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Monday 12 January
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08:45 - 09:15 |
Registration and coffee
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09:15 – 09:30 |
Welcome and opening remarks
Hans Genberg (HKIMR) and Andrew Filardo (BIS)
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Session 1: House price dynamics
Chairman: Andrew Filardo
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09:30 – 10:15 |
Paper 1: Eloisa Glindro, Tientip Subhanij, Jessica Szeto and Haibin Zhu
Determinants of House Prices in Nine Asia-Pacific Economies
Discussant: Muhamad Shukri
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10:15 – 11:00 |
Paper 2: Frank Leung, Kevin Chow and Gaofeng Han
Long-term and Short-term Determinants of Property Prices in Hong Kong
Discussant: Olaf Unteroberdoerster
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11:00 – 11:15 |
Coffee break
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11:15 – 12:00 |
Paper 3: Ming Hwang and John Quigley
Housing Price Dynamics: Predictability, Liquidity and Investor Returns
Discussant: Shangjin Wei
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12:00 – 13:30 |
Lunch
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Session 2: Real estate finance
Chairman: Eli Remolona
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13:30 – 14:15 |
Paper 4: Man Cho, Che-Chun Lin and Tyler Yang
Credit Risk of “Exotic” Mortgage Products
Discussant: Luci Ellis
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14:15 – 15:00 |
Paper 5: Yuichiro Kawaguchi
Japan's Real Estate Crisis: What Went Wrong? Why? What lesson can be learned?
Discussant: Charles Leung
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15:00 – 15:30 |
Coffee Break
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Session 3: Housing and the real economy
Chairman: Eli Remolona
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15:30 – 16:15 |
Paper 6: Jiro Yoshida
Technology Shocks and Asset Price Dynamics: The Role of Housing in General Equilibrium
Discussant: Eric Girardin
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16:15 – 17:00 |
Paper 7: Ivan Jaccard
Asset Pricing in Home Production Economies
Discussant: David Cook
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Tuesday 13 January
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Session 4: Impact of monetary policy on housing markets
Chairman: Hans Genberg
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09:15 – 10:00 |
Paper 8: Kuang-Liang Chang, Nan-Kuang Chen, and Charles Leung
Would Some Model Please Give Me Some Hints? An Empirical Investigation on Monetary Policy and Asset Return Dynamics
Discussant: Li Cui
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10:00 – 10:45 |
Paper 9: Lichao Cheng, Yi Jin and Zhixiong Zeng
Monetary Policy and Asset Prices: An Empirical Investigation
Discussant: Andrew Filardo
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10:45 – 11:00 |
Coffee Break
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Session 5: Lessons from the US subprime crisis
Chairman: Hans Genberg
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11:00 – 11:45 |
Paper 10: Luci Ellis
The Housing Meltdown: Why did it Happen in the United States?
Discussant: Yuji Yamashita
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12:10 – 13:30 |
Luncheon
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Keynote speaker: Susan Wachter (Wharton)
Understanding the Sources and Way Out of the Ongoing Financial Upheaval (ppt)
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Understanding the Sources and Way Out of the Ongoing Financial Upheaval (paper)
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13:30 – 15:00 |
Session 6: a high-level panel discussion
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Panellists:
Peter Pang (Deputy Chief Executive, HKMA)
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David Carbon (Chief Economist, DBS Group)
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Ben Cohen (Financial Stability Forum)
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John Quigley (UC Berkeley)
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15:00 |
Conference ends
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