William R White Comments on Marvin Goodfriend’s paper: Financial stability, deflation and monetary policy

Speech by William R White for the Ninth International Conference at the Institute of Monetary and Economic Studies, Bank of Japan, on ‘The Role of Monetary Policy under Low Inflation: Deflationary Shocks and their Policy Responses’, 3-4 July 2000

This was a very enjoyable paper to read, but one which covered a very wide range of economic territory. Since it would be impossible to evaluate its content systematically, let me reorder Goodfriend’s contents with a view to addressing only two questions.

3July2000_Comments on Marvin Goodfriend’s Paper.pdf

Posted by williamw in Publications

What have we learned from recent financial crises and policy responses?”

In Global financial crises: lessons from recent events, edited by Joseph R.Bisignano, William C.Hunter, George G.Kaufman, Kluwer Academic Publishers 2000 pages 177-200

This paper draws some policy lessons from recent financial crises. Three forms of financial instability are distinguished: short-term volatility, medium-term misalignments including excessive international capital flows, and contagion across both markets and countries. Some underlying factors contributing to each form of instability are identified and specific public policies are recommended to help alleviate each. Attention is also focused on recent changes in the processes for developing and implementing incremental policies to improve the international financial system. Finally, it is concluded that it would not be appropriate (at this time at least) to try to establish an international superregulator.

Publication:  Bank for International Settlements Date:  1 January 2000 work84_What have we learned from recent Financial crises and policy responses.pdf

Posted by williamw in Publications

“Evolving International Financial Markets: Some Implications for Central Banks” BIS No.66

Internationally integrated capital markets can have significant effects on the way central bankers pursue both monetary (macroeconomic) and financial stability. With respect to the former, countries are being pushed into corner solutions of either “immutably” fixed exchange rates or floating.

Publication:  Bank for International Settlements Date:  1 April 1999

work66_Evolving International Financial Markets.pdf

Posted by williamw in Publications

“The Coming transformation of continental European Banking?” BIS Working Papers no (54, June 1998)

This paper first provides a broad overview of current conditions in the banking industry in some of the countries that will participate in European economic and monetary union. It then goes on to identify a number of important forces for change. Some of these are global in nature, but likely to have a particularly strong impact in continental Europe, while others (such as the introduction of the euro) are distinctively European. The paper then notes just how little restructuring has actually taken place in continental European banking in the last decade and offers some explanations. The conclusion reached is that the banking sector in continental Europe may now be about to enter a period of sharply increased competition. This will pose challenges for national regulators and other policy-makers concerned with the maintenance of financial stability.

Publication:  Bank for International Settlements Date:  1 June 1998 work54.pdf

Posted by williamw in Publications

The Euro and European Fnancial Markets

with Robert N. McCauley, in EMU and the International monetary system, edited by Paul R. Masson, Thomas H. Krueger and Bart G. Turtleboom, International Monetary Fund 1997

Date:  1 May 1997 work41.pdf

Posted by williamw in Publications

International Agreements in the area of Banking and Finance: Accomplishments and outstanding issues

in Regulation and supervision of financial institutions in the NAFTA countries and beyond,BIS Working papers no 38.

Edited by George M von Furstenberg, Kluwer Academic Publishers 1997,

Pages 48 – 81

The deregulation of domestic financial markets, in association with technological progress, has led to an explosion of cross-border financial transactions and the cross-border establishment of premises. In turn, this has led to a need for international agreements on how the business of international finance and banking should be conducted.

work38_International agreements in the area of banking and finance .pdf

Posted by williamw in Publications