The papers in this volume were presented at a joint conference on Real Estate Indicators and Financial Stability organised by the International Monetary Fund and the Bank for International Settlements in Washington, D.C., on 27-28 October 2003. The purpose of this conference was to discuss and explore the theoretical as well as the practical issues underlying the development and use of real estate indicators in assessing financial stability. A key aspect of the current attention on financial stability is the collection of information to assess the strengths and risks of financial systems using statistical indicators collectively known as Financial Soundness Indicators (FSIs). Real estate prices are part of these indicators. However there has been less emphasis on the identification and use of appropriate statistical information relating to real estate markets. It is hoped that this volume will go some way in addressing these gaps and stimulate further discussion in this area. The papers in the volume are grouped into broad thematic areas as they were discussed in the conference: review of the impact of real estate on monetary and financial stability, usefulness of available statistics, country experiences in the compilation of real estate price indices, methodological issues on residential and commercial real estate prices, hedonic real estate price indices, aggregation issues, valuation of real estate in special situations, and areas of future work. The volume also contains a summary of the discussion that took place at the conference on possible future areas for work. Transcripts of the discussions during the individual sessions of the conference are available upon request.
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Welcoming remarks |
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| Welcoming remarks Read (PDF, 5 pages, 37 kb) | |
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Session 1: Impact of real estate on financial and monetary stability |
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| Real estate prices as financial soundness indicators Read (PDF, 3 pages, 22 kb) | |
| The importance of property markets for monetary policy and financial stability Read (PDF, 21 pages, 121 kb) | |
| Housing price bubbles - a tale based on housing price booms and busts Read (PDF, 12 pages, 300 kb) | |
| The asset price bubble in Japan in the 1980s: lessons for financial and macroeconomic stability Read (PDF, 21 pages, 977 kb) | |
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Session 2: Usefulness of available statistics |
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| Obtaining real estate data: criteria, difficulties and limitations Read (PDF, 7 pages, 46 kb) | |
| Performance measurement and real estate lending risk Read (PDF, 21 pages, 130 kb) | |
| The availability and usefulness of real estate data in eastern Asia - a user's perspective Read (PDF, 21 pages, 88 kb) | |
| Housing valuations: no bubble apparent Read (PDF, 12 pages, 181 kb) | |
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Session 3: Country experiences in the compilation of real estate price indices |
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| Real estate indicators in Hong Kong SAR Read (PDF, 15 pages, 156 kb) | |
| Real estate price index: a model for the Philippines Read (PDF, 10 pages, 68 kb) | |
| The Absa residential property market database for South Africa - key data trends and implications Read (PDF, 22 pages, 174 kb) | |
| New quality adjusted price indexes for non-residential structures Read (PDF, 272 pages, 13 kb) | |
| Real estate prices and CNB monetary policy Read (PDF, 333 pages, 13 kb) | |
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Session 4: Methodological issues regarding residential real estate prices |
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| Residential real estate price indices as financial soundness indicators: methodological issues Read (PDF, 15 pages, 143 kb) | |
| A comparison of UK residential house price indices Read (PDF, 367 pages, 1 kb) | |
| Methodological issues regarding residential real estate prices Read (PDF, 4 pages, 31 kb) | |
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Session 5: Methodological issues regarding commercial real estate prices |
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| US commercial real estate indices: transaction-based and constant-liquidity indices Read (PDF, 11 pages, 66 kb) | |
| Going where the data is - TWR's experience with real estate values Read (PDF, 12 pages, 78 kb) | |
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Session 6: Hedonic real estate price indices |
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| Introduction to Session VI Read (PDF, 2 pages, 15 kb) | |
| Housing stock in Brazil: estimation based on a hedonic price model Read (PDF, 14 pages, 473 kb) | |
| Hedonic housing price indexes: the French experience Read (PDF, 17 pages, 426 kb) | |
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Session 7: Aggregation issues |
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| Euro area residential property prices: the aggregation of non-harmonised national data Read (PDF, 20 pages, 482 kb) | |
| Experience with constructing composite asset price indices Read (PDF, 15 pages, 169 kb) | |
| Aggregation bias and the repeat sales price index Read (PDF, 13 pages, 186 kb) | |
| Comments on session 'Aggregation issues' Read (PDF, 4 pages, 38 kb) | |
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Session 8: Valuation of real estate in special situations |
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| Fair valuation of real estate Read (PDF, 12 pages, 72 kb) | |
| CMBS loan losses: property type highlights and trends Read (PDF, 7 pages, 39 kb) | |
| US commercial real estate indices: the NCREIF property index Read (PDF, 9 pages, 32 kb) | |
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Session 9: Areas of future work |
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| Statistics on real estate prices: the need for a strategic approach Read (PDF, 5 pages, 99 kb) | |
| Summary of the discussion on areas of future work Read (PDF, 5 pages, 99 kb) | |
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Closing remarks |
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| Paul Van den Bergh, Carol Carson Read (PDF, 2 pages, 18 kb) | |