David Miles's picture
Affiliation: 
Imperial College
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:
Not confident
Comment:
More oversight may be warranted on grounds of reducing orgnaised crime rather than on financial stability grounds.

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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:
Disagree
Confidence level:
Not confident
Comment:
Bitcoin is probably too small to matter much - huge fluctuations in value will impact criminals, the gullible and the risk lovers.

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:
Disagree
Confidence level:
Confident
Comment:
I suspect the direction of any effect is, net, negative i.e. a weakening housing market (falling house prices) probably does mean weaker spending and growth. I disagree with the word "significantly". A limited but widespread weakening of house prices - say falls of up to 5% - would probably not dent spending and GDP "significantly". In contrast meaningful rises in mortgage interest rates are quite a different (and more powerful) thing.

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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:
Disagree
Confidence level:
Confident
Comment:
The recent decline in average London house prices is very small and may well prove to be transitory. We have been here several times before in recent years - newspapers get very excited by even the smallest fall and start writing about meltdown coming across the UK and then within a few months are writing stories about London being on fire again. Its an asset price.....it should be hard to predict.

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:
Very confident
Comment:
To a large extent this was its aim because in raising asset values and leverage it raised demand.

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