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IIMB-IMF Conference on Housing Markets, Financial Stability and Growth

December 11-12, 2014
Bangalore, India

The aim of the conference is to provide a forum for discussing crucial macroeconomic topics such as, the interaction between housing markets and monetary policy; housing and long-run economic growth; financial stability and macro-prudential policy; and international capital flows and housing markets. The focus of the conference is on emerging market economies (EME) though papers on advanced and low income countries with policy implications for the EMEs would also be presented. There will also be a special session dedicated to housing market and monetary policy in India.

Attendance at the conference is by invitation only; please contact Prakash Loungani ( if you are interested in attending.


Thursday, December 11, 2014

8:30-9:00 a.m.

Opening Remarks and Inaugural Address

9:00-11:00 a.m.

Session 1: Macroprudential Policies

Chair: Arvind Virmani, Former ED, IMF

Ratna Sahay, IMF
How to Manage Housing Booms: What Does the Cross-Country Evidence Show?

Jihad Dagher, IMF
Housing Finance and Real Estate Booms: A Cross-Country Perspective

Discussant: Hans Genberg, Bank Negara Malaysia and SEACEN

11:00-11:30 a.m.

Coffee Break

11:30-12:45 p.m.

Session 2: Frontiers of Housing Research

Chair: Hans Genberg, Bank Negara Malaysia and SEACEN

Inho Song, Korea Development Institute
Housing as a Unique Asset

Discussant: Mico Loretan, Swiss National Bank

Chetan Subramanian, IIM-Bangalore
Asset Price Bubbles and Endogenous Growth

Discussant: Romer Correa, University of Mumbai

12:45-1:15 a.m.

Keynote Address - 1

1:15-2:15 a.m.


2:15-4:15 p.m.

Session 3: Housing Finance

Chair: Sony Kapoor, London School of Economics and Re-define

Veronica Warnock, University of Virginia
Developing Housing Finance Systems: A Global Perspective

Simon Walley, World Bank
Housing the World: Leveraging Private Sector Resources for the Public Good

Frank Warnock, University of Virginia
Housing Finance in Latin America: What is Holding it Back?

Comments by Lalit Kumar, National Housing Bank

4:15-4:45 a.m.

Coffee Break

4:45-6:15 p.m.

Session 4: Urbanization

Chair: Lalit Kumar, National Housing Bank

Somik Lall, World Bank
Urbanization and Housing Investment

Discussant: Frank Warnock, University of Virginia

Tony Venables, Oxford
Housing in African Cities: Why it Matters and What is Going Wrong

Discussant: Ashima Goyal, IGIDR, Mumbai

Friday, December 12, 2014

9:00-10:30 a.m.

Session 5: Drivers of House Prices

Chair: Ashima Goyal, IGIDR, Mumbai

Albert Saiz, MIT
Interest Rates and Fundamental Fluctuations in Home Values

Discussant: to be announced

Alessandro Rebucci, Johns Hopkins University
Capital Flows, House Prices and the Macroeconomy

Discussant: to be announced

10:30-11:00 a.m.

Keynote Address - 2

11:15 a.m.

Coffee Break

11:15-12:45 p.m.

Session 6: Housing Markets and Monetary Policy in India

Chair: Alok Sheel, Secretary, Government of India

Presenter: Lalit Kumar, National Housing Bank and Charan Singh, IIM-Bangalore

Roundtable: Senior management from State Bank of India, ICICI, State Bank of Mysore and Canara Bank

12:45-1:15 p.m.

Valedictory Address

1:15-2:15 p.m.



The website contains papers and web links to papers that will be presented at the conference. The views expressed in these papers and presentations are those of the authors only, and the presence of them, or of links to them, on the IMF website does not imply that the IMF, its Executive Board, or its management endorses or shares the views expressed in the papers.