
  Christine Whitehead
• Securitisation and the Commercial Property Cycle
  Frank Packer and Timothy Riddiough
  Discussion
  Jie Gan
• Property Prices and Bank Risk-taking
  Giovanni Dell'Ariccia
  Discussion
  Piti Disyatat
• Taming the Real Estate Beast: The Effects of Monetary and Macroprudential Policies on Housing Prices and Credit
  Kenneth Kuttner and Ilhyock Shim
  Discussion
  Prasanna Gai
• Policy Panel
  Carlos Araújo, Per Jansson, Tae Soo Kang and Kiyohiko G Nishimura
• Closing Remarks: Property Markets and Financial Stability - Issues and Interpretations
  Stephen G Cecchetti
• Biographies of Contributors
• Glossary
• List of Conference Participants