What's New

1 October 2015

Presentation by William White at the International Institute for Management Development (IMD) - Lausanne on 15 September 2015


30 September 2015


Presentation by William White at the EUROFI 2015 FINANCIAL FORUM - Luxembourg on 9 September 2015

28 September 2015


Dinner presentation by William White at the CABE  (Canadian Association for Business Economics) at the Delta Hotel, Kingston on 24 August 2015

Event or Meeting: 

CABE Summer Conference


24 August, 2015

28 September 2015

William White - Working Paper no 250: Federal Reserve Bank of Dallas


The current belief system that says “all will be well” if domestic price stability can be maintained is fundamentally flawed. If this can be achieved only through monetary, credit and debt expansion, the end result will be an increased risk of systemic crisis. Moreover, false beliefs about how exchange rate systems function, at both the global level and within the Eurozone, imply international “spillover” effects that increase both the likelihood and the seriousness of such crises. Gross international capital flows pose as many (perhaps more) dangers than do net flows (ie current account imbalances). And false beliefs about exchange rate regimes not only compromise crisis prevention, but they also hinder crisis management and resolution. At the global level, we still lack the instruments to do either effectively should current problems worsen. In the Eurozone, the crisis which began in 2010 has not been well managed and remains fundamentally unresolved.

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