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Tag Archives: Speech / Interviews

Rakesh Mohan 2006 Speech on Avian Influenza Pandemic: Remains relevant to fighting the crisis today

Came across this 2006 speech by Rakesh Mohan, who was then Deputy Governor at RBI. He outlined what to expect in case there is an outbreak of large scale pandemic : I would like to welcome all of you to India for the IMF Seminar on “Preparedness within the Financial Sector for an Avian Influenza Pandemic”, which has been a source of concern not only for health experts but also for policy makers in Governments and Central Banks alike. It is important to undertake activities that are...

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Impact of AI and Machine Learning on Bank Supervision

Good to read something different from central bankers. James Proudman of Bank of England in this speech discusses how AI and ML are changing bank supervision: Technology is rapidly changing the world around us. As prudential regulators, we need to understand the impact of that technology. First and foremost, we need to understand its impact on the firms we supervise – and the financial system as a whole – if we are to understand properly risks to financialstability, and safety and...

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History and evolution of Money in England

Nice speech by Sir Jon Cunliffe of Bank of England. the forms money takes in society is not fixed. Those forms change as the structure of economies changes, as the ways in which we transact with each other change, as technology makes new forms possible. We think of medieval England as a society using state issued metallic tokens – coins stamped with the monarch’s head – as its main form of money. But transferable debt obligations, recorded on notched sticks of wood, the ‘tally sticks’,...

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Three Ds of climate change risks for financial sector..

Christine Lagarde, President of ECB in this speech warns on climate change risks for the financial sector. She says there are 3 Ds of risks: Climate change constitutes a major challenge, causing both threats and opportunities that will significantly affect the economy and the financial sector, depending on which carbon emission scenario eventually unfolds. That is why central banks need to devote greater attention to understanding the impact of climate change, including its implications...

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History of Frankfurt Stock exchange and linkages to monetary system

Super speech as always by Jens Weidmann: People looking to realise their full economic potential need a stable currency. That is something merchants already knew back in the Middle Ages, when they flocked to Frankfurt’s trade fair to trade in goods. Indeed, they came equipped with a variety of different coins. But what rates were they supposed to exchange their coins at? This question led a group of merchants, in 1585, to ask the city to set the rates. And Frankfurt actually went further...

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8th NCAER C.D. Deshmukh Memorial Lecture: David Lipton of IMF speaks on India in a Changing World

Apart from RBI, NCAER also organises CD Deshmukh Lecture Series as Deshmukh was the founder father of NCAER. The lecture series started in 2013. In 2020, David Lipton of IMF gave the lecture: Good afternoon. I am honored by your invitation to deliver the 8th C.D. Deshmukh Memorial Lecture. The late Chintaman Deshmukh, a towering figure as RBI governor and later finance minister, helped guide India’s economy through the immense challenges of independence. Perhaps less well known, he also...

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Narratives about the ECB’s monetary policy – reality or fiction?

New ECB Board member Isabel Schnabel questions the German criticism of ECB monetary policy. That she is German makes it even more interesting. In recent years, Germany has experienced one of the longest economic upswings since the Second World War.[1] Since 2010 the German economy has grown at an average annual rate of 2%. Unemployment has fallen to its lowest level since German reunification. The monetary policy of the ECB has contributed significantly to that expansion. By lowering...

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Understanding macro policy using the Stone Soup story

Mary Daly, President of San Francisco Fed in this speech cites the stone soup story to help audience understand the challenges the policymakers face: When faced with a tough problem, my first instinct is to turn to books, models, and other formal practices. I’m an economist after all – that’s what we do. But wisdom isn’t only found in traditional tools. Sometimes, you have to turn to tales. One of my favorites is the story of stone soup. It’s a European folktale I’m sure you’ve heard....

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Vijay Kelkar Convocation Address at BHU: Three development paradigms of Indian economy

Vijay Kelkar gave the convocation address at BHU on 23 Dec 2019. The lecture is up on the NIPFP website: Today I want to share with you my reflections on our country’s journey towards what our first Prime Minister Pandit Jawaharlal Nehru so eloquently expressed in his mid-night speech on 15th August 1947 as our “Tryst with Destiny.” To my mind, this “Tryst with Destiny” meant wiping out the curse of poverty from our land and make our nation a prosperous and liberal Republic and thus...

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A monetary policy framework for all seasons?

Mark Carney of Bank of England in this speech argues that Inflation targeting has been a framework for all seasons in UK: To set the stage for today’s discussions, I would like to do two things. First, I will review the conduct and performance of inflation targeting during my time as Governor. This period, which roughly coincides with the post-crisis recovery and which has seen more than its share of shocks and structural developments,provides some insights to the ability of inflation...

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