mr sherwin discusses reform of the global financial architecture from a new zealand perspective address by murray sherwin, deputy governor of the reserve bank of new zealand, to the international law association in wellington, new zealand on 9 july 1999. in october of last year, i gave an address to a meeting of the new zealand institute of international affairs under the title “ asian prospects and challenges ”. that address took place while the effects of the asian crisis were still unfolding and in the wake of the russian default, the subsequent collapse and rescue of the ltcm hedge fund, and the associated blowout in global risk premia. brazil was in strife at the time, and the calls for a substantial overhaul of the global financial architecture were loud and strident. the key themes in that address were that : • the countries of asia had suffered a severe shock, and that the initial financial impact would be followed by “ real ” impacts in the form of declining output and incomes, declining asset values, company failures, rising unemployment along with increasing poverty and social stresses. • the damage to balance sheets was enormous, with the financial sectors of the worst affected countries carrying capital losses of the order of 25 to 50 percent of gdp. substantial capital losses had also occurred in the corporate sectors of those countries. • those balance sheet holes would have to be filled before any economic recovery could be considered robust. foreign investment would inevitably have to play a significant role in that task, and would bring other benefits besides speeding the recovery. • to entice private investors back into the region, it would be necessary to make substantial progress on such basic components of market infrastructure such as accounting standards, audit standards, transparency, the legal underpinnings of bankruptcy law proceedings and commercial law more generally. • better risk identification and risk management would be necessary, in both the public and private sectors. • asia would eventually recover, but growth would probably settle at something closer to 4 to 6 percent rather than the 7 to 10 percent growth rates of old. in one sense, the 7 months since i made those comments have shown me to be the perennial pessimist that economists traditionally are. it is not called the dismal science for nothing. whereas in october, the consensus expectation for the 1999 growth of the six most affected asian economies was around 0. 9 percent, the corresponding number now is + 1. 1 percent. recovery has appeared earlier and stronger than i had expected. in another sense, however, i think my comments of last

cleviston haynes : re - inventing human resources and the power of internal marketing – making human resources ’ presence felt within your organisation welcome address by mr cleviston haynes, deputy governor of the central bank of barbados, at the central bank / human resource management association of barbados ( hrmab ) sponsored workshop, bridgetown, 15 april 2011. * * * the central bank is delighted to co - sponsor this workshop with the human resource management association of barbados inc. on the theme “ re - inventing hr and the power of internal marketing : making hr ’ s presence felt within your organization. the bank ’ s involvement in enriching intellectual debate on matters pertaining to our core disciplines of economics, banking and finance is well known. it may seem somewhat unusual to some for the bank to headline a presentation on human resources management. however, when our hr director, janis marville approached senior management with the idea of supporting this venture, there was no hesitation in agreeing to our participation. we are acutely aware that, as a knowledge - based institution, our ultimate success rests heavily on the quality of our human resources, the culture we foster, the morale of the organization and the responsiveness to the dynamic changes in the environment in which our human resources practise their craft. we believe therefore that the human resource function is central to all that we do. the role of hr is constantly evolving and no longer is the hr specialist to be viewed simply as one responsible for recruitment, discipline, and the storage of employee records. properly utilised, he has the potential to be a strategic partner in the achievement of our core objectives. the hr specialist has to prepare himself for this role, for his contribution to the organisation will not be limited to the policing of rules, important as they may be. instead, the hr specialist will need to focus on working closely with management to leverage the potential of all employees, while providing guidance to management on how to navigate the employee - related challenges that our organisations face. at the bank, we recognise the need for a strategic approach to human resource management so that, through a strategic partnership, the human resource function can support the bank ’ s vision and direction by inter alia a ) strengthening our processes for the recruitment, development and retention of staff with the appropriate technical and / or leadership skills to enable the bank to achieve its objectives ; b ) promoting a strategic approach to training and development to assist in the alignment of training with the bank ’ s