a diversity of housing conditions, land tenure, and very different legal frameworks governing lending and other financial services for indigenous communities, our research helps raise awareness of the challenges and informs our work to promote indigenous homeownership. our research has also found that the lack of credit and financial services access is a key barrier to economic development in indigenous communities. native community development financial institutions - or cdfis - play a vital role in addressing this credit and financial services gap. the federal reserve's research and engagement efforts have significantly advanced our understanding of the economic barriers for indigenous communities, but there is still much to learn. the center for indian country development is working to address data gaps of u. s. indigenous populations to provide needed information to their leaders, policymakers, and practitioners to inform decisions that best serve their communities. the center has developed datasets on indigenous community labor market conditions, reservation profiles including key demographic and economic indicators, and a tool that identifies economic development resources and opportunities in these communities. the center is currently developing a native entity enterprise dataset to better understand businesses owned by alaska native corporations, native hawaiian organizations, and tribes. in addition to identifying economic needs, these datasets can help policymakers direct resources where they will be most effective. above all, these datasets equip indigenous communities with information to plan their economic futures. financial inclusion is an important focus for central banks, and indigenous - led approaches can help further efforts to achieve an inclusive economy. native cdfis serve as critical sources of credit and financial services for indigenous communities, and their unique lending practices provide new insights about strategies to reduce loan delinquency risks. like community banks, native cdfis take a holistic approach to assessing credit risk, which includes conventional measures like credit scores and community - and character - based criteria that leverage their understanding of their communities and customers. in a recent study of native cdfi loan data, we found that these customer relationships can reduce uncertainty in lending outcomes. these research findings could be useful for other financial institutions serving indigenous communities. the fed has also increased indigenous participation on boards and advisory councils and has hired staff to engage with these communities. we are working to ensure that indigenous perspectives inform our work and create new opportunities to learn from their practices and approaches. thank you for the opportunity to reflect on this important area of focus for central banks. i look forward to hearing from my colleagues on this topic. 2 / 4 bis - central bankers'speeches panel

ideas for improving the structure of the markets. the bank of italy has constantly used the econometric model since then as a logical frame of reference and a tool for knowing some fundamental parameters of the italian economy. we used the model in intense discussions with the international monetary fund in order to design and define the parameters of the policy to stabilize the italian economy in 1974 in the wake of the first oil crisis. this had caused an enormous imbalance in the external accounts and a surge in inflation, which was followed by a wage explosion due in part to the indexation of wages to prices. the success of the policy of credit restriction was immediate, thanks also to the resoluteness with which governor guido carli implemented it. inappropriate budget policies created new imbalances in the following years. we used the model and its parameters again to define, under governor paolo baffi, the stabilization policy of 1977 - 78 carried out by the government led by giulio andreotti. the budget correction amounted to 5 per cent of gdp. the positive effects on the external accounts came through within a year. over a span of thirty years franco modigliani ’ s analyses, his diagnosis of the ills of our economy and the suggested cures, encompassed manifold subjects, from the labour market to the problems of retirement provision. he was motivated by the desire to penetrate the reality of the italian economy in order to correct its malfunctions, increase efficiency and expand employment. his interventions, above partisan interests, were always highly appreciated by governors carli, baffi and ciampi. 3. modigliani and economic policy in the 1960s, the dominance of keynesian economics was uncontested. milton friedman proposed an alternative line of thought, but his ideas were not considered, save to dismiss them out of hand. but not by franco modigliani. in the 1970s the collapse of the bretton woods monetary order created the conditions for a worldwide inflationary drift. as a result of restrictive monetary policies, there was also a generalized slowdown in economic activity. inflation refocused attention on friedman ’ s ideas. in the united states the federal reserve had long restricted its monetary action to stabilizing interest rates – the policy of william mcchesney martin. in this way the rise in costs and prices was financed almost automatically. with the policy shift instituted by paul volcker in 1979, the fed focused on controlling the quantity of money. for a short time administrative ceilings were also imposed