Financial markets: shock absorbers or shock creators?

Introductory speech by William R White Economic Adviser of the Bank for International Settlements at the Fourth Geneva Conference on the World Economy Geneva, 10 May 2002

Event or Meeting:  Fourth Geneva Conference on the World Economy, Geneva Date:  10 May 2002 File:  2002 05_4th Geneva Conference_10May 2002_Introductory Remarks.pdf

Posted by williamw in Presentations

The evolving global financial system: some implications for emerging markets

The title I have chosen for my paper is rather a broad one so let me state more directly the specific themes I intend to address. They will, I hope, prove relevant to the papers and discussions that will follow over the next few days. The first theme is that of capital flows into and out of emerging market economies. What can be done so that emerging market economies get the greatest benefits of such flows at the least cost? The second theme also refers to capital, albeit with the word used in a rather different way. In particular, I would like to spend some time talking about the newly proposed Basel capital standards and their applicability to emerging market economies such as India. However, by way of introduction to this second theme, it will be necessary to raise the question of international standards and codes more generally. As I am sure you are all aware, a dauntingly large number of these codes and standards have been developed in recent years, and India has been analysing their usefulness and practicality perhaps more seriously and systematically than any other emerging market economy.

Event or Meeting:  Indira Gandhi Institute Mumbai, India Date:  13 December 2001 File:  2001 12_India_Indira Gandhi Institute_ Keynote address_13Dec2001.pdf

Posted by williamw in Presentations

The role of regional and global institutions in crisis prevention and management

Panel discussion contribution by William R White, Economic Adviser, Bank for International Settlements, at a conference on ‘The role of regional financial arrangements in crisis prevention and management: the experiences of Europe, Asia, Africa and Latin America’, organised by the Forum on Debt and Development, Prague, 22 June 2001.

14062001_The role of regional and global institutions in crisis prevention and management.pdf

Posted by williamw in Presentations

Recent initiatives to improve the regulation and supervision of private capital flows

BIS Working Papers no.92, June 2000; and in Crisis prevention and response : where do we stand with the debate on reform of the international financial architecture?

In this paper, an attempt is made to put the changing attitudes of policymakers towards international capital flows into a broader economic and historical context. The paper then goes on to suggest that policymakers today wish, on the one hand, to achieve the benefits of freer capital flows while trying to minimise the risks they pose on the other. Various suggestions for achieving the second objective are then critically evaluated. While most seem to have merit, no single suggestion would seem sufficient in itself to avoid all problems. As in many areas having to do with crisis prevention, incremental progress across a broad front would seem warranted.

work92.pdf

Posted by williamw in Publications

Comments on Bradford de Long’s paper

Paper presented by William R White at the Reserve Bank of Australia Conference on ‘The Australian Economy in the 1990s’, held at the HC Coombs Centre for Financial Studies, Kirribilli, 24-25 July 2000

Date:  24 July 2000 24July2000_Comments on Bradford de Long.pdf

Posted by williamw in Publications