economies in the recent tightening cycle points to an increased latitude in managing the impact of the global financial cycle while maintaining some policy autonomy. asean economies weathered the post - pandemic round of interest rate hikes in industrialised economies surprisingly well, avoiding the capital surges and sudden stops they had suffered through during the earlier shocks. what conjunctural and structural factors might explain this apparent improvement? first, the common global inflation shock and resulting synchronicity of monetary tightening across developed and emerging market economies reduced the risk of destabilising capital flows or currency fluctuations. the inflation cycle in asean was also somewhat more contained than in the advanced economies. asean economies reacted to the global inflation shock earlier, and their pre - emptive monetary tightening reined in domestic inflation and reduced incentives for capital outflows. improved communication and orderly transmission of higher policy rates also supported risky asset classes, such as emerging market bonds and equities. 2 second, asean economies had stronger buffers against outflows than in previous cycles. they maintained broadly balanced current accounts and benefited from positive foreign direct investment trends, terms of trade tailwinds and continued recovery in key sectors. with generally strong external positions, asean economies also reduced their reliance on foreign capital, deepening their local currency asset markets and increasing domestic participation in these markets. third, asean economies relied on expanded toolkits to reduce financial stability risks and dampen the impact of the global monetary cycle. over the past few years, most have deployed macroprudential measures to reduce leverage, limit balance sheet mismatches, and discourage the formation of asset bubbles. when regional currencies faced depreciation pressures earlier this year, asean policymakers engaged in discretionary policy management, accepted some currency flexibility, and used targeted foreign exchange interventions and administrative measures to temper currency volatility and capital outflows. extending our perspective to the last 30 years, recent research by mas3 confirms that capital flows to emerging markets in asia – both in debt instruments and more generally – were heavily influenced by the external global financial cycle during the period from 1995 to 2010 – from the asian financial crisis through the global financial crisis. on average, about 45 percent of the variation in capital flows during this period was attributable to external or global factors. however, our research also shows that this influence has diminished over the past 15 years, to the point where a much - reduced 10 percent of the variation in flows can be ascribed to external " push "

companies with investors seeking private market opportunities. deal fridays began last month and will take place every friday until the singapore fintech festival cum singapore week of innovation and technology in november. 3 / 7 bis central bankers'speeches last year, mas surveyed angel investors, family offices, and venture capitalists to try to get a sense of how much money is potentially on the table. by their own account, there is about us $ 12 billion in total available for direct investment into asean start - ups during 2019 - 21. we hope that deal fridays can encourage the deployment of this capital. sleeping well : investing for retirement with ageing demographics next, sleeping well – or securing sufficient funds for retirement. safe investment is needed for retirement planning, as the world ’ s population ages. populations are ageing across most countries. 2018 was a milestone of sorts : for the first time in human history, persons aged 65 or over outnumbered children under 5 years of age. the rate of demographic ageing will be particularly rapid in asia. the proportion aged 65 or over in east and southeast asia is expected to increase from 11 % in 2019 to 24 % in 20504. as people live longer and the workforce shrinks, individuals will face an uphill struggle to fund longer retirements. retirement planning should thus start young. starting early gives you more time to reap the benefits of compounding interest. financial institutions are providing a range of retirement solutions. insurers are selling products that encourage regular savings, in order to receive a steady stream of income during one's retirement years. according to life insurance association, the number of such policies taken up last year in singapore increased by about 50 %. there are also unit trusts that provide a regular monthly dividend. mas has issued the singapore savings bonds, or ssb in short, to provide a flexible risk - free investment option for investors to diversify their portfolio for retirement. last year, we doubled the individual limit for holding ssbs to s $ 200, 000, due to the increased appetite for safe investments. across asia, the focus is shifting from pure wealth creation to wealth preservation and wealth bequest. succession planning and intergenerational wealth transfer have moved up the agenda. a growing number of affluent families are consolidating their wealth through trusts and family offices, to optimise investment and legacy planning. singapore is an ideal place for families to set up such structures. there is political and economic stability, a clear regulatory regime, a comprehensive network