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부동산시장발 시스템리스크: 선진국 사례와 정책시사점

페이스북
Thursday, December 13, 2012

08:30~09:00 Registration

09:00~09:20 Opening Remark
       Oh-Seok Hyun (President, KDI)

09:20~09:40 Keynote Speech (1)
       International Financial Sector and Economic Meltdowns, Panics, and Crashes: What
       
Role Do Real Estate Cycles and Contagion Play? 
       EDELSTEIN, Robert (University of California at Berkeley)

09:40~10:00 Coffee Break

10:00~12:00 Session 1: Country Cases (1)
       Chair: CHINLOY, Peter (American University)

       Presentations
       The 1980s Commercial Real Estate Cycle in the U.S. and Its Ramifications 
       GELTNER, David (Massachusetts Institute of Technology)
       The Swedish Boom-Bust Cycle 
       ENGLUND, Peter (Stockholm School of Economics)
       Housing Price Dynamics: The East Asian Experiences 
       CHO, Man (KDI School)

       Discussants
       KIM, Kwan Young (JR AMC & Kunkook University)
       KOH, Sungsoo (Kunkook University)
       DENG, Yongheng (National University of Singapore)

12:00~13:00 Lunch

13:00~15:00 Session 2: Measurement Issues (1)
       Chair: GELTNER, David (Massachusetts Institute of Technology)

       Presentations
       Different Assets, Different Problems 
       CHINLOY, Peter (American University)
       House Prices: What Do We Really Know about the Recent Boom and Bust in the 
       U.S.?
 
       DOKKO, Jane (Federal Reserve Board)
       Testing Real Estate Bubble via Price-Income Ratios 
       MALPEZZI, Stephen (University of Wisconsin, Madison)
       Credit Risk Based Pricing in Derivative Markets: Implications to CREC 
       CHEN, Ren-Raw (Fordham University)

       Discussants
       MEEN, Geoffrey (University of Reading (UK))
       KIM, Jinill (Korea University)
       KIM, Kyung-Hwan (Sogang University)
       CHOI, Pil Sun (Kunkook University)

15:00~15:10 Coffee Break

15:10~17:00 Session 3: Regulatory Issues
       Chair: ENGLUND, Peter (Stockholm School of Economics)

       Presentations
       Taming the Real Estate Beast: The Effects of Monetary and Macroprudential Policies on
       
House  Prices and Credit 
       SHIM, Ilhyock (Bank of International Settlement)
       Stress Testing: Current State & Its Role in Managing CREC 
       NORAT, Mohamed (International Monetary Fund)
       Assessing Korean Households' Credit Risk: Stress Tests with Micro Data 
       KIM, Young Il (Korea Development Institute)

       Discussants
       SONG, Inho (Korea Development Institute)
       LEE, Chang Moo (Hanyang University)
       YANG, Tyler (Integrated Financial Engineering)

17:00~18:00 Session 4: Panel Discussion (1)
       Chair: KIM, Kyung-Hwan (Sogang University)

       Panelists
       ENGLUND, Peter (Stockholm School of Economics)
       GELTNER, David (Massachusetts Institute of Technology)
       CHINLOY, Peter (American University)
       MALPEZZI, Stephen (University of Wisconsin, Madison)
       NORAT, Mohamed (International Monetary Fund)
       CHEN, Ren-Raw (Fordham University)

Friday, December 14, 2012

08:30~09:00 Registration

09:00~09:30 Keynote Speech (2)
       The Distributional Consequences of the UK Housing Boom and Slump
       MEEN, Geoffrey (University of Reading (UK))

09:30~09:45 Coffee Break

09:45~12:00 Session 5: Country Cases (2)
       Chair: PARK, Jong Ahn (Sung Kyun Kwan University)

       Presentations
       Sticky Housing Rents and Monetary Policy: The Japanese Experience 
       WATANABE, Tsutomu (University of Tokyo)
       Real Estate Driven Systemic Risk: The Case of the UK 
       MEEN, Geoffrey (University of Reading (UK))
       Lessons from the Recent US Housing Boom-Bust 
       YANG, Tyler, and ZHANG, Jessie (Integrated Financial Engineering)
       Spain and Other European Countries’ Experience of CREC 
       VACHER, Jerome (International Monetary Fund)

       Discussants
       CHOI, Gong Pil (Korea Institute of Finance)
       CHINLOY, Peter (American University)
       SUH, Seung Hwan (Yonsei University)
       PARK, Yunwoo (Chungang University)

12:00~13:00 Lunch

13:00~15:20 Session 6: Country Cases (3) – Emerging Market Countries’ Experience
       Chair: MALPEZZI, Stephen (University of Wisconsin, Madison)

       Presentations
       A Comparative Analysis of Housing Market and Financial Sector Linkages Across
       Countries
 
       KROLL, Cynthia (University of California at Berkeley)
       Real estate cycles and government policy: The Korean case 
       KIM, Kyung-Hwan (Sogang University), CHO, Man (KDI School)
       The Collateral Channel Effects of Real Estate Boom: the Case of China 
       DENG, Yongheng (National University of Singapore), WU, Jing (Tsinghua University)
       Location, Regulation, Speculation: The Story of Indian Real Estate Markets 
       BARDHAN, Ashok (University of California at Berkeley)

       Discussants
       CHO, Dong Chul (KDI School)
       WU, Jing (Tsinghua University)
       KANG, Moon Soo (KDI School)
       MALPEZZI, Stephen (University of Wisconsin)

15:20~15:30 Coffee Break

15:30~17:00 Session 7: Measurement Issues (2)
       Chair: TCHA, Moon Joong (Korea Development Institute)

       Presentations
       House Prices and Monetary Policy: Focusing on the Elasticity of Intra-Temporal
       Substitution
 
       SONG, Inho (Korea Development Institute)
       Housing Price and the CAPM: An Analysis of Korea's Condominium Price 
       HONG, Kiseok (Ewha University)
       Bank Consolidation and Housing Market Integration 
       HAN, Joong Ho and CHO, Man (KDI School)

       Discussants
       NORAT, Mohamed (International Monetary Fund)
       LEE, Jin Soo (KDI School)
       SOHN, Wook (KDI School)

17:00~18:00 Session 8: Panel Discussion (2)
       Chair: EDELSTEIN, Robert (University of California at Berkeley)

       Panelists
       MEEN, Geoffrey (University of Reading (UK))
       WATANABE, Tsutomu (University of Tokyo)
       DENG, Yongheng (National University of Singapore)
       VACHER, Jerome (International Monetary Fund)
       YANG, Tyler (Integrated Financial Engineering)
       KANG, Moon Soo (KDI School)
 

※문의사항 미디어운영팀 윤정애 전문연구원 044-550-4450 yoon0511@kdi.re.kr

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