Howard Davies
Thatcher and the Big Bang
LONDON – In the United States, for people of a certain age, Margaret Thatcher was a superstar, and Americans have been surprised at the shar…
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Robert J. Shiller
Debt-Friendly Stimulus
NEW HAVEN – With much of the global economy apparently trapped in a long and painful austerity-induced slump, it is time to admit that the t…
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Howard Davies
Financial Regulators’ Global Variety Show
PARIS – In the early phases of the financial crisis, it was fashionable to argue that the United States’ system of regulation needed a funda…
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Robert J. Shiller
A Metaphor for Obama
NEW HAVEN – As US President Barack Obama begins his second term, he needs a simple way to express his vision and policies for the economy – …
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Howard Davies
Bankers with Borders
LONDON – When Mark Carney replaces Mervyn King as Governor of the Bank of England in July 2013, the world will be deprived of King’s witty p…
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Robert J. Shiller
A Man Without a Plan
NEW HAVEN – During the United States’ recent presidential election campaign, public-opinion polls consistently showed that the economy – and…
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Howard Davies
Europe’s Flawed Banking Union
PARIS – The European Union is now the proud owner of a Nobel Peace Prize. When the choice alighted on Barack Obama three years ago, the Norw…
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Robert J. Shiller
The Narrative Structure of Global Weakening
NEW HAVEN – Recent indications of a weakening global economy have led many people to wonder how pervasive poor economic performance will be …
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Howard Davies
Making Europe Work
PARIS – Some economists believe that this summer could mark the moment when some of the eurozone’s peripheral members may begin to be forced…
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Howard Davies
Economics in Denial
PARIS – In an exasperated outburst, just before he left the presidency of the European Central Bank, Jean-Claude Trichet complained that, “a…
Davies and Shiller: Finance in the 21st Century
Is the dollar doomed? Can increased regulation and financial innovation co-exist? What makes housing markets suddenly turn "hot" or "cold"? Why should long-term bond prices shoot up and down in a single year? Can financial globalization be effectively regulated without stifling growth?
In the go-go decades of international finance that just ended, one man presciently warned of the dangers of "irrational exuberance": Yale Professor Robert Shiller. In the years before America’s sub-prime mortgage market collapsed, triggering a global financial crisis, one man was calling for deep structural revision of how financial markets around the world are regulated: the founding Chairman of the Financial Services Authority, Britain's financial regulator, and a former Deputy Governor of the Bank of England, Howard Davies. Both got it right before anyone else, but almost everyone – from central bankers to ordinary investors – failed to listen.
Robert Shiller, the most far-seeing political economist of our time, is no prophet of doom. He envisions a new financial order in which information technology and financial theory unlock the latent value of our ordinary riches and convert them into sources of growth. Howard Davies, currently Rector of the London School of Economics and an adviser to the China Banking Regulatory Commission and the China Securities Regulatory Commission, grasps like no one else the intricacies of financial regulation, and its implications for growth.
In their commentaries on risk, finance, and human behavior, written exclusively for Project Syndicate, Robert Shiller and Howard Davies alternate each month to provide powerful, complementary insights into the finance of today and tomorrow. Those few who listened to them before today’s crisis are incomparably better off. What Shiller and Davies say now is equally important for those who want to avoid the future pitfalls of Finance in the 21st Century.
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