##mittance services for financially vulnerable people. moreover, robot advisers utilizing ai may provide easy - to - access asset management services with lower costs, and thereby promote " the shift from savings to investment, " which is a long - standing policy challenge in japan. in this way, fintech could contribute to raising growth potential and addressing social challenges, not only in emerging and developing economies but also in developed countries. on this basis, major cities such as paris and tokyo consider fintech as one of the major driving forces in the efforts of promoting financial services and industries. in november 2016, the metropolitan government of tokyo established the " advisory panel for global financial city tokyo, " in which a senior official of the bank of japan participated. in the discussion there, fintech, as well as fostering asset management services, were considered core drivers for promoting financial activities in tokyo. iii. initiatives at the bank of japan and the central bank's perspective the bank of japan is actively promoting fintech from the standpoint of a central bank. in april 2016, the bank established the fintech center within its payment and settlement systems department. the bank has also built up a bank - wide " fintech network " to share information and expertise related to fintech. also, the bank has held four fintech forums so far. in these forums, we have focused on topics of high interest, such as information security, open innovation, distributed ledger technology ( dlt ), and big data. in november 2016, the university of tokyo and the bank of japan held a joint conference focusing on the future of money. moreover, in april this year, the bank organized a conference on ai. furthermore, in order to gain deep understanding on new information technologies and their impact, the bank has been conducting various research activities, including the joint research with the european central bank on dlt. in parallel with these activities, senior officials of the bank, including myself, have been delivering speeches focusing more on it innovation and fintech as well as their impact on finance and the economy, in order to convey the bank's views on these issues. when we try to examine the impact of fintech on finance and the economy from a central bank's perspective, i think the following four points are important. first, entities which provide financial services are becoming widespread. one of the major characteristics of fintech is that various new players such as it companies and start - ups, which are different from traditional financial institutions, are entering financial

that the economy of the united states depends greatly on an educated workforce. my own research demonstrates that our productivity boom of the last nine years requires a talented and flexible work force. 8 education, however, must be broadly defined to include moral and ethical behaviors and good decisionmaking. there is plenty of evidence that such behaviors pay an ample reward to the individuals who make them and, unfortunately, the absence of such behaviors extracts a cost, potentially from all of us. i am pleased to have attended a school that continues to value such an education, encourage all schools to emphasize such training, and am truly honored to accept this award from my fellow alumni. flynn, francis j., how much should i give and how often? the effects of generosity and frequency of favor exchange on social status and productivity, academy of management journal, vol. 48, no. 5 ( 2003 ), pp. 539 - 553. long, d. michael and spuma rao, the wealth effects of unethical business behavior, journal of economics and finance, vol. 19, no. 2 ( summer 1995 ), pp. 65 - 73. gompers, paul, joy ishii, andrew metrick, corporate governance and equity prices, the quarterly journal of economics, vol. 118, no. 1 ( feb., 2003 ), pp. 107 - 155. the world bank group, the new anticorruption home page. klapper, leora f. and inessa love, corporate governance, investor protection and performance in emerging markets, journal of corporate finance ( forthcoming ). ferguson, jr., roger w. and william l. wascher, distinguished lecture on economics in government : lessons from past productivity booms, journal of economic perspectives ( forthcoming ).