Property Markets and Financial Stability

Joint conference between the Reserve Bank of Australia and the Bank for International Settlements on "Property Markets and Financial Stability", Sydney, Australia, 20-21 August 2012.

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.

  • 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