of the recent growth in trade has come as large emerging - market economies, such as china and india, have been integrating into the world economy. with this integration has come a significant increase in the global demand for commodities, as well as rapid growth in the production of manufactured goods in asia. that brings me to the first of the global developments i'd like to mention – a marked rise in the prices of commodities relative to those of manufactured goods. in the past five years, energy prices have risen by about 150 per cent, and non - energy commodity prices have increased by about 80 per cent. over the same time period, the price of nickel – manitoba's biggest commodity export – has risen by about 500 per cent, and the price of copper has increased by more than 300 per cent. at the same time, the prices of many manufactured consumer goods, such as clothing, computers, entertainment equipment, and household appliances have decreased in many countries. in canada, the prices of durable and semi - durable manufactured goods, excluding automobiles, have declined by about 1 to 2 per cent per year, on average, over the past five years ( although more recently, prices for semi - durable goods have strengthened ). given its endowment of natural resources, canada has benefited greatly from strong commodity prices. but, just as clearly, new competition from china and other emerging asian economies is posing some tough challenges for canadian manufacturers. global integration has also been affecting international savings and investment flows. indeed, in the past dozen or so years, what is sometimes called " financial openness " has increased significantly. since 1995, the stock of cross - border investment in advanced countries has grown from about 40 per cent of gdp to more than 120 per cent of gdp, and emerging markets have seen a similar increase, albeit from a lower base. this leads me to the second development i want to highlight. in recent years, desired global saving appears to have increased relative to desired global investment, which has made credit abundant and relatively cheap. federal reserve chairman ben bernanke has called this a global " saving glut. " the international monetary fund has emphasized the weakness of global investment relative to global growth. but whether it's high saving or low investment, the net effect is that large pools of internationally mobile capital have been searching for seemingly scarce investment opportunities, putting downward pressure on long - term interest rates. as investors have searched for higher returns, risk spreads have narrowed, and interest in alternative investments and more innovative investment

collectively — seem apparent in retrospect, but the closely linked relationships among this group exacerbated the risks involved in svb ’ s public communication of its remediation strategy. but while the risk of uninsured depositors acting collectively was a significant vulnerability, communications from management caused this group to begin to withdraw their deposits on a massive scale and in a coordinated fashion. we know that there were many supervisory issues at svb over several years. at the time the bank failed, it had been selling securities to improve liquidity and raising capital to address some of these fundamental weaknesses in its funding and liquidity. simply the act of announcing that the bank ’ s management was taking steps to remediate these issues created panic — highlighting the risks they were confronting — and the panic spread quickly. social media has also played a role in fueling stock price volatility, which can lead to other risks to a bank. in october of last year, rumors circulated about credit suisse ’ s stock price conflating stock price with capital and liquidity strength. despite credit suisse management ’ s efforts to intervene and calm markets, its stock experienced significant volatility, resulting in an increase in the spreads on the firm ’ s credit default swaps and a decrease in the value of its bonds. credit suisse had been dealing with significant issues for an extended period of time, but this incident highlighted how quickly investor sentiment can change in the age of social media. - 8bank culture and mindset a more subtle way we are seeing banking evolve is most evident in the “ culture ” of banking for those banks whose business models directly involve funders of startups, transformative new technologies, or novel activities like digital and crypto assets. for many banks, innovation has been a long - term priority because it enables them to offer customers new products and services and remain competitive in the current financial services environment. 6 but regardless of the business model, the culture of a bank must also prioritize the values and rules that make banks successful over time. this includes not only being responsive to the needs of their customers and communities, but also maintaining a strong risk - management culture. the expansion from traditional bank business models brings an influx of non - bankers into bank management. over the past several years, there have been a number of charter - strip acquisitions, where a new management group transforms a traditional bank ’ s business model. and we have seen consistent growth in banking - as - a -