2008 03 white presentation at dexia istanbul 13 march 2008[1] [mode de compatibilité]

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This document summarizes a speech given by William White about the search for efficiency in the financial world and its potential consequences. The speech discusses how deregulation and new technologies aimed at increasing efficiency in real economies, financial markets, and monetary policy have helped lower inflation and volatility but may have also contributed to growing financial imbalances. These imbalances, as seen in issues like high credit growth, rising asset prices, and sectoral debt levels, have historically led to economic "headwinds." The current financial market turmoil stemming from the subprime crisis reflects some of these underlying issues and has significant implications for financial participants, the broader financial system, and the global economy.

Economy & Finance

Has the search for efficiency made the financial world
less safe?
William R White
Head, Monetary and Economic Department
Bank for International Settlements, Basel

Istanbul, 13 March 2008

Money does not perform. People do.

subtitle
Overview
The search for efficiency
As good as it gets?
Could financial imbalances lead to “headwinds”?
Current financial turbulence
Conclusion

2

The search for efficiency

subtitle

In the real economy
In financial markets
In the conduct of monetary policy

3

Efficiency in the real economy

subtitle

Deregulation in industrial economies
Productivity and IT
Transition economies and globalisation
A disinflationary bias?

4

Efficiency in financial markets

subtitle

Deregulation and technology
Risk decomposition and risk management
New products and new players
Cheaper and better services

5

Efficiency in financial markets subtitle

6

Efficiency in the conduct of monetary policy

subtitle

More focus on near-term price stability
More reliance on market processes
More attention to communication

7

As good as it gets?

subtitle

Lower and less volatile inflation
Higher and less volatile growth
More resilience to shocks

8

Could financial imbalances lead to “headwinds”?

subtitle

1, 2, 3, …?
Efficiencies on the real side keep inflation down
More efficient central banks conclude all is well
More efficient financial markets overreach and imbalances build up

9

Could financial imbalances lead to “headwinds”?

subtitle

Credit growth
Asset prices
Sectoral imbalances
Headwinds in history

10

Credit growth

subtitle

Low real interest rates and the Wicksellian natural rate
Rapid credit growth globally
The particular case of China

11

Asset prices: bond rates and corporate spreads subtitle

15

Asset prices: sovereign spreads subtitle

16

Asset prices: implied volatility subtitle

19

Sectoral imbalances

subtitle

Over extended consumer and household balance sheets
Large external imbalances

20

Headwinds in history

subtitle

Net private savings
Credit cycles and financial stress
“Boom-bust” cycles in historical perspective

23

Boom-bust cycles in historical perspective

subtitle

Why history still matters
Historical examples
And all without inflation

26

Current financial turbulence: subprime as “catalyst”

subtitle

Implications of the securitisation revolution for participants
Implications for the financial system as a whole
Implications for the broader economy

27

Implications for participants; households

subtitle

Easier and cheaper access to mortgage credit
More options, especially variable rates
Intertemporal smoothing BUT
Choice requires more judgement
More exposure to market swings

28

Implications for participants; originators and banks

subtitle

Greater risk diversification
Normally more sources of liquidity BUT
Less need for “due diligence”
Difficulties in valuing complex products
Failure to price liquidity adequately

29

Implications for participants; originators and banks subtitle

30

Implications for the financial system as a whole

subtitle

Risk transferred to those who can manage it OR
To the most gullible and the most greedy?
Everyone becomes suspect
And the demand for liquidity soars

31

Implications for the financial system as a whole subtitle

32

Implications for the financial system as a whole subtitle

33

Implications for the broader economy

subtitle

Will current turmoil result in credit rationing?
How vulnerable is the global economy?
Is the global housing sector of particular concern?
And what about the dollar?

34

Conclusion

subtitle

Current financial turbulence has deep roots
The boy who cried wolf!
How a “better” financial system can still be improved
Implications for monetary and regulatory policy

35

The document summarizes William White's presentation on whether the search for efficiency in the financial world has made it less safe. It discusses how deregulation and technology led to more efficient real economies, financial markets, and monetary policy, but also potentially created financial headwinds. These include high consumer and government debt, large trade imbalances, and signs like low interest rates and volatility that financial conditions may be unsustainable. Tighter monetary policy in the future could exacerbate problems if imbalances have grown large enough.

