A Global Dollar Shortage?

The editor of The International Economy magazine asked a number of well known economists “What to make of the global dollar shortage?” The answers were published in the Summer 2018 edition. Bill White’s contribution emphasized systemic exposures linked to the major increase in dollar denominated liabilities issued (largely by corporations) by entities whose revenues were not generated in dollars. Should we pass through another phase of “Risk Off” investing, liquidity support in dollars from the Federal Reserve would likely be required. Whereas swap lines exist for European and some other central banks, no such lines currently exist for some emerging market economies likely to be on the firing line in the future.

International EconomySummer2018


Posted by williamw in Articles, Press

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

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

Upgrading the G7 and revamping its agenda

“How might changes in the way the G7 functions improve the overall process of international cooperation in the economics

Article by William White published in Spring 2017 in the International Economy Magazine


Posted by williamw in Articles

Only government action can resolve a global solvency crisis

Article by William White published in the Financial Times on 25 September 2016 –

Central banks have recently been engaged in a process of unprecedented monetary experimentation. Unlike scientists developing new drugs or genetic modifications, fear of the unknown has had no moderating influence on their activities.

Link to the article (subscription required)


Posted by williamw in Articles