William White (economist)
William R. White | |
|---|---|
| Born | 1943 Kenora, Ontario, Canada |
| Occupation | Economist |
| Years active | 1969–2018 |
| Known for | Early warnings of the 2008 financial crisis |
William R. White (born 1943) is a Canadian economist who led the Economic and Development Review Committee at the Organisation for Economic Co-operation and Development (OECD) between 2009 and 2018. He is widely recognized for his early cautions regarding the excessive risk-taking in debt markets preceding the 2008 Great Recession. In 2009, Dirk Bezemer, an economics professor at the University of Groningen, identified White as one of the first to foresee the 2008 financial crisis.
Biography
White was born in Kenora, Ontario, Canada, and pursued his education at the University of Windsor and the University of Manchester. His professional journey began in 1969 at the Bank of England, followed by a move to the Bank of Canada in 1972, where he remained for 22 years. Starting in Banking and Financial Analysis, he progressed to Deputy Chief in 1978, then Chief of Research in 1979, Adviser to the Governor in 1984, and ultimately Deputy Governor by 1988.
In 1994, White took on the role of manager for the Monetary and Economic Department at the Bank for International Settlements (BIS). Between 1995 and 2008, he was the Economic Adviser and head of that department until his retirement. He is particularly noted for anticipating the 2008 financial crisis before the collapse triggered by subprime mortgages.
White publicly questioned former Federal Reserve Chairman Alan Greenspan’s views on monetary policy and asset bubbles as early as 1996. During the 2003 Jackson Hole Economic Symposium, he advocated for increasing interest rates amid rapid credit expansion and recommended that banks accumulate capital reserves during prosperous periods. Greenspan, however, remained doubtful about these measures.
In October 2009, White was appointed chairman of the OECD’s Economic and Development Review Committee, overseeing policy assessments for member countries and candidates until his retirement in March 2018. Additionally, he participated in OECD economic policy groups and served on Germany’s Issing Commission providing advice on G-20 issues. His written work largely addresses topics such as monetary stability, financial regulation, and international economic collaboration.