Are We at Risk of a Global Straightjacket?

This article was published in the spring 2017 edition of “The International Economy”.

It is argued that global non-financial debt levels (public plus private)are now so high they constitute a kind of “debt trap” for monetary policy. Interest rates must be raised to prevent debt levels from rising further, but cannot be raised without triggering another crisis that we all wish to avoid. It is imperative to take measures to prevent a disorderly restructuring or repudiation of debts that can not be serviced at higher interest rates.

InternationalEconomyDebtTrap
Posted by williamw in Articles

The Dangerous Delusion of Price Stability

This article was published by Project Syndicate on 14 December 2017.  Making near term price stability the objective of monetary policy is dangerous because of the unintended consequences of pursuing it, and it is delusional because it often (given supply side shocks) should not be pursued in the first place.

https://www.project-syndicate.org/commentary/central-banks-low-inflation-agenda-by-william-white-2017-12

Posted by williamw in Articles, Press

Global Economic and Financial Situation Worse Than 2007

William White was intervewed by Bloomberg on 13 September 2017 in Hong Kong. He gave his views about prospective global economic and financial development and the risks that continued to build up, not least debt.

Posted by williamw in Interviews, Press

The Evolution of Financial Regulation: Sufficient Change to Avoid Systemic Crises?

This presentation was made at a conference in Switzerland, organized as part of the debate in preperation for a popular referendum on the adoption of a “narrow money” proposal. My presentation made the case for thinking more radically about system reform than has been done to date.

GDIUliKortschZurichPDF
Posted by williamw in Presentations

Presentation to the Ambassadors to the OECD

William White, as chairman of the Economic and Development Review Committee at the OECD, was invited to speak to the Ambassadors at their annual retreat on the topic of the future work program of the OECD. He gave strong support to the OECD project called NAEC, New Approaches to Economic Challenges. This project was initiated by the Secretary General in recognition of the shortcomings of the analytical appraches relied upon prior to the crisis, which failed to see the crisis coming and also failed to predict both its magnitude and duration.

OECDAmbassadors2017PDF
Posted by williamw in Presentations