Hong Kong Institute for Monetary Research (HKIMR) and The Chinese University of Hong Kong (CUHK)

The 11th HKIMR Summer Workshop

CHRER-HKIMR Joint Conference on Property Markets

16 August 2013 (Friday)

Harbour Room, 56/F, Two International Finance Centre, 8 Finance Street, Central


8:30 – 9:00 a.m. Registration and Coffee

9:00 – 9:10 a.m. Welcome and Opening Remark

Dong He, Hong Kong Monetary Authority (HKMA)

9:10 – 9:50 a.m. Taming the Real Estate Beast: The Effects of Monetary and Macroprudential Policies on Housing Prices and Credit
By Kenneth Kuttner and Ilhyock Shim* (BIS)

Discussant: Eric Wong (HKMA)

9:50 – 10:30 a.m. Rental Rate under Housing Price Uncertainty: A Real-Options Approach
By Honglin Wang* (HKIMR), Fan Yu (CMC and SAIF) and Yinggang Zhou* (CUHK)

Discussant: Wenlan Qian (NUS)

10:30 – 11:00 a.m. Coffee Break

11:00 – 11:40 a.m. Speculative Investors and Tobin’s Tax in the Housing Market
By Yuming Fu (NUS), Wenlan Qian* (NUS) and Bernard Yin Yeung (NUS)

Discussant: Tin Cheuk Leung (CUHK)

11:40 – 12:20 p.m. Bunching in the Hong Kong Housing Market
By Charles Ka Yui Leung (CityUHK), Tin Cheuk Leung* (CUHK), and Kwok Ping Tsang (Virginia Tech)

Discussant: Shiyuan Chen (BBVA)

12:30 –13:30 p.m. Lunch (By Invitation)

~ End ~

* Presenter