Costas Milas's picture
Affiliation: 
University of Liverpool
Credentials: 
Professor of Economics

Voting history

Bitcoin and the City

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Question 2: Do you agree that the regulatory oversight of cryptocurrencies needs to be increased?

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Answer:
Agree
Confidence level:
Confident

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Question 1: Do you agree that cryptocurrencies are currently a threat to the stability of the financial system, or can be expected to become a threat in the next couple of years?

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Answer:
Agree
Confidence level:
Confident

House Prices and the UK economy

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Question 2: Do you agree that a more widespread weakening of the UK housing market will slow UK GDP growth significantly?

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Make sure to save each question separately

Answer:
Agree
Confidence level:
Confident
Comment:
Both in 1990 and in 2008, a big drop in real house prices preceded recessions. Real house prices inflation turned negative in 1989q4 (and stayed negative) well before the GDP recession in 1991q1. On the other hand, real house price inflation turned negative in 2008q1 just two quarters before (the subsequent) GDP recession. So if history were to repeat itself, a widespread slowdown in house prices will hit GDP growth quite significantly. For what is worth, I discuss and provide a historical plot of real house price growth and GDP growth at: https://news.liverpool.ac.uk/2014/06/27/viewpoint-housing-market-threat-and-bank-of-englands-response/

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Question 1: Do you agree that the phenomenon of declining house prices will ripple out from the London property market leading more UK regions to experience falling prices?

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Answer:
Agree
Confidence level:
Confident

Global risks from rising debt and asset prices

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Question 2: Is the loose monetary policy of major central banks responsible for the recent increase in global leverage or asset values?

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Answer:
Agree
Confidence level:
Confident

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