In this presentation, William White suggests criteria for allocating the respsonsibility for macroprudential policies between domestic institutions. He concludes that there are strong grounds for the central bank playing a leading role, particularly with policies designed to prevent crises.
This presentation was made at the IMD Global Board Center in Lausanne. It concludes that, while many positive changes have been made, systemic risks still remain. This justifies some more radical thoughts about financial regulation going forward.
IMDGlobalCIC2017PDF
This essay will be forthcoming in a book published by the Reinventing Bretton Woods Committee. It argues that monetary, fiscal and regulatory policies have all been conducted without adequate consideration being given to their longer run consequences. Policies should try to deliver not only material increases in well being, but also increases that are sustainable and benfit the many and not just the few. To acheive such policy outcomes, we must reform both the domestic and international institutional structures that condition such policies.
Things keep getting worseThis article was published in the Spring 2017 edition of The International Economy. It is argued that the G7 should focus on identifiying longer term problems of common interest to G20 members as well as measures to remove impediments to international cooperation when seeking solutions. The G7 needs a permanet secretariat as well as measures to make it accountable for actually doing what it has promised to do.
InternationalEconomyG7This article was published in Credit and Capital Markets, Volume 50, Issue 2, 2017, pp 213-235. It argues that conventional monetary policy fails to recognize that the economy is a complex, adaptive system like many in in nature and society. This failure has resulted in easy monetary policies producing a number of dangerous and unintended consequences whose effects can now only be mitigated by government action. Embracing complexity also leads to many practical suggestions as to how monetary policy might be better conducted in the future.
Creditand CapitalArticleCIGI – Hertie School Workshop
“10 Years Since the Global Financial Crisis: Lessons learned, Opportunities Missed”
Berlin, Germany
31 May 2017
The G20’s Reform of Banking Regulation and the Changing Nature of the Global Financial System
CIGIHertieBerlinIn this conversation on 25 July 2017 with Jesse Felder of The Felder Report, Bill discusses where his contrarian economic philosophy comes from, and how it leads him to worry a bit more than most about the undesired side effects of experimental monetary policy and its possible end games.
On the Undesired Side Effects of Experimental Monetary Policy
William White is chairman of Economic and Development Review Committee at the OECD. He says US$215 trillion in debt at the end of 2016, is “an unprecedented level”.
Interview by Nassim Khadem (Sydney Morning Herald) on 17 June 2017
BOE-HKMA-MF Conference on Monetary Financial and Prudential Policy Interactions in the Post-Crisis World
BOE-HKMA-MF Conference on Monetary Financial and Prudential Policy Interactions in the Post-Crisis World
Die mächtigste Schule der Welt
Dann führten sie Länder, Zentralbanken und internationale Organisationen.
Eine Idee hält sie zusammen. Aber was, wenn diese Idee falsch ist?
Die-mächtigste-Schule-der-Welt.pdf
ZEIT_Die mächtigste Schule der Welt