giving in asia, mainly because philanthropy is developing at varying stages across asia, in line with the progress of asian countries. there are two key issues which donors face : the nascent charity infrastructure to support donors, and weak governance practices by fund recipients. 13. in asia, there are many causes that need championing, and many problems that need addressing. donors planning to give in asia have to first understand the needs of the region, decide on the cause they intend to support, identify the worthy projects, and navigate the giving procedures in each country. 14. the success of giving greatly depends on both the giver and the receiver. clearly, throwing money at charities does not guarantee success of giving. there needs to be followthrough on the charity ’ s part to ensure that the money is channelled successfully to the cause. 15. the reality in asia is that many of the domestic charities are small, and are not equipped to handle large amounts of funds efficiently and accountably. the levels of transparency and governance controls in many countries are also not prescribed by law, and may vary across charities. as a result, giving in asian countries suffers from a lack of trust. such suspicion holds back donors who are concerned that their gifts should be used appropriately and effectively, rather than going to waste funding inefficient expenses. 16. donors have found ways to work around the trust issue. some have set up their own charities or are working together with reliable charities to see through the giving process from start to end. such efforts demonstrate that donors can be an integral part of the solution, but this will take time, and it can be a very challenging process for donors. bis central bankers ’ speeches singapore as a philanthropy hub 17. singapore can make it easier for international donors to give in asia. our infrastructure, connectivity and regulatory framework form a strong foundation to support local and regional philanthropy. infrastructure 18. as a leading international financial centre, singapore can provide a full suite of wealth advisory services ranging from fund management to philanthropic advisory. we have recently seen a growing number of private banks in singapore building up their philanthropy advisory capabilities, either in - house or leveraging on third party expertise. symasia, which was set up by credit suisse, is an example of an umbrella foundation that provides grant making, project review and investment management for donors who do not wish to set up their own foundations. 19. to support philanthropy and non - profit organisations seeking to invest in asia, the international organisations

into recession. the cost of cleaning up after the bubble had burst proved extremely high. the “ clean versus lean ” debate has been re - ignited, and within the “ lean ” camp there are differences over how to lean. monetary policy has become interesting again. financial stability : what we know and what we don ’ t know following the crisis, there has been growing consensus that it is important for central banks to pay more attention to financial stability. we know now that macroeconomic stability does not guarantee financial stability. nor does prudential supervision of individual institutions guarantee financial stability at the systemic level. we also have a much better appreciation of how credit cycles have strong implications for financial stability. bis central bankers ’ speeches • moritz schularick and alan taylor describe financial crises as “ credit booms gone wrong ”. 1 risks to financial stability stem from both the pace of credit creation as well as the level of credit. • claudio borio and piti disyatat argue that the amplitude of financial cycles, such as for credit, exceeds that of business cycles due to what he calls “ excess elasticity ” of the financial system. cross - border financial flows amplify domestic credit booms and domestic monetary policy fails to constrain the credit creation process adequately. • frederic mishkin warns how the bursting of credit - fuelled asset price bubbles can lead to episodes of financial instability that are particularly damaging for the economy. 10 these findings help us better understand the conditions that led to the global financial crisis. and the concerns remain valid in the post - crisis environment. central banks have kept policy rates low for long, and purchased assets in large quantities further out along the yield curve. • even though the united states is already “ tapering ” its asset purchases, global financial conditions remain extremely loose. • there are signs of growing risk - taking : in the form of leveraged loans, covenant - lite corporate bonds, and narrowing spreads on sub - investment grade paper. • the risks to financial stability are nowhere near pre - crisis levels, but they bear close watching. we must not repeat the mistakes of the past. 11 but there is as yet no consensus on how to secure financial stability and, in particular, what role, if any should be played by monetary policy. there are three broad approaches to these questions. • the first is to stick to the status quo. monetary policy remains focused on price stability and no recourse is made to macroprudential policy beyond the