/ working - papers / hkmawp11 _ 01 _ full. pdf bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches figure 4 : past and ongoing real housing price cycles and banking crises : peak - to - trough declines ( left panel ) and years duration of downturn ( right panel ) source : reinhart and rogoff ( 2009b ) notes : each banking crisis episode is identified by country and the beginning year of the crisis. only major ( systemic ) banking crisis episodes are included, subject to data limitations. the historical average reported does not include ongoing crisis episodes. for the ongoing episodes, the calculations are based on data through the following periods : october 2008, monthly, for iceland and ireland ; 2007, annually, for hungary ; and 2008 : 111, quarterly, for all others. consumer price indices are used to deflate nominal house prices. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

of this activity, we in the reserve bank and on our national capital markets taskforce, will continue to commit ourselves to promoting fiji ’ s capital markets with the relevant stakeholders and more such activities will be organised for the schools and students in near future. bis central bankers ’ speeches acknowledgements organising activities of such magnitude requires a concerted effort by many stakeholders. so please allow me to thank our sponsors : the south pacific stock exchange ; v b holdings limited ; fijian holdings unit trust ; and the unit trust of fiji, who made this initiative a success. special thanks also to the ministry of education, especially the acting permanent secretary, for supporting our “ be money wi $ e ” program and also for assisting us in relaying the awareness to all schools in a timely manner. we will continue to work closely with ministry of education and hope to receive the same support for other activities which will be organised as part of the “ be money wi $ e ” program. special appreciation must also go out to the members of the capital markets awareness working group for helping assess the essays and choosing the winners. your commitment to the bmw program is greatly appreciated with all your support and hard work we received a total of 224 entries from secondary schools around fiji. i might mention that it was certainly not an easy feat to decide on the winners, which was proof of the high calibre of the entries concluding remarks in concluding, i would again like to congratulate the three winners, sakshi, divneeta and upasna. with your research towards this essay we hope that you have learnt and now have a better feeling of what the capital markets are all about. we also trust that with this knowledge you will be great ambassadors on the subject in your schools and communities. we hope that your prizes will lay a foundation for your future investments and you would, over time, grow to be more savvy investors in fiji ’ s capital markets. with this, ladies and gentlemen i thank you for your presence here today, thanks also to our winners and all their fellow participating students and i wish you all a great afternoon. vinaka bis central bankers ’ speeches