, it does mean that losses will be incurred if volatility rises before the insurance expires. these non - traditional players may pull back from the market in such circumstances, exacerbating any rise in volatility when it finally eventuates. market liquidity one other factor which market participants are concerned about is the prospect that when a sell - off comes, the volatility and price movements will be exacerbated by the reduced capacity and inventory of market makers. that is, market liquidity is structurally lower now than it was in the past. the lower liquidity is not evident in a rising market when assets are being bought, but will quickly become apparent in a down market as investors try to exit their positions. it is true that there is not as much market - making capacity as prior to the crisis. there are various metrics that demonstrate this and there have been some well - publicised exits by various institutions from different markets. regulatory changes have, as intended, increased the cost of market - making, and hence shifted some liquidity risk to end investors. there have also been some strategic decisions taken by institutions and internal constraints have been imposed which have reduced capacity. the latter may have had at least as large an effect in reducing capacity as that of regulation. but it should be noted that the pre - crisis level of market liquidity was one where there was over - capacity, and hence not the benchmark to be regained. the question today is whether there is too little capacity. unfortunately, we won ’ t really ever know the answer to this question. when volatility returns, for a number of reasons, including those i have already mentioned, it may well rise quite rapidly. one thing i am sure of is that the spike in volatility will be blamed, rightly or wrongly, on regulation - induced reductions in market - making. but if we look back at previous market sell - offs, when market - making capacity was larger, we see that they were often quite violent too. market - makers can pull back in an environment of rapidly falling prices, either directly, or indirectly by significantly widening bid - offer spreads. market makers generally have just as much reluctance to catch a falling knife as any other market participant. they are after all intermediators of risk, looking to lay it off quickly, rather than being a warehouser of risk. bis central bankers ’ speeches the bond market sell - off in 1994 is a good example. (

level institutions offering economics courses must be of international standard need for institutions offering economics courses to achieve and maintain parity with international standards need for adequate teaching staff and quality learning facilities including specialized library with current titles and up - to - date issues of professional journals fostering of proper application of economics as a decision - making tool in all facets of public policy and private investment decision making ( ii ) to encourage professional development and employment of economists ; in public and private sectors ( iii ) to promote professional discussion of matters concerning the national economy ; need for regular professional dialogues for fostering sound alternative rational policy outcomes need for independent evaluation and commentary on official public policies and issues ( iv ) to conduct independent research and make impartial commentary on public policy matters without fear or favour ; need to reduce current dependence on overseas experts and researchers with indigenous and home grown knowledge through professional research independent research and analysis can complement official policy and also provide alternative insights ( v ) to make proactive and timely contributions to research and development of public policy ; and need for regular forum or avenue for exchange of ideas ( vi ) to facilitate dialogue between governmental organisations, nongovernment organisations, community - based organisations and the private sector ; as a facilitator and coordinator in networking partnerships between all sectors of society ( vii ) to collaborate with other organisations both in country and overseas to further its objectives ; to ensure parity with international body of knowledge, trends and reinforcement of professional standards ( viii ) to publish journals and other publications consistent with the advancement of the objectives of the society ; for imparting and dissemination of knowledge capture research findings for promotion of proactive dialogue and for historical or inter - temporal comparisons ( ix ) to organise and participate in gatherings such as conferences, forums, meetings and workshops for discussion of economics and other matters at domestic and international levels ; for proactive exchange of ideas and findings for encouraging professional development beside all these, if we get ourselves organized the society can get recognized by the government and other authorities, and can be called upon for advice and representation in various forums and organizations. economists are needed in the evolving economy of ours in this changing and complex age of globalization. for economists have to make the important decisions macro and micro economic policies and other public policies, planning for delivery of goods and services to our people before ; the lawyers to ensure the legal and governance issues are in place and are followed ; the engineers / architects to design and oversee constructions of bridges, roads and buildings ; and the accountants account and audit where