LSE Financial Markets Group and Deutsche Bank Conference on “The structure of regulation: Lessons from the crisis of 2007”

Conference sponsored by LSE and Deutsche Bank – 3 March 2008

While it is tempting to focus on new financial innovations in helping explain recent financial turmoil, more traditional causes should not be overlooked. As on many previous occasions, very rapid credit growth led to major increases in asset prices, which in turn encouraged consumption and investment decisions which could yet prove unsustainable. It is suggested in this presentation that the natural “procyclicality” of the financial system could be contained through the introduction of a “New Macrofinancial Stability Framework”. It is recognised that there are many practical impediments to realising such a suggestion, but there are also grounds for belief that these impediments could be removed.

2008 03_White panel intervention LSE conference_ 3 March 2008.pdf

March 2008

The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of competing hypotheses are evaluated on a stand-alone basis, and all are found to be inadequate.

Globalisation and the determinants of domestic inflation.pdf

Speech by Mr William R White, Economic Adviser and Head of Monetary and Economic Department of the BIS, at the opening dinner of the BIS Conference in Honour of Palle Andersen Basel, 2 December 2007

Date:  2 December 2007 ~2007 12_White Speech at the Opening Dinner Palle conference_Dec 2007.pdf

Paper presented at the Symposium  on “Housing, housing finance and monetary policy” at Jackson Hole, Wyoming, 29–31 September 2007 by William Roy White Economic Adviser and Head of MED Bank for International Settlements

Publication:  “Housing, housing finance and monetary policy” symposium Jackson Hole, Wyoming Date:  29 September 2007 2007 08_White Speech _Jackson Hole_31August2007.pdf

Keynote speech at the Irving Fisher Committee Conference on “Measuring the financial position of the household sector”, Basel, 30-31 August 2006.

Aggregate household saving rates have been declining in many industrial countries. In part, this has been a by-product of rising house prices which have, not only given house owners the illusion of increased wealth (saving the easy way), but have also been a source of increased collateral to allow higher levels of borrowing to support consumption.

30Aug2006_Measured wealth.pdf