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原版一模一样【微信：741003700 】【美国迈阿密大学牛津分校毕业证文凭证书】【微信：741003700 】学位证，留信认证（真实可查，永久存档）offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。本公司拥有海外各大学样板无数，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma 1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700 留信网认证的作用: 1:该专业认证可证明留学生真实身份 2:同时对留学生所学专业登记给予评定 3:国家专业人才认证中心颁发入库证书 4:这个认证书并且可以归档倒地方 5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息 6:个人职称评审加20分 7:个人信誉贷款加10分 8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才

What's a worker’s market? Job quality and labour market tightness

Labour Market Information Council | Conseil de l’information sur le marché du travail

In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom. Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.

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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia." Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments. My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.

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Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.

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一比一原版(IC毕业证)帝国理工大学毕业证如何办理

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IC毕业证文凭证书【微信95270640】一比一伪造帝国理工大学文凭@假冒IC毕业证成绩单+Q微信95270640办理IC学位证书@仿造IC毕业文凭证书@购买帝国理工大学毕业证成绩单IC真实使馆认证/真实留信认证回国人员证明如果您是以下情况，我们都能竭诚为您解决实际问题：【公司采用定金+余款的付款流程，以最大化保障您的利益，让您放心无忧】 1、在校期间，因各种原因未能顺利毕业，拿不到官方毕业证+微信95270640 2、面对父母的压力，希望尽快拿到帝国理工大学帝国理工大学毕业证学历书； 3、不清楚流程以及材料该如何准备帝国理工大学帝国理工大学毕业证学历书； 4、回国时间很长，忘记办理； 5、回国马上就要找工作，办给用人单位看； 6、企事业单位必须要求办理的；面向美国乔治城大学毕业留学生提供以下服务: 【★帝国理工大学帝国理工大学毕业证学历书毕业证、成绩单等全套材料，从防伪到印刷，从水印到钢印烫金，与学校100%相同】【★真实使馆认证（留学人员回国证明），使馆存档可通过大使馆查询确认】【★真实教育部认证，教育部存档，教育部留服网站可查】【★真实留信认证，留信网入库存档，可查帝国理工大学帝国理工大学毕业证学历书】我们从事工作十余年的有着丰富经验的业务顾问，熟悉海外各国大学的学制及教育体系，并且以挂科生解决毕业材料不全问题为基础，为客户量身定制1对1方案，未能毕业的回国留学生成功搭建回国顺利发展所需的桥梁。我们一直努力以高品质的教育为起点，以诚信、专业、高效、创新作为一切的行动宗旨，始终把“诚信为主、质量为本、客户第一”作为我们全部工作的出发点和归宿点。同时为海内外留学生提供大学毕业证购买、补办成绩单及各类分数修改等服务；归国认证方面，提供《留信网入库》申请、《国外学历学位认证》申请以及真实学籍办理等服务，帮助众多莘莘学子实现了一个又一个梦想。专业服务，请勿犹豫联系我如果您真实毕业回国，对于学历认证无从下手，请联系我，我们免费帮您递交诚招代理：本公司诚聘当地代理人员，如果你有业余时间，或者你有同学朋友需要，有兴趣就请联系我你赢我赢，共创双赢你做代理，可以帮助帝国理工大学同学朋友你做代理，可以拯救帝国理工大学失足青年你做代理，可以挽救帝国理工大学一个个人才你做代理，你将是别人人生帝国理工大学的转折点你做代理，可以改变自己，改变他人，给他人和自己一个机会美景更增添一份性感夹杂着一份纯洁的妖娆毫无违和感实在给人带来一份悠然幸福的心情如果说现在的审美已经断然拒绝了无声的话那么在树林间飞掠而过的小鸟叽叽咋咋的叫声是否就是这最后的点睛之笔悠然走在林间的小路上宁静与清香一丝丝的盛夏气息吸入身体昔日生活里的繁忙与焦躁早已淡然无存心中满是悠然清淡的芳菲身体不由的轻松脚步也感到无比的轻快走出这盘栾交错的小道眼前是连绵不绝的山峦浩荡天地间大自然毫无吝啬的展现它的达

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在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样

