seung park : nepalese economic development in the light of korea ’ s experience keynote speech by dr seung park, governor of the bank of korea, at the workshop on “ managing non - performing asset ” hosted by nepal rastra bank, kathmandu, 12 november 2003. * * * opening remarks let me begin by expressing my deep thanks to dr. tilak rawal, governor of nepal rastra bank, and to all persons concerned for having invited me to address this workshop. nepal is well known to koreans as a country of splendid natural beauty, largely made up by the himalayas, which include the world ’ s highest peaks such as mount everest. i am aware that nowadays the nepalese people are trying to achieve a dramatic economic leap forward. they look to korea as a country that transformed itself from ‘ the land of morning calm ’ to a dynamic industrial nation, now the world ’ s 12th largest economy in gdp terms. in this context, i believe, nepal rastra bank has invited specialists from the financial supervisory commission and the korean asset management corporation and myself to today ’ s workshop. as governor of the bank of korea and scholar of economic development theory, i would like to share my thoughts with you about the economic development of nepal in the light of our experiences in korea. korea ’ s experience in economic development korea ’ s past history had involved a constant struggle against poverty. in korea, mountains make up some 70 % of the total land area - not so very different from nepal. korean people lived out their lives on this narrow cultivable land for a long time. we could not escape from the enduring state of extreme poverty because of a lack of natural resources, perennial floods and droughts, and so on. however, during a period of less than half a century, korea ’ s story has changed from one of poverty to one of economic success. per capita income, no more than 80 dollars in 1960, reached 10 thousand dollars last year. in the course of this change, korea has transformed itself from a closed farming country to an open industrial nation. it now exports many high - tech it products such as semiconductors, communication devices, computers, and lcds. in the 1960s, the early stage of economic development, we mainly produced labor - intensive goods for export. korea had been unable to accumulate capital and obtain the raw materials needed, let alone the technology. worse still, the domestic market was limited. the only domestically available resource was a good - quality labor force.

speech the song remains the same june 01, 2022 john c. williams, president and chief executive officer remarks at the new york fed and columbia sipa monetary policy implementation workshop, new york city as prepared for delivery good morning, everyone. i'd like to give my thanks to columbia university's school of international and public affairs for partnering with the new york fed once again and for hosting us today. it's wonderful to be here and to see so many colleagues who have traveled from near and far to attend this workshop. we'll have many important conversations over the next two days. to kick us off, i'm going to share some observations on the digital transformation of money and payments. i'll also discuss the potential implications for monetary policy implementation and for central banks more broadly. before i begin, i must give the standard fed disclaimer that the views i express here are my own and do not necessarily reflect those of the federal open market committee ( fomc ) or anyone else in the federal reserve system. i will get to payments technology in a minute. but first allow me to take you back to the year 1877. you're amazed at the sound of music coming out of a new inventiona€ ” the phonograph. fast - forward a century, and you're listening to your favorite band on a cassette tape. in the 1980s, it's a cd. in the 2000s, you're scrolling through the greatest hits on your ipod. and today, perhaps even on your way here, you listened to a streaming service on your phone or watch using voice commands. there's been much innovation over the years, and many improvements in terms of convenience and costs, but at the most basic level we are still doing the same thing : enjoying music. it's how we're doing it that's changed. the same is true with money and payments. both are fundamentally changing through technological transformations. as happened with the delivery of music, the pace of technological advancement is accelerating, and it's clearing the way to do things faster or more efficiently. on top of that, the development of digital currencies has boomed. this includes cryptocurrencies that are not fully backed by other assets. it also includes stablecoins that are fully backed by safe and liquid assets, and central bank digital currencies ( cbdc ). both stablecoins and cbdc that are fully backed by safe assets have the