Blog – Page 15 – William White

Apr

2019

The Limits of Macroprudential Policy

This article was published in the Winter edition of The International Economy, 2019. It suggests that monetary and macroprudential policies should be tightened jointly to resist credit bubbles and the build up of debt to dangerous levels. While central banks have shown no appetite for this, they are increasingly inclined to use macroprudential policies to allow “lower for longer” monetary policies. This implies that monetary and macroprudential policies are now working at cross purposes, which risks raising the costs of future financial instability.

InternationlEconomyMacroPru

Apr

2019

Central banks are biased towards loose policy

This interview with Bill White was published in the Swiss paper, Finanz und Wirtschaft on 6 April, 2019. In it, Bill reflects on how the “debt trap” will impede monetary normalization, and how central banks got into this situation. He also discusses how other policies might be used to raise the possibility of getting out of this trap.

Central banks are biased towards loose policy https://www.fuw.ch/article/central-banks-are-biased-towards-loose-policy/

Feb

2019

Global Financial Markets Risks: Prevention, Management and Resolution

On the 12 February, Bill White led off a panel discussion at the American Enterprise Institute in Washington. He contended that past policy measures directed to preventing economic crises have not been adequate. Indeed, there are grounds for belief that some of the policies followed in recent years have raised both the probability and the expected costs of a future crisis. When it comes, we will also find that our capacity both to manage and resolve crises has become increasingly inadequate.

http://www.aei.org/events/global-financial-market-risks-entering-unchartered-territory/

Feb

2019

Ways Out of the Global Debt Trap

This article was published in the Frankfurter Allgemeine Zeitung on 18 December 2018. It was based on a presentation made on 16 November to the Progress Foundation in Zurich.

Gastbeitrag Bill White FAZ Dez 2018

Feb

2019

Reforming the Fed

Along with others, Mr White was invited to provide an answer to the question, posed by the magazine The International Economy, of how the Fed’s mandate might be changed. He suggested that efforts to raise inflationary expectations by changing the mandate were doomed to failure. Rather, the Fed should pay less attention to decimal point deviations from inflation targets and focus more intently on avoiding credit driven “busts” in financial markets. The article was published in the Spring 2019 edition.

Reforming the Fed

InternationlEconomyFedReformPublication

Feb

2019

The Decade of Catching Up: Within the EU

Bill White made a presentation at the annual Lamfalussy Conference held at the Central Bank of Hungary, this year on February 4 in Budapest. His topic was the process of economic convergence between the Central, Eastern and South Eastern Economies (CESEE) in Europe and those richer economies further to the West. After looking at the recent history, Mr White suggested that future prospects for convergence depended in large part on the CESEE economies being resilient in resisting downturns. Historical studies indicated clearly that political division and the erosion of the rule of law reduced the trust and cooperation required for a resilient economy.

BudapestLamfalussyPaper

Feb

2019

Changing Landscapes for Central Banks and Financial Regulators

Bill White made an introductory set of comments at a 21 January conference in Zurich organized by the Council on Economic Policies. Motivated by the recognition that dealing with climate change would prove very costly, the conference examined the issue of whether the governance structure (mandates, instruments and accountability mechanisms) of central banking and financial regulation needed to be revisited. White’s comments covered the historical origins of current practices, the underlying assumptions of current practices, the need for review of those basic assumptions and some possible implications of such a review.

ZurichCEPJan2019

Feb

2019

Global Debt Risk: Are We Ready for the Next Crisis?

On 18 January, Bill White made a presentation to a conference at the University of Toronto organized jointly by the OECD (the NAEC group) and the Fields Institute of Applied Mathematics. Bill concluded that another crisis could by no means be ruled out and that their were serious shortcomings in the official sector’s capacity to both manage and resolve (via debt restructuring) such a crisis.

TorontoFields2019

Nov

2018

A Bearish Perspective on Financial Markets

On 15 November Bill White participated in a charity event in Zurich to support Swiss cancer research. The event consisted of an exchange of views about the economic outlook, between Bill and Paul McNamara, an investment director at GAM in London.

Nov

2018

Economic Outlook and The Need for Monetary Reform

Bill White made a presentation on 24 November at a conference organized by the Monetative group at the Frankfurt School of Finance and Management. The conference was directed to analyzing how digitalization might lead to changes in the current monetary system. Bill focusered on shortcomings in the current system, not least recurrent credit driven “booms and busts”, and concluded that these shortcomings provided a prima facie case for thinking about alternative monetary systems.

FrankfurtMonetativeNov2018

http://conference2018.monetative.de/economic-outlook-and-the-need-for-monetary-reform/

The Limits of Macroprudential Policy

Central banks are biased towards loose policy

Global Financial Markets Risks: Prevention, Management and Resolution

Ways Out of the Global Debt Trap

Reforming the Fed

The Decade of Catching Up: Within the EU

Changing Landscapes for Central Banks and Financial Regulators

Global Debt Risk: Are We Ready for the Next Crisis?

A Bearish Perspective on Financial Markets

Economic Outlook and The Need for Monetary Reform

SEARCH

RECENT

SUBSCRIBE