changes in one ’ s own circumstances. responses regarding attitudes toward modifying spending as asset values rise and fall suggest that the relationship between the saving rate and household wealth might be even more persistent than in the past. such an impact would be further magnified if changes in wealth also impacted borrowing patterns and credit approval. to look at credit indicators, i decided to focus on business owners in order to examine the impact of changes in wealth on access to business as well as consumer credit. business owners the preretirement and business owner groups i have chosen are not mutually exclusive. indeed, there is quite a bit of overlap. more than 30 percent of small business owners in 2007 were part of the preretirement group, and they tended to be among the wealthier members of that group. in fact, the business owner group held nearly half of all household wealth in 2007. small businesses employ roughly half of private - sector workers, they fill critical niches throughout the economy, and they are often seen as sources of innovation. for many, the ability to leverage personal assets is a critical factor in developing their businesses. concern over credit availability for small businesses has appropriately been a recurring worry throughout the crisis, but information about the intersection between business performance, personal finances, and credit has been hard to find. while the data are still not definitive, the panel survey allows us to look at supply, demand, and assessment of creditworthiness from the borrowers ’ point of view. although the scf is focused on families, not businesses, it does collect substantial information on the closely held businesses families own. the survey clearly shows a high degree of interdependence of personal and business finances for many families with businesses. for example, families make loan guarantees for their businesses using personal assets as collateral, and loans between business owners and their businesses are common in both directions. according to the most recently available data from the census bureau ’ s survey of business owners, 6 in 10 small business owners use personal savings or assets to finance or expand their businesses. the spread of gains and losses from 2007 to 2009 was sharper for business owners than for the population overall ( figure 10 ). fifty - seven percent of business owners saw substantial losses in their net worth relative to their usual income, compared with 43 percent of the overall population ; but the percentage of business owners who saw large wealth gains relative to their income was also larger than for the overall population. the industry in which the business operated had a significant impact on

##vigating well the choppy waters of the global financial crisis, and will continue to do so. but this is not the message that we seem to be absorbing as a nation. instead, it is one of a country lurching from one crisis to another. we seem to have a penchant for self - inflicted wounds, looking at our country from the glass is half empty perspective. i appeal to all of us to look at our economy from a glass half full point of view. this is actually not difficult to do. growth is consolidating, unemployment is low, public debt is very manageable and our citizens still enjoy a high standard of living. the central bank is absolutely committed to maintaining macroeconomic stability so firms can make longer - term decisions in an environment of confidence. by explaining the crosscurrents at work in our economy, our projections for what ’ s ahead, and our monetary policy response, we are doing our part to help mend business confidence. we are open to meeting with all business groups to better understand your needs and the support required. i am convinced that we have high calibre business leaders who are smart, professional and innovative. and who are totally committed to this country. you must be the change you want to see in trinidad and tobago. i thank you. bis central bankers ’ speeches