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学校原件一模一样【微信：741003700 】《(GU毕业证书)美国贡萨加大学毕业证学历证书》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。本公司拥有海外各大学样板无数，能完美还原。 1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700 【主营项目】一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！二.真实使馆公证(即留学回国人员证明,不成功不收费) 三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度) 如果您处于以下几种情况： ◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】 ◇面对父母的压力，希望尽快拿到； ◇不清楚认证流程以及材料该如何准备； ◇回国时间很长，忘记办理； ◇回国马上就要找工作，办给用人单位看； ◇企事业单位必须要求办理的 ◇需要报考公务员、购买免税车、落转户口 ◇申请留学生创业基金留信网认证的作用: 1:该专业认证可证明留学生真实身份 2:同时对留学生所学专业登记给予评定 3:国家专业人才认证中心颁发入库证书 4:这个认证书并且可以归档倒地方 5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息 6:个人职称评审加20分 7:个人信誉贷款加10分 8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才

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2008 03 white presentation at dexia istanbul 13 march 2008[1] [mode de compatibilité]

1. Has the search for efficiency made the financial world less safe? William R White Head, Monetary and Economic Department Bank for International Settlements, Basel Istanbul, 13 March 2008 Money does not perform. People do.

2. subtitle Overview The search for efficiency As good as it gets? Could financial imbalances lead to “headwinds”? Current financial turbulence Conclusion 2

3. The search for efficiency subtitle In the real economy In financial markets In the conduct of monetary policy 3

4. Efficiency in the real economy subtitle Deregulation in industrial economies Productivity and IT Transition economies and globalisation A disinflationary bias? 4

5. Efficiency in financial markets subtitle Deregulation and technology Risk decomposition and risk management New products and new players Cheaper and better services 5

6. Efficiency in financial markets subtitle 6

7. Efficiency in the conduct of monetary policy subtitle More focus on near-term price stability More reliance on market processes More attention to communication 7

8. As good as it gets? subtitle Lower and less volatile inflation Higher and less volatile growth More resilience to shocks 8

9. Could financial imbalances lead to “headwinds”? subtitle 1, 2, 3, …? Efficiencies on the real side keep inflation down More efficient central banks conclude all is well More efficient financial markets overreach and imbalances build up 9

10. Could financial imbalances lead to “headwinds”? subtitle Credit growth Asset prices Sectoral imbalances Headwinds in history 10

11. Credit growth subtitle Low real interest rates and the Wicksellian natural rate Rapid credit growth globally The particular case of China 11

12. subtitle 12

13. subtitle 13

14. subtitle 14

15. Asset prices: bond rates and corporate spreads subtitle 15

16. Asset prices: sovereign spreads subtitle 16

17. Asset prices: equity subtitle 17

18. Asset prices: real estate subtitle 18

19. Asset prices: implied volatility subtitle 19

20. Sectoral imbalances subtitle Over extended consumer and household balance sheets Large external imbalances 20

21. subtitle 21

22. subtitle 22

23. Headwinds in history subtitle Net private savings Credit cycles and financial stress “Boom-bust” cycles in historical perspective 23

24. subtitle 24

25. subtitle 25

26. Boom-bust cycles in historical perspective subtitle Why history still matters Historical examples And all without inflation 26

27. Current financial turbulence: subprime as “catalyst” subtitle Implications of the securitisation revolution for participants Implications for the financial system as a whole Implications for the broader economy 27

28. Implications for participants; households subtitle Easier and cheaper access to mortgage credit More options, especially variable rates Intertemporal smoothing BUT Choice requires more judgement More exposure to market swings 28

29. Implications for participants; originators and banks subtitle Greater risk diversification Normally more sources of liquidity BUT Less need for “due diligence” Difficulties in valuing complex products Failure to price liquidity adequately 29

30. Implications for participants; originators and banks subtitle 30

31. Implications for the financial system as a whole subtitle Risk transferred to those who can manage it OR To the most gullible and the most greedy? Everyone becomes suspect And the demand for liquidity soars 31

32. Implications for the financial system as a whole subtitle 32

33. Implications for the financial system as a whole subtitle 33

34. Implications for the broader economy subtitle Will current turmoil result in credit rationing? How vulnerable is the global economy? Is the global housing sector of particular concern? And what about the dollar? 34

35. Conclusion subtitle Current financial turbulence has deep roots The boy who cried wolf! How a “better” financial system can still be improved Implications for monetary and regulatory policy 35

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