International financial crises: prevention, management and resolution

Speech by William R White, Economic Adviser, Bank for International Settlements, at a conference on ‘Economic governance: the role of markets and of the State’, on the occasion of the Annual Congress of the Swiss Society of Economics and Statistics, Berne 20 March 2003.

Date:  20 March 2003 20032003_SpeechBerne.pdf

Posted by williamw in Publications

Searching for price and financial stability: challenges for central bank statistical services

Speech by William R White, Economic Adviser and Head of the Monetary and Economic Department, Bank for International Settlements, at the Irving Fisher Committee conference on ‘Challenges to central bank statistical activities’, Basel, 21 August 2002

Date:  21 August 2002 21aug2002_Searching for price and financial stability.pdf

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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.


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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

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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

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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

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“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

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“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

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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

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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

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