MIC Seminars – Spring 2018
Details of the first MIC seminar in Spring 2018 are below. The full Spring programme is currently in development but we will be posting further details shortly. For further details on the programme please contact Dr Fangya Xu.
Wednesday 23 May 2018 -
Gianluca
Marcato (Full Professor in Finance and Real Estate, Henley Business
School, University of Reading) -
Time
to Homeownership and Mortgage Design (with Rafal Wojakowski) -
16:00-18:00,
505 Cookworthy Building
Accessibility
to homeownership in western countries, especially for middle to low
income earners has decreased over time due to several factors such as
stringent covenants, pressure of rental growth on household income
expenditure and a negative gap between wage and house price growth.
Moreover, young households face higher accumulated student loans and, in a
steadily rising and strong rental market, they are not able to generate
enough savings to cover the initial deposit necessary to become
homeowners. We design an income sharing mortgage product where borrowers
accept to pledge a portion of their future income to anticipate the time
necessary to become homeowners by obtaining a higher LTV (up to 100 per cent). Our
analysis finds that this mortgage may be useful for lower income households
in periods of higher uncertainty and that it may become less expensive in
a high interest rate environment. Finally, this product also embeds an
incentive to save, with potential benefits for the overall systemic risk
of the banking sector. As a consequence we find that the default risk is
not higher than a plain vanilla mortgage with lower LTV.
Wednesday 2 May 2018 – Dr Chunping Liu (Senior Lecturer, Nottingham Trent University) – What determines China’s housing price dynamics? New evidence from a DSGE-VAR – 16:00–17:30, Cookworthy Building 401
We investigate
what determines China’s housing price dynamics using a DSGE-VAR estimated with
priors allowing for the featured operating of normal and shadow banks in China,
with data observed between 2001 and 2014. We find that the housing demand
shock, which is the essential factor for housing price bubbles to happen,
accounts for over 80 per cent of the housing price fluctuation. We also find that a
prosperous housing market could have led to future economic growth, though
quantitatively its marginal impact is small. But this also means that, for policy-makers
who wish to stabilise the housing market, the cost on output reduction would be
rather limited.
Wednesday 14 March – Professor Max Munday (Cardiff Business School) – How serious is a devolved data deficit? – 16:00 –17:30
Professor Max Munday discusses whether there is appropriate economic intelligence available at the sub-national level to inform decisions on economic policy making. More information can be found on our spring programme page.
MIC Seminars – Autumn 2017
Details of the first MIC seminar in Autumn 2017 are below. The full Autumn programme is currently in development but we will be posting further details shortly. For further details on the programme please contact Dr Fangya Xu.
Wednesday 4 October – Neil Smith (University of Plymouth) Mr Godley, Mr Forrester and Stock-Flow Consistent modelling through the lens of System Dynamics - 16:00–17:30, Room 404, Cookworthy Building, University of Plymouth.
Neil Smith presents his paper on Stock-Flow Consistent Modelling and Systems Dynamics. More information can be found on our autumn programme page.
Wednesday 18 October – Dr Mike Felgenhauer – The (face) value of (non-) manipulable arguments –16:00–17:30, Room 401 Cookworthy Building
This paper studies quality requirements for different types of arguments. More information can be found on our autumn programme page.
Wednesday 1 November – Dr Simon Ashby – Operational Risk and Reputation in Financial Institutions: Does Media Tone Make a Difference? – 16:00–17:30, Cookworthy Building 401.
This paper examines the equity-based and debt-based reputational effects of financial sentiment tones in operational risk announcements. More information can be found on our autumn programme page.
