mohammad bin ibrahim : the development of the malaysian financial markets opening remarks by mr mohammad bin ibrahim, deputy governor of the central bank of malaysia, at the persatuan pasaran kewangan malaysia ( ppkm ) gala dinner, kuala lumpur, 12 november 2010. * * * allow me to express my thank you to the organizer, persatuan pasaran kewangan malaysia, in short ppkm, for inviting me to tonight ’ s 2010 ppkm gala dinner. it gives me great pleasure to deliver the opening remarks. my address will specifically focus on the development of the malaysian financial markets. the future of the financial markets is of interest to us all here today. i am pleased to note the significant progress that the persatuan has achieved since its establishment in 1973. it has contributed significantly in representing the interest of the dealer community and in providing feedback and developmental ideas on issues relating to the development of the malaysian financial markets. ppkm also plays an important role as a bridge to the relevant regulatory authorities. the relationship had been productive to the overall development of our financial market. indeed, through this cooperation, the malaysian financial markets have come a long way and have grown steadily in size, breadth and depth over the years. this has received acknowledgement in the recent world economic forum ’ s overall financial development index ( the index refers to three broad areas : factors, policies and institutions, financial intermediation and financial access ), where malaysia is now ranked 17th, up 5 notches from 22nd place previously. this is a commendable achievement but we still have a lot to do. as malaysia moves forward with the economic transformation programme, the demands for the financial sector as enabler, catalyst and driver of growth will increase. the financial sector as a whole is expected to grow in size, from 4. 6 times gdp now to 5 – 6 times gdp by 2020. the significance of financial markets, relative to funds raised through financial intermediaries such as banks, will continue to rise. in meeting the needs of the new high value added economy, our financial sector needs to be developed further and innovative in its approach in order to facilitate higher levels of domestic and international trade and investments. one such innovative approach is the development of a comprehensive and vibrant islamic financial industry. it is our aspiration to transform malaysia as the islamic financial hub. crucial to the transformation is intensifying of our efforts to further develop the foreign currency markets in malaysia. in particular, we should seek to capitalise on

juyeol lee : opening address - 2018 bank of korea international conference speech by mr juyeol lee, governor of the bank of korea, at the 2018 bank of korea international conference, seoul, 4 june 2018. * * * ladies and gentlemen, it is a pleasure for me to bid a warm welcome to you all, to the 2018 bank of korea international conference. i would like to express my sincerest gratitude to professor robert hall, of stanford university, and masaaki shirakawa, former governor of the bank of japan, who will deliver keynote speeches this morning, and to all of our distinguished moderators, speakers and discussants. let me also say how deeply i appreciate the invaluable contributions of professor thomas sargent to this conference, all the way from the planning stage. this year marks a decade since the global financial crisis upon the failure of lehman brothers. the global economy suffered the worst crisis since the great depression of the 1930s, and was long unable to recover from the recession that followed. fortunately, the global economy is now reemerging from the aftermaths of the crisis : growth has gained momentum, and the markets have stabilized. this is a result of many countries ’ work in cooperation to make their financial systems more stable. it is also due to their unprecedentedly bold and active monetary policies to support the recovery. central banks are now working to normalize the post - crisis policies. the environment for monetary policy has also changed significantly from the one prior to the crisis. in this differing environment, therefore, we have inevitably come to a position to consider how to perform our existing roles, as well as whether there are any new roles demanded to us. let me start by talking about some of these changes in the monetary policy environment facing many central banks today, and about the policy concerns arising from them. first are the concerns about the changing slope of the phillips curve. prior to the crisis, a fall in unemployment during recovery tended to result in a rise in inflation : that is, the phillips curve used to slope downward in the short - run. however, we are now having doubts about this relationship, hence are facing difficulties in deciding the policy. secondly, there are concerns that the neutral rate of interest － an important guiding measure for policy stance － may have fallen significantly. a lower neutral interest rate means that we have smaller room for policy rate cuts in face of the economic downturn. it makes the interest rate more likely to reach its lower bound, making