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.

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.

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

Upgrading the G7 and Revamping Its Agenda

This 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. 

Posted by williamw in Articles