Richard Portes's picture
Affiliation: 
London Business School and CEPR

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:
Disagree
Confidence level:
Very confident
Comment:
Financial regulators have many more important things to worry about. Cryptocurrencies have no systemic significance, and if (when) individual investors lose money, that's their problem - no justification for 'consumer protection' here.

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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:
Very confident
Comment:
Not big enough. Key: no significant systemic interconnections. Bitcoin bubble will deflate, and everyone will wonder why it inflated in the first place. The technology may turn out to be useful, if they can reduce the energy consumption. But the 'cryptocurrencies' have few attributes of money.

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:
Strongly disagree
Confidence level:
Confident
Comment:
‘Weakening’ might be consequence of expansion of supply, which would overall be expansionary. In any case, stabilization or even some fall (not a large fall) in house prices not likely to have ‘significant ‘ negative effect on aggregate GDP growth.

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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:
Not confident
Comment:
Not ‘declining’ outside London, but not rising significantly over the next couple of years.

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:
Neither agree nor disagree
Confidence level:
Confident
Comment:
‘Global leverage’ up? Not down, yes, and up in China, but where else? And is monetary policy ‘loose’ when natural real rate seems to have fallen considerably?

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