20
Sep
2018

10 Years After the Failure of Lehman Brothers: What Have We Learned?

The OECD, NAEC and partners for a New Economy, held a meeting in Paris on 13-14 September 2018 directed to this question. Bill White was a panel member commenting on a presentation by Maurice Obstfeld, Chief Economist of the IMF. Given that the panel was at the end of the proceedings, Bill gave his answer to the question, conditioned by what he had heard during the conference. He concluded that we had not learned much, since thepolicies followed post crisis were “more of the same” policies folowed pre-crisis. To achieve a true paradigm shift will require economists embacing the idea that the economy is not a machine, but  a complex, adaptive system like many others in nature and society.

OECDPanelSept2018
Posted by williamw in Presentations
20
Sep
2018

A Global Dollar Shortage?

The editor of The International Economy magazine asked a number of well known economists “What to make of the global dollar shortage?” The answers were published in the Summer 2018 edition. Bill White’s contribution emphasized systemic exposures linked to the major increase in dollar denominated liabilities issued (largely by corporations) by entities whose revenues were not generated in dollars. Should we pass through another phase of “Risk Off” investing, liquidity support in dollars from the Federal Reserve would likely be required. Whereas swap lines exist for European and some other central banks, no such lines currently exist for some emerging market economies likely to be on the firing line in the future.

International EconomySummer2018

 

Posted by williamw in Articles, Press
03
Sep
2018

Video Interview with Grant Williams on “Real Vision”

Bill gave an interview to Real Vision, a subscription channel on the internet, which was put out on 18 August, 2018. The interview extends over 90 minutes and covers many of the economic and financial events shaping Bill’s long career. He concludes that the lessons that ought to have been learned from past crises have not been learned. As a result, the global economy not only faces severe risks looking forwards, but global authorities are also increasingly constrained in their capacity to respond. While seeing the full interview requires a subscription, some flavour is given by the following links.

https://rvtv.io/2o2Jge6

https://www.youtube.com/watch?v=PGzpYLPIYYM

Posted by williamw in Interviews
03
Sep
2018

Interview with Mark Schorer in Börsen-Zeitung

In this interview, published in Börsen-Zeitung on 8 June 2018, Bill answers questions related to the Swiss referendum (the “Vollgeld” initiative) on whether a “narrow money”regime should be introduced in Switzerland. He agrees that the current fiat money system in place almost everywhere has serious deficiencies. Thinking carefully about how it might be improved or even replaced is a worthwhile endeavour. That said, replacing the current Swiss system with one so radically different, and at such short notice, coud result in unintended and undesired consequences. The interview in German, and the English translation, can be found below.

SchroersInterview8june2018

MarkSchroerAnswers

Posted by williamw in Interviews, Press
06
Jun
2018

Review of a Book of Essays by Alexander Lamfalussy

Alexander Lamfalussy was the General Manager of the BIS and later the head of the European Monetary Institute, the precursor of the European Central Bank. Lamfalussy’s analysis of problems like financial instability and debt overhang, still with us today, provide important insights into possible solutions. A book that can be read cover to cover, or dipped into as the need arises.

http://www.jeeh.it/articolo?urn=urn:abi:abi:RIV.JOU:2018;1.172

 

Posted by williamw in Publications
06
Jun
2018

Thinking Like an Economist

This essay was used as a foreward to a research study, published on May 8 2018, which looked closely into the course content of eight undergraduate macroeconomic courses taught at Dutch universites. It concludes that the overwhelming emphasis on Neoclassical models and mathematical methods means these courses provide no practical insights into solving the real problems faced by economists in the real world.

ForwardThinkingLikeanEconomist (1)
Posted by williamw in Publications

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