Michael McMahon's picture
Affiliation: 
University of Oxford
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:
Disagree
Confidence level:
Confident
Comment:
I think it is still too small and lacking in widespread ownership, especially among large investment groups, to be a serious risk to the overall financial system.

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

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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 London market is experiencing some idiosyncratic developments. While these could ripple out to a few near-neighbouring areas. However, these are unlikely to be the cause of declines in other parts of the country. Instead, other developments such as a widespread macroeconomic slowdown, or a tightening of credit conditions, would likely cause the more widespread slowdown in the UK housing market.

Global risks from rising debt and asset prices

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Question 1: Does the world economy face heightened risks arising from an excess of public and private debt and/or inflated asset prices?

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Answer:
Agree
Confidence level:
Confident
Comment:
I agree there is "heightened risks" but stop short of thinking we are on the verge of another crisis. Debt service costs are low and a natural reaction is to build up more debt. The banks providing the credit, at least in the UK, are better capitalised and I don't think the normalisation of interest rates will take nominal rates to anything like what was the pre-crisis normal (at least in the near term).

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