Suchergebnisse

The great financial crisis of 2007-08 and the recession have generated active debate on the role of financial systems on the real economy. In particular, central banks have shown increased interest in how financial systems can evolve to maximise their contribution to the real economy. Many Asia-Pacific economies have also experienced a rapid growth in household debt since the crisis. Against this background, Bank Negara Malaysia and the Bank for International Settlements (BIS) co-hosted a research conference on "Financial systems and the real economy" on 16-18 October 2016 in Kuala Lumpur. The event was the wrap-up conference of a research programme of the BIS Representative Office for Asia and the Pacific that had been approved by the Asian Consultative Council of central bank Governors in February 2015. The conference brought together senior officials and researchers from central banks, international organisations and academia. Papers presented at the conference covered macroprudential policies and firm financing; household credit, growth and inequality; capital structure in emerging Asia; foreign banks and credit conditions in emerging market economies; household credit and the effectiveness of monetary and macroprudential policies in Asia-Pacific; and household indebtedness and debt repayment capacity. This volume is a collection of the speeches, papers and prepared discussant remarks and panel remarks from the conference

In 2015, Belarus's real economy operated in conditions of a regional crisis. The drop in global oil prices produced an additional impact on the local economy, which heavily depends on the processing of Russian crude oil and sales of oil products. The decrease in sales in volume terms and resulting plunge in profits markedly affected the financial performance of Belarusian enterprises and brought about hikes in non-payments to the state budget, contractors, as well as defaults on loan commitments. Mechanical engineering, construction, real property, the light industry, and retail were the most affected sectors last year. At the same time, sales were growing in the defense sector, food processing, and production of specialty devices and equipment. The pharmaceutical industry showed the most impressive growth in the Belarusian manufacturing sector. In agriculture, the dairy industry reported a new record high output. The IT industry was growing at a fast pace as well. The recession made it obvious that the national economy is in need of structural transformation. Attempts were made – albeit inconsistent and sporadic – to limit state support for the real economy. Trends: • Drop in export profits of the oil product and potash sectors; • Spreading of crisis-induced trends all over the private sector, sharp business decline, stagnation in most of the internal markets; • International expansion of Belarusian IT businesses; • Wait and see attitude of the government, threats to replace the 'liberal cabinet' with conservatives.

Confronting the triple trap of the COVID-19 pandemic, economic downturn, and ecological crisis, the Chinese leadership has reiterated that "China puts the people's interests first—nothing is more precious than people's lives." This kind of people-centered governance philosophy is ostensibly meant to protect the lives and health of the people, while defending people's property under the basic system of collective ownership.