Kiyohiko G Nishimura: Property bubbles and economic policy Keynote speech by Mr Kiyohiko G Nishimura, Deputy Governor of the Bank of Japan, at the Special Panel on “Property markets, financial stability, and macroprudential policies”, at the Allied Social Science Associations – American Real Estate & Urban Economic Association Annual Meeting, San Diego, 4 January 2013.
*  *  *  Property market bubbles have long been recognized as an important risk to economic stability. Although not all property bubbles lead to financial crises, there are malign bubbles that do indeed trigger significant financial stresses and cause economic crises, such as the US housing bubble of the 2000s.