anita angelovska bezhoska : how to make capitalism work for all speech by ms anita angelovska bezhoska, governor of the national bank of the republic of north macedonia, at the imf / wb constituency meeting, skopje, 22 june 2019. * * * distinguished prime minister, ministers of finance and other respective representatives of government institutions, governors of central banks and other respective representatives of central banks, executive directors, vice presidents in world bank group directors in international monetary fund, professor zingales, delegates of the constituency, excellences, fellow colleagues, representatives of the media, at the very beginning, let me say how honored we are to have the opportunity to host this important gathering of our constituency. sixteen years have passed since the last meeting of the constituency in skopje, and we are delighted to have all of you with us here during these three days. by a twist of fate, i recently came across a book that i have not seen since my early youth days ; a book that starts with a very powerful notion – “ happy families are all alike ; every unhappy family is unhappy in its own way ” – you might recall tolstoy ’ s “ anna karenina ”. few days after, while searching for the most recent discussions on the matter of capitalism, inequality, wealth distribution, i read an analytical piece where the author cited the same quote, linking it with all the different modalities of inequality, as a symbol of the global unhappiness. standard metrics on inequality point to a widespread and rising phenomenon. it obviously underpins the rising populism, that reflects the dissatisfaction with the system that does not create equal opportunities for everyone, a system where reward is not merit based, i. e., system that gradually evolves into a crony capitalism. against this background, i have no doubts that we have chosen the perfect spotlight for this constituency meeting. let me shortly use the historical lenses – what questioned the sustainability of capitalism and led to marxism was the stagnation of wages and concentration of wealth in the early phases of industrial revolution. it gave ground for rising inequality, and as thomas pikketty, the so - called “ modern marx ” reveals in his book “ capital in the twenty - first century ”, the only exception from this rising trend of global inequality is the period as of 1914 until 1970s, as a historical outlier. indeed, actual data does indicate rising income inequality since the 1980s onwards almost across the board

lars nyberg : the riksbank and the property market speech by mr lars nyberg, deputy governor of the sveriges riksbank, at a lunch meeting, arranged by connect skane, kristianstad, 6 november 2006. * * * to begin with, i should like to thank you for the invitation to come here to kristianstad to speak about developments in the property market. this is a subject that certainly engages people, not merely us economists but also people who are not usually interested in economics or what the riksbank does. the main interest is probably due to a house purchase being the largest individual investment most of us make in our lives. the riksbank ’ s interest in the property market is based on the two tasks we have been set by the riksdag ( the swedish parliament ). one is to ensure that inflation remains at two per cent a year, with a tolerated deviation interval of plus / minus one percentage point. the other task is to " promote a safe and efficient payment system ”, as it says in the text of the law. we wish to avoid the type of catastrophe sweden experienced during the bank crisis at the beginning of the 1990s and we usually call this safeguarding financial stability. as i shall discuss a little later, developments in the property market can be significant for both these tasks and this is the reason for our interest. i will start by discussing issues of financial stability, but at the end i will also talk about questions concerning the inflation target. the property market consists of two markets ; a market for commercial property and a market for houses and tenant - owned apartments. i intend to begin by discussing the commercial property market. commercial property the commercial property market has in important link to financial stability. the reason for this is that property companies are the largest individual borrowers from the banks, which in turn play a central role in the financial system. approximately 20 per cent of the four major banks ’ lending to the swedish non - bank public is to property management companies. if property management companies experience payment problems, this could have serious effects on the banking system in the form of loan losses, like those we experienced at the beginning of the 1990s ( figure 1 ). experiences have shown that financial crises often stem from property companies with substantial loans and a stock of commercial property. the high exposure and the fact that property is often used as collateral for loans justify regular analyses of the property sector by the riksbank. these analyses focus